New Zealand regulator considers easing rules for NZD-backed stablecoins

New Zealand’s Financial Markets Authority is considering an interim regulatory framework for New Zealand dollar-backed stablecoins, The Block reported. Under the proposal, stablecoins that meet specific requirements, including one-to-one backing with New Zealand dollars deposited at registered banks, would be exempt from financial product regulations under the Financial Markets Conduct Act. The authority plans to accept feedback on the proposal through Dec. 18.