An independent report prepared for a New Zealand House of Representatives committee says there is no rush to regulate cryptocurrencies, despite growing calls for them to be regulated in many parts of the world.
The report, commissioned by the Finance and Expenditure Committee of the New Zealand House of Representatives in 2021, is titled An Inquiry into the Current and Future Nature, Impact and Risks of Cryptocurrencies.
“Creating and implementing a comprehensive regulatory framework will be a complex undertaking and, in our understanding, agencies do not have the resources or capacity to manage this,” the report reads.
Instead, we recommend that issues be addressed as they arise, and that governments and regulators develop coherent and consistent guidance on the handling of digital assets in line with existing law.
Lawmakers could watch regulatory developments in the US, UK and Australia before making local decisions, the report added.
