Friday , January 15 2021

New transfer in New Zealand: Wages to be paid in crypto currency



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New Zealand enforces a regulation that allows employees to pay their wages in crypto-currencies.

According to the decision issued by the New Zealand Internal Revenue Agency, crypto money will now be legalized and employees will receive a pay cut through this regulation, which is expected to take effect from September 1.

According to Crypto Para News' original Çağlar Deniz, the decision implies certain conditions for wages to be received in this new way.

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Accordingly, for wage earners to be subject to income tax, there must be payments and a fixed amount that make up the normal wage of workers. This means that other forms of payment, such as shares, do not fall under this rule and cannot be paid in crypto currency.

The decision applies only to employees and includes payments for periodic services, commissions and additional benefits. But self-employed people will not be part of the new decision.

In addition, no crypto money can be paid into a stock market that cannot be directly converted to a price currency.

The decision also does not allow the use of any cryptocurrencies that are subject to a deadline. The crypto assets to use must work as a currency.

The most obvious of these conditions was the part that required the value of the crypto asset to be linked to one or more price currencies.

New Zealand is among the countries that have made great efforts to regulate and tax the crypto sector.


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