New Zealand Minister of Commerce Andrew Bailey responded to an investigation by the government's legislative committee by stating that New Zealand should support the development of the cryptocurrency industry and adopt an evidence-based approach to regulating the industry. This response requires cabinet approval and responds to recommendations made in a report by the Finance and Expenditure Committee after investigating the potential impact and risks of the industry.
Bailey also noted that the report indicated that the country's "wait and see" attitude could cause New Zealand to miss out on the benefits of industry development. New Zealand "should take a more proactive and innovation-friendly approach to digital assets and blockchain (including cryptocurrencies)."