A recent report commissioned by the New Zealand Parliament’s Finance and Expenditure Committee has recommended a measured and adaptable strategy for crypto regulation. The report, titled “Inquiry into the current and future nature, impact, and risks of cryptocurrencies,” was prepared by a law firm partner and a University of Auckland associate professor. It presented 22 suggestions after considering public feedback, expressing a positive stance on digital assets and blockchain.
Despite acknowledging challenges like volatility and criminal use, the report advised against overly strict rules, as they could hinder business competitiveness. It discouraged premature regulation, noting that integrated frameworks could overwhelm unprepared agencies. The report suggested addressing issues as they arise and urged regulators to offer consistent guidance under existing laws, with inspiration from regulatory developments in the US, UK, and Australia.
While proposing regulatory inevitabilities, the report recommended the Financial Markets Authority (FMA) create new categories for digital asset investment and personal property. It also suggested FMA’s leadership in a Council of Financial Regulators subcommittee to handle industry concerns. The report called for a collaborative effort involving various government agencies and the digital asset sector. Additionally, it advocated continued research into central bank digital currencies.
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