New Zealand

Working Group: Finance - Cryptocurrency

Country: New Zealand

Government Body: Inland Revenue Department

Key Issue: Taxation/Classification of Crypto

Type of Action: Statement

Status: In Force

Next Steps: N/A

Summary: The Inland Revenue Department's ruled that cryptocurrency may be used to pay salaries. Cryptocurrencies used to pay salaries must be able to be converted directly to fiat, and either function like a currency or be pegged to one or more fiat currencies. Cryptocurrency payments will be considered PAYE payments for tax purposes. The ruling will stay in force until September 1, 2022.

Date: 7 August 2019