New Zealand Central Bank Emphasizes Vigilance on Crypto, But No Immediate Need for Regulation

11:37 am
June 30, 2023
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The Reserve Bank of New Zealand (RBNZ) has stated that although increased monitoring of stablecoins and crypto-assets is necessary, a regulatory approach is not currently required. Ian Woolford, the RBNZ’s director of money and cash, announced the decision following a review of 50 stakeholder submissions, which highlighted both the risks and opportunities associated with crypto. Woolford emphasized the need for caution and enhanced data and monitoring to gain a deeper understanding of the sector. The RBNZ is keeping a close eye on how other jurisdictions regulate crypto and aims for global harmonization to ensure effective regulation.

Respondents to the review included prominent industry players such as BlockchainNZ, Ripple, Westpac, and the Bank of New Zealand. The report noted that New Zealand ranks 108 out of 146 countries in the Chainalysis Global Crypto Adoption Index for 2022. Currently, New Zealand considers crypto a form of property and regulates it under existing financial, anti-money laundering, and tax laws.

Frequently Asked Questions (FAQs)

Is the Reserve Bank of New Zealand calling for crypto regulation?

No, the Reserve Bank of New Zealand has decided that a regulatory approach is not currently necessary. However, it has emphasized the need for increased vigilance regarding stablecoins and crypto-assets.

What did the stakeholder submissions reveal?

The stakeholder submissions highlighted the significant risks and opportunities associated with the crypto sector, as well as uncertainties regarding its development. They also reinforced the need for enhanced data and monitoring to gain a better understanding.

What is the RBNZ’s stance on global regulation of crypto?

The RBNZ believes that global harmonization is crucial to ensure effective regulation. It is closely observing how other jurisdictions regulate crypto and expects best practices to become clearer as those regimes are implemented.

How does New Zealand currently regulate crypto?

New Zealand considers crypto a form of property and regulates it under existing financial, anti-money laundering, and tax laws. There are no specific regulations solely dedicated to crypto-assets at present.


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