New Zealand Proposes OECD Crypto Asset Reporting Framework

According to PANews, New Zealand's Revenue Minister Simon Watts proposed the implementation of the OECD's Crypto-Asset Reporting Framework (CARF) to the legislature on Monday. This legislative move aims to incorporate the OECD's CARF and updates to the Common Reporting Standard into New Zealand law. The proposed amendments are set to take effect on April 1, 2026. From that date, New Zealand's crypto service providers will be required to collect transaction information, and reportable users must execute these transactions through service providers. Service providers failing to comply with the regulations will face a fine of $300 per instance. Additionally, crypto asset users who do not provide necessary information about themselves or related parties will incur a penalty of $1,000. These providers must submit the collected information to the tax authorities by June 30, 2027. Subsequently, the tax authorities will share this data with relevant tax agencies by September 30, 2027.