ACT promises tax-free crypto gains after a year
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The ACT party wants to allow people to make tax-free profits from cryptocurrencies, like Bitcoin, as long as they hold onto it for more than a year.
It would also make it easier to use crypto for small purchases by creating a tax exemption for such low-value transactions.
Under the current rules, investors have to calculate tax on profits every time they sell or swap their assets.
Leader David Seymour joined the Afternoons team to explain that the rest of the world is embracing cryptocurrencies and New Zealand needs to be a 'frontier' and adapt to new technology.
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