New Zealand: fintech & payments regulation

Who regulates

• Reserve Bank of New Zealand

  Primary supervisor for FMIs, deposit takers, and AML/CFT supervision for reporting entities including crypto-asset service providers.

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• Financial Markets Authority

  Conduct regulator for financial markets and co-regulator of FMIs with the RBNZ.

  ^{[1][5][15][16][21][22][24][25][27][28][29][30][31][32][33][34][35][37][51][53][54]}

Core laws & rules

• Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (2009)

  Requires reporting entities, including crypto-asset service providers, to register with supervisors and comply with AML/CFT obligations.

  ^[13][14][45]

• Financial Market Infrastructures Act 2021 (2021)

  Establishes a regulatory framework for designated financial market infrastructures, including payment systems and securities settlement systems.

  ^{[5][6][14][15][16][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][37][51][53][54]}

• Deposit Takers Act 2023 (2023)

  Consolidates the regulation of banks and non-bank deposit takers into a single prudential regime, including a Depositor Compensation Scheme.

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Licensing & registration

• AML/CFT Reporting Entity

  Entities providing crypto-asset exchange services or money transmission must register with the RBNZ or other designated supervisors under the AML/CFT Act 2009.

  ^[13][14][45]

• Deposit Taker

  Entities accepting deposits must be licensed under the Deposit Takers Act 2023 or the Non-bank Deposit Takers Act 2013 (during transition). Timeline: Transition to 2028

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Restrictions & warnings

• No standalone VASP license exists. Crypto-asset services are regulated primarily through AML/CFT obligations.

• Use of terms like 'insurance' is restricted for unlicensed entities under the Insurance (Prudential Supervision) Act 2010.

  ^[67]

Direction of travel

• The RBNZ is implementing the Deposit Takers Act 2023, consolidating prudential regulation by 2028. No specific crypto-asset legislation is indicated in the provided documents.

  ^[18][19][20]

