Understanding the new crypto reporting rules coming to New Zealand
Crypto reporting changes are coming to New Zealand
From April 2026, new reporting requirements will apply to crypto platforms in New Zealand. Here’s what’s changing and what it means for you.
From 1 April 2026, New Zealand will begin introducing the Crypto Asset Reporting Framework, known as CARF. This is a new international framework developed by the OECD that has been adopted by Inland Revenue to improve visibility of crypto activity and help ensure existing tax obligations are being met.
For Pay It Now users, it’s important to understand that this doesn’t just impact Pay It Now. It applies across the wider crypto industry in New Zealand, including all platforms and the users who transact through them.
It is also important to note that this does not introduce any new taxes. The main change is how information is collected, held, and reported. This reflects a broader shift across the industry, bringing crypto more in line with how traditional financial systems already operate.
In simple terms, what is changing
From 1 April 2026, crypto platforms operating in New Zealand will need to collect more standardized information from users and report certain information to Inland Revenue
This includes collecting basic identifying details, confirming tax residency, recording relevant transaction activity, and reporting this information each year. Platforms are also required to keep records to support this reporting.
The way crypto is taxed is not changing. What is changing is how information is collected and shared.
Why this is happening
In the past, crypto activity has not always been easy for tax authorities to see.
With bank accounts and investment platforms, reporting systems are already well established. Crypto has not always fit into those systems, especially where activity happens across different wallets, platforms, or countries.
CARF has been introduced to address this.
In simple terms, it helps Inland Revenue build a clearer and more consistent picture of crypto activity so they can check whether existing obligations are being met.
As these rules come into effect, crypto activity will become more visible and more closely aligned with traditional financial systems. This alignment may also help reduce perceived risk and support greater integration between crypto platforms and traditional financial institutions over time.
What this means for you
For most Pay It Now users, the impact will be minimal and largely administrative.
You will still be able to use the PIN Network in the same way you do today for buying, selling, exchanging or spending crypto.
The main change is that you may be asked to provide or confirm some additional details so that Pay It Now can meet its regulatory obligations.
All Pay It Now users will need to confirm their country of tax residency.
Depending on your tax residency and applicable reporting requirements, you may also be asked to provide a tax identification number.
What we may ask you to do
From April 2026 on-wards, depending on the information we already hold, you may be asked to:
• Confirm your IRD/Tax Code number
• Confirm your country of tax residency
• Review your personal details
• Confirm that the information provided is accurate
You may have already provided some of your personal details such as your name, date of birth, and address. The main additions will usually be your tax residency and, where required, your tax identification number.
This will be done through simple in app prompts and should only take a few minutes to complete. For new users, these questions will form part of the on-boarding process before transactions can take place.
Requirements may vary depending on your country of tax residency. As more countries adopt CARF over time, you may be required to provide additional information and keep your details up to date.
When these changes take effect
• 1 April 2026
CARF comes into effect in New Zealand
• 1 April 2026 to 31 March 2027
First New Zealand based reporting period
• From 30 June 2027
New Zealand based crypto platforms will begin reporting to Inland Revenue
From April 2026, all existing and new users will need to ensure their tax residency information is up to date in order to continue transacting and using the PIN Network.
A global shift
CARF is part of a global reporting framework.
This means Inland Revenue may share information with overseas tax authorities and may also receive information about New Zealand tax residents using offshore platforms.
In the past, a large portion of crypto activity, especially offshore, has had limited visibility for authorities such as Inland Revenue. That is now set to change.
This move reflects a broader global move toward more consistent and transparent reporting for Crypto assets.
As part of these changes, all Pay It Now users will need to ensure their information is up to date, including those based outside New Zealand.
As a New Zealand based platform, Pay It Now is required to collect user information, including confirming tax residency, and report relevant information to Inland Revenue where required. The reporting requirements depend on a user’s tax residency and whether their country is part of the CARF reporting framework. Inland Revenue may then share that information with the relevant tax authority where applicable.
Your privacy and security
We understand that this involves sensitive information.
Any information collected will be securely stored, used inline with regulatory requirements, and handled in accordance with our privacy policy.
