The New Zealand Internal Revenue Service (IRD) has sent letters to cryptocurrency firms in the country requesting the provision of customer personal data and information about their digital assets.
“The IRD is requesting this information to improve our understanding of the cryptocurrency industry in New Zealand so that we can help taxpayers meet their income tax obligations,” quotes a statement from Radio New Zealand.
Of course, representatives of cryptocurrency companies operating in the country did not like this request too much. For example, according to Janine Grainger, CEO of Easy Crypto, she is disappointed, although not too surprised. In her opinion, the request for the transfer of personal data of clients is excessive.
“I think the IRD is just expanding the tax base and crypto assets continue to gain traction, especially in New Zealand. But confidentiality is a priority for us. After all, this is one of the basic principles of cryptocurrency – confidentiality, freedom and independence. And it’s not that customers have something to hide. We need to ensure a just, open and free society, ”Granger said.
Representatives of the tax department noted that they have only sent out requests, and so far they are collecting feedback from cryptocurrency firms. In addition, taxpayers can submit the required data to the IRD themselves. Recall that in February of this year, the New Zealand tax authority announced the possibility of revising tax legislation in relation to digital assets.