Sharesies, a major New Zealand stockbroker and micro-investing app, has decided to wade into cryptocurrency trading, according to a recent report by RNZ.
This comes after Bitcoin, as well as several other major cryptocurrencies, recently hit record peaks.
Co-CEO Leighton Roberts claims that the company has moved to embrace crypto due to growing customer demand, aiming to make the process of investing in the newfangled asset class "more straightforward."
More than 700,000 users
Sharesies, which was launched back in 2017, now boasts more than 700,000 clients in New Zealand and Australia.
The platform's users are currently allowed to gain exposure to individual stocks, exchange-traded funds (ETFs), as well as managed funds. Notably, users can buy only a small fraction of stocks with as little as 1 cent.
The addition of crypto trading by Sharesies is expected to give the investment platform a major boost in the region.
Crypto regulation in New Zealand
There is no specific cryptocurrency regulation in New Zealand. Instead, the nascent asset class is governed by relying on existing laws.
Digital assets are classified as a form of property by the Inland Revenue Department (IRD).
Cryptocurrency trading platforms are treated as financial service providers by the Financial Market Authority (FMA).
Earlier this year, the FMA rolled out a regulatory sandbox that makes it possible for blockchain startups to test out innovative products.
At the same time, New Zealand regulators recently banned cryptocurrency ATMs. The decision was made due to concerns about these machines being exploited by criminals for conducting money laundering.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team