ACT Party Seeks Tax-Free Crypto Gains for Long-Term Holders

The ACT Party in New Zealand is proposing tax-free gains on cryptocurrencies, such as Bitcoin, if investors hold onto them for more than a year. This move aims to make it easier for individuals to use crypto for small purchases by introducing a tax exemption for low-value transactions.

Under the current rules, investors have to calculate tax on profits every time they sell or swap their assets. Party leader David Seymour believes that New Zealand should adapt to new technology and become a 'frontier' like other countries embracing cryptocurrencies.