Financial Markets Authority (New Zealand)

FMA consults on clearer regulatory pathway for NZD referenced and backed payment stablecoins

New Zealand's Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko is asking for feedback on a proposed regulatory approach for certain New Zealand dollar referenced and backed stablecoins designed for payments rather than investment. Under the proposal, qualifying stablecoins would no longer be treated as financial products under the Financial Markets Conduct Act; the requirements include being referenced and backed by New Zealand dollars held at a registered bank and being redeemable at face value. The FMA says no decisions have been made and describes the proposal as an interim step while broader work on digital asset regulation continues.

Financial Markets Authority, New Zealand (media release via Scoop)