New Zealand’s Financial Markets Authority (FMA) is seeking feedback on a proposal that would stop treating certain New Zealand dollar-denominated and -backed payment stablecoins as financial products under the Financial Markets Conduct Act (FMC Act), according to PANews’ November 9, 2026 report.
Under the proposed class designation, qualifying stablecoins would need to meet specified requirements and safeguards, including:
- Full backing by New Zealand dollars held at New Zealand-registered banks.
- Redemption at face value.
The proposal concerns the regulatory classification of qualifying payment stablecoins, rather than a blanket exclusion for all stablecoins.
FMA General Counsel Liam Mason said stablecoins are generally designed more as a means of payment than as an investment. The regulator said no decision had been made and described the proposal as an interim measure while broader work on digital-asset regulation progresses.
The consultation closes on December 18.
Original report published November 9, 2026, at 17:23:44 (UTC+8). Source: PANews.