PANews reported on August 27 that according to Cryptonews, New Zealand Tax Minister Simon Watts proposed to the legislature on Monday to implement the OECD Crypto Asset Information Exchange Framework. This legislative move aims to incorporate updates to the OECD Crypto Asset Reporting Framework (CARF) and the Common Reporting Standard into New Zealand law. Therefore, these proposed amendments will take effect on April 1, 2026. From then on, crypto service providers in New Zealand will be required to collect transaction information, and reportable users must perform these transactions through service providers.
Service providers will be fined $300 each time they fail to comply. Meanwhile, crypto asset users will face a $1,000 fine if they fail to provide the necessary information about themselves or related persons. These providers must submit this information to the tax office by June 30, 2027. The tax office will then share this data with the relevant tax authorities by September 30, 2027.