Tag: Cryptocurrency

Cryptocurrency Scams Targeting Millennials

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Crypto scams are now on the rise, with scammers seemingly setting their sights on younger demographics. A recent press release from Consumer NZ highlighted the case of a tax accountant in Auckland who lost $100,000 to such a scheme. The woman identified as Rachel was approached through a dating site.…
crypto

Cryptocurrency Going Green

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Cryptocurrency is starting to become more relevant and it’s important for New Zealand to catch up before getting left behind. Cryptocurrencies are not viewed as a financial product and not regulated in New Zealand yet crypto is still growing worldwide. The Reserve Bank has hesitated at referring to cryptocurrency as…

Cryptocurrency used to money launder

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When cryptocurrency was first revealed to the world and Bitcoin began in 2009, many people saw its only use as being in the black market. Cryptocurrency in its infancy was not taken seriously by the world. When it was just Bitcoin that was around, its value was low and barely…

NZ Investment Scams On the Rise

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The Financial Markets Authority (FMA) published a report regarding an increase in scams towards investors in the country. Most of the scammers target consumers, while pretending to be respectable businesses operating in New Zealand. With COVID-19 triggering a boom for online business and e-commerce activities online, scammers have treated the…

Privacy Issues Arise as IRD Requests Data on Cryptocurrency Users

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The Inland Revenue Department is asking cryptocurrency companies to hand over their clients’ personal details as well as their digital currency holdings for tax payment purposes. The New Zealand tax agency claims that this kind of data sharing will increase their understanding of crypto assets in New Zealand, “so we…

OneCoin Cryptocurrency Investigation Reaches Second Auckland Church

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The Samoa Worship Centre in Auckland is being investigated by the Department of Internal Affairs for crimes related to cryptocurrency fraud. This is the second church to have alleged ties to a multi-billion dollar scam involving the OneCoin cryptocurrency. US authorities have also charged a OneCoin leader with fraud. Experts…

US$4.2 Million Seized From International Movie Piracy Website

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As criminals increasingly turn to cryptocurrencies to hide or transfer their wealth, governments and service providers have increased their focus on putting a halt to such practices. Following the shutdown of an international movie piracy website, assets generated by the site have been either frozen or seized. The movie piracy…

New Zealand Salaries can now Legally be Paid in Cryptocurrency

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Last month, New Zealand became the first country to fully legalise salary payments in cryptocurrencies. The ruling came into effect on September 1st, 2019 and will last for three years. The Inland Revenue Department, who announced the decision in a bulletin released on August 7th,  states that as long as…