New Zealand’s Commerce Minister, Andrew Bayly, has called for a significant overhaul of the country’s digital asset regulation framework. This move comes amidst concerns over the slow adoption and experimentation rate within the digital asset space in the country.
Currently, New Zealand’s approach to digital asset regulation is perceived to be lagging behind, prompting Minister Bayly to highlight the urgent need for reform. The existing “wait and see” approach has been criticized for potentially hindering the country from fully capitalizing on the benefits offered by the digital asset industry.
Minister Bayly’s office has put forward eight key recommendations aimed at revitalizing New Zealand’s digital asset regulatory landscape. These recommendations include policies to foster digital asset and blockchain development, collaboration between the government and industry stakeholders, and addressing skill shortages through immigration and educational initiatives.
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