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

New Zealand's Financial Markets Authority (FMA) is seeking feedback on a proposed regulatory approach for payment stablecoins backed by and referenced to the New Zealand dollar (NZD). According to Foresight News, citing Scoop, qualifying stablecoins that meet specified requirements and safeguards would no longer be classified as financial products under the Financial Markets Conduct Act. The proposed conditions include NZD backing held by a registered bank and redemption at par. FMA General Counsel Liam Mason said the proposal is intended to test a clearer regulatory pathway while supporting innovation and maintaining market confidence. The measure is interim, no final decision has been made, and the proposal will proceed alongside broader digital-asset regulatory work.