Research
Coming up
Next dated changes, soonest first
- Oct 2026 (est.)TZSDerived: first 3-month pilot phase (from 15 Jul 2026) ends around mid-Oct 2026; BoT milestone review before next phase. linkedin.com ↗
- Oct 2026PLNGovernment expects a fourth, somewhat stricter crypto-assets market bill at a cabinet meeting in October 2026. bankier.pl ↗
- Nov 2026KRWFSC says the Digital Asset Basic Act will be discussed at the National Assembly subcommittee in November 2026. asiae.co.kr ↗
- Nov 2026 (est.)PKRDerived: NOC applications filed by the 5 Sep 2026 deadline should be decided by about early Nov 2026 (60-day timeline). pvara.gov.pk ↗
- 6 Nov 2026BRLBanks and payment firms may no longer deal with crypto providers that are not BCB-authorised (Res. 589). bcb.gov.br ↗
- Dec 2026GBPBank of England plans to finalise its Systemic Stablecoin Issuer Code of Practice by end-2026. bankofengland.co.uk ↗
- Dec 2026GHSAt risk: regime set to go live (IMF TA report), but BoG missed its Q3 licensing target; officials point to 2027. myjoyonline.com ↗
- Dec 2026THBBOT public hearing on baht stablecoin rules expected within 2026; BOT expects clarity by end-2026. moneyandbanking.co.th ↗
- Jan 2027BRLSelf-custody transfers of US$10k+ from Oct–Dec 2026 must be reported on the first business day of Jan 2027. bcb.gov.br ↗
- Jan 2027KRWRep. Min Byoung-dug targets passing the framework act by early January 2027 after a public hearing. en.sedaily.com ↗
- 1 Jan 2027BRLNew provider reporting to BCB starts, including client balances, proof of reserves, custody and staking. bcb.gov.br ↗
- 20 Feb 2027CNYTether ends CNHT redemption support about one year after it stopped minting on 20 Feb 2026. tether.io ↗
- 28 Feb 2027GBPFCA application window closes. Firms that apply on time can keep operating while assessed. fca.org.uk ↗
- Mar 2027TWDFSC's earliest target for the Act and sub-regulations to take effect together and open licence applications (Q1 2027). cna.com.tw ↗
- 9 Apr 2027AUDDigital Assets Framework Act starts: digital asset platforms and tokenised custody platforms need AFS licensing. asic.gov.au ↗
- May 2027COPFirst DIAN submission of crypto-asset transaction data under the CARF reporting rule is planned for May 2027. infobae.com ↗
- 30 Jun 2027EURThe European Commission reports on MiCA and may propose changes. The ECB has asked to keep the interest ban and revise the bank-deposit rules. esma.europa.eu ↗
- 25 Oct 2027GBPThe full UK cryptoasset regime, including stablecoin issuance, comes into force. fca.org.uk ↗
Each link is the source for that line. (est.) = estimated from published timelines, not announced.
By currency
Licensed stablecoin live: Yes when a stablecoin issued under these rules is in use today.
EUREuropean Union / euro areaStage: Rules in placeLicensed stablecoin live: YesOnly a licensed EU/EEA bank or e-money firm can issue a euro stablecoin. At least 30% of reserves must be bank deposits. Holders can redeem 1:1 for euros, with no fee.Next change: 30 Jun 2027
European Union / euro area · EUR stablecoins and data
Rules today
Under MiCA, the EU's crypto law, a euro stablecoin is an e-money token. In force since 30 Jun 2024.
Dated changes
- 8 Oct 2026ESMA said MiCA-authorised crypto firms should stop serving EU clients with non-MiCA-compliant stablecoins and clear existing exposures within three months. esma.europa.eu ↗
- 30 Jun 2027The European Commission reports on MiCA and may propose changes. The ECB has asked to keep the interest ban and revise the bank-deposit rules. esma.europa.eu ↗
Regulators
- National authorities (e.g. ACPR France, BaFin Germany, DNB Netherlands)
- ESMA
- European Commission
Sources
- ESMA – MiCA Art. 48 (who may offer e-money tokens) ↗
- ESMA – MiCA Art. 49 (redemption at par, no fee) ↗
- ESMA – MiCA Art. 54 (investment of reserve funds, 30% deposits) ↗
- ESMA – MiCA Art. 149 (application dates) ↗
- ESMA – MiCA page and interim register (last update 7 Oct 2026) ↗
- ESMA – MiCA Art. 140 (Commission report by 30 Jun 2027) ↗
- European Commission – Targeted consultation on the MiCA review (closed 30 Sep 2026) ↗
- ECB – ESCB response to the MiCAR review consultation (Sep 2026, PDF) ↗
- ESMA – Supervisory expectations on services related to unauthorised stablecoins (8 Oct 2026) ↗
As of 8 Oct 2026. Not legal advice.
