New Zealand opts for increased vigilance as UK passes bill to regulate crypto, among other notable highlights

The Financial Services and Market Bill 2023 was approved by the United Kingdom’s upper chamber of Parliament on June 19 that set stage for the ‘Royal assent’ on June 28. Crypto and stablecoins and their promotion will now be regulated to support their safe adoption in the UK.

The US is still grappling over which agency will control crypto assets. Gary Gensler, the Securities and Exchange Commission chairperson, has previously stated that other than Bitcoin, all digital assets should be classified as securities. Consequently, this would mean that exchanges that offer these asses may be required to register with SEC. Although this could attempt to protect investors and consumers, it may also stifle innovation in the crypto space.

The Blockchain Association, a lobby group in the US, has called for the SEC chair to remove himself from implementing crypto reforms owing to his public comments that point to his impartiality.

On the other hand, and in the words of New Zealand’s Reserve Bank’s director of money and cash, New Zealand prefers increased vigilance rather than imposing regulations in the burgeoning crypto space at the moment. However, with time, best practices will emerge to shape the sector. Current New Zealand laws consider crypto as a form of property.

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