New Zealand ACT party proposes tax exemption for long-held crypto gains

ACT, New Zealand’s fourth-largest party, has proposed a tax policy that would exempt individual investors from capital gains tax on cryptocurrency holdings like Bitcoin if sold after being held for over 12 months. The proposal also aims to exempt small capital gains taxes from everyday crypto payments for items such as groceries or coffee, promoting the use of digital assets as a payment method. Sales made within one year and trading profits from professional traders would still be subject to existing income tax rates. ACT Deputy Leader Nicole McKee stated the party aims to reform the tax system to allow the tax authority to focus on significant taxable activities rather than minor transactions that incur administrative costs. McKee also indicated plans for a fintech regulatory sandbox and legislation regarding stablecoins.

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