New Zealand stockbrokers to jump into crypto trading in a concentrated manner

Sharing, the leading stockbroker and microinvestment app in New Zealand, has decided to move on to cryptocurrency trading. Recent Reports by RNZ.

This comes after Bitcoin and several other major cryptocurrencies, but has recently reached a record peak.

Co-CEO Leighton Roberts argues that the company has become more open to encryption due to increased customer demand, aiming to invest in a new asset class “easier.”

Over 700,000 users

The stock, which began in 2017, boasts over 700,000 clients in New Zealand and Australia.

Users of the platform are currently permitted to acquire exposure to individual stocks, exchange sales funds (ETFs), and managed funds. In particular, users can only buy a small portion of their 1 cent shares.

The addition of crypto trading by stocks is expected to give investment platforms a major boost in the region.

New Zealand’s Cryptographic Regulations

New Zealand does not have any specific cryptocurrency regulations. Instead, the initial asset classes are managed by relying on existing laws.

Digital assets are classified as a form of property by the Inland Income Sector (IRD).

Cryptocurrency trading platforms are treated as financial services providers by the Financial Markets Authority (FMA).

Earlier this year, FMA rolled out a regulatory sandbox that allowed blockchain startups to test innovative products.

At the same time, New Zealand regulators recently banned cryptocurrency ATMs. The decision was made due to concerns that these machines were being misused by criminals because they laundered money.