On 9 November 2026, TechFlow reported that New Zealand’s Financial Markets Authority (FMA) was seeking comments on a proposed class designation for stablecoins denominated in and supported by the New Zealand dollar, citing an FMA notice.
Under the proposal as reported, a stablecoin that met specified conditions would not be treated as a financial product under the Financial Markets Conduct Act. Those conditions include full backing by funds held at a New Zealand-registered bank under a bare trust, redemption at face value, and no return paid to holders. Issuers would also have to keep meeting ongoing requirements, including public reporting of reserves.
The consultation runs until 18 December. The FMA said it had not made a decision.
The notice, as reported, sets proposed conditions for regulatory classification. It does not describe reserve reporting as an audit, and it does not state that a qualifying stablecoin would be insured, guaranteed, or redeemable in every circumstance.
Original report: TechFlow, 9 November 2026, 17:26 (UTC+8).
