Crypto and Blockchain may transform capitalist systems — what New Zealand should watch

Helius CEO Mert Mumtaz argues that calling cryptocurrency “Web 3.0” downplays its potential. Crypto, he says, is evolving into “Capitalism 2.0,” enhancing foundational capitalist mechanisms like property rights, transparency, and frictionless capital flows. Simultaneously, U.S. regulators are exploring always on markets, tokenisation of real-world assets, and other reforms that could reshape global finance. For New Zealand, these shifts offer both opportunity and challenges.

1. Re-framing Crypto:

Beyond Web 3.0 Mert Mumtaz, CEO of RPC (remote procedure call) node provider Helius, asserts that reducing crypto to a “Web 3.0” internet paradigm mischaracterises its true role. He maintains that cryptocurrency and blockchain technologies are poised to overhaul capitalism itself — turning it into what he describes as Capitalism 2.0. Key ingredients in this view include: Decentralised, free flow of information Immutable property rights Alignment of incentives, transparency, and low friction in capital movement

2. Regulatory Change: Always-On Markets & Tokenisation

In recent months, U.S. authorities — namely the SEC and CFTC — have floated proposals to modernise financial markets. This includes: Markets that operate 24/7, including weekends and holidays Perpetual futures contracts (which do not expire) Regulation for prediction or event-markets These changes aim to integrate traditional finance systems with digital-asset infrastructure (blockchain, tokenisation). Real-world asset tokenisation (stocks, stablecoins, property, collectibles etc.) is increasingly part of these discussions. 3. Examples of Movement in the Ecosystem The Solana Foundation has issued a roadmap through to 2027 focused on “internet capital markets”. Brokerage platforms, such as Robinhood, have launched tokenised stock trading in regions like Europe.

4. Relevance to New Zealand

Area Implication for NZ Regulatory Framework NZ regulators (FMA, RBNZ, others) may need to consider whether laws about trading hours, securities, tokenisation, and digital asset regulation need updating. Financial Infrastructure There could be opportunities to build infrastructure (custody, digital rails, blockchain settlement) to support tokenised assets and continuous markets. Innovation & Risk NZ fintechs and DeFi ventures could benefit, but there are risks: regulatory uncertainty, investor protection, and market stability need strong frameworks. Global Alignment NZ actors looking to participate globally must understand U.S. and other international standards—classification of tokens, legal status, interoperability. Key Insights Insight Why It Matters for NZ Crypto seen as evolution of capitalism, not just internet tech Encourages thinking about crypto’s broader societal and economic impacts — not just speculative value Regulatory proposals for continuous markets and tokenisation are accelerating Signals that finance is moving 24/7, which could reshape trading, settlement, and regulation in NZ too Real-world assets tokenisation is progressing (stocks, stablecoins, real estate) Could open new investment classes and capitalraising models in NZ property, agriculture, etc. Innovation must be balanced with regulation and consumer protection Learning from other jurisdictions could help prevent pitfalls while enabling upside