New Zealand's FMA seeks feedback on regulatory path for NZD-pegged stablecoins

November 9 - The New Zealand Financial Markets Authority (FMA) has proposed a regulatory pathway and is seeking feedback on payment-type stablecoins referenced and backed by the New Zealand dollar (NZD).

Eligible stablecoins that meet specific requirements and safeguards will no longer be considered financial products under the Financial Markets Conduct Act. Requirements include NZD backing held by a registered bank and redeemability at par value.

FMA General Counsel Liam Mason stated that the move aims to test a clearer regulatory pathway, support innovation, and maintain market confidence. The proposal is an interim measure, with no final decision yet, and will be advanced in conjunction with broader digital asset regulatory work.