NZ's Unconventional Approach to Regulating Bitcoin

New Zealand has its own approach to regulating Bitcoin and other cryptocurrencies.

The Financial Markets Authority states that crypto is not specifically regulated in New Zealand, but it's subject to a mix of existing solutions, anti-money laundering rules, and tax legislation.

Crypto exchanges like Binance are required to follow certain rules and guidelines, including Anti-Money Laundering (AML) requirements. Businesses must identify customers, assess risks, and carry out thorough customer due diligence.

For tax purposes, Inland Revenue treats crypto as property, meaning that money received from selling or exchanging cryptocurrencies is taxable under the relevant tax rules.