New Zealand’s Financial Markets Authority (FMA) has proposed a regulatory pathway for payment stablecoins referenced to and backed by the New Zealand dollar (NZD), according to a BlockBeats report published on November 9, 2026, at 15:59:27 (UTC+8).
Under the proposal, qualifying stablecoins that meet specified requirements and safeguards would no longer be treated as financial products under the Financial Markets Conduct Act. Those requirements include backing in NZD held by a registered bank and redemption at face value.
FMA General Counsel Liam Mason said the initiative aims to test a clearer regulatory pathway while supporting innovation and maintaining market confidence.
The proposal is a temporary measure open for feedback, not a final decision. It will be taken forward alongside broader work on digital-asset regulation.