Question 1

What is the FMA proposing for NZD stablecoins?

Accepted Answer

A class designation that would remove qualifying New Zealand dollar payment stablecoins from the definition of a financial product under the Financial Markets Conduct Act, provided they are backed by NZD held at a registered bank and redeemable at face value.

Question 2

Which New Zealand dollar stablecoin does the rule relate to?

Accepted Answer

NZDD, issued by ECDD Holdings Limited, a subsidiary of Easy Crypto. The FMA ruled earlier this year that NZDD is not a financial product, but the issuer's New Zealand exchange was shut on March 31 and the stablecoin business was put up for sale.

Question 3

How does Australia regulate AUD stablecoins by comparison?

Accepted Answer

ASIC's position is that a non-yield-bearing stablecoin is likely a non-cash payment facility requiring an Australian financial services licence, and proposed reforms would create a tokenised stored value facility category for payment stablecoins.

FMA

New Zealand’s FMA moves to spark local stablecoin scene with stablecoin rules draft

One sharp brief.
Every day.

FMA

New Zealand’s FMA moves to spark local stablecoin scene with stablecoin rules draft

One sharp brief.Every day.

One sharp brief.
Every day.