JPYJapanStage: Rules in placeLicensed stablecoin live: YesYen stablecoins are legal, but only licensed banks, trusts and funds-transfer providers can issue them.Next change: Not published
Japan · JPY stablecoins and data
Rules today
Since 1 Jun 2023, yen stablecoins are e-payment instruments. Only banks, trusts or funds-transfer providers may issue them. JPYC started Oct 2025. Since Jun 2026, trust-type coins need ≥50% demand deposits.
Dated changes
Not published
Regulators
- Financial Services Agency (FSA)
- Local Finance Bureaus (e.g. Kanto)
Sources
- FSA – 2025 Payment Services Act amendment: cabinet orders published, in force 1 Jun 2026 (22 May 2026) ↗
- JPYC – Funds-transfer provider registration (18 Aug 2025, PR Times) ↗
- FSA – Bills submitted to the Diet (FIEA/PSA amendment passed 15 Jul 2026) ↗
- Nagashima Ohno & Tsunematsu – Outline of the 2026 FIEA/PSA crypto bill (Apr 2026, secondary) ↗
- MCB FinTech Catalog (Monex) – Backing-asset rules for electronic payment instruments, 50% demand-deposit floor (secondary) ↗
As of 4 Oct 2026. Not legal advice.
CHFSwitzerlandStage: ConsultingLicensed stablecoin live: NoCHF tokens need a bank licence or bank guarantee for now. A dedicated issuer licence is coming with no fixed start date.Next change: Not published
Switzerland · CHF stablecoins and data
Rules today
No stablecoin-specific law yet. FINMA Guidance 06/2024 covers bank-guarantee setups. A draft payment-instrument licence would require a redemption claim and protect client funds; consultation closed 6 Feb 2026.
Dated changes
Not published
Regulators
- FINMA
- Federal Council / SIF
Sources
As of 4 Oct 2026. Not legal advice.
BRLBrazilStage: Rules in placeLicensed stablecoin live: NoBRL issuers are not licensed as such, but exchanges that list them must be authorised and must check reserves.Next change: 6 Nov 2026
Brazil · BRL stablecoins and data
Rules today
No licence just for issuing BRL stablecoins. Since 2 Feb 2026, crypto providers must be BCB-authorised and check reserves before listing. Algorithmic reserves barred. Stablecoin FX flows face a US$100k cap in some cases.
Dated changes
- 30 Oct 2026Deadline for crypto firms already operating to file for BCB authorisation; non-filers must stop within 30 days. bcb.gov.br ↗
- 6 Nov 2026Banks and payment firms may no longer deal with crypto providers that are not BCB-authorised (Res. 589). bcb.gov.br ↗
- 1 Jan 2027New provider reporting to BCB starts, including client balances, proof of reserves, custody and staking. bcb.gov.br ↗
- Jan 2027Self-custody transfers of US$10k+ from Oct–Dec 2026 must be reported on the first business day of Jan 2027. bcb.gov.br ↗
Regulators
- Banco Central do Brasil (BCB)
- Coaf
Sources
- BCB – Resolução BCB nº 520 (PSAV rules incl. stablecoin definition, 270-day filing window, Art. 91) ↗
- Diário Oficial – Resolução BCB nº 521 (crypto in the FX market, US$100k limit) ↗
- BCB – Resolução BCB nº 589 (23 Sep 2026: bank cut-off moved to 6 Nov 2026; reporting from 1 Jan 2027) ↗
- BCB – Resolução BCB nº 591 (30 Sep 2026: US$10k self-custody reporting) ↗
- BCB – 'BC aprimora regras relativas à prestação de serviços de ativos virtuais' (23 Sep 2026) ↗
- Capital Aberto – BC leva a autocustódia de cripto ao radar do Coaf (24 Sep 2026, secondary) ↗
- Conjur – Stablecoins como moeda eletrônica: o BC mudou de ideia? (27 May 2026, secondary) ↗
As of 4 Oct 2026. Not legal advice.
