Media Release
MR No. 2026 – 08
The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) will use this week’s FinTech Hui in Wellington to engage on the next steps for its FinTech sandbox pilot.
The FMA is aiming to expand the sandbox pilot to introduce an on-ramp or restricted licence for innovative firms.
“Our financial system is changing faster than ever before. This new type of licence will support firms to get access to the market with some restrictions in place that can be removed as the firm grows,” Chief Executive Samantha Barrass says.
“This approach means the FMA can help innovation and grow competition while balancing potential risks to consumers.”
Six firms entered the current FMA sandbox pilot which aimed to remove unnecessary regulatory barriers and encourage innovation. Four firms have identified a pathway to market for their innovative products or services, where regulatory uncertainty and other barriers to entry may otherwise have prevented launch.
As part of the sandbox pilot, the FMA has declared Easy Crypto’s non-yielding stablecoin is not a financial product under the Financial Markets Conduct Act (FMC Act).
The pilot has given both FMA and participants greater insights into the benefits and risks of financial innovation and new technologies, to identify gaps in our existing regulation, and provide real-world insights to policymakers.
“FMA staff worked closely with the six firms in the well-received pilot to enable a pathway to market. Expanding the sandbox to focus on on-ramp licensing means we can broaden the support we offer to a wider number of firms.” Ms Barrass said.
Tokenisation
The FMA is also publishing the responses to its September 2025 Tokenisation discussion paper.
Submitters outlined benefits that included broadening capital raising opportunities, greater access to New Zealand financial markets and increasing liquidity and market resilience.
Risks identified included custody risks around control of virtual assets, cyber security and increased risk of fraud and scams involving fake tokenised assets.
Submitters also raised concerns around legal and regulatory uncertainty, including that overseas jurisdictions are moving to licensing regimes for crypto service providers.
“The FMA will continue to engage with policymakers on potential changes to legal and regulatory frameworks to reflect the significant changes in markets over the past decade.” says Ms Barrass.
ENDS
Media contact:
If you would like to talk with one or more of the firms who participated in the Sandbox pilot or would like an interview, please contact [email protected]
Related
Financial Markets Conduct (ECDD Holdings Limited Stablecoin) Designation Notice 2026
Discussion paper: Tokenisation in financial markets
