New Zealand Minister Calls for Overhaul of Digital Asset Regulations

cryptonews.com:

The Minister of Commerce and Consumer Affairs of New Zealand, Andrew Bayly, has recommended a revamp of the country’s approach to digital asset regulation and the overall look on blockchain technology. 

Expressing concern over the sluggish pace of adoption and experimentation, Bayly called for government support in developing the crypto industry and implementing appropriate policies to manage associated risks.

In response to inquiries by the parliamentary Finance and Expenditure Committee regarding cryptocurrencies, Bayly’s  office highlighted the potential risks  of New Zealand’s current “wait and see” approach, cautioning that it could hinder the country from reaping the benefits of digital asset industry advancements.

The ministry’s advisers presented eight key recommendations aimed at putting New Zealand back on the global crypto wave. 

These recommendations encompass adopting policies and regulations to encourage digital asset and blockchain development, fostering collaboration between the government and industry players, addressing skill shortages through immigration, and creating training and educational resources. 

Additionally, the recommendations propose tax incentives, Anti-Money Laundering provisions, and continued work on designing an in-house central bank digital currency (CBDC).

FOMO

Andrew Bayly, the Minister of Commerce and Consumer Affairs, cautioned against New Zealand's passive stance, emphasizing that it might result in overlooking the advantages of progress within the digital asset sector.

— Crypto with Vishal (@CryptoWthVishal) April 10, 2024

However, Bayly’s proposal for an in-house CBDC contradicts the viewpoint of Reserve Bank of New Zealand Governor Adrian Orr. 

During a parliamentary