Tucked away at the far corner of the globe, the beautiful island country of New Zealand has a lot going for it. A GDP per capita of over $41,000 US dollars places it firmly amongst its peer economies in the developed world while ranked 8th place on the World Happiness index suggests that the Kiwi nation enjoys the fruits of its labor. Against the backdrop of economic success, Bitcoin adoption continues to flourish in New Zealand. Over the last year, the number of Kiwis investing in cryptocurrencies has grown by 50%, indicating a growing appetite for Bitcoin and other cryptoassets.
If you’re looking for ways to buy Bitcoin in New Zealand, look no further. We got you.
Bitcoin in New Zealand: The Good, The Bad and The Ugly
Did you know that New Zealand was the first country to legalize crypto?
Long before El Salvador became the toast of the crypto community for making Bitcoin a legal tender, the Inland Revenue Department (IRD), New Zealand’s tax authority, made it lawful to pay wages in crypto as far back as 2019. As a result, employers could pay their regular employees in any coin of their choice, provided that it was directly convertible into a conventional form of payment in New Zealand.
Different cryptocurrency providers may be required to register (depending on their place of establishment and the services they provide) as part of the Financial Markets Conduct Act 2013 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008. Additional regulatory obligations may include registration and customer protection requirements.
If you want to become a bitcoin provider or exchange firm, you should seek legal guidance on your duties. The IRD is tightening its reporting requirements for cryptocurrency owners and is following up on investor information received from New Zealand exchange businesses. It indicates that as time goes on, there will be more attention in this area.
Steps to buy bitcoin with Coinmama
- With just a few clicks, you can create your Coinmama account. After the process, you will receive an email with a confirmation link.
- Before buying BTC using a credit or debit card, you must first verify your account. Uploading your passport, national ID, or other documents is required. You can buy Bitcoins with your credit card for up to 15,000 USD once you’ve been approved.
- Log into the Coinmama account you created in Step 1, choose a wallet address, complete the form, and buy Bitcoin.
The Future of International Settlement is Bitcoin
As an export-rich nation, New Zealand is heavily dependent on both foreign exchange rates and the rails of international payments. However, transferring money across national borders is an unnecessarily complicated process involving many fee-seeking intermediaries. Instead of doing it this old-fashioned way, New Zealand could harness the peer-to-peer powers of Bitcoin to get paid instantly for their exported goods.
The Kiwis have much to be proud of in the way they run their country and economy. Nevertheless, embracing Bitcoin could take New Zealand from a great country to a true world leader.
***Disclaimer: The article and the content presented in it are for information purposes only. Neither the article nor any content presented in it constitutes investment advice. Investors must only rely on their own examination of the specific investment including the merits and risks involved, and should seek advice from appropriate advisors and counsels with respect to the legal, accounting, tax and other financial and legal ramifications of purchasing cryptocurrency before making any investment decision. ***