Over the past few years, there has been growing interest and adoption of blockchain and digital assets globally. Many jurisdictions around the world have developed regulatory regimes that are further along than what New Zealand has been considering.
However, government have had interest in virtual asset providers through the Ministry of Justice review of the AML/CFT consultation document in 2021, the Reserve bank of New Zealand producing an issues paper on the Future of Money – Central Bank Digital Currency in 2021, as well as MBIE producing an insights briefing on The Future of Business and Blockchain in 2022.
With government and the reserve bank producing these papers, it is clear that there is an appitite to place formal procedures for blockchain and digital assets in New Zealand.
PURPOSE AND OBJECTIVES
BlockchainNZ have established this law and regulations working group to bring together the blockchain ecosystem to effectively enable better regimes that are of international standards. Our purpose is to ensure this innovative technology has longevity and that consumers are aware and compliant to the laws, regulations, and tax requirements within New Zealand.
This group has been formulated specifically to address the following:
- To assist the layperson understand what cryptocurrencies and other virtual assets are about and how to comply with established rules within New Zealand.
- To inform government on areas that need clarifying and to compile best practices on the issues that are being debated overseas.
- To produce and compile content on the BlockchainNZ website in an easily digestable manner to outline the current laws, regulations and requirements regarding digital assets.
- To produce submissions to government when appropriate.
- To host roundtables to discuss important issues related and form consensus from a New Zealand and international perspective.
The Law and Regulationsl Working Group meet every month to get updates and work on progressing New Zealand’s blockchain legal and regulatory systems. This working group is exclusive for BlockchainNZ members, please contact us to join this group.
If you are not a member and would like to join, you can become a member here.