New Zealand businesses must now submit information on their clients' digit asset usage to the country's tax regulator, the Inland Revenue Department, or IRD.
The governing body said it wants to get a better grasp on the crypto scene in the country and determine an applicable tax framework for the asset class, according to a statement reported by Radio New Zealand, or RNZ. In addition to specifics around crypto usage, the IRD will also request associated client information, RNZ wrote.