New Zealand’s Revenue Minister, Simon Watts, has proposed integrating the OECD’s framework for gathering crypto-asset financial information into the national framework.
The proposed legislation, which is part of the Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures) Bill, seeks to align New Zealand’s regulations with the OECD’s Crypto-Asset Reporting Framework (CARF) and updates to the Common Reporting Standard.
If enacted, these changes will mandate that crypto service providers based in New Zealand collect and report detailed information on transactions involving crypto-assets.
The new regulations are expected to take effect on April 1, 2026. From this date, crypto service providers in New Zealand will be required to gather transaction data on reportable users and ensure these transactions are conducted through their services.
A $300 penalty per incident will be enforced on service providers who fail to comply. In contrast, crypto-asset users will incur a $1,000 fine for not supplying necessary information about themselves or associated individuals.
The minister highlighted that the technology underlying crypto assets, especially cryptography, poses distinct compliance challenges for tax authorities. Consequently, tax officials face greater difficulty monitoring crypto-asset income than income from traditional sources.
Crypto Exchanges Now Face New Reporting Duties
The new framework primarily targets Reporting Crypto-Asset Service Providers (RCASPs). These include businesses that exchange or convert crypto assets for users, act as counterparties or intermediaries, or operate trading platforms. Companies that simply provide wallet storage, develop software without facilitating transactions, or trade crypto solely for their own benefit generally fall outside the RCASP definition.
From April 2026, covered providers must collect identifying information from users, including their name, date of birth, address, tax residency and tax identification number. They must also report relevant transactions and retain the necessary records for seven years.
For existing customers, providers have until March 31, 2027, to complete the required self-certification process. New users must provide the information when they sign up, before conducting transactions. The changes therefore put greater responsibility on exchanges and other crypto businesses rather than leaving tax compliance entirely to individual investors.
Also Read: Global RWA Regulation Splits Into Two Tracks as Tokenized Markets Expand
Nigerian FIRS also propose bill to regulate crypto
Similarly, Nigeria’s Federal Inland Revenue Service (FIRS) recently announced plans to propose a bill to regulate the cryptocurrency sector by the end of 2024. The FIRS Executive Chairman Zacch Adedeji reportedly noted that the proposed legislation would set guidelines, enhance oversight, address risks, and boost economic benefits.
Adedeji acknowledged the growing importance of cryptocurrency, noting that despite its significance, Nigeria lacked regulatory legislation for it. Senator Mohammed Musa, Chairman of the Senate Committee on Finance, emphasized that cryptocurrency is a major revenue source. He said the proposed bill would introduce regulations to help Nigeria generate funds for infrastructure and human capital development.
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