**Crypto Reporting Framework Proposed in New Zealand**

New Zealand's Minister of Revenue, Simon Watts, has introduced a new bill aimed at tightening crypto tax regulations. The "Taxation (Annual Rates for 2024–25, Emergency Response, and Remedial Measures)" bill includes the OECD’s Crypto-Asset Reporting Framework (CARF) and updates to the Common Reporting Standard (CRS).

**Key Points:**

- Starting April 1, 2026, crypto service providers in New Zealand must collect and report user transaction data.

- Reports are due to Inland Revenue by June 30, 2027, and will be shared internationally by September 30, 2027.

- Non-compliance could result in fines ranging from 300 NZD to 100,000 NZD.

This move aims to ensure proper taxation of crypto profits and enhance global tax transparency.