[New Zealand FMA Launches Tokenization Regulatory Consultation] The New Zealand Financial Markets Authority (FMA) has launched a tokenization consultation, running until the end of October, aimed at assessing whether current regulations hinder the development of tokenization. The FMA stated that tokenization projects are mostly led by already regulated institutions, while startups tend to avoid regulation due to high licensing costs and other issues, which may weaken consumer protection and lead some businesses to shift to overseas markets with lower regulatory requirements.