GBPUnited KingdomStage: Rules in placeLicensed stablecoin live: NoGBP issuers must apply to the FCA by 28 Feb 2027. Users get T+1 par redemption once rules start on 25 Oct 2027.Next change: Dec 2026
United Kingdom · GBP stablecoins and data
Rules today
Issuing a qualifying UK stablecoin needs FCA authorisation. Coins must be fully backed on statutory trust with a minimum in on-demand deposits. Holders redeem at par by next business day. Systemic coins face BoE rules.
Dated changes
- Dec 2026Bank of England plans to finalise its Systemic Stablecoin Issuer Code of Practice by end-2026. bankofengland.co.uk ↗
- 28 Feb 2027FCA application window closes. Firms that apply on time can keep operating while assessed. fca.org.uk ↗
- 25 Oct 2027The full UK cryptoasset regime, including stablecoin issuance, comes into force. fca.org.uk ↗
Regulators
- Financial Conduct Authority (FCA)
- Bank of England
- HM Treasury
Sources
As of 4 Oct 2026. Not legal advice.
SGDSingaporeStage: ConsultingLicensed stablecoin live: NoSGD issuers can prepare for reserve and 5-day redemption rules, but there is no statutory MAS-regulated licence yet.Next change: Not published
Singapore · SGD stablecoins and data
Rules today
MAS finalised its single-currency stablecoin framework (15 Aug 2023) for SGD or G10-pegged coins issued in Singapore. Issuers face reserve, capital and audit rules and redeem at par within 5 business days. Not yet law.
Dated changes
- 16 Oct 2026Comment deadline for MAS Payment Services Act amendments to enact the framework, including a possible interest ban. mas.gov.sg ↗
Regulators
- Monetary Authority of Singapore (MAS)
Sources
As of 4 Oct 2026. Not legal advice.
AUDAustraliaStage: Rules in placeLicensed stablecoin live: YesAUD issuers need an AFSL today. A dedicated stablecoin regime is drafted but timing depends on Parliament.Next change: 9 Apr 2027
Australia · AUD stablecoins and data
Rules today
ASIC treats stablecoins as financial products, so issuers need an AFSL. AUDD's issuer got an AFSL in Feb 2026. A draft bill would treat payment stablecoins as tokenised stored-value facilities. No reserve rule yet.
Dated changes
- 9 Apr 2027Digital Assets Framework Act starts: digital asset platforms and tokenised custody platforms need AFS licensing. asic.gov.au ↗
Regulators
- ASIC
- Treasury
- APRA
Sources
- ASIC – 25-250MR Updated guidance (INFO 225) and no-action position (29 Oct 2025) ↗
- Novatti (ASX: NOV) – AUDC granted AFSL for non-cash payment facilities (11 Feb 2026) ↗
- ASIC – Roadmap for digital assets law reform implementation (DAF Act commences 9 Apr 2027) ↗
- Treasury – Payments licensing reforms (Tranche 1 draft legislation, updated 12 Mar 2026) ↗
- McCabes Lawyers – New payment models face a broader licensing regime (Sep 2026, secondary) ↗
As of 4 Oct 2026. Based on company/press sources Not legal advice.
ARSArgentinaStage: No rules yetLicensed stablecoin live: NoPeso stablecoins sit in a grey zone: platforms must register, and any yield feature can make a token an unauthorised security.Next change: Not published
Argentina · ARS stablecoins and data
Rules today
No stablecoin-specific rules. CNV regulates crypto providers, not tokens, unless they are securities. In March 2026 it halted ARGt over yield promises. BCRA bars payment firms from offering unauthorised crypto.
Dated changes
Not published
Regulators
- CNV
- BCRA
Sources
As of 4 Oct 2026. Not legal advice.
ZARSouth AfricaStage: ConsultingLicensed stablecoin live: NoRand stablecoin issuers operate under FSCA crypto-provider licences, not a dedicated issuer regime.Next change: Not published
South Africa · ZAR stablecoins and data
Rules today
No stablecoin-specific regime. Crypto assets are financial products under FAIS, so intermediaries need an FSCA licence. SARB says crypto for domestic payments is not legal tender; wants IFWG sandbox tests of rand coins.