Pay It Now’s obligations
As a New Zealand based crypto platform, Pay It Now will be required to comply with these rules.
This includes collecting required customer information, completing due diligence processes, reporting relevant information to Inland Revenue, and keeping records. These are regulatory requirements that will also apply across the wider industry.
We appreciate your support as we work through these changes together.
Where to learn more 🔗
Overview of the changes
https://www.ird.govt.nz/international-tax/exchange-of-information/crypto-asset-reporting-framework
https://www.ird.govt.nz/international-tax/exchange-of-information/crypto-asset-reporting-framework/crypto-asset-reporting-framework-overview
What information is required
https://www.ird.govt.nz/international-tax/exchange-of-information/crypto-asset-reporting-framework/due-diligence-requirements
https://www.ird.govt.nz/international-tax/exchange-of-information/crypto-asset-reporting-framework/information-that-must-be-reported
Frequently Asked Questions 🔍
When do these changes take effect?
The new reporting rules come into effect from 1 April 2026.
You may start to see in-app prompts from the week beginning 30 March 2026, and you will be prompted to provide or confirm information on your next login where required.
What will I need to do?
Depending on the information we already hold, you may be asked to confirm a few details such as your IRD or local Tax Code number, your country of tax residency, and your personal information.
This will be completed through simple in-app prompts and should only take a few minutes.
Will this change how I use Pay It Now?
No. You will still be able to use the PIN Network in the same way you do today for buying, selling, exchanging or spending crypto. The changes are mainly around information collection and reporting.
Why is Pay It Now asking for this information?
Under the new rules, Pay It Now will be required to collect and report certain information under new regulatory requirements introduced by Inland Revenue. These requirements will apply to all crypto platforms operating in New Zealand.
What information will be collected?
You may be asked to confirm:
• Your full name and date of birth
• Your residential address
• Your country or countries of tax residency
• Your IRD/Local Tax Code number
Does this apply if I live outside New Zealand?
Yes. This update applies to all Pay It Now users, regardless of where they are based.
You may be asked to confirm your country of tax residency and other details. Whether additional information, such as a tax identification number, is required depends on your tax residency and applicable reporting requirements.
I’m based in Australia. Do I need to provide a TIN?
Australia is not currently part of the CARF reporting framework, so you may not be required to provide a tax identification number at this time.
However, you will still be asked to confirm your country of tax residency. While Australia has signaled plans to adopt CARF, you may be required to provide additional information and update your details once it becomes part of the reporting framework.
Will my transactions be shared with Inland Revenue?
Pay It Now does not share your personal information with government departments as part of normal day to day use of the platform.
However, as a New Zealand based provider, we are required to comply with regulatory reporting obligations. From April 2026, certain information may be shared with Inland Revenue where required.
Whether that information is shared further depends on your country of tax residency and applicable reporting requirements.
Does this apply to other platforms too?
Yes. This is not specific to Pay It Now. These requirements apply across the entire crypto industry in New Zealand, and similar frameworks are being introduced globally.
What if I use overseas crypto platforms?
These changes are part of a global reporting framework. This means Inland Revenue may also receive information about New Zealand tax residents using overseas platforms, not just those based in New Zealand.
What happens if I don’t provide the required information?
If required information is not provided, we may need to restrict certain services or prevent transactions until the required details have been supplied.
Do I need to change how I use crypto?
No. These changes do not require you to change how you use crypto.
However, it is important to keep accurate records and be aware that crypto activity will become more visible through standardized reporting.
Is my information secure?
Yes. All information will be securely stored and handled in line with privacy and regulatory requirements.
Will this affect how crypto is taxed?
No. These changes do not alter how crypto is taxed currently. They primarily relate to new reporting requirements rather than any underlying tax rules.
How will this impact my tax reporting?
We’re here to help explain what’s changing and how it works within the PIN Network. For anything related to your personal tax situation, it’s best to speak with your accountant or tax adviser.
Important: Please be aware that the information provided here is for educational and informational purposes only and should not be considered as financial or investment advice.
