New Zealand Tax Authority Tells Crypto Firms to Disclose Traders Personal Info & Transaction History

2020-9-29 16:51

New Zealand’s tax authorities dialing down on cryptocurrency users and transactions in the country.

In a statement obtained by the local radio news station, Radio New Zealand (RNZ), New Zealand-based crypto firms must submit their customer’s crypto transaction information to the country’s top taxation authority, Inland Revenue Department (IRD).

According to the report, all companies dealing with crypto assets must “pass on customers' personal details as well as the type and value of their crypto assets.” This is in a bid for the tax authorities to keep up with the virtual asset industry and formulate a policy that will best help New Zealanders report their crypto tax obligations.

Global tax regulators are heavily hitting on the crypto asset world. Recently, the U.S. Internal Revenue Service (IRS) introduced crypto laws on its 2020 tax laws, altering form 1040 to make it harder for crypto users and traders to escape their tax obligations.

However, Janine Grainger, chief executive of Easy Crypto, a New Zealand based crypto firm, said the latest effort by the IRD goes against the fundamentals of crypto – privacy. Terming the new rules as “heartbreaking,” Grainger said she would comply but questioned the law.

“Privacy is really important to us… one of the tenets [of] cryptocurrency in general is around having freedom and autonomy and privacy,” she said.

“[..]the point of privacy isn't to aid people who have something to hide, it's to ensure we have a fair, open and free society”.

Russia recently introduced an amendment that would see cryptocurrency miners forego their mining rewards and a law that forces crypto traders to disclose their crypto transactions or face criminal charges.

Related Global Crypto Tax News:

Read: Israeli Draft Bill Proposes Bitcoin be Defined as Currency to Cut Down the Hefty Capital Gain Tax

Also Read: Switzerland's Canton to Allow its Citizens to Pay Taxes in Bitcoin & Ether Starting 2021

The post New Zealand Tax Authority Tells Crypto Firms to Disclose Traders Personal Info & Transaction History first appeared on BitcoinExchangeGuide.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.006499 (-100%)

crypto new radio transaction firms authority zealand

Источник: bitcoinexchangeguide.com

crypto new → Результатов: 126


Incredible New Crypto Will Drop USDC To Investors Even Before Launching

A new crypto known as Octoblock (OCTO) has emerged in the crypto market, capturing the attention of investors by offering USDC even before its official launch. Understanding Octoblock (OCTO): A Game-Changer in DeFi Octoblock (OCTO) is a decentralized finance (DeFi) protocol built on the Binance Smart Chain that is setting a new standard for profitability, […] The post Incredible New Crypto Will Drop USDC To Investors Even Before Launching appeared first on CaptainAltcoin.

2024-4-6 13:15


Today’s Unprecedented Happenings in the World of Digital Assets

“Crypto Chronicles Unveiled: South Korea Enacts New Law to Safeguard Investors, Australia’s Crypto Association Urges Collaborative Efforts against Scams, and UK Crypto Bill Nears Final Approval” South Korea Takes a Stand: New Crypto Legislation Passed to Safeguard Fair Trading In a bid to shield cryptocurrency investors from potential setbacks like the recent Terra ecosystem incident […] Сообщение Today’s Unprecedented Happenings in the World of Digital Assets появились сначала на Coinstelegram.

2023-7-1 16:40


Crypto Traders Gear Up and Flock to AltSignals’ New Token, ASI

The Crypto markets can prove challenging to navigate due to the volatile nature of its response to Macro economic and political incidents which affect it. This volatility is further fuelled by the speculative nature of the projects to which cryptocurrencies are attached, with new and cutting-edge technologies being applied while in their infancy but with […] The post Crypto Traders Gear Up and Flock to AltSignals’ New Token, ASI appeared first on CoinJournal.

2023-3-31 20:48


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

South Korean Exchange Suspends Withdrawals to External Wallets, Govt. Reaches Out to Apple and Google to Block P2E Apps

One of the four regulated cryptocurrency exchanges in South Korea, Coinone, has announced that it will no longer allow withdrawals to non-verified external wallets starting Jan. 24, 2022. If Coinone users want to withdraw their crypto assets to another digital wallet, they would have to register their wallet address with the exchange, “in accordance with […] The post South Korean Exchange Suspends Withdrawals to External Wallets, Govt.

Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill next year covering tax taxation of digital assets and their categorization to consumer protections. Lummis, who is also a Bitcoiner and one of the most vocal crypto advocates, will also be pitching Congress on creating a crypto regulatory body under the joint jurisdiction of […] The post Bitcoiner Senator, Cynthia Lummis, Is Planning to Bring In A New Crypto Bill Next Year first appeared on BitcoinExchangeGuide.

Bank of England to Coordinate with International Regulators for Stricter Crypto Rules

The Bank of England to step up its talks with the international counterparts on a regulatory regime for cryptocurrency next year. In an interview with The Times, Sarah Breeden, executive director for financial strategy and risk at the central bank, said that as banks begin to offer crypto-assets trading and custody services to clients, global […] The post Bank of England to Coordinate with International Regulators for Stricter Crypto Rules first appeared on BitcoinExchangeGuide.

Paraguayan Senate Passes Bill to Regulate Crypto Trading and Mining

The Senate of Paraguay has passed a bill that will regulate the trading and mining of cryptocurrencies in the country. Paraguayan Senator Fernando Silva Facetti, one of the three authors of the bill, confirmed this on Twitter, saying Paraguay’s Chamber of Deputies will discuss the bill next year.