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blockchainex · 3 years ago

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Should cryptocurrency be classified as an asset or as property?

People are still perplexed by the financial classification of cryptocurrencies ten years after it was originally launched. Despite the fact that it is used as a model for everyday transactions, bitcoin trading has failed to acquire momentum as a currency. It has, nevertheless, gained popularity among online merchants seeking to earn a fast profit. Bitcoin is gaining the attention of seasoned investors who like structuring investments to maximise earnings because to its volatility.

However, hiring the help of a professional cryptocurrency auditor is the best choice for beginners. This article discusses the fundamentals of cryptocurrencies, such as whether it is a property or an asset.

Understanding how to utilise cryptocurrency is essential

Cryptocurrency is a kind of digital asset that is controlled by a distributed network of computers. It works on the basis of a decentralised system. As a consequence, there is no central government, individual, or organisation that regulates cryptocurrency trade. Speak with a certified bitcoin expert to get a comprehensive understanding of the topic.

Is bitcoin a property or an asset?

Many debates have erupted about how cryptocurrencies should be classified financially. In the National Provincial Bank Ltd v Ainsworth case, Lord Wilberforce developed criteria for determining whether digital money is a property or an asset. The following are the four requirements that support bitcoin's categorization as a property:

Any property referenced item must satisfy the criteria for having a distinct subject matter. Cryptocurrency satisfies this requirement by storing machine-readable text sequences on computer networks. A bitcoin account holder's identification is established via a unique public key.

Other parties may be able to identify property, and bitcoin fulfilled this requirement due to its private key. A property owner is required by law to be able to prohibit others from using it. Furthermore, the owner of a private key in bitcoin has certain authority, similar to that of a property owner.

Bitcoin fulfils the criteria of being able to be assumed by third parties since it is active in the trading market. It is one of the most often used real estate laws.

A particular level of stability or durability is required for a property. This requirement is fulfilled since bitcoin transactions are conducted out using blockchain technology. This is because blockchain records the whole history of bitcoin transactions in its blocks, which are open to the public. Furthermore, it has been shown that cryptocurrency remains unchanged until it is traded. It makes the argument for cryptocurrency's long-term viability much stronger.

Is it possible to classify cryptocurrency as a kind of property?

According to section 2 of the NZ Companies Act 1993, property is defined as a real/personal, incorporeal, or corporeal interest, right, or claim concerning properties. They may be concrete or abstract. As we've seen, Bitcoin is generally consistent with property law concepts. Bitcoin, for example, may be retrieved after it has been stolen or counterfeited if enough protection is provided, among other things. Although it is not necessary to declare crypto as a legal asset, if an organisation does, cryptocurrency trading must follow certain guidelines.

Furthermore, the Internal Revenue Service represents crypto money exchangers in their NOTICE 2014-2021. Cryptocurrencies, according to the organisation, should be regarded as objects, comparable to real estate. Furthermore, in 2019, the government started linking bitcoin trade and tax payments on its FORM 1040. Depending on the kind of crypto trade, various taxes will now be levied. Cryptocurrency, on the other hand, has its own set of features and use cases, allowing for deviations.

last thoughts

As a consequence, the fundamental response is that, based on the facts and laws governing their financial status, cryptocurrencies are unquestionably a property. According to section 2 of the New Zealand Companies Act 1993, cryptos have always been considered property in the usual legal sense. Financial law experts support this position by categorising bitcoin as both intangible personal property and a clearly identifiable object.

Join the BLOCKCHAIN COUNCIL to learn more about the subject from our expert bitcoin auditor. You'll also get access to a list of certification programmes that are suitable for you to enrol in.

#cryptocurrency trading #cryptocurrency auditor

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tradinggatorcom · 4 years ago

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How to Buy Bitcoin in New Zealand Now (Ultimate NZ Guide)

Best Sites to Buy Bitcoin in NZ

eToro

Easy account opening

Market-leading social trading

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67% of retail CFD accounts lose money

Coinbase

Easy account opening

Secure

Very popular exchange

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Your capital might be at risk!

eToro

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Assets: Forex, Crypto, Stocks & Commodities

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67% of retail CFD accounts lose money

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Easy to use phone app

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Visit Coinbase

Like any other country across the world, New Zealand has experienced a rise in interest in cryptocurrency. With more people jumping onto the cryptocurrency bandwagon, it’s essential to know which channels to follow to buy Bitcoin safely.

