New Zealand Crypto Policy Should Support Industry, Minister for Commerce Says

The minister in charge of commerce in New Zealand, Andrew Bayly, recommends that we encourage the expansion of the cryptocurrency industry and adopt a rational regulatory strategy based on facts, as suggested in the parliamentary investigation report.

The proposed answer, requiring cabinet endorsement, takes into account suggestions from the Finance and Expenditure Committee’s report on the effects and hazards of the industry, which was initiated by an investigation.

“I propose that the Government response indicates that the Government wishes to support industry growth and will continue to proactively consider the recommendations made in the Inquiry,” Bayly wrote in the response. “I also propose the response notes that the Government will monitor international developments and take an evidence-based approach to regulation.”

The report pointed out that New Zealand’s hesitant attitude towards digital assets and blockchain technology (including cryptocurrencies) could result in missing out on potential advantages arising from industry advancements, according to Bayly. Instead, it is recommended for New Zealand to adopt a more active and encouraging stance towards these technologies.

New Zealand’s central bank has said it’s not exploring crypto regulation.