New Zealand’s Inland Revenue Department (IRD) has started paying attention to the activities related to cryptocurrency and is now taking interest in the cryptocurrency sector. As, according to a report, the Inland Revenue Department of the country has requested those firms who are currently dealing with crypto activities as well as crypto investors to provide certain details about their customers.
IRD is making attempts for understanding crypto-assets
It seems that the Inland Revenue Department of New Zealand is trying to understand cryptocurrencies completely and therefore it has asked crypto-related companies to give details of their customers. It said, “It’s requested all firms pass on customers’ personal details as well as the type and value of their crypto assets.”
The details that the firms have been asked to provide include the personal credentials’ information of customers such as their personal information and the kind of assets they hold.
According to an announcement, the revenue department is asking for this information in a bid to understand the true nature of cryptocurrencies in the country. The announcement reads:
“IRD is requesting this information to enhance our understanding of the cryptoasset environment in New Zealand so we can work out how best to help taxpayers meet their income tax obligations.”
Being disappointed in this development made by the revenue department, the Chief Executive Officer (CEO) of Easy Crypto Janine Grainger said that the IRD department is actually trying to expand its net of taxes. And she said that the cryptocurrency field is the perfect one to look into as it is growing rapidly. She stated:
“I guess [IRD] is just widening its net of the tax base and crypto assets are something that is definitely growing in popularity and we’re seeing a huge increase in New Zealanders getting involved.”
The executive considers it heartbreaking to submit the personal information of customers saying, “privacy is really important to us… one of the tenets [of] cryptocurrency in general is around having freedom and autonomy and privacy.”