Key Takeaways
- New Zealand's Commerce Minister, Andrew Bayly, aims to boost the crypto sector with a balanced regulatory framework;
- Bayly highlighted the need for a proactive approach, suggesting that otherwise, New Zealand could miss out on industry benefits;
- Advisors recommend eight steps to align New Zealand with global crypto trends.
New Zealand's Minister for Commerce, Andrew Bayly, has articulated the government's intention to support the crypto sector's growth through a balanced and evidence-based regulatory framework, pending cabinet approval.
This statement comes in response to an inquiry by the Finance and Expenditure Committee, which explored the industry's potential impacts and risks.
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In the government response, Bayly commented on the need for New Zealand to adopt a more proactive stance towards digital assets and blockchain, including crypto.
He noted:
The current ‘wait and see’ approach could risk New Zealand missing out on the benefits of development in the digital asset industry.
Advisors to the ministry have proposed eight key actions for New Zealand to catch up with the global trends toward crypto. These include creating supportive policies for blockchain and digital assets, promoting government-industry collaboration, and adopting crypto-friendly measures such as educational initiatives and Anti-Money Laundering enhancements.
This stance could position New Zealand as a suitable environment for crypto industry advancements, balancing innovation with appropriate oversight.
In mid-2023, New Zealand's central bank also opened the discussion about crypto, stating that heightened surveillance, not regulation, is the way forward for the sector.
