Crypto prices, in their own jargon, were mooning and investors were HODLing. Since May 2022, cryptos have lost more than two-thirds of their value, and the ecosystem is unravelling. The technology that was designed to herald the end of Governments and regulators and intermediaries is frantically seeking to be regulated! Arthur Clarke, the science-fiction writer, said, "any sufficiently advanced technology is indistinguishable from magic."
Our focus on building our resources in Auckland – where a significant number of our regulated institutions have their head office – reflects our intention to lift our oversight. We will also continue to engage with banks and other deposit takers on their risk-assurance processes and, if necessary, work with banks to strengthen these controls and commitments.