Modernising the tax administration settings, which is the second primary purpose of this bill, is grounded in the principle that, although New Zealand has relatively strong tax settings, it is important to maintain the tax system and ensure that it continues to be fit for purpose. It also means that the tax system adapts to changes in business practices so that clients' costs are kept at a minimum. The tax changes to the tax treatment of cryptoassets contained in the bill are an example of modernising the tax system. Easy Crypto last week released the results of a survey that showed around 18.4 percent of adult Kiwis reported investing in cryptocurrency, compared to 17.7 percent who reported having investment property. The bill will exclude cryptoassets from the GST and financial arrangement rules to ensure that those rules do not impose barriers on cryptoassets as a method of innovation, investment, or capital raising. 