The New Zealand Financial Markets Authority (FMA) has released a proposal outlining a potential regulatory pathway for payment stablecoins that reference and are backed by the New Zealand dollar (NZD). The consultation was announced on 9 November.
Under the proposal, qualifying stablecoins that meet specific requirements and safeguards would no longer be treated as financial products under the Financial Markets Conduct Act. Key conditions include the NZD backing assets being held by a registered bank and the stablecoins being redeemable at par value.
FMA Chief Legal Counsel Liam Mason stated that the move aims to test a clearer regulatory path that supports innovation while maintaining market confidence. The proposal is described as an interim measure; no final decision has been made, and it will be advanced in conjunction with the FMA’s broader work on digital asset regulation.
The original report did not disclose a deadline for submissions.
Source: https://jinse.com.cn/lives/540046.html (published 9 November 2026)