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Here’s an interesting fact about the New Zealand regulatory landscape, which has to date evaded this finance journalist’s attention. Locate Technologies (ASX:LOC), a company that bills itself as one that “[transforms] how businesses manage last-mile delivery,” is delisting from the ASX and moving to New Zealand to list on the NZX in a kind of backdoor listing that, in LOC’s words, is harmonious with its “bitcoin treasury strategy.”
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Perhaps more interesting than a logistics tech company pivoting into bitcoin (why not) is that, apparently, New Zealand offers a better regulatory environment within which to invest in bitcoin as a public entity than Australia’s.
“The board believe that a ‘top hat’ arrangement, whereby NZ Co would acquire Locate Technologies, effectively changing the listing of Locate Technologies to New Zealand, will provide several benefits to the Company and its shareholders,” LOC wrote of its decision.
“Benefits [include]… a less restrictive and more innovative and forward-thinking capital markets environment… partnering with a forward-thinking and innovative exchange; and expanding the company’s reach to a new base of… investors.”
While the NZX mightn’t be well-known as a Pacific hotspot for share liquidity, it does appear LOC is onto something when it comes to crypto regulation. Or it thinks it is. Legal Vision in July of this year wrote that cryptocurrencies are not regulated in New Zealand, so there’s that.
“Investing in cryptocurrency is legal in NZ, but note that regulations in this area are sparse, so if something goes wrong, you may have difficulty getting some kind of legal remedy,” LVNZ writer Emma Lindblom puts it on another webpage.
Perhaps most striking of all is commentary from the logistics technology company’s foremost chief manager. “When we began our Bitcoin strategy, relocating to New Zealand was not something we anticipated,” LOC CEO Steve Orenstein said. No kidding.
LOC last traded at 5.5cps.
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