This article is the ultimate guide on how to buy Bitcoin in New Zealand in 2021 and explains facts you should know before buying Bitcoin.

Is Bitcoin (BTC) Trading Legal in New Zealand?

There’s currently no specific law regulating Bitcoin trading in New Zealand. Therefore, it’s safe to say that Bitcoin trading is legal in New Zealand. However, due to the sparse regulations in this sector, it’s difficult to get legal help if something goes wrong.

The Financial Market Authority (FMA) in New Zealand warns New Zealanders of the potentially significant losses that come with trading Bitcoin and other cryptocurrencies and the frauds associated with the cryptocurrency investments.

Bitcoin & Crypto Trading in New Zealand

With the free Bitcoin trading environment in New Zealand, investors have a chance to buy, sell, hold, and use their Bitcoin as they please. More people are choosing to invest in Bitcoin and cryptocurrencies.

As the demand for Bitcoin increases among New Zealanders, there has been a rise in the number of crypto exchanges and marketplaces for trading Bitcoin.

Investors can buy and sell Bitcoin in multiple places like exchanges, P2P marketplaces, over-the-counter brokers, and other private trades.

19 Ways to Make Money with Bitcoin

(Ultimate Guide)

Most of these platforms are local and offer services locally to NZ investors. The boundaries are open to international Bitcoin trading platforms, and many people are embracing their services.

Further, in this article, we’ll mention some places we think are the best platforms for you to buy Bitcoin in New Zealand.

How to Buy Bitcoin in NZ (Step-by-step)

This guide highlights eToro as a leading cryptocurrency exchange globally, with excellent features and top-tier security systems for safe trading. Even though it offers other services like CFD trading, eToro New Zealand allows investors to trade cryptocurrencies only.

Upon signing up, eToro will provide you with a secure cryptocurrency wallet where you can safely store your Bitcoin as you hold or trade them. It has a simple, user-friendly interface that makes trading easy for both experienced and new traders.

Here’s a step-by-step guide when buying Bitcoin on eToro.

Step 1 – Sign up with eToro.

The sign-up process is seamless. On eToro’s official website, find the “Get Started” button and click on it. Fill in the application form with your correct details and agree to the policies and conditions. You can also choose to sign up through your Facebook or Google Account.

As you sign up, you’ll be required to verify your identity as part of KYC requirements and in compliance with the government’s financial regulations.

The verification process is easy and will need you to upload a picture of a government-issued ID card or driver’s license and a copy of a utility bill document or financial statement showing your address.

How to Open an eToro Account

Step 2 – Deposit funds

eToro supports several payment methods which you can use to deposit funds into your eToro account. It accepts traditional methods like bank transfers and cards and online wallets like WebMoney, Neteller, Skrill, and PayPal.

To deposit funds, find the “Fund Your Account” section on your account and click on it. Select the amount, currency, and your preferred payment method and proceed. Most of the deposit methods process the funds immediately, and they appear on your account instantly.

eToro accepts $200 as the minimum deposit for all accounts.

Step 3 – Buy BTC Safely & Easily

eToro hosts up to 15 top cryptocurrencies, with Bitcoin leading the list. To buy Bitcoin, click on “Trade Markets” on your dashboard and choose Bitcoin. Click on “Trade” and specify the amount of BTC you want to buy in NZD.

You can customize other settings like ‘Stop Loss’ and ‘Take Profit’ for the trade, even though this step is not compulsory. After everything is set, click on “Open Trade,” and you’ll have initiated a transaction to buy your first Bitcoin.

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Regulation of Bitcoin in New Zealand

According to a report published in September 2018 on the cryptocurrency regulations, New Zealand has not passed any laws regulating cryptocurrencies. However, some existing laws regulate cryptocurrencies to counter-terrorism and money laundering activities, impose taxes, and protect investors.