Dated changes
Not published
Regulators
- FSCA
- SARB
- IFWG
Sources
- SARB/FSCA – Joint Communication: Crypto assets for domestic payment purposes (28 May 2026) ↗
- IFWG – Functional analysis of existing regulatory frameworks and rand-pegged stablecoin arrangements (discussion paper) ↗
- TechCentral – Reserve Bank says its approach to stablecoins is not settled (9 Sep 2026, secondary) ↗
As of 4 Oct 2026. Not legal advice.
MXNMexicoStage: No rules yetLicensed stablecoin live: NoMXN stablecoins are issued offshore outside Mexican financial regulation; users rely on the foreign licence and issuer terms.Next change: Not published
Mexico · MXN stablecoins and data
Rules today
No Mexican stablecoin regime. Banks and fintechs may not offer crypto exchange, transfer or custody to clients (Banxico Circular 4/2019). Main tracked MXN token MXNB is issued in El Salvador under a CNAD licence.
Dated changes
Not published
Regulators
- Banco de México (Banxico)
- CNBV
- CNAD (El Salvador)
Sources
As of 4 Oct 2026. Based on company/press sources Not legal advice.
CADCanadaStage: Rules in placeLicensed stablecoin live: YesCAD issuers operate under provincial securities rules today and will later need Bank of Canada registration with no yield.Next change: Not published
Canada · CAD stablecoins and data
Rules today
Provincial rules treat fiat-backed stablecoins as securities/derivatives, with 1:1 redemption and same-currency reserves in trust. Stablecoin Act (26 Mar 2026) puts non-bank issuers under the BoC; not yet in force.
Dated changes
Not published
Regulators
- Bank of Canada
- Department of Finance Canada
- Canadian Securities Administrators / provincial regulators
Sources
As of 4 Oct 2026. Not legal advice.
CNYMainland ChinaStage: No rules yetLicensed stablecoin live: NoIssuing or promoting a yuan stablecoin without Chinese approval is prohibited. No regulated CNY or CNH stablecoin exists.Next change: 20 Feb 2027
Mainland China (offshore CNH: Hong Kong) · CNY stablecoins and data
Rules today
No mainland licence for yuan stablecoins. A PBOC-led notice (effective 6 Feb 2026) treats virtual-currency business as illegal and bars offshore RMB-pegged coins without Chinese approval. HK licences cover HKD, not CNH.
Dated changes
- 20 Feb 2027Tether ends CNHT redemption support about one year after it stopped minting on 20 Feb 2026. tether.io ↗
Regulators
- People's Bank of China (PBOC) and joint agencies
- Hong Kong Monetary Authority (HKMA)
Sources
- PBOC et al.: Notice on further preventing and handling virtual currency risks (Yinfa [2026] No. 42), 6 Feb 2026 ↗
- HKMA: Register of Licensees under the Stablecoins Ordinance (Cap. 656) ↗
- Tether: Strategic transition for CNH₮ (20 Feb 2026) ↗
- Anchorpoint: HKDAP FAQs ↗
- HSBC: HSBC names stablecoin 'HSBC RedCoin' (30 Sep 2026) ↗
As of 4 Oct 2026. Not legal advice.
NGNNigeriaStage: SandboxLicensed stablecoin live: NoNaira issuers operate only under conditional sandbox permissions. Users have no final licensed regime yet.Next change: Not published
Nigeria · NGN stablecoins and data
Rules today
No final stablecoin licence yet. cNGN's issuer has SEC sandbox AiP, not a final licence. July 2026 order splits SEC/CBN roles; CBN opened a sandbox. Draft rules would require 100% cash-equivalent reserves.
Dated changes
Not published
Regulators
- SEC Nigeria
- Central Bank of Nigeria (CBN)
Sources
- SEC Nigeria: SEC clears seven new fintech firms for admission into ARIP (2 Jul 2026) ↗
- SEC Nigeria: Proposed Rules on Digital and Virtual Asset Operations, Custody and Markets (PDF) ↗
- State House Abuja: President Tinubu signs Executive Order on Virtual Assets (17 Jul 2026) ↗
- TechCabal: Nigeria's central bank opens regulatory sandbox to virtual asset firms (12 Aug 2026) ↗
- Serrari Group: Nigeria stablecoin rules set 120% liquidity coverage floor (24 Aug 2026) ↗
- cNGN (WrappedCBDC Limited): Terms and Conditions ↗
As of 4 Oct 2026. Not legal advice.
