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The Minister’s Call for Digital Asset Regulation Revamp
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 blockchain technology.
Expressing concern over the slow adoption rate, Bayly emphasized the need for government support in developing the crypto industry and implementing appropriate policies to manage risks.
New Zealand’s Plan to Enhance Crypto Industry
- Adopting policies to encourage digital asset and blockchain development
- Fostering collaboration between government and industry players
- Addressing skill shortages through immigration and education
- Proposing tax incentives and Anti-Money Laundering provisions
- Continuing work on designing a central bank digital currency (CBDC)
Bayly’s Concerns and Recommendations
Bayly warned against New Zealand’s passive stance, highlighting the potential risks of overlooking the benefits of progress in the digital asset sector.
His recommendations aim to position New Zealand as a participant in the evolving digital asset landscape through a coordinated global regulatory approach.
New Zealand’s Crypto Surveillance Measures
Last year, the Reserve Bank of New Zealand announced increased surveillance of the crypto sector to boost digital asset regulation.
Warnings Against Crypto Fraudsters
New Zealand’s financial watchdog has issued warnings against crypto fraudsters and impersonators, including Krypto Security and Bay Exchange.
The Financial Markets Authority (FMA) flagged an unlicensed crypto exchange clone of BTCSWE, cautioning customers against potential scams.
Regulators have contacted the legitimate owners of BTCSWE, confirming they were impersonated as part of a wider recovery scam.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
