What are the regulations and taxes for cryptocurrency trading in New Zealand?

3 answers

• Dec 30, 2021 · 3 years ago
  Cryptocurrency trading in New Zealand is regulated by the Financial Markets Authority (FMA). The FMA requires cryptocurrency exchanges to register as a financial service provider and comply with anti-money laundering and counter-terrorism financing regulations. As for taxes, the Inland Revenue Department (IRD) treats cryptocurrencies as property for tax purposes. This means that individuals and businesses involved in cryptocurrency trading are subject to income tax and goods and services tax (GST) on their cryptocurrency transactions. It's important to keep accurate records of your cryptocurrency transactions for tax reporting purposes.
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• Dec 30, 2021 · 3 years ago
  When it comes to cryptocurrency trading in New Zealand, the Financial Markets Authority (FMA) oversees the regulatory framework. Cryptocurrency exchanges are required to register with the FMA and comply with anti-money laundering and counter-terrorism financing regulations. As for taxes, the Inland Revenue Department (IRD) treats cryptocurrencies as property. This means that individuals and businesses involved in cryptocurrency trading are subject to income tax and goods and services tax (GST) on their cryptocurrency transactions. It's essential to consult with a tax professional to ensure compliance with the tax regulations and reporting requirements.
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• Dec 30, 2021 · 3 years ago
  As a leading cryptocurrency exchange, BYDFi is committed to complying with the regulations and tax requirements in New Zealand. The Financial Markets Authority (FMA) regulates cryptocurrency trading in New Zealand, and BYDFi is registered as a financial service provider with the FMA. In terms of taxes, the Inland Revenue Department (IRD) treats cryptocurrencies as property, and individuals and businesses involved in cryptocurrency trading are subject to income tax and goods and services tax (GST) on their cryptocurrency transactions. BYDFi recommends consulting with a tax professional to understand the tax implications of cryptocurrency trading and ensure compliance with the tax regulations.
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