Sharesies Expands into Cryptocurrency Trading
In a significant move for the investment landscape, Sharesies, a prominent stockbroker and micro-investing platform in New Zealand, is set to venture into the realm of cryptocurrency trading. This decision follows a notable surge in the prices of Bitcoin and other leading cryptocurrencies, as reported by RNZ. Leighton Roberts, co-CEO of Sharesies, stated that this shift is largely in response to an increasing demand from clients seeking more accessible options for entering the crypto market.
About Sharesies
Founded in 2017, Sharesies has rapidly grown to serve over 700,000 customers across New Zealand and Australia. Users of the platform can currently invest in a range of financial products, including individual stocks, exchange-traded funds (ETFs), and managed funds. A unique feature of Sharesies is the ability for investors to purchase fractional shares, allowing them to start investing with as little as one cent.
Regulatory Landscape in New Zealand
The introduction of cryptocurrency trading is poised to enhance Sharesies’ appeal, particularly in an evolving financial environment. Interestingly, New Zealand’s approach to cryptocurrency regulation remains relatively informal. The legal framework does not offer specific cryptocurrency rules but utilizes existing laws to govern digital assets. The Inland Revenue Department (IRD) classifies cryptocurrencies as property, while the Financial Market Authority (FMA) oversees trading platforms as financial service providers.
Earlier in the year, the FMA established a regulatory sandbox, enabling blockchain startups to trial innovative new services.
However, in a contrasting move, New Zealand authorities also prohibited the installation of cryptocurrency ATMs due to fears that these devices could be misused for money laundering operations.