MYRMalaysiaStage: SandboxLicensed stablecoin live: NoRinggit stablecoin issuers can only test with BNM or stay outside payment activity until a framework exists.Next change: Not published
Malaysia · MYR stablecoins and data
Rules today
No stablecoin licence yet. BNM is testing ringgit stablecoins in its Digital Asset Innovation Hub; admission does not guarantee approval. Payment or e-money use still needs BNM authorisation. Reserve rules not published.
Dated changes
Not published
Regulators
- Bank Negara Malaysia (BNM)
Sources
As of 4 Oct 2026. Not legal advice.
KRWSouth KoreaStage: ConsultingLicensed stablecoin live: NoWon stablecoins exist without a Korean issuance licence. Whether non-banks can issue depends on the bank-majority debate.Next change: Nov 2026
South Korea · KRW stablecoins and data
Rules today
No law yet lets anyone issue a won stablecoin. Today's user-protection act covers providers, not issuance. A Digital Asset Basic Act would cover issuance; open issues include a bank-majority stake in issuer consortia.
Dated changes
- Nov 2026FSC says the Digital Asset Basic Act will be discussed at the National Assembly subcommittee in November 2026. asiae.co.kr ↗
- Jan 2027Rep. Min Byoung-dug targets passing the framework act by early January 2027 after a public hearing. en.sedaily.com ↗
Regulators
- Financial Services Commission (FSC)
- National Assembly
Sources
- The Asia Business Daily: FSC says Digital Asset Basic Act to be discussed at subcommittee in November (22 Sep 2026) ↗
- Bloomingbit: National Assembly hearing on Digital Asset Framework Act still unscheduled (29 Sep 2026) ↗
- Seoul Economic Daily: Dividing stakes before growing the market, critics say of Korea's digital asset rules (2 Oct 2026) ↗
As of 4 Oct 2026. Not legal advice.
COPColombiaStage: No rules yetLicensed stablecoin live: NoCOP stablecoins operate with no Colombian licence or legally required reserves; holders rely on issuer terms.Next change: May 2027
Colombia · COP stablecoins and data
Rules today
No stablecoin or crypto-provider licence; a 2025 bill was archived. Providers face AML reporting to UIAF and crypto tax reporting to DIAN from tax year 2026. No published reserve or redemption rules.
Dated changes
- May 2027First DIAN submission of crypto-asset transaction data under the CARF reporting rule is planned for May 2027. infobae.com ↗
Regulators
- No stablecoin regulator designated
- UIAF / DIAN
- Banco de la República (proposed)
Sources
- Cámara de Representantes: PL 510/2025C, Servicios activos virtuales (archived) ↗
- Infobae: Compra y venta de criptomonedas en Colombia seguirá sin reglas claras (17 Aug 2026) ↗
- Valora Analitik via Yahoo Noticias: Gobierno tiene listo proyecto de ley para regular activos digitales (25 Feb 2026) ↗
- Ripio: wFIAT (licences by country and wCOP attestation) ↗
As of 4 Oct 2026. Not legal advice.
IDRIndonesiaStage: SandboxLicensed stablecoin live: NoA rupiah issuer has a path to OJK registration, but no published reserve standards. BI treats stablecoins as investment, not payment.Next change: Not published
Indonesia · IDR stablecoins and data
Rules today
No dedicated stablecoin licence. OJK's sandbox passed a rupiah-issuer model (IDRP) on 11 Jun 2026, opening a registration route. Trading falls under OJK crypto rules. Reserve and redemption rules are not published.
Dated changes
Not published
Regulators
- Otoritas Jasa Keuangan (OJK)
- Bank Indonesia (BI)
Sources
As of 4 Oct 2026. Not legal advice.
CLPChileStage: No rules yetLicensed stablecoin live: NoPeso stablecoins operate without an issuer licence or mandated reserves. Expect central-bank payment-use rules around end-2026.Next change: Not published
Chile · CLP stablecoins and data
Rules today
No rules yet for issuing peso stablecoins. Trading, custody and related services need CMF registration under the Fintec Law, but that does not set issuer reserve or redemption rules.
Dated changes
Not published
Regulators
- Banco Central de Chile (BCCh)
- Comisión para el Mercado Financiero (CMF)
Sources
As of 4 Oct 2026. Not legal advice.
