London-based fintech firm Revolut has made a significant stride in the cryptocurrency market by launching its trading services in New Zealand. This move allows customers in the country to buy, sell, and hold a variety of digital currencies through the Revolut app, marking a new chapter in the accessibility of cryptocurrencies to the general public in New Zealand.
Revolut-Koinly partnership simplifies crypto taxes
Starting today, Revolut’s users in New Zealand can engage in transactions involving over 100 different digital currencies. This development is not just a leap for Revolut, but also a significant step for New Zealanders, who now have an additional, reputable platform for crypto trading. The service encompasses major cryptocurrencies such as Bitcoin, Ethereum, XRP, and many smaller altcoins. This launch is aligned with Revolut’s ongoing strategy to broaden its service offerings and make cryptocurrencies more accessible to mainstream users.
Since its initial foray into cryptocurrency transactions in 2017, Revolut has progressively introduced trading services to users in various regions, including the European Economic Area (EEA), Australia, Singapore, Switzerland, Japan, and the United States. Including New Zealand in this list underscores the company’s commitment to expanding its global footprint in the crypto market.
Revolut is introducing the ‘Learn and Earn’ program in New Zealand with trading services. This initiative offers customers free educational resources about cryptocurrencies, including videos and articles. It is designed to demystify the world of digital currencies, allowing users to learn at their own pace while earning rewards. This educational approach reflects Revolut’s dedication to fostering a knowledgeable and informed user base.
Another significant aspect of Revolut’s launch in New Zealand is its partnership with Koinly, which simplifies the tax reporting process for cryptocurrency transactions. This integration lets users track and file taxes on their crypto holdings and transactions directly within the Revolut app. Such tools are essential in a landscape where regulatory compliance is increasingly important. Koinly’s ability to support automated tax reporting in over 20 countries, including New Zealand, adds a layer of convenience and regulatory assurance for Revolut’s users.
Balancing global expansion and regulatory compliance
This expansion into New Zealand follows Revolut’s recent announcement regarding the suspension of cryptocurrency purchases for business customers in the UK. This decision was made to ensure ongoing compliance with new Financial Conduct Authority (FCA) regulations. While this suspension affects a limited number of Revolut’s 35 million global customers, it highlights its commitment to regulatory compliance even as it expands its services.
Revolut remains a dominant player in the UK fintech space despite the UK suspension. The company operates primarily as a payment processor in its home country. It is actively working towards reestablishing its full range of cryptocurrency operations, underlining its commitment to innovation and regulatory adherence.
Revolut’s launch in New Zealand signifies its growing influence in the digital currency sphere and its dedication to providing comprehensive, user-friendly, and compliant crypto services globally. As the world of cryptocurrencies continues to evolve, Revolut’s expansion and initiatives represent a significant step in making digital currency trading more accessible and understandable for a broader audience.
