In addition to derivatives, it also supports spot trading on 1,400 tokens, staking, borrowing and lending services. The Monero GUI Wallet stands as a pivotal solution in the realm of cryptocurrency management, embodying both practical functionality and steadfast dedication to privacy. Designed to provide users with an accessible and intuitive platform, the wallet boasts a graphical interface that simplifies interactions with the blockchain. Cryptocurrency NZ has selected the Monero GUI Wallet as our preferred cryptocurrency management solution due to its alignment with our commitment to privacy, security, and user-friendly accessibility.
The IRD’s definition emphasizes that the tax treatment of crypto assets is based on their characteristics and usage, rather than their specific blockchain or nomenclature. This means that regardless of the type of crypto or the blockchain it operates on, the tax obligations will be determined by how the crypto asset is utilized by the individual or entity. As such, several factors dictate whether a crypto exchange is suitable for one investor but a poor choice for another.
Like almost everything – if you’ve made gains on your cryptocurrency, the NZ government and IRD will expect their slice. In this guide, we’ve outlined the key information Kiwi crypto users should know about how to go about Bitcoin/cryptocurrency tax in Aotearoa/NZ. Binance is a household name in the crypto industry that is highly regarded for its high standards regarding the safety and security of funds. New Zealand citizens can rest assured that their money is in good hands when it comes to trading on Binance. The exchange has also obtained regulatory approval from the NZ Government Ministry of Business, Innovation, and Employment and has set up a local office. ByBit makes this list as one of the best crypto platforms for its leveraged markets.
This is how our visitors support the work we do and it does not affect what we write about or how. Aside from simply purchasing cryptocurrency with the hope that it will increase in value, it’s also possible to passively earn rewards on crypto. While it has a relationship to your private key, it’s effectively impossible to establish what your private key is from your public key. For example, if you bought crypto on an exchange you would send it to your wallet by providing your public key. For example, in January 2022 The Verge reported that Crypto.com was hacked which resulted in $30 million USD in Bitcoin and Ethereum being stolen.
The section below provides a tutorial on investing in crypto within New Zealand. If you’re a citizen but no longer reside in NZ, we also have an international guide that explains how to buy cryptocurrency in other countries. The cryptocurrency market reached heights that saw the prices increase tenfold, while several exciting projects have found mainstream adoption.
The platform is equipped for high net-worth individuals and institutions that can receive crypto fees as low as 0.05% per trade. Rewards are paid every Thursday, and with an instant preparation period and a 3-day unstaking period, the service is flexible. A key pro of Easy Crypto is the support for local deposit methods, enabling users to fund an account directly with New Zealand dollars.
You no longer need to set up bank accounts in different countries – you can now work either here in NZ or internationally and get receive salary or remuneration in digital currency. You can choose whether or not you want to provide your ID, whereas on regulated crypto exchanges and retailers, KYC / providing your personal info is mandatory. All NZ services showcased below allow users to sell back crypto 24/7, 365 days a year. Crypto wallets are digital vaults where you store your Bitcoin, Ethereum and other digital assets – acting in a similar way to your NZ bank account. Gains from trading might be regarded as taxable income if you do it regularly. When crypto is sold, the gains may be taxable as capital gains tax if they were long-term investments.
