New Zealand presents stablecoin template as FMA opens consultation on NZD draft rules

New Zealand’s Financial Markets Authority (FMA) is advancing regulation for payment stablecoins tethered to the New Zealand dollar after the regulator opened a consultation on November 9. The consultation period opens amid a struggling domestic stablecoin sector in a country where the issuer of the flagship NZD coin, NZDD, has been put up for sale after the token struggled to gain popularity. How New Zealand classifies stablecoins According to New Zealand’s FMA consultation on a class designation for stablecoins tied to the New Zealand dollar (NZD), which opened on November 9, payment coins will not be classified as financial products under the Financial Markets Conduct Act.

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