The Office of the Prime Minister has established a Cryptocurrency Advisory Working Group to assess policy and legislative options for addressing international cybercrime, including ransomware, while safeguarding the country’s financial stability and international obligations.
Formed in partnership with the Financial Intelligence Unit, the new body will provide coordinated, cross-agency advice to the government on the legal, financial and national security implications of cryptocurrency-related policy responses.
Prome Minister Mark Brown said the move reflects the government’s commitment to careful and evidence-based policymaking.
“Our reputation, our financial connectivity, and our economic stability are critical national interests. We will not move forward on any matter of this significance without rigorous due diligence, full consideration of international obligations, and close engagement with key stakeholders,” he said.
The advisory group will review how potential measures align with Cook Islands law and constitutional principles, and whether they comply with international anti-money laundering and counter-terrorism financing obligations. It will also examine potential impacts on the financial system, including correspondent banking relationships.
According to OPM Chief of Staff Karopaerangi Ngatoko, the group provides a formal mechanism for government agencies to evaluate the complex issues surrounding cryptocurrency, ransomware suppression and international compliance frameworks.
The working group is co-chaired by the Office of the Prime Minister and the Financial Intelligence Unit and includes representatives from the Financial Supervisory Commission, Crown Law Office, Ministry of Finance and Economic Management, Ministry of Foreign Affairs and Immigration and the Ministry of Justice.
Its mandate includes identifying reputational, national security and economic risks, assessing operational feasibility, and recommending whether legislative, regulatory or alternative approaches are appropriate.
The working group is expected to complete an initial review of policy and legislative options within the coming months, after which the government will determine whether to proceed with further policy development or public consultation.
Brown said the government had taken note of concerns raised by the domestic banking sector, private industry and legal experts regarding financial connectivity and compliance risks.
“This Working Group is the appropriate mechanism to test those risks properly and ensure any path forward protects the Cook Islands’ long-term interests,” he said.
He added that no draft legislation has yet been tabled in parliament and no final decisions have been made, stressing that the government’s priority remains protecting the country’s economy and maintaining compliance with international obligations.