In October 2017, the FMA announced and published a guide for Initial Coin Offerings (ICOs) and cryptocurrencies to facilitate responsible innovation and ensure flexibility in the financial market.

The guidance requires all entities that offer cryptocurrency-related financial services to comply with the FMC Act (2013) ‘fair dealing’ requirements.

For the entity to provide services to New Zealanders, it must be compliant with the Financial Service Providers Act of 2008 and be present in the Financial Service Providers Register.

On ICOs, the guidance indicates that ICOs are considered a financial service that operates value transfer service, and tokens can be acquired using legal tenders like the NZ Dollar and thus subject to the FMC Act.

On anti-money laundering requirements, there’s neither guidance nor legislation from the government of FMA that refers specifically to cryptocurrencies.

However, some of the crypto exchanges are registered as reporting entities to the Department of Internal Affairs (DIA) on anti-money laundering (AML) and Counter-financing terrorism (CFT).

Cryptocurrencies are subject to taxation in New Zealand in different scenarios. Even though there are no cryptocurrency-specific laws on taxation, existing ordinary taxation laws apply. For example:

Suppose a business accepts payment in the form of cryptocurrency. In that case, it is liable to pay an income tax as per the law, and the amount depends on the value of the cryptocurrency in NZD at the time of transaction.

If a person buys cryptocurrency for disposal, any realized profits or losses from selling it will attract a tax and must be recorded.

Any cryptocurrency gained from mining is also taxed as mining is considered a profit-making activity.

Best Bitcoin Exchanges in New Zealand

As promised earlier, we consider two Bitcoin exchanges as the best places to buy Bitcoin in New Zealand. They are eToro.com and Coinbase.com.

eToro

As a leading cryptocurrency exchange globally, this Israeli-based company has established itself in New Zealand and gained a large client base. In New Zealand, eToro is limited to trading cryptocurrencies only because of country restrictions.

Visit eToro

Here are some of the reasons why many investors love it:

It supports up to 15 world top cryptocurrencies.

It supports cryptoNZD pairs—for example, BTCNZD.

It offers low trading costs and fixed spreads.

There are hundreds of in-built technical charts for analysis and market study.

Investors enjoy social trading features that are not available on other brokers.

You can conveniently trade using a fast and user-friendly mobile trading app.

Coinbase

Coinbase is the best choice for first-time cryptocurrency investors because of its simple interface and the easy Bitcoin-buying process. Having extended its reach to New Zealand, the USA-based broker stands as one of the most preferred Bitcoin exchanges by many investors.

Visit Coinbase

Here are some of the reasons why:

It’s an excellent platform for new cryptocurrency buyers.

It hosts up to 40 popular cryptocurrencies worldwide.

It offers excellent customer service.

It has employed tight security features like 2-factor authentication to protect client’s funds.

The Price of Bitcoin in New Zealand

BTCNZD Chart by TradingView

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At the time of this writing, the price of Bitcoin in New Zealand Dollars (NZD) is as follows.

1 Bitcoin equals 89,518.12 New Zealand Dollar.

Due to the high volatility associated with the cryptocurrency market, the price of Bitcoin keeps changing. Please check for the current price.

Cryptocurrency Scams in New Zealand

The unregulated nature of Bitcoin trading and exchanges in New Zealand predisposes investors to cryptocurrency scams. Recent reports have shown a rise in the number of people getting scammed every day.

Earlier, most scams were orchestrated in the form of Ponzi schemes, but now people are alert when they encounter such. Therefore, scammers are now coming up with new tactics and tricks to lure unsuspecting investors and get away with their money.

One of such incidences is Bruce Harding’s experience, an enthusiastic Bitcoin investor in New Zealand. According to his narrative, the scammer contacted him on Instagram and talked about investments on ExpresscoinFX.com, where they can make huge profits fast.

The scammer showed him proof of potential earnings and profits skyrocketing to $5000 within few days. Another one had made $1500 in two days from a deposit of $200. Enticed and happy, Harding signed up to the account and deposited $1500.

As expected, his profits began to grow. But when he sent a withdrawal request, he was asked to pay $2500 before the payment is made. The money was never released, and they cut off communication with him.

