Experts prepared a report for the New Zealand Parliament, which recommended gradually introducing a regulatory framework for the cryptocurrency market.
The House of Representatives supported the authors of the study and called on the country's government not to rush into legalizing the industry, but to analyze the consequences of integrating digital currencies into the financial system.
The report was prepared with the participation of law firm MinterEllisonRuddWatts and professors from the University of Auckland. It contains 22 recommendations for developing legislation for the industry and creating conditions for the development of blockchain technologies.
The authors emphasized:
Digital currencies and blockchain are at an early stage of development, so we recommend that governments and regulators proceed with caution and do not rush into implementing a regulatory framework.
In parallel, New Zealand is preparing to create a digital currency (CBDC).
In October 2020, the country's Central Bank announced its intention to use this tool to increase financial inclusion.