Sources

1. NZCDC Section 39(3) Notice of Approval of Rule Change - 29 June 2026 · 2026-05-27
2. Oversight of Financial Market Infrastructures in New Zealand · 2025-09-11
3. Standards for designated financial market infrastructures (FMI) · 2025-09-11
4. Designating Financial Market Infrastructures · 2025-09-11
5. How we oversee FMI · 2025-09-11
6. Reserve Bank of New Zealand Notice of Approval of ESAS Rule Change under Section 39(3) · 2025-07-03
7. Reserve Bank of New Zealand DCS guidance: protected deposit hierarchy · 2025-06-04
8. Reserve Bank of New Zealand Regulatory Impact Statement: DCS Transitional Standard · 2025-05-20
9. Deposit Takers (Depositor Compensation Scheme Transitional Provisions) Standard 2025 · 2025-05-20
10. Guidance on the DCS Transitional Standard 2025 · 2025-05-20
11. Reserve Bank of New Zealand Notice of Approval of Exchange Settlement Account System Rule Change · 2025-05-05
12. Deposit takers that offer DCS-protected deposits · 2025-04-21
13. Guidance on Wire Transfer Regulations 2024 under the AML/CFT Act · 2024-10-03
14. FMI Act 2021 - Section 39(3) Notice of Approval of Rule Change - Exchange Settlement Account System (ESAS) · 2024-05-08
15. Financial Market Infrastructure Act Designation Notice (NZCDC) 2024 · 2024-02-15
16. Financial Market Infrastructures Act Designation Notice (ASXCF) 2023 · 2023-12-14
17. DTA Industry Engagement · 2023-11-29
18. Deposit Takers Act 2023 Regulatory Framework and Standards · 2023-11-29
19. Deposit Takers Act 2023 Implementation Timeline · 2023-11-29
20. Overview of the Deposit Takers Act · 2023-11-29
21. Financial Market Infrastructures Act Designation Notice (NZClear) 2023 · 2023-11-12
22. Financial Market Infrastructures Act Designation Notice (CLS) 2023 · 2023-11-05
23. Financial Market Infrastructures Act Designation Notice (ESAS) 2023 · 2023-11-05
24. Guidance Note for Overseas FMIs under the Equivalence Framework · 2023-07-31
25. FMI Standard 21: Efficiency and Effectiveness · 2023-07-31
26. Payments NZ Limited Submission on FMI Standards · 2023-07-31
27. FMI Standard 22: Communication Procedures and Standards · 2023-07-31
28. FMI Standard 23: Disclosure of rules, key procedures and market data · 2023-07-31
29. ASX Clear Futures Submission on Reserve Bank of New Zealand FMI Standards Consultation · 2023-07-31
30. FMI Standard 9: Money Settlements · 2023-07-31
31. Standard 8: Settlement Finality · 2023-07-31
32. FMI Standard 19: Tiered participation arrangements · 2023-07-31
33. FMI Standard 4: Credit Risk · 2023-07-31
34. FMI Standard 12: Exchange of Value Settlement Systems · 2023-07-31
35. FMI Standard 17A: Contingency Plans · 2023-07-31
36. Standard Conditions of Registration for Registered Banks · 2023-05-31
37. Financial Market Infrastructures Act 2021: Proposed Regulations · 2023-04-18
38. Guidelines for Non-bank Deposit Taker Licence Applicants · 2023-04-04
39. Questions and answers - Deposit Takers Act · 2022-09-27
40. Reserve Bank of New Zealand Consultation on Dual Registration Policy for Small Foreign Banks · 2022-05-17
41. Basel III BS2B consultation - standard letter to bank CEs (internal models) · 2022-05-17
42. Significant Acquisitions Regulatory Impact Analysis · 2022-05-17
43. NBDTs - Declarations Cabinet Paper - Website Version · 2022-05-17
44. Licensing update July 2014 · 2022-05-17
45. AML Wire Transfer Guidance Final August 2013 · 2022-05-17
46. Reserve Bank of New Zealand Guidelines on Fit and Proper Certificates for Licensed Insurers · 2022-05-17
47. Regulatory Impact Statement: An Enhanced Oversight Framework for Financial Market Infrastructures · 2022-05-17
48. Govt toughens rules for non-bank finance firms · 2022-05-17
49. Suitability Notice Template for Senior Officers under the Non-Bank Deposit Takers Act 2013 · 2022-05-17
50. Consultation Document: Review of the Treatment of Charitable and Religious Organisations under the Non-bank Deposit Takers Regime · 2022-05-17
51. Consultation Document on FMI Oversight · 2022-05-17
52. Cabinet Paper: Second Non-Bank Deposit Takers Bill (May 2010) · 2022-05-17
53. Response to Submissions: Approach to Implementing the Financial Market Infrastructures Act 2021 · 2022-05-17
54. Application Guidelines for Designation under Part 5C of the Reserve Bank of New Zealand Act 1989 · 2022-05-17
55. Regulatory Impact Statement for the Financial Market Infrastructure Bill · 2022-05-17
56. Strengthening Statutory Payment Oversight Powers Consultation Paper · 2022-05-17
57. Reserve Bank of New Zealand Consultation on Approving Credit Rating Agencies for Non-Bank Deposit Takers · 2022-05-17
58. The Role of the Reserve Bank of New Zealand in Supervising the Financial System · 2022-05-17
59. New Zealand: Financial Sector Assessment Program Technical Note on Fund Management Regulation and Supervision · 2022-05-17
60. Draft revisions to BS1 re LVR framework, 2013 · 2022-05-17
61. Reserve Bank of New Zealand Consultation on Pre-positioning for Open Bank Resolution · 2022-05-17
62. Reserve Bank of New Zealand Consultation on Significant Acquisitions Policy for Banks · 2022-05-17
63. Supervision of the Insurance Industry: A Quick Reference Guide · 2022-05-17
64. Summary of submissions and policy decision: Dual Registration Policy for Small Foreign Banks · 2022-05-17
65. Conditions of Licence and Licensing Policies for Licensed Insurers · 2022-05-17
66. Reserve Bank of New Zealand Guideline on Transfers and Amalgamations for Licensed Insurers · 2022-05-17
67. Guidelines: Restriction on the use of words associated with insurance · 2025-10-13