New Zealand Parliament Report Aims to Balance Crypto Regulation
According to a report prepared for the New Zealand Parliament, cryptocurrency legislation should be slow and adaptable.
In 2021, the Finance and Expenditure Committee of the New Zealand House of Representatives commissioned a paper titled "Inquiry into the current and future nature, impact, and risks of cryptocurrencies."
The 99-page study, cowritten by a lawyer at the law firm MinterEllisonRuddWatts and an associate professor of business law at the University of Auckland, considered previously requested public opinions and made 22 suggestions. It was positive about digital assets and blockchain technology in general.
Despite concerns including as volatility, environmental impact, and criminal use, the paper warned against severe regulations, claiming that they would "reduce the viability and competitiveness of such businesses as purchasers increasingly make payments in cryptocurrencies."
The report also cautioned against attempting to regulate too early:
“Creating and implementing an integrated [regulatory] framework would be a complicated endeavour. […] Based on our understanding, agencies are not resourced or equipped to manage this.”
Sources:
https://cryptomode.com/new-zealands-pragmatic-approach-to-cryptocurrency-regulation/
https://www.cryptotimes.io/nz-parliament-report-highlights-balanced-crypto-regulation/
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