Reported November 9, 2026, at 16:00 (UTC+8). New Zealand’s Financial Markets Authority (FMA) is seeking feedback on a proposed regulatory path for payment stablecoins referenced to and backed by the New Zealand dollar (NZD).
Under the proposal, stablecoins that meet specified requirements and safeguards would not be treated as financial products under the Financial Markets Conduct Act. Those requirements include holding NZD backing assets at a registered bank and allowing redemption at face value.
FMA General Counsel Liam Mason said the approach is intended to test a clearer regulatory path that supports innovation while maintaining market confidence. It is an interim proposal, not a final decision, and will proceed alongside broader work on digital-asset regulation.