Reserve

United

Bank AI

April

MN Coin

New Zealand’s central bank is trying to exercise caution in taking a regulatory approach towards crypto and stablecoins, stating that the government is monitoring the development of crypto regulations globally. 
The Reserve Bank of New Zealand’s (RBNZ) Director of Money and Cash, Ian Woolford, released a <a href="https://www.rbnz.govt.nz/hub/news/2023/06/rbnz-ramps-up-monitoring-of-stablecoins-and-cryptoassets" target="_blank" rel="noopener">statement</a> on June 30, based on the summary of submissions from 50 stakeholders. It stated that while risks are associated with cryptocurrency and stablecoins, there were uncertainties around the growth trajectory of the burgeoning asset class globally. 
Woolford stated part of the submissions believed it was essential to regulate the sector to protect investors from scams and implosions. Still, most submitters called for a more flexible regulatory approach that would encourage innovation. Woolford states, “We agree that caution is needed, reinforcing the need for enhanced data and monitoring to build understanding.” 
 You might also like: <a href="https://crypto.news/coinbase-advocates-for-better-crypto-regulations-in-us/"> Coinbase advocates for better crypto regulations in US </a> 
The RBNZ began a consultation period between December 2022 and April 2023, seeking feedback on the bank’s issues paper on crypto and the benefits and challenges posed by the sector. Some responders were from the crypto industry, including BlockchainNZ, Ripple, and EasyCrypto.&nbsp; 
Meanwhile, Woolford said the RBNZ is monitoring crypto regulatory developments in similar jurisdictions and across the globe before deciding to roll out its crypto regulations.&nbsp; 
<blockquote class="wp-block-quote"> 
 “We also agree that global harmonization is crucial to ensure effective regulation. As overseas regimes are implemented, best practice may become clearer. Implementation of other regulatory regimes, such as the Financial Market Infrastructure Act could also have an impact on the cryptoassets market.” <cite>Ian Woolford, Reserve Bank of New Zealand</cite>
</blockquote> 
More governments have been working towards regulating the cryptocurrency sector. The central banks of the United Arab Emirates (UAE), and Hong Kong are making <a href="https://crypto.news/uae-and-hong-kong-central-banks-collab-on-bolstering-crypto-regulations/">collaborative efforts</a> to introduce crypto regulations. Norway’s apex bank also <a href="https://crypto.news/norges-bank-urges-nation-to-forge-ahead-with-national-crypto-regulation/">called</a> for tailored crypto policies.&nbsp; 
However, the fragmented regulatory framework in the United States has been an issue for cryptocurrency businesses, with firms seeking clear guidelines for the digital asset industry. The Securities and Exchange Commission (SEC) has been accused of adopting an aggressive approach towards the industry, with its recent lawsuits against two of the industry’s biggest crypto exchanges, Binance and Coinbase.&nbsp; 
 Read more: <a href="https://crypto.news/spanish-authorities-approve-ripio-exchange-to-offer-crypto-products/"> Spanish authorities approve Ripio exchange to offer crypto products </a>

New Zealand not quick to implement crypto regulatory policies

crypto.news

Other articles published on Jun 30, 2023

What is Staking In Crypto?

Banking Behemoth HSBC Warns of Looming Recession in US and Europe

Binance (BNB) and Cardano (ADA) Unable to Attract Investors, While Tradecurve Price Surges 80%

Ethereum (ETH) Price Prediction: Will Validator Limit Change?

Mastercard Develops Ethereum-Based App Store for Regulated Financial Apps

Last Minute: Critical Inflation Data Announced in the USA! Here Is The First Reaction Of Bitcoin ...

Join our free newsletter for daily crypto updates!