Credit: Moose Photos

What is this?

The Department of Internal Affairs (DIA) has announced, after much uncertainty, that they are the lead contact for virtual asset service providers (VASPs)

Who should read this?

You should read this if:

  • you are excited about adding a brand-new AML/CFT acronym to your glossary (say VASP out loud, it’s very satisfying);
  • you are developing or offering blockchain-finance related products or services in New Zealand; or
  • you have customers or clients who are involved in blockchain-finance related products or services

What does this mean in a nutshell?

While this announcement tells us little that we didn’t already know, it’s the strongest indication we’ve had in a while  that the New Zealand government is proactively considering the AML/CFT compliance obligations of blockchain finance companies.

We can expect more details post-June 2019 when the Financial Action Taskforce (FATF) releases further details on their own VASP compliance expectations.

 

Launching a blockchain-finance product or service in New Zealand? This is Fiducia’s speciality. Email information@fiduia.co.nz now.