Inland Revenue says it is honing in on customers who are actively dealing in cryptoassets but not declaring income from them in their tax returns.

Cryptoassets or cryptocurrencies were treated as a form of property for tax purposes.

“What people make from selling, trading or exchanging cryptoassets is taxable,” the IRD said today

It said in late 2023 it wrote to a group of high-risk customers and gave them the chance to fix any non-compliance issues before facing audit.

“Data we have has helped us identify customers who are not paying their tax,” Inland Revenue spokesman Trevor Jeffries said.