New Zealand’s cryptocurrency regulations are relatively technology-neutral, covering all aspects of cryptocurrency through existing laws.
Provided that the above-mentioned organizations obtain the appropriate licenses from the FMA, they may operate under New Zealand’s laws, specifically the Anti-Money Laundering and Countering Financing of Terrorism Act 2013, the Financial Markets Conduct Act 2013, the Financial Advisors Act and the Financial Service Providers Act 2008.
Managed investment product: A financial product that allows the holder to pool their money with those of other investors.The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 establishes the requirements for compliance with AML/CFT obligations for reporting entities.
As such, any activity involving cryptocurrency, as long as it also involves a profit or loss of fiat money, will need to be reported on one’s tax return. The value of one’s crypto assets should be calculated in New Zealand dollars and declared according to gains or losses per transaction.
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