Many other people have fallen prey to such tricks from cunning scammers, so the FMA warns cryptocurrency investors to be careful as they are hacking and fraud targets.

As an investor, you can protect yourself by:

Keeping your private key safe and uncompromised.

Investigating any platform offering cryptocurrency services before committing your money to it.

Avoiding any suspicious emails and sign-ins which can give scammers access to your wallets.

Bitcoin Mining in New Zealand

Bitcoin mining is an innovative way to earn Bitcoin. However, it may be an impractical exercise in New Zealand because of the high electricity costs and the low-profit margins.

As time goes by and the value of Bitcoin increases, even the difficulty in mining the Bitcoin and the expenses that accompany the process also continues to rise.

Investors interested in mining Bitcoin invest heavily in acquiring and maintaining Bitcoin mining machinery and incur electricity costs during mining. When total investment is weighed against the expected returns, profit margins are too low or negative.

Since many coins are choosing the proof-of-stake mining method, many investors now prefer to mine other coins and convert them to Bitcoin. It’s a time-saving method, and the profits earned are higher compared to mining Bitcoin directly.

Bitcoin Popularity in New Zealand

Even with its ‘buyers beware’ state in New Zealand because of no regulations, it’s evident that Bitcoin has taken center stage and gone into the mainstream as more people invest in it.

The ease of transacting business using Bitcoin has encouraged more people to adopt it as a payment method for goods and services. In 2019, a report published in the Financial Times indicated that New Zealand had allowed companies to pay their employees using their preferred cryptocurrencies.

In this way, Pay-As-You-Earn tax is easily imposed on the salaries paid through cryptocurrencies as long as it is pegged to the fiat currency. These payments are subject to employer agreement and other terms, but it’s a great move to promote the mainstream adoption of cryptocurrencies in the country.

A surge in the number of new investors is expected as renowned institutions invest in Bitcoin.

A recent development highlights the New Zealand Fund Management, which publicly announced its investment in Bitcoin. At the end of 2020, the institution had assets worth $350 million, of which 5% is invested in Bitcoin.

New Zealanders have access to the best Bitcoin exchanges from across the world so they can trade Bitcoin safely and on the best platforms. The FMA constantly reminds Bitcoin buyers to be careful in their investments as the cryptocurrency market is prone to scams and online fraud.

Before buying Bitcoin from any exchange, ensure that the exchange:

Is in the Financial Service Providers Register.

Is part of the dispute resolution scheme

Segregates your funds and stores them safely in a trust account.

Where Can I Use Bitcoin in New Zealand?

There are several places you can use Bitcoin in New Zealand. Most of these businesses are online, but there are also physical businesses that are accepting Bitcoin. The list is long and continues to grow daily.

In this article, we’ll mention some of these places, and you can check them out.

They include CoinCompass, XT88, Mangawhai Osteopathy, Hyperion Wines, Jmafi, MyGold, Aurum, Oyster & Chop, Mega, WebSope, GoWeb NZ, 3D Hub, Electroluxvacuums, Cerebral Palsy Society NZ, TreeFellas, MrPipes, The Battery Clinic, Bookabach, Beach Surf School, Chris Meek, Ipurangi Limited, Matrix Typography, Mane Salon, KUSKE, INSTYLING, Abalone Thai, Pyramid Valley Vineyards, and many others.

Even with many places to spend Bitcoin, many investors prefer to buy and hold like they’d do other securities and then sell later when the price has gone higher. If the history is anything to go by, the price of Bitcoin today is over 1000 times its price in its early days, and it’s expected to continue going high.

Bitcoin ATMs in New Zealand

According to coinatmradar.com, there is presently no Bitcoin ATM in New Zealand. In 2014, Bitcoin Central launched a Bitcoin ATM in New Zealand at the Ironbar Café in Auckland to serve New Zealand investors.

It would operate in two ways as investors could buy and sell Bitcoin for NZD safely as Robocoin made the machine with multi-layer security to keep the transactions safe. However, these services did not last long as the company had to shut down its operations in 2018.

In an announcement made on the company’s official website, the CEO lamented the negativity facing Bitcoin in the area, which made it difficult to access proper banking facilities to keep the ATM running.

