TechFlow news: On March 12, according to Cointelegraph, the New Zealand Financial Markets Authority (FMA) officially ruled that NZDD, a stablecoin pegged to the New Zealand dollar, does not qualify as a financial product.
The FMA stated that, in economic substance, the NZDD stablecoin does not constitute a debt security, as its holders receive no returns, interest, or other benefits and it lacks investment characteristics. This determination stems from the FMA’s ongoing FinTech sandbox pilot program.
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