New Zealand FMA Seeks Feedback on Stablecoin Regulatory Pathway

The New Zealand Financial Markets Authority (FMA) proposed a regulatory pathway for payment stablecoins pegged to the New Zealand dollar (NZD) on November 9, and is seeking feedback. Eligible stablecoins that meet specific requirements and safeguards will no longer be considered financial products under the Financial Markets Conduct Act. Requirements include being backed by NZD held by a registered bank and being redeemable at face value. FMA's General Counsel Liam Mason stated that this move aims to test a clearer regulatory pathway, support innovation, and maintain market confidence. The proposal is a temporary measure, with no final decision yet, and will be advanced alongside broader digital asset regulatory work.

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