Must-Know Facts to Know Before Buying Bitcoin

There are a lot of speculations about Bitcoin, with good reason. Some think it’s a well-orchestrated Ponzi scheme waiting to crash in an instant, while others think it’s the digital form of gold, and so they go for it.

Far from the speculations, here are some facts about Bitcoin.

Bitcoin is one of the most volatile assets in the financial space. Its price can skyrocket within hours and drop just as fast. If you’re planning to invest in Bitcoin, you should be aware of this and work on your timing because whether you make a profit or a loss will depend on your timing.

Bitcoin is not anonymous, as many people tend to believe. The buyer and seller’s identity is not public, but the details of the transaction are stored in a public ledger called the blockchain.

Bitcoin is usable as a payment method, and some governments impose a tax on profits generated from Bitcoin used within the country. This depends on the set regulations in the country. Before buying Bitcoin, it’s important to familiarize yourself with such requirements depending on the country you live in.

Bitcoin is for everyone because, as a digital currency, it’s not controlled by anyone or limited to a specific group of people. As much as you can buy Bitcoin from anywhere in the world, you can also participate in the mining process.

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How to Buy Bitcoin New Zealand – Best New Zealand Bitcoin Exchange 2020 Guide

FAQ

Where to buy Bitcoin in New Zealand?

eToro and Coinbase.

How do I buy Bitcoin in New Zealand?

On these two providers (eToro and Coinbase), you can purchase your Bitcoin through bank wire, debit/credit card, PayPal, Neteller, Skrill, RapidTransfer, Klarna, and several others.

How do I store my private key?

If you purchase Bitcoin or Cryptocurrency through the providers discussed in this article, they’ll store the private key for you safely.

Summary - Where to Buy Bitcoin in the New Zealand Instantly

eToro

Great platform for trading

Easy to use

Buy Bitcoin Here –>

67% of retail CFD accounts lose money

Coinbase

Best crypto wallet

Quick sign up process

Buy Bitcoin Here –>

Your capital might be at risk!

Other Bitcoin buying guides:

How to Buy Bitcoin in the UK Instantly

(in 2021)

How to Buy Bitcoin in South Africa Instantly (in 2021)

How to Buy Bitcoin and Other Cryptocurrencies (Safely and Easily)

The post How to Buy Bitcoin in New Zealand Now (Ultimate NZ Guide) appeared first on TradingGator.

source https://www.tradinggator.com/how-to-buy-bitcoin-in-new-zealand/

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joshuajacksonlyblog · 6 years ago

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Cryptopia Restores Bank Support: NZ Dollar Token to Relaunch in 2019

The New Zealand dollar token (NZDT) is set to be re-released early next year after it was suspended by the New-Zealand based Cryptopia exchange in late 2017.

Local media in New Zealand recently reported the New Zealand dollar token (NZDT) will be re-released in early 2019.

The NZDT is the first virtual currency token to be tethered to the New Zealand dollar. It was originally launched in May 2017 after investors expressed a desire to have a safe way to use New Zealand banking entities to buy and sell cryptocurrencies.

Issued by Cryptopia, an exchange based in Christchurch, the NZDT was suspended later in the year after the exchange’s bank, ASB, became worried about regulation and customer identification.

In January 2018, the New Zealand Herald reported that ASB decided to close Cryptopia’s account in a surprise move, leaving the exchange little time to state their case and pass on supporting documentation.

A Fear of the Unknown Worked out Well

Adam Lyness of Cryptopia told Newsroom that the NZDT was pieced together during a blockchain conference in 2017 with the mantra of ‘ask forgiveness, not permission.’

He said transactions totaled in the hundreds of thousands of dollars each day in just a few months.

The rapid rise in popularity for the token drew the concern of Cryptopia’s bank, who was inclined to shut down the operation in order to avoid negative headlines.

Lyness noted the exchange is getting set to re-launch the NZDT in Q1 2019 after securing the services of a smaller bank. He also remarked how interactions with government officials and regulators have not been hostile since many of them are curious about the re-launch.

