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New Zealand – November 2023
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Background
On 30 June 2021 the Finance and Expenditure Committee (the Committee) a select committee of the New Zealand Parliament initiated an inquiry into the current and future nature impacts and risks of cryptocurrencies.
After receiving a significant number of submissions from the public and a comprehensive independent adviser’s report the Committee released a report with 22 recommendations for the New Zealand Government (the Report) on 17 August 2023.
Current Regulation
Aside from taxation and the Russia Sanctions Act 2022 there are currently no regulatory regimes in New Zealand directly targeted at or referring to digital assets. However digital assets and digital asset service providers may be regulated under regulatory regimes of general application including New Zealand’s financial markets laws.
New Zealand’s principal financial markets legislation is the Financial Markets Conduct Act 2013 (FMCA). The FMCA contains rules in respect...
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