Summarised by Centrist
New Zealand should position itself as a global trading hub for cryptocurrencies, according to Minister of Commerce and Consumer Affairs Andrew Bayly.
Speaking at the Financial Services Council’s Outlook 2025 conference, Bayly said crypto is “obviously here to stay” and pointed to the United Arab Emirates as a model for how New Zealand could benefit commercially.
He downplayed regulatory concerns, arguing the government should think “commercially rather than thinking about all the rules we’ve got to put in place.”
Bayly acknowledged the influence of Donald Trump, who has actively promoted crypto, including launching his own memecoin, $TRUMP. “President Trump has pushed it, which is fascinating,” Bayly said.
He suggested that while New Zealand shouldn’t necessarily endorse specific coins, it should create a legitimate platform for trading digital assets.
He also praised blockchain as “fantastic technology if you want to deal with anti-money laundering.” However, he promised to take action against scams linked to crypto and social media, accusing platforms of failing to protect New Zealanders, warning that reported scam losses—officially $200 million last year—could actually be closer to $1 billion.