Continued Interest in a New Zealand Cryptocurrency

Crypto tax expert Campbell Pentney explained how having an NZ dollar entry point into cryptocurrency related projects could inspire residents of the country to invest their funds into different endeavors.

Just a few months ago, professors at the University of Auckland argued that New Zealand’s Reserve Bank needs to create and trial a cryptocurrency to legitimize the industry alongside the New Zealand dollar.

The report’s authors said their country was falling behind others in fostering a thriving digital currency industry.

Other recommendations included providing consumers with better information so they could have a clearer grasp on cryptocurrencies, and for regulators to collaborate with companies on building a ‘regulatory sandbox’ for virtual currencies.

What do are your thoughts on the re-release of the NZDT? Don’t hesitate to let us know in the comments below!

Images courtesy of Pexels, Shutterstock.

The post Cryptopia Restores Bank Support: NZ Dollar Token to Relaunch in 2019 appeared first on Bitcoinist.com.

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coin-river-blog · 6 years ago

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The New Zealand dollar-pegged token is reborn.

Several months after its launch last year, New Zealand's dollar-pegged cryptocurrency, NZDT, was suspended. Cryptopia – the Christchurch, New Zealand-based exchange behind NZDT – is now ready to re-release the coin in the first quarter of 2019, according to a report from local news outlet Newsroom.

Business development manager Adam Lyness noted that Cryptopia is working with a new, unnamed bank to relaunch the coin. The previous bank, ASB, had concerns about NZDT in regards to compliance, know-your-customer requirements, and the surge in Australian crypto scandals at the time. Cryptopia is now collaborating with regulatory and government officials who are "curious" about the cryptocurrency, not disapproving.

Lyness also mentioned that demand for NZDT has remained strong despite the decline in crypto trading volumes.

Moreover, Campbell Pentney, a cryptocurrency tax expert at one of New Zealand's largest law firms, Bell Gully, believes that relaunching NZDT will be important to the country's crypto investors. Although the token was originally used in large part to purchase other coins, he said that market expansion "is expected."

"Let's assume blockchain takes off and has amazing projects all over the world," he said. "Without an NZ dollar entry point [like NZDT], New Zealanders will find it hard to invest in these projects directly."

NZDT was initially released quietly by Cryptopia in May 2017 as a way for Kiwis to join the crypto craze and buy bitcoin or other trending coins. Trading volume was small at first, but after three to four months, Lyness said the exchange was transacting one million New Zealand dollars a day. ASB Bank officially closed Cryptopia's account, however, in early 2018.

Daniel Putney is a full-time writer for ETHNews. He received his bachelor's degree in English writing from the University of Nevada, Reno, where he also studied journalism and queer theory. In his free time, he writes poetry, plays the piano, and fangirls over fictional characters. He lives with his partner, three dogs, and two cats in the middle of nowhere, Nevada.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Newsroom, NZDT or other Ethereum cryptocurrencies and tokens news.

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grumblenz · 7 years ago

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Crypto and the Future - As I see it.

For me – The interesting part is where the banks fit in. A mate advises JPMorgan and others. We got talking as he is ex IBM with 50 years service. Setting the scene, not bragging.

Keith has solved the time delay in video / audio communications. You know where they cross to the reporter and there is a time lag?

So – video ATM’s (which he invented with this technology) will replace most bank activities and many branches. (on a side note, another mate has invented software for a ‘person-less’ petrol station that is already in action very successfully in small communities. Think petrol ATM)

I reckon banks will offer franchises to avoid the costs. NZ and Australia both use Post Offices for a lot of things like bill paying already. Mortgages are already handled by mobile managers. So why keep expensive premises? (Smart move would be to bundle all banks under one roof – like shops sell different brands).

. The banks still use XP for ATM machines and OS2Warp in places. . They can’t upgrade because everything is interlinked and they can’t close to test. . Too complicated to replicate and create a test version. . SWIFT is used by every bank in the World to move money (China and Russia have a ‘spare’ version of their own – just in case) . In may 2016 and 2017, the SWIFT system got hacked for 171m and 81m (They came ‘this close�� to succeeding) . The heists were not an isolated incident, said SWIFT . Dec 12, 2016 – “Banks using the SWIFT network, which include both central banks and commercial banks, have been hit with a “meaningful” number of attacks – about a fifth of them resulting in stolen funds” – SWIFT statement. . Hackers are winning 20% of the time – SO FAR, and getting better.

