ACT New Zealand Proposes Capital Gains Tax Exemption for Crypto Assets Held Over One Year

Odaily News: The Association of Consumers and Taxpayers (ACT), the fourth-largest party in New Zealand's Parliament, has proposed exempting retail investors from capital gains tax on compliant crypto assets held for more than one year. Assets held for less than a year, as well as professional traders and businesses, would remain subject to current tax rules.

ACT also proposed tax exemptions for small personal purchases made with crypto assets, establishing clear regulatory and tax rules for compliant payment stablecoins, tokenized securities, and real-world assets, while setting up a regulatory sandbox for startups to test new products.

ACT Deputy Leader Nicole McKee stated that clear rules, appropriate safeguards, and reduced red tape will help New Zealand develop digital finance, modern capital markets, and financial innovation. The New Zealand government has already introduced a bill to implement the OECD's Crypto-Asset Reporting Framework (CARF). (Bitcoin.com News)