The New Zealand Financial Markets Authority (FMA) has closed submissions for its discussion paper on tokenisation in financial markets, which was intended to open a dialogue on the current use and future potential of tokenisation in New Zealand’s financial markets. The extended consultation closed on 14 November 2025, following an initial submission deadline of 31 October 2025, and generated over 20 submissions from businesses, exchanges, fund managers, banks, law firms and industry groups. The paper described tokens as a subset of virtual assets created, traded and stored on programmable, distributed or centralised ledgers, and framed tokenisation as issuing tokens using distributed ledger technology to represent ownership of real-world assets or, in some cases, as standalone digital assets. It sought views on how the current market and regulatory environment helps or hinders domestic tokenisation activity, the benefits and risks for New Zealand financial markets, and what a future market and regulatory environment could look like, noting increasing international use of tokenisation in offerings of financial products and instruments to retail and wholesale investors. The FMA is reviewing and summarising the feedback and aims to publish thematic insights in the first calendar quarter of 2026, including an indication of its intended focus in this area.

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