New Zealand central bank calls for ‘increased vigilance' for crypto not regulation

CryptoSlate
CryptoSlate

30 Jun 2023 9:35 AM

The Reserve Bank of New Zealand wants to wait for best practices of regulating crypto to emerge as other countries reign in the space....

  • The Reserve Bank of New Zealand (RBNZ) is increasing its monitoring of cryptocurrencies and stablecoins.
  • RBNZ's move aligns with responses from industry stakeholders who highlighted the significant risks and opportunities associated with cryptocurrencies and stablecoins.
  • The central bank believes caution is needed and enhanced data and monitoring are necessary to build understanding.
  • RBNZ is adopting a wait-and-watch approach to crypto regulation, emphasizing the need for global harmonization and best practices.
  • The central bank will work with regulatory agencies and industry stakeholders to support healthy growth in the market.
  • Cryptocurrencies are treated as personal property and subject to income tax in New Zealand.
  • Issues raised by cryptocurrencies are not easily categorized within agency boundaries, but investor protection and regulatory barriers to entry are important for a reliable and efficient money and payment system.

The sentiment of the article is neutral. The Reserve Bank of New Zealand is increasing its monitoring of cryptocurrencies and stablecoins, acknowledging the risks and opportunities they present. While caution is needed, the central bank is adopting a wait-and-watch approach and emphasizing the importance of global harmonization and best practices.

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What is the Reserve Bank of New Zealand doing to monitor cryptocurrencies and stablecoins?What were the responses from industry stakeholders regarding the risks and opportunities of cryptocurrencies and stablecoins?What approach is the central bank taking towards regulating crypto?How are cryptocurrencies treated under the current laws in New Zealand?What issues are important for building a reliable and efficient money and payment system, according to the central bank?

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