New Zealand is implementing the Crypto-Asset Reporting Framework (CARF), which was developed by the Organisation for Economic Co-operation and Development (OECD).

“Through CARF and annual exchanges of information with other tax authorities, Inland Revenue will also receive information on transactions and transfers of crypto-assets that take place overseas by New Zealand tax residents.

“Overall, the CARF initiative brings much-needed visibility to the crypto world, shifting from being a vague grey area to international transparency with much tighter enforcement.”

Inland Revenue said the letter is an opportunity for people who received income from disposing of crypto-assets (including when they are sold, swapped or exchanged) to review…