New Zealand's tax authority asks crypto firms to turn over customer info

New Zealand’s tax agency has requested that crypto firms in the country share their customers’ personal details and cryptocurrency asset values.

According to a statement from the Inland Revenue Department (IRD) issued to Radio New Zealand, the agency has requested this information in order to enhance its understanding of the crypto-asset environment in the country, so that it can know how best to help taxpayers meet income tax obligations.

The move comes at a time when tax regulators around the world are tightening their grip on the cryptocurrency market.

Janine Grainger, chief executive of New-Zealand-based Easy Crypto, told Radio New Zealand that the IRD must be widening its net of the tax base because crypto-asset ownership is growing in New Zealand. Grainger called the move a “heartbreaking” breach of privacy and autonomy.