The first cryptocurrency, bitcoin, was created by Satoshi Nakamoto in 2008. At that time, it was available for free, but nowadays, one coin will cost about $64 thousand. Since then, cryptocurrency has been gaining speed and is now widely used even in casino deposits.
To find out more about the legalities of cryptocurrency in New Zealand and the rules that apply we have referred to the guidelines provided by the Reserve Bank of New Zealand and to the official website of the Financial Markets Authority (FMA) of New Zealand.
Besides, our team has prepared 3 most popular and highly rated crypto wallets. We have described in detail why they are so loved, what their features are, and how long they have been on the market.
Legal Aspects of Crypto Online Gambling in New Zealand
In 2003, a law was passed prohibiting local online casinos in New Zealand. However, this document does not forbid foreign operators to enter the market. Besides, there is nothing about the restriction on the use of cryptocurrencies. Therefore, it’s safe to use the available tokens for gambling in the country.
Currently, the Ministry of New Zealand plans to promote the expansion of the digital currency industry, but no significant steps have been taken yet. Cryptocurrencies have no physical form and are stored in users’ electronic wallets. Many gambling fans are happy to use this payment system. This is not surprising because it has a number of excellent aspects.
First of all, there is no need to use a bank and no transaction fees. Many reputable casino sites listed at CasinoDeps.co.nz offer additional bonuses for crypto users. Players can make an unlimited number of transactions, free from the restrictions and limits of traditional banking systems. Besides, blockchain technology ensures anonymity and transparency of transactions.
The only thing worth remembering is that cryptocurrency assets also constitute taxable profit. The amount and rate of tax vary depending on the level of income. The standard rate is required to be paid from 10.5% to 39%. The final result is determined by the final annual earnings.
The Most Popular Crypto Wallets for Gambling
To reduce the time you spend searching for a safe and trusted cryptocurrency wallet, our team has prepared several options. All of them are extremely reliable, convenient, and fast.
Additionally, some platforms support microtransactions, allowing for convenient $1 transactions with crypto wallets to replenish a casino. One of them comes from New Zealand and is packed with unique features, just like all the others below.
BitBuy
This cryptocurrency platform started as an exchange called Instabit, which was founded in 2013. It was later renamed to BitBuy and is now famous for its low trading and deposit fees. The platform supports various payment methods, including bank transfers, credit cards, and other payment systems.
The marketplace uses a number of security technologies, such as data encryption and two-factor authentication, to ensure the safety of users’ funds and personal information. BitBuy is a popular option among players because BitBuy has a user-friendly, simple interface and undergoes regular audits.
In addition, the company claims that 95% of its customers’ funds are kept in a cold wallet and separated from the underlying network. This means that no one can steal money from the BitBuy system.
Binance
Binance is one of the largest and most popular cryptocurrency exchanges not only in New Zealand but also in the world, having been founded in 2017. However, in 7 years, the company has quickly become a leader in its segment due to the large number of supported cryptocurrencies.
It offers more than 200 different coins and tokens, and the app has a wide range of features for traders and rewards for new users. This platform has a high level of protection and provides fast and reliable transactions. With the Binance wallet, users can send or receive funds via BNB Chain and Ethereum.
The platform uses a number of security technologies, such as two-factor authentication and data encryption, to maintain high security. In addition, this app actively works to detect and prevent fraud and other types of cybercrime.
Easy Crypto
It’s a New Zealand-based cryptocurrency platform specialising in ease of use and accessibility for all users. Founded in 2017, it, like others, quickly gained popularity due to the ability to get help 5 days a week from the support team.
Currently, the platform supports more than 50 cryptocurrencies and the company plans to continue expanding the list of coins. This is a great wallet for a beginner because the interface does not require deep technical knowledge. The platform allows one to easily buy and sell cryptocurrencies and make deposits to the best online casinos in a high-quality way.
Easy Crypto supports local payment methods, which makes the process of purchasing cryptocurrencies fast and convenient for New Zealand residents. It’s also possible to make transactions using bank transfers and other popular payment systems.
Closing Thoughts
New Zealand authorities have not yet issued a single law that would prohibit the use of cryptocurrencies. On the contrary, the government plans to expand the possibilities of such an electronic wallet in the country. At the moment, a large number of online casinos in New Zealand allow people to make deposits using this type of cryptocurrency.
The most popular options are BitBuy, Binance, and Easy Crypto platforms. The use of these e-wallets ensures fast, secure, and confidential transactions, making them the ideal choice for gambling in New Zealand. However, it’s important to remember that income from digital money is also taxed from 10.5% to 39%.