New Zealand’s Department of Business and Consumer Affairs has warned the nation’s leaders against taking a slow approach to cryptocurrencies. In a recent development, Minister Andrew Bailey asked the Australian government to finalize its stance on cryptocurrencies before it is too late. This is a time when the cryptocurrency industry is just taking root in friendly countries and bringing jobs and business opportunities there. The Web3 industry is seeing rapid adoption in places like the UK, UAE, US, South Korea and India.

New Zealand Minister for Business and Consumer Affairs Bailey Express There are concerns that the country’s “wait-and-see” attitude is stifling its growth in fintech, gaming, blockchain and more.

In 2021, the Cabinet Committee on Legislation launched a program of inquiry into cryptocurrencies. Bailey cited the findings to recommend that the government be more proactive when it comes to cryptocurrencies.

“The Cryptocurrency Advisory Center believes that New Zealand should take a more proactive and innovation-friendly approach to digital assets and blockchain, including cryptocurrencies. Therefore, I believe that the government’s approach to digital assets should support industry development while continuing to consider appropriate policies to manage these risks,” Bayly famous On the published cover page.

Data from the Financial Markets Authority (FMA) shows that by 2022, about 10% of New Zealand citizens (about 324,000 people), It is said Own crypto assets. It appears that the country has not officially updated statistics showing how many people in New Zealand hold cryptocurrencies since December 2022.

The country also does not have any legal rules in place to oversee or regulate the cryptocurrency industry. Not only does this make the country’s cryptocurrency industry vulnerable to exploitation by bad actors, but it also allows the industry to facilitate illegal activities such as money laundering and terrorist financing.

“The Commission launched a fraud investigation in 2022 following several high-profile cases of digital and online fraud which resulted in victims losing millions of dollars. The Commission is concerned about the impact of these scams on victims’ lives and wants to understand New Zealand’s banking processes How to better protect consumers,” Bailey’s cover added.

Overall, the minister urged the New Zealand government to take a proactive approach to exploring digital assets and blockchain. In addition, the country is recommended to promote more public debate and prompt further government consideration and work to ensure New Zealand is well positioned to adapt to the opportunities, challenges and risks associated with digital assets.