December 18 deadline: New Zealand's FMA seeks feedback on regulatory pathway for NZD payment stablecoins

Odaily: The Financial Markets Authority (FMA) of New Zealand is seeking feedback on a regulatory pathway for payment stablecoins denominated in and backed by the New Zealand dollar, with the consultation closing on December 18. Under the proposal, such stablecoins that meet specific requirements and safeguards would no longer be treated as financial products under the Financial Markets Conduct Act (FMC Act); they would need to be fully backed by New Zealand dollars held at a New Zealand-registered bank and redeemable at par value. The FMA said no decision has yet been made, and the proposal is an interim measure while broader work on digital asset regulation progresses.