MPs get educated on digital assets in New Zealand workshop

Digital assets are garnering attention in New Zealand, with approximately a quarter of a million New Zealanders holding cryptocurrency, leading to seven million transactions valued at around NZD $7.8 billion. In a significant move, Binance New Zealand, in collaboration with Kaikōura MP and Chair of the Government's Finance and Expenditure Committee, Stuart Smith, hosted an educational workshop to discuss the potential of digital assets.

The workshop aimed to provide Ministers and Members of Parliament with a deeper understanding of digital assets and their implications for New Zealand. It also explored the productivity and economic growth opportunities that digital assets might present. Additionally, attendees gained insights into regulation and successful frameworks implemented by other jurisdictions globally.

Sponsored by Stuart Smith, the event was facilitated by Ben Rose, the locally based General Manager of Binance Australia and New Zealand, alongside Elton Cotton, Binance New Zealand Legal Counsel, and Jeremy Muir, Chair of Blockchain New Zealand and Advisor on cryptocurrencies to the Finance & Expenditure Select Committee.

"It was a great opportunity for Members of Parliament to learn about digital assets," said Smith. "Unfortunately for most people, there is only a passing understanding of what cryptocurrencies are. Whether we like it or not, their potential to change the way we transact in a changing world means digital assets are here to stay and, at the very least, we should try to understand how we might use them to our best advantage."

Ben Rose echoed Stuart Smith's sentiments, emphasising the importance of New Zealand taking a proactive approach to digital assets. "We believe it is in the interest of local users and businesses for New Zealand to be taking an active approach to the opportunities that are available within the digital asset landscape. Europe, Dubai, and Japan are paving the way for digital assets, so it's vital that New Zealand doesn’t get left behind," said Rose.

The event featured discussions on potential regulatory frameworks and how New Zealand might leverage global best practices. Attendees explored various aspects of digital assets, from their technological underpinnings to their economic implications and regulatory challenges.

Given the increasing interest in cryptocurrencies and other digital assets, education and informed dialogue are seen as crucial steps in understanding and effectively integrating these technologies into the national economy. The workshop underscored the need for New Zealand to keep pace with international developments to harness the benefits of digital assets fully.

This engagement by key parliamentary leaders highlights a growing recognition of the significance of digital assets in the economic landscape. As global trends continue to shift towards digital financial systems, New Zealand's proactive stance could play a pivotal role in shaping its financial future.