Post
Topic
Board Service Announcements
Re: [Payout Updates] Bitcoinica site is taken offline for security investigation
by
ninjarobot
on 12/06/2012, 13:13:05 UTC
I haven't done much research, but to my best knowledge, DRS only applies to NZ residents.

I can not find this restriction in the Financial Service Providers (Registration and Dispute Resolution) Act 2008:

http://www.legislation.govt.nz/act/public/2008/0097/latest/whole.html

Quote
7Application of Act
(1)This Act applies to persons who are in the business of providing a financial service.

Quote
8ATerritorial scope
This Act applies to a person who—
(a)is ordinarily resident in New Zealand (within the meaning of section 4 of the Crimes Act 1961) or has a place of business in New Zealand, regardless of where the financial service is provided; or
(b)is, or is required to be, a licensed provider under a licensing enactment.
Section 8A: inserted, on 1 July 2010, by section 10 of the Financial Service Providers (Registration and Dispute Resolution) Amendment Act 2010 (2010 No 41).

So this only applies to the director of BITCOINICA CONSULTANCY LIMITED (Christopher Heaslip from http://www.irstax.co.nz/ )

Even if what you said is true and DRS only applies to NZ residents, BITCOINICA LP would still be required by law to register with a DRS if at least 1 customer of Bitcoinica.com is a resident of NZ.