Buyer beware on crypto regulation
Cryptocurrency including Bitcoin has “tanked” over the past few weeks after Elon Musk voiced his concerns.
This has resulted in a wake-up call for risk-loving Kiwi investors according to an article on stuff.co.nz.
Crypto has become part of the mainstream investment conversation and NZ regulators, including the Reserve Bank, are warning “buyer beware” as regulation is limited.
The Financial Markets Authority, while regulating businesses operating in that sector does not have any oversight of trading, so caution is urged.
There can also be tax consequences for holding or trading crypto assets and currencies, like Bitcoin, which you should be aware of. If you are unsure of what these are then please feel free to contact us at Alliott NZ Chartered Accountants in Auckland.