NEW ZEALAND Law and Practice Contributed by: James Cochrane, Andrew Comer, Carlo Wan and Graeme Crombie, Lane Neave
7. Tokenisation and Real-World Assets 7.1 Treatment As discussed previously in 1.1.1 Evolution of Uses of Blockchain , 1.1.2 Regulatory Sandbox , and 1.1.3 Regulation of Blockchain Technology , New Zealand does not currently have a specific regulatory regime for any virtual assets, including tokenised assets or real-world asset (RWA) tokens. Accordingly, they are regulated in the same manner as their non-blockchain equivalents. The FMA’s 2025 tokenisation discussion paper indi- cates that the increasing prevalence of tokenisation has led to it being identified as a specific area of regu- latory focus. As discussed in 1.1.2 Regulatory Sand- box , the FMA sandbox includes Homeshare, which offers tokenised fractional interests in real estate. Accordingly, it seems that tokenised RWAs may be the subject of future tailored regulation.
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