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Minister Bayly Advocates for Proactive Stance Toward Crypto in New Zealand

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.
Minister Bayly Advocates for Proactive Stance Toward Crypto in New Zealand

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 frameworkpending 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.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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