New Zealand's tax authority asks crypto firms to turn over customer info
September 28, 2020, 3:51PM EDT
1 min read
New Zealand’s tax agency has requested that crypto firms in the country share their customers’ personal details and cryptocurrency asset values.
According to a statement from the Inland Revenue Department (IRD) issued to Radio New Zealand, the agency has requested this information in order to enhance its understanding of the crypto-asset environment in the country, so that it can know how best to help taxpayers meet income tax obligations.
Janine Grainger, chief executive of New-Zealand-based Easy Crypto, told Radio New Zealand that the IRD must be widening its net of the tax base because crypto-asset ownership is growing in New Zealand. Grainger called the move a “heartbreaking” breach of privacy and autonomy.