Gate News reports that on March 12, the New Zealand Financial Markets Authority (FMA) ruled that the stablecoin NZDD, pegged to the New Zealand dollar, is not a financial product. The FMA stated that this determination is directly related to its ongoing fintech sandbox pilot, and reasons include: NZDD’s economic substance is not debt securities, it does not constitute an investment, and holders do not receive any income, interest, or other benefits. The law firm representing NZDD issuer ECDD Holdings, involved in the FMA sandbox, noted that this ruling is an important step toward clarity in New Zealand’s stablecoin regulation, but it should be noted that this determination applies only to specific products and versions of NZDD and does not constitute a general ruling on the regulation of all stablecoins.
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