New Zealand's Sharesies to roll out retail cryptocurrency trading in August

New Zealand-based investment platform Sharesies is entering the crypto market. Co-CEO Leighton Roberts announced the company will roll out retail cryptocurrency trading in August. This comes amidst increased user demand and all-time high crypto market rallies driven by Bitcoin.

“At Sharesies, we see an opportunity to make crypto investment more straightforward and less overwhelming for New Zealanders -whether they are new to crypto or seasoned investors who want to reduce complexity.”

Co-CEO Leighton Roberts

The platform intends to make investing in digital assets easier by removing popular obstacles associated with wallets and personal keys. Early access can be obtained via a waiting list by Sharesies users. The platform seeks to collaborate with a leading crypto exchange to enable smooth processes of purchasing, selling, and storing cryptocurrencies.

Roberts acknowledged crypto’s volatility but positioned the growth as an organization meeting the changing customer requirements. The service will initially cater to more significant assets like Bitcoin and Ethereum. He noted, “We acknowledge that crypto may not be for everyone, but we want to provide people with choice.”

The move reflects the growing demand for accessible crypto tools, especially as markets remain active. The crypto market cap has increased by 0.7% in the past 24 hours to $3.87 trillion. At the close of Tuesday, Bitcoin dipped below the $117K level, but it rallied during the European session up to above $118.2k and is moving upwards.

Sharesies was launched in 2017 and has already attracted more than 700,000 investors in New Zealand and Australia. The platform already supports access to stocks, ETFs, and managed funds, and has functionality that enables fractional investment with only a single cent. The incorporation of digital assets should increase its competitiveness in a fast-evolving fintech sector.

Crypto crackdown intensifies as government bans ATMs

While Sharesies aims to increase the number of people who can invest in digital assets, New Zealand regulators are gaining control over the industry. The government has announced an outright ban on all cryptocurrency ATMs. The new policy will drive over 221 machines to be used within the country.

The bans are a part of a wider campaign to reduce financial crime and are focused on loopholes that use crypto infrastructure. The government is also limiting foreign currency transfers to $5,000 as it remodels laws aimed at preventing money laundering and financing of terrorism.

Associate Justice Minister Nicole McKee stated that criminal networks needed to be isolated and have the least possible effect on legitimate enterprises. She declared the reforms in June and reiterated the government’s intentions of ensuring New Zealand is a safe and transparent place to conduct business.

A recent report by the Ministerial Advisory Group on Transnational, Serious and Organised Crime cited improper use of crypto ATMs to quickly move money offshore.

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