So………..The banks are going to lose to hackers within a few years (Maybe this year – Causing the Black Swan event that crashes the market booms in everything caused by low interest rates they can’t raise for fear of defaults).

‘We’ are in a worse position than when the GFC hit. Banks know Govt will bail them out. Govt. knows it can’t – Stalemate. That’s why we have bail-in laws now, so YOU are GUARANTEED to lose 50% when it goes boom.

So – Crypto is the answer – but it is getting hacked too. The Govt. can’t figure out how to grab it’s share and the banks can’t figure out how to take a % on the way through.

Think of the logistics – Buy a loaf of bread with Ethereum, get dogecoin and ripple for change?

‘Money’ needs to be : – A store of value – A medium of exchange – A unit of account.

Crypto fails on some of those grounds and the volatility works against it becoming ‘Money’ for the time being. Not to mention getting society and large organisations to change (and how? – How do you rework MYOB to handle 1400 cryptocoin types? How do you deploy those new versions worldwide when some places take some coins and not others? Did we mention one wallet per coin? (1400 wallets per business) How do you rework the welfare system or the Forex markets if you remove ‘Money’ as we know it?). Just the introduction of GST caused massive work for many businesses. I printed millions upon millions of stickers for repricing goods in 360+ stores. The programmers toiled months to ‘add-in’ another tax to the accounting system (tax on buy, refunded, then repaid on sale)

Interesting times ahead.

Crypto and the Future – As I see it. was originally published on Graham Campbell

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charteredaccountantsnz · 2 years ago

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Why Do You Need a Crypto Tax Accountant in New Zealand

About a decade ago, many people were unaware of the concept of cryptocurrency and blockchain. But with the recent boom of using blockchain to develop various kinds of cryptocurrencies has gained a lot of attention from retail investors, traders, and different institutions. In New Zealand, crypto-assets are considered a type of property and therefore the residents are liable to pay taxes on trading, buying, exchanging, or even mining cryptocurrencies.

Now getting your cryptocurrency tax right can be difficult for you, but hiring a crypto tax accountant can help you to manage your tax situation and let you stay on top of the tax planning. Let's consider some important points before engaging a crypto tax account in New Zealand

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Cryptocurrency is a powerful tool. Therefore you must look for an accounting firm that provides qualified and trained crypto tax accountants to give you the best advice on tax filing. And ensure your cryptocurrency is protected

Choose an accounting firm that offers highly qualified crypto accountants who can keep accurate records of your transactions and ensure that you are not overtaxed.

You must hire a trusted crypto accountant that has complete knowledge in calculating your tax liability without making any potential error.

Choose an accounting firm that can provide you with the best crypto accountant who can perform various other taxes such as filing an income tax or preparing an audit at a reasonable price.

Finding the right crypto tax accountant can be a challenging task. Before engaging with a crypto accountant, you must consider the above-mentioned points and look for a reputed accounting firm in New Zealand that provides highly qualified crypto tax accountants for tax filing and consultation on your crypto assets. They also offer small business accounting, tax consultation, and other financial services to their clients.

#crypto tax accountant nz #crypto accountant nz

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charteredaccountantsnz · 4 months ago

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What Are the Tips for Hiring a Professional Crypto Tax Accountant?

As cryptocurrency is gaining the ideal mainstream acceptance, managing the crypto taxes becomes increasingly vital. However, the complex nature of cryptocurrency transactions and evolving tax regulations require some specialised expertise. Here, hiring a competent crypto tax accountant in NZ can help ensure compliance, optimise tax liabilities, and avoid potential pitfalls. Here are some essential tips for hiring a crypto tax accountant:

Verify Qualifications and Experience

Look for a certified and professional public accountant or a tax professional with specific experience in cryptocurrency. The expert must properly understand the unique tax implications of the crypto transactions. Also, you must check the ideal credentials and ensure they have a record of handling crypto-related tax issues. Look for some additional certifications or memberships in cryptocurrency for better assurance.

