Blockchain is a new concept for a lot of New Zealanders, however the market for it has experienced considerable growth – and witnessed significant activity – in recent years.
In the latest edition of the Legal 500: Blockchain Comparative Guide, Lane Neave’s Blockchain experts James Cochrane and Andy Comer take a close look at legal implications of the technology.
They explore how various New Zealand Government departments have demonstrated an increased focus in the area – releasing reports into:
- the use of blockchain technology
- the need for a regulatory framework that fosters innovation
- the future of money in New Zealand.
Industries across New Zealand’s public and private sectors have started to adopt blockchain technology, most notably in the primary, technology, arts and culture, food, energy, banking, financial services, and health sectors.
Cryptoassets being recognised as property also has implications for various legal areas, including relationship property, trusts, estate planning and the administration of wills.
New Zealand does not currently have any specific legislative regimes directly targeted at blockchain technologies, meaning they are regulated under pre-existing legislation and regulatory frameworks. However, given the increased use of smart contracts and ongoing development of blockchain, the law is having to adapt and evolve at pace.
