Submission to the FMA on tokenisation in financial markets
11 Nov 2025
We recently made a submission to the Financial Markets Authority – Te Mana Tatai Hokohoko (FMA) in response to their discussion paper on tokenisation in financial markets, released in early September 2025.
We believe that tokenisation, already extensively used in payments, is likely to play a key role in the future of payments and money.
Tokenisation was highlighted in our recent 2025 Environmental Scan report as an accelerating global trend, with further potential to rewire the movement of money and financial markets and unlock a range of beneficial outcomes.
Our submission to the FMA focuses on tokenised forms of fiat money, also known as digital money, and its use in the wider payments ecosystem.
We support the FMA’s goal to foster, fair, efficient and transparent markets, and also support the need for a regulatory environment that balances encouraging experimentation while protecting consumers.
In our submission we outline several areas where regulatory clarity could support harnessing of opportunities coming from tokenisation, while appropriately managing the risks.