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New Zealand financial regulators have ruled that the stablecoin NZDD is not a financial product
Deep Tide TechFlow News, March 12, according to Cointelegraph, the New Zealand Financial Markets Authority (FMA) officially ruled that the stablecoin NZDD, pegged to the New Zealand dollar, does not qualify as a financial product.
FMA stated that the NZDD stablecoin does not constitute a debt security in substance because its holders do not receive any earnings, interest, or other returns, nor does it have investment characteristics. This ruling is part of the FMA’s ongoing fintech sandbox pilot program.