New Zealand FMA Seeks Feedback on Regulatory Path for NZD-Payment Stablecoins

Odaily: The New Zealand Financial Markets Authority (FMA) has proposed a regulatory path and is seeking feedback on payment stablecoins referenced to and backed by the New Zealand dollar (NZD). Stablecoins that meet specific requirements and safeguards would no longer be treated as financial products under the Financial Markets Conduct Act. The requirements include holding NZD backing assets with a registered bank and redeemability at par value. FMA General Counsel Liam Mason said the move is intended to test a clearer regulatory pathway to support innovation and maintain market confidence. The proposal is an interim measure, and no final decision has been made; it will be advanced alongside broader digital asset regulatory work.