New Zealand’s Minister Proposes Measures to Adopt Crypto Innovations

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The Ministry of Commerce and Consumer Affairs in New Zealand is suggesting several steps to encourage the development and acceptance of cryptocurrencies, fostering their growth within the country.

Andriew Bayly, heading the ministry, expresses worry that New Zealand’s passive stance toward the growing economy might cause us to overlook potential benefits.

Proposed Measures for Crypto Adoption in New Zealand

Bayly suggested to the Finance and Expenditure Committee of New Zealand that we create a favorable environment for the growth of digital currencies and blockchain technology within our country by setting appropriate policies.

In a recent government document made public on Wednesday, the minister suggested adopting effective measures to address potential hazards linked to cryptocurrencies.

The ministry is against implementing a unified regulatory framework for digital assets. Alternatively, they propose that regulatory bodies offer clearer and updated instructions on how current laws and regulations affect this industry.

Bayly suggested that digital assets employed for investment should be recognized as a distinct category of “investment advisory goods” by the government. This designation, he argued, would subject this asset class to the oversight of financial advice regulations and client money-client property handling services.

To advance education and understanding, the ministry is considering creating instructional materials and workshops on digital currencies and blockchain technology. This will be offered to schools and universities, as well as government agencies and businesses.

Addressing Skills Shortages in the Digital Asset Sector

The ministry recommended that the Inland Revenue, New Zealand’s tax agency, work together with the digital asset industry to assess if tax breaks should be offered to crypto service providers.

Furthermore, Bayly proposed that the cooperation between the government and industry partners be strengthened. One method to accomplish this is by establishing a joint task force comprised of representatives from various government departments, tasked with developing regulations for digital assets in New Zealand.

The ministry proposes broadening the list of needed skills by adding professionals well-versed in digital currencies and blockchain technology.

In collaboration with industry experts, this action could potentially solve the increasing need for proficient workers in the given field. Bayly revealed that certain proposals, designed for the future, aim to create a more inviting digital assets environment in New Zealand.

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2024-04-10 16:03