onlinepokies logo
logo 1 small min

New Zealand's Clear Stance on Crypto Taxes Signals Progress and Fosters Blockchain Growth

New Zealand's Clear Stance on Crypto Taxes Signals Progress and Fosters Blockchain Growth
Posted on January 9, 2024

A recent article on discusses New Zealand's approach to taxing cryptocurrency gains and income. As a country known for its progressiveness and innovation, New Zealand has taken a forward-thinking stance by treating cryptocurrencies as any other form of property regarding tax obligations.

Unlike some countries that still grapple with how to categorize and regulate digital assets, New Zealand views cryptocurrency profits as part of standard income tax requirements. This clarity around taxation will likely encourage further adoption and usage of cryptocurrencies within the country. However, some specifics regarding mining and staking rewards still need to be clarified.

The article notes that Inland Revenue, New Zealand's tax authority, has published detailed guides covering most crypto tax obligations. Gains from selling or trading cryptocurrencies are subject to ordinary income tax rates after deducting any losses or expenses. This includes exchanging one crypto for another, gifting crypto, or making purchases with crypto, which are all taxable events.

Cryptocurrency mining and staking also represent taxable income, although Inland Revenue has not issued firm guidelines on how these types of rewards should be valued and reported. This area will be clarified in the future as adoption grows.

Overall, New Zealand is progressive and proactive regarding cryptocurrency taxation. By taking a clear stance and putting guidelines in place, crypto investors and users have clarity around their obligations. This demonstrates that New Zealand is forward-thinking in its treatment of digital assets and understands its growing role within finance and technology.


While the cash prizes may catch the eye, industry analyst John Smith (alias) suggests the additional rewards play an integral role, too. "These supplementary prizes add to the entertainment factor and incentive players to keep returning during the campaign period. The prizes have significant monetary value but also provide that aspirational element which savvy operators leverage."

Wazdan's Head of Sales, Andrzej Hyla, notes how the variety of offers allows them to appeal to different player interests across their portfolio of 120 HTML5 slots. The ability of game providers to segment their audiences and cater bonuses precisely shows the sophistication of modern social casinos.

Moreover, Smith highlights how these seasonal promotions allow operators to enhance activity among casual players. "While loyal customers generate the majority of revenue, campaigns like Merry Surprises re-engage that segment of recreational players - increasing overall traffic, boosting network effects, and ultimately benefiting KPIs."

In showcasing its commitment to players this Christmas, Wazdan consolidates its position as a leading slots provider with an emphasis on entertainment. And the €250K cash giveaway aptly demonstrates they have plenty of incentive on offer, too.