New Zealand FMA Seeks Feedback on NZD Payment Stablecoin Rules

Cointime update: New Zealand’s Financial Markets Authority has proposed a regulatory pathway for NZD-referenced payment stablecoins and opened it for public consultation. Under the proposal, qualifying stablecoins backed by NZD assets held at a registered bank and redeemable at par would no longer be treated as financial products under the Financial Markets Conduct Act. FMA general counsel Liam Mason said the aim is to test a clearer regime that supports innovation while maintaining market confidence; the measure is interim and no final decision has been made.