New Zealand is adopting the Crypto-Asset Reporting Framework, developed by the OECD, to increase the visibility of activities in the crypto-asset sector.
The information will allow tax authorities to check if crypto-asset related income is being reported correctly and associated obligations are being met.
Service providers and users affected
The rules affect:
- Reporting Crypto-Asset Service Providers (RCASPs) that carry out the exchange or conversion of crypto-assets for or on behalf of users as a business, including those serving as a counterparty, intermediary, or providing a trading platform.
- crypto-asset users that are a customer of an RCASP for the purpose of carrying out exchange transactions and transfers of relevant crypto-assets.
Who is not an RCASP
An RCASP does not include individuals or entities that:
- are wallet providers offering storage only
- create or sell platforms, software or applications, provided they do not use these to facilitate the exchange or conversion of relevant crypto-assets on behalf of their users
- only create and issue relevant crypto-assets
- are an investment fund investing in relevant crypto-assets on behalf of investors
- are only engaged in crypto-asset activities for their own benefit.
What RCASPs must do
Starting 1 April 2026, New Zealand-based RCASPs must:
- collect from all crypto-asset users identifying information and details about their tax residency
- report detailed information about relevant transactions
- file reports each year in the prescribed format
- keep records for 7 years.
Reporting to us
The first reporting period covers transactions from 1 April 2026 to 31 March 2027, with the first report due by 30 June 2027.
RCASPs will need to register with us for a Crypto-Asset Reporting Framework (CRF) account. You can register in myIR from October 2026.
Using this account, you will need to report by 30 June each year.
Exchange of information between countries
We will share information collected from New Zealand-based RCASPs with other tax authorities that are using the OECD framework. Information relating to crypto-asset users who are not New Zealand tax residents will be shared with their tax authorities.
We will also receive information from other tax authorities about New Zealand tax residents who have earned income through overseas RCASPs.
Download the OECD list of jurisdictions committed to implementing the CARF.
How we will use the information
We will use the information for tax administrative purposes, such as checking that crypto-asset related income earned by New Zealand tax residents is included in their income tax returns.
Penalties for RCASPs and users
We can assess penalties if RCASPs do not meet the due diligence and reporting requirements set out in the CARF or fail to take reasonable care.
We may also apply penalties to crypto-asset users that do not give their RCASP the required identifying information when requested or give false information.
OECD framework guidance
We are using the CARF framework developed by the OECD for the crypto-asset sector. Read their guidance for more information.
Crypto-Asset Reporting Framework (oecd.org)
The OECD has frequently asked questions (FAQs) to give you more guidance about how to interpret the CARF.
FAQs: Crypto-Asset Reporting Framework (CARF) (oecd.org)
Tax Technical advice
Our Tax Technical website has more information and examples.
Tax Information Bulletin – Vol 37 No 5 – June 2025 (pages 24-33) (taxtechnical.govt.nz)
If you have questions, you can email us.