New Zealand’s FMA is seeking public comments on the regulatory path for New Zealand dollar payment stablecoins.

New Zealand’s Financial Markets Authority (FMA) has put forward a regulatory path proposal for payment stablecoins pegged to and backed by the New Zealand dollar (NZD), and is soliciting public feedback. Eligible stablecoins that meet specific requirements and safeguards will no longer be classified as financial products under the Financial Markets Conduct Act. The requirements include being backed by NZD held by a registered bank and redeemable at face value. FMA General Counsel Liam Mason stated that the move aims to test a clearer regulatory path, support innovation, and maintain market confidence. The proposal is an interim measure, no final decision has been made yet, and it will be advanced in conjunction with broader digital asset regulatory efforts.