New Zealand’s Commerce Minister, Andrew Bayly, advocates for a regulatory framework that nurtures the cryptocurrency sector’s expansion. Following an inquiry by a parliamentary committee, Bayly emphasizes the need to abandon the nation’s cautious “wait and see” stance. This change aims to ensure New Zealand captures the full spectrum of benefits offered by the rapidly evolving crypto industry, positioning the country as a global leader in digital finance innovation.

The government’s proposed response, pending cabinet approval, aligns with the Finance and Expenditure Committee’s recommendations to foster industry growth through an evidence-based regulatory approach. Highlighting the potential risks of inaction, Bayly suggests that a more engaged and supportive strategy towards digital assets and blockchain technology could significantly enhance New Zealand’s economic landscape. This approach underscores the government’s commitment to being at the forefront of digital asset innovation and regulation.

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