# New Zealand Regulator Seeks Input on NZD Stablecoin Class Designation

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/52746
Published: 2026-11-10T02:26:59.000Z
Updated: 2026-11-10T02:26:59.000Z
Section: Regulation

> Qualifying payment tokens would need to meet reserve, redemption and disclosure conditions. The Financial Markets Authority has not made a final decision.

New Zealand’s Financial Markets Authority (FMA) is considering a legal designation that would remove some New Zealand dollar-backed payment stablecoins from financial-product rules, setting requirements for issuers.

To qualify, tokens would need full backing from funds held on bare trust at a New Zealand-registered bank, redemption at face value and no return for holders. Issuers would also face ongoing obligations, including public reserve reports.

The FMA describes the proposal as an interim measure alongside broader work on digital-asset regulation. It is aimed at stablecoins designed for payments rather than investment, and the authority has not made a final decision.

“We want to test whether the way they are regulated should better reflect how they are designed and used,” FMA General Counsel Liam Mason said.

Feedback is due by 5 p.m. Dec. 18 in New Zealand, or 11 p.m. ET Dec. 17 (04:00 UTC Dec. 18). The FMA will consider submissions before finalizing its policy proposal. If it adopts the designation, it will work to put it in place.