PENPeruStage: No rules yetLicensed stablecoin live: NoSol stablecoins have no issuer licence or reserve rule in Peru. Service providers must meet AML and Travel Rule duties.Next change: Not published
Peru · PEN stablecoins and data
Rules today
No stablecoin or crypto-market law. Virtual-asset providers are AML reporting entities under SBS Resolution 02648-2024; Travel Rule applies since 1 Aug 2026. A crypto trading bill returned to committee in March 2025.
Dated changes
Not published
Regulators
- SBS / UIF-Perú
- No regulator designated for stablecoin issuance
Sources
As of 4 Oct 2026. Not legal advice.
TRYTürkiyeStage: No rules yetLicensed stablecoin live: NoLira stablecoins can be held via Turkish platforms but not used to pay. Withdrawals face MASAK limits; holders rely on issuer promises.Next change: Not published
Türkiye · TRY stablecoins and data
Rules today
No stablecoin-specific law. Lira tokens are ordinary crypto; platforms need SPK permission. TCMB bars crypto for payments. MASAK caps withdrawals at US$6,000/day and US$100,000/month. No issuer reserve rules published.
Dated changes
Not published
Regulators
- Capital Markets Board (SPK)
- Central Bank (TCMB)
- MASAK
Sources
- BiLira: TRYB Terms of Use (last edited 10 Jun 2026) ↗
- Paribu: Withdrawal limits, waiting periods and description requirement (MASAK General Communiqué No. 29) ↗
- RoNa Legal: Fintech, crypto and financial licensing law in Türkiye (updated 27 Aug 2026) ↗
- Tevetoglu Legal: SPK 26 Mar 2026 announcement – deadlines now conditional ↗
As of 4 Oct 2026. Based on company/press sources Not legal advice.
NZDNew ZealandStage: SandboxLicensed stablecoin live: NoNZDD has comfort that it is not an investment product. Other NZD issuers still need case-by-case FMA treatment.Next change: Not published
New Zealand · NZD stablecoins and data
Rules today
No stablecoin-specific law; FMA decides product by product. From 11 Mar 2026, NZDD is designated not a financial product (post-sandbox). Pays no yield; backed by NZ$ on bare trust. Other NZD coins lack a general licence.
Dated changes
Not published
Regulators
- Financial Markets Authority (FMA)
Sources
As of 4 Oct 2026. Based on company/press sources Not legal advice.
VNDVietnamStage: No rules yetLicensed stablecoin live: NoNo issuer can lawfully offer a dong-pegged stablecoin under the current pilot.Next change: Not published
Vietnam · VND stablecoins and data
Rules today
No stablecoin regime. A 5-year crypto pilot excludes digital fiat and requires tokens backed by real assets other than securities or fiat, so dong-backed coins have no licensing path. VNDC's founder prosecuted Apr 2026.
Dated changes
Not published
Regulators
- Ministry of Finance / State Securities Commission
- State Bank of Vietnam
- Ministry of Public Security
Sources
- Resolution No. 05/2025/NQ-CP on the pilot crypto-asset market (full text, via vietnam.vn / laichau.gov.vn) ↗
- Ministry of Public Security: Information on the ONUS exchange case (3 Apr 2026) ↗
- TNGlobal: Vietnam wants crypto exchanges by Q3/2026, experts doubt feasibility (22 Sep 2026) ↗
- VIFC Insight: DTI Law and Resolution 05 – Vietnam's crypto licensing framework (18 Apr 2026) ↗
As of 4 Oct 2026. Not legal advice.
HKDHong KongStage: Rules in placeLicensed stablecoin live: YesOnly HKMA-licensed issuers may offer HKD stablecoins. HKDAP is for corporates and professional investors via authorised distributors.Next change: Not published
Hong Kong · HKD stablecoins and data
Rules today
Since 1 Aug 2025, issuing a fiat-referenced stablecoin in Hong Kong, or HKD-referenced anywhere, needs an HKMA licence. Reserves ≥100% of par; HK$25m capital. Redeem at par within one business day. Two licences so far.
