The Law foundation recently published a report on the current state of Cryptocurrencies in New Zealand.
The full report can be found.
Included in the report are a number of key recommendations
We are in agreement with the reports recommendations. Specifically in regard to the problems we face in gaining accessing the New Zealand banking system.
- New Zealand -based cryptocurrency exchanges should be encouraged, and clear and detailed guidance provided as to their anti-money laundering/counter- the funding of terrorism (AML/CFT) obligations by both the Department of Internal Affairs (DIA) and the Financial Markets Authority (FMA).
- Cryptocurrency exchanges that comply with AML/CFT and other requirements must have access to bank accounts with New Zealand banks.