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Topic: Bitcoin South 2014 Summaries: Day 1, Simon Jenson (Read 788 times)

legendary
Activity: 4298
Merit: 3209
November 28, 2014, 08:56:02 PM
#1
Regulatory Landscapes on Bitcoin in NZ


The classification of Bitcoin is confused -- it depends on the agency.

Taxes:

Income from trading in taxable.
If you pay for something with Bitcoin, you must pay GST.
If you mine bitcoins, you must pay GST.

AML:

AML is not cumbersome as long as you don't deal with large amounts and you don't have "business relationship" with your customers.
Banks are the big hurdle.
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