Understanding the new crypto reporting rules coming to New Zealand
From 1 April 2026, New Zealand will begin implementing the Crypto Asset Reporting Framework, known as CARF. This is a new international reporting framework developed by the OECD and adopted by New Zealand to increase visibility of crypto activity and help tax authorities check whether existing tax obligations are being met.
For Pay It Now users, the most important thing to understand is that this is not a Pay It Now led change. It is a new regulatory requirement that applies across the entire crypto industry in New Zealand, including all platforms and the users who transact through them.
It is also worth noting 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.
What is changing
From 1 April 2026, crypto platforms operating in New Zealand will be required to collect more standardized information from users and report certain information to Inland Revenue.
This includes collecting identifying information, confirming tax residency, recording relevant transaction activity, and reporting this information annually. Providers are also required to maintain records to support this reporting.
The underlying tax rules are not changing. What is changing is how information is gathered and shared.
Why this is happening
Historically, crypto activity has often sat outside the traditional reporting channels used in mainstream finance.
With bank accounts and investment platforms, reporting frameworks are already well established. Crypto has not always fit neatly into those systems, especially where activity occurs across wallets, platforms, and jurisdictions.
CARF has been introduced to address this.
In simple terms, it allows tax authorities to build a clearer and more consistent picture of crypto activity so they can check whether existing obligations are being met.
As this framework is introduced, crypto activity will become more visible and increasingly comparable to traditional financial accounts.
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 information so that Pay It Now can meet its regulatory obligations.
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 number
• Confirm your country of tax residency
• Review your personal details
• Confirm that the information provided is accurate
This will be done through simple in app prompts and should only take a few moments to complete. New users will be asked to provide this information during the sign-up process
When these changes take effect
• 1 April 2026 CARF comes into effect in New Zealand
• 1 April 2026 to 31 March 2027 is the first reporting period
• From 30 June 2027 Crypto Exchanges will need to submit reporting to Inland Revenue
All existing users will need to provide the required information to Pay It Now by 31 March 2027.
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.
This reflects a broader move toward more consistent and transparent reporting across the crypto industry.
Your privacy and security
We understand that this involves sensitive information.
Any information collected will be securely stored, used only for regulatory purposes, and handled in line with our privacy and compliance obligations.
Pay It Now’s obligations
As a New Zealand based crypto platform, Pay It Now is required to comply with these regulations.
This includes collecting required customer information, completing due diligence processes, reporting relevant information to Inland Revenue, and maintaining records. These are regulatory requirements that apply across the 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 🔍
Do I need to do anything right now?
No. You do not need to take any action at this stage. We will notify you in app when information is required.
Will this change how I use Pay It Now?
No. You will still be able to use the platform as you do today. The changes are mainly around information collection and reporting.
Is this a Pay It Now change?
No. This is a regulatory requirement that applies across all crypto platforms operating in New Zealand.
Is this a new tax?
No. This does not introduce any new taxes. It relates to how information is collected and reported.
What information will I need to provide?
You may be asked to confirm your IRD number, your country of tax residency, and your basic personal details.
Why does Inland Revenue need this information?
The purpose is to improve visibility of crypto activity so that existing tax obligations can be assessed more accurately.
What happens if I do not provide the information?
We may be required to restrict certain services until the required information has been provided.
Will my information be shared overseas?
In some cases, Inland Revenue may share information with overseas tax authorities as part of international agreements.
Does this apply if I use offshore platforms?
Yes. Inland Revenue may also receive information about New Zealand residents using overseas platforms.
Is my information secure?
Yes. All information will be securely stored and handled in line with privacy and regulatory requirements.
How will this impact my tax reporting?
We are here to help explain what is changing, but we are not able to provide advice on individual tax situations. If you are unsure how this applies to you, it is best to speak with a tax adviser or accountant.
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.
