New Zealand’s Financial Markets Authority (FMA) is seeking feedback on a proposed regulatory path for payment stablecoins denominated in and backed by New Zealand dollars. As reported by Odaily on November 9, 2026, at 17:25 (UTC+8), the consultation is open until December 18.
Under the proposal, stablecoins that meet specified requirements and safeguards would no longer be treated as financial products under the Financial Markets Conduct Act. They would have to be fully backed by New Zealand dollars held at a New Zealand-registered bank and redeemable at face value.
The FMA said it has not made a decision. It described the proposal as an interim measure while broader work on digital-asset regulation continues.