New Zealand vs Somalia
Crypto regulation comparison
New Zealand
Somalia
Legal
No Regulation
Cryptocurrency is legal in New Zealand and treated as a form of property for tax purposes. The IRD taxes crypto depending on the purpose of acquisition — if bought with the intention to sell, gains are taxable income. New Zealand does not have a formal capital gains tax, but crypto profits are often taxable under income tax rules. Exchanges are not specifically licensed but must comply with AML/CFT requirements.
Somalia has no specific cryptocurrency regulation. The fragmented governance structure makes unified regulation extremely difficult. Mobile money dominates the financial landscape.
Tax Type
Income
Tax Type
None
Tax Rate
10.5-39%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
FMA (Financial Markets Authority), IRD (Inland Revenue)
Regulator
Central Bank of Somalia
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No stablecoin regulation
Key Points
- Crypto treated as property; gains taxable if acquired with intent to dispose
- No formal capital gains tax, but income tax applies to crypto trading profits
- Tax rates from 10.5% to 39% depending on income bracket
- Crypto salary payments are treated as taxable income
- Exchanges must comply with AML/CFT Act and register as reporting entities with DIA
Key Points
- No specific cryptocurrency legislation
- Fragmented governance limits regulatory development
- Mobile money dominates informal financial system
- Very limited formal financial infrastructure
- No licensing framework for crypto services