Regulation for the cryptocurrency sector has been an uphill battle in many jurisdictions as it seems there are still a lot of dissenting opinions about how exactly it should be handled or permitted. However, in a few countries as well, efforts to officially recognize crypto as legal are beginning to pay off.
Now, according to information published by New Zealand’s tax regulators, cryptocurrency will be legalized and employees could begin to receive salaries in digital currency. The ruling is expected to begin officially, from the 1st of September.
New Zealand’s Inland Revenue Department recently released a tax information bulletin on Wednesday the 7th of August. It clearly states specifics about the new ruling under 91D of its Tax Administration Act 1994, which allows employers of labor disburse remunerations in crypto, with tax provisions as well.