Understand Their Knowledge of Crypto Regulations

Cryptocurrency regulations are constantly evolving over time. However, hiring a professional and skilled accountant who stays updated on some ideal guidelines and changes in crypto tax laws is always very crucial. Ask about their knowledge of specific regulations and how they keep abreast of different updates. An accountant who regularly attends and keeps an eye on the latest updates on the details.

Evaluate Their Technical Proficiency

Handling cryptocurrency transactions often requires technical expertise. An accountant should know various crypto platforms, wallets, and exchanges. They should understand the intricacies of blockchain technology and be comfortable using crypto tax software and tools. Inquire about their experience with popular crypto tax platforms.

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Assess Their Communication Skills

Effective communication is also vital, especially when dealing with complex and evolving tax issues. Your crypto tax accountant should be able to explain all the tax concepts clearly and provide some actionable advice. They should respond to your queries and proactively inform you about tax deadlines, new regulations, and potential tax-saving opportunities.

Consider Their Fee Structure

You must check the fee structure upfront when hiring a skilled crypto tax accountant in NZ. Some may charge a flat fee, while others bill hourly. Check the complexity of the crypto transactions; fees can vary significantly. Ensure their fees are transparent and reasonable, reflecting the level of service and expertise provided. Comparing quotes from multiple accountants can help you make an informed decision.

#Youtube

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primorcoin · 3 years ago

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New Post has been published on https://primorcoin.com/new-zealand-vc-launches-5-million-web3-and-crypto-focused-fund-finance-bitcoin-news/

New Zealand VC Launches $5 Million Web3 and Crypto-Focused Fund – Finance Bitcoin News

New Zealand-based venture capital firm Global From Day 1 (GD1) recently said it had launched a $5 million Web3 and crypto-focused venture capital fund to back local startups. The fund will invest in pre-seed to Series A companies across decentralized finance (defi), decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and Web3.

GD1’s Web3 and Crypto Strategy

In a boost for New Zealand-based startups and local investors, GD1 has launched a $5 million Web3 and crypto-focused venture capital fund. The fund, known as GD1 Crypto Fund 1, will be led by cryptocurrency and Web3 expert Nawaz Ahmed as a general partner. Remarking on what the incoming general partner is expected to bring, Vignesh Kumar, the co-managing partner at GD1, said in a press release:

One of our goals at GD1 has always been to diversify into new focus areas and continuously expand our knowledge base by onboarding individuals with diverse and interesting experiences and so we’re thrilled to have Nawaz join the GD1 team to help lead our web3/crypto strategy.

Kumar added that Nawaz’s work grants GD1 a vital platform to test the fund’s “thesis around the concept of permissionless innovation that web3 is built on.”

According to the statement, the fund’s first close is set for June and there are expectations it will be oversubscribed with early commitment from international Limited Partners. The statement, meanwhile, clarified that the GD1 Crypto Fund 1 is separate from GD1 Fund 3.

Missed Opportunity

For his part, Ahmed spoke of how of local startups appeared to only seek funding from offshore sources. He said:

“In the past, the very best NZ companies in this space have easily been able to raise funds globally and haven’t needed to rely on local investment. This is a missed opportunity for NZ-based funds and one we’d like to be the first to explore.”

As Ahmed acknowledges, several funds specifically focused on the metaverse, Web3, and cryptocurrency have sprouted over the past few years. However, unlike GD1’s fund, some of the global venture capital groups like Griffin Gaming Partners, a VC firm specializing in gaming-related investments, have launched larger funds.

As recently reported by Bitcoin.com News, Griffin Gaming Partners has set aside $750 million to fund Web3 and blockchain projects. Earlier this year, Electric Capital is reported to have raised $1 billion to back crypto startups and to buy tokens, while Dragonfly Capital closed its fund for an oversubscribed $650 million.

Meanwhile, the New Zealand VC’s statement revealed that GD1 will be investing in pre-seed to Series A companies across decentralized finance, decentralized autonomous organizations, non-fungible tokens, Web3, and crypto infrastructure.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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