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Last month, the Finance and Expenditure Select Committee released their long-awaited report on the inquiry into the current and future nature, impact, and risks of cryptocurrencies. The report contained 22 recommendations set out by our very own Jeremy Muir and Alex Sims and aimed to redefine New Zealand’s approach to digital assets and blockchain technology. The recommendations advocate for a balanced approach between innovation and regulation to create an agile and adaptive approach. With the recent election, we’re eagerly awaiting an official response, hopeful that the proposed recommendations will position New Zealand as a global leader in the digital asset space.
The inquiry’s recommendations focus on creating a collaborative and adaptive regulatory environment, and notably proposes a “regulatory sandbox” to offer a safe space for innovators to experiment under regulatory supervision. Alongside this, significant recommendations have been made to employer government bodies to instill consumer confidence and industry integrity. In case you missed it, you can watch our webinar we hosted earlier in the month on the inquiry with Jeremy Muir and Alex Sims, which went more in depth into their recommendations and thoughts on the inquiry.
Australia has also been making moves in the regulatory space, as this month the Australian Commonwealth Treasury released their consultation paper, ‘Regulating Digital Asset Platforms’. This move signifies and also acknowledges the growing importance of digital assets in the global financial landscape.
Ngā mihi nui,
BlockchainNZ Executive Director
Read the full news here: Redefining New Zealand’s approach to digital assets and blockchain technology | October Newsletter