Dated changes
Not published
Regulators
- Hong Kong Monetary Authority (HKMA)
Sources
- HKMA: Register of Licensees under the Stablecoins Ordinance (Cap. 656) ↗
- HKMA press release: Granting of stablecoin issuer licences (10 Apr 2026) ↗
- HKMA: Regulatory Regime for Stablecoin Issuers ↗
- HKMA: Guideline on Supervision of Licensed Stablecoin Issuers (PDF) ↗
- HK Government: LCQ6 Development and regulation of stablecoins (10 Jun 2026) ↗
- FSTB/SFC consultation conclusions on VA advisory and management services (26 May 2026) ↗
- Anchorpoint: commences institutional rollout of HKDAP via Beta Access (12 Aug 2026, PDF) ↗
- HSBC: HSBC names stablecoin 'HSBC RedCoin' (30 Sep 2026) ↗
- Anchorpoint: HKDAP FAQs ↗
As of 4 Oct 2026. Not legal advice.
PHPPhilippinesStage: SandboxLicensed stablecoin live: NoPHPC can be used under BSP supervision, but any other peso stablecoin needs its own BSP sandbox approval.Next change: Not published
Philippines · PHP stablecoins and data
Rules today
No general licensing regime for issuers. BSP tests coins case by case in its sandbox. Coins.ph's PHPC exited sandbox restrictions in June 2025; 1:1 cash backing/audits are issuer commitments, not published rules.
Dated changes
Not published
Regulators
- Bangko Sentral ng Pilipinas (BSP)
Sources
- Coins.ph: PHPC stablecoin readies to exit regulatory sandbox ↗
- Coins.ph: PHPC whitepaper ↗
- BSP: List of Virtual Asset Service Providers as of 15 July 2026 ↗
- BitPinas: BSP reviews stablecoin proposals amid cautious approach (1 Dec 2025) ↗
- The Banker: Philippines' stablecoin ambitions face regulatory hurdles ↗
As of 4 Oct 2026. Not legal advice.
AEDUnited Arab EmiratesStage: Rules in placeLicensed stablecoin live: YesOnly CBUAE-licensed UAE issuers may issue dirham tokens to UAE residents. Users get next-day par redemption.Next change: Not published
United Arab Emirates (onshore; excludes the ADGM and DIFC financial free zones)
Rules today
Since 31 Aug 2024, dirham payment tokens need a CBUAE licence, AED 15m capital, and 100% AED cash in segregated escrow (bank-owned issuers may use 50% cash plus UAE bonds). Next-day par redemption; interest banned.
Dated changes
Not published
Regulators
- Central Bank of the UAE (CBUAE)
Sources
- CBUAE Rulebook – Payment Token Services Regulation (C 2/2024, in force) ↗
- CBUAE – Legislation page and Decree-Law No. 6 of 2025 FAQ (updated 10 Sep 2026) ↗
- Khaleej Times – UAE's first stablecoin receives final CBUAE licence to launch (10 Dec 2024, secondary) ↗
- Zawya – AE Coin: a payment method for UAE's federal government authorities (press release, secondary) ↗
As of 4 Oct 2026. Not legal advice.
KESKenyaStage: Rules in placeLicensed stablecoin live: NoA KES stablecoin offered in Kenya needs a CBK licence and onshore reserves. Users get two-working-day par redemption and no yield.Next change: Not published
Kenya
Rules today
VASP Regulations 2026 (in force 22 Jul 2026) require CBK licence and approved white paper. Full backing in cash, deposits or short gov securities; ≥30% in segregated Kenyan trusts. Redeem in 2 working days; no interest.
Dated changes
Not published
Regulators
- Central Bank of Kenya (CBK)
- Capital Markets Authority (CMA)
Sources
As of 4 Oct 2026. Not legal advice.
TWDTaiwanStage: Rules in placeLicensed stablecoin live: NoNo licensed TWD stablecoin can exist until the Act takes effect. Unauthorised issuance then carries up to 7 years in prison.Next change: Mar 2027
Taiwan
Rules today
Virtual Asset Service Act promulgated 22 Jul 2026 but not yet in force. Issuing will need FSC licence with central-bank consent, full domestic trusts, par issue/redemption, no interest. Sub-rules still drafting.
Dated changes
- Mar 2027FSC's earliest target for the Act and sub-regulations to take effect together and open licence applications (Q1 2027). cna.com.tw ↗
Regulators
- Financial Supervisory Commission (FSC)
- Central Bank of the Republic of China (Taiwan)
Sources
- Office of the President – Virtual Asset Service Act, promulgated 22 Jul 2026 (ROC 115-07-22, PDF) ↗
- FSC – Press release: Legislative Yuan passes the Virtual Asset Service Act (30 Jun 2026) ↗
- CNA – FSC: Act could take effect as early as Q1 next year (30 Jun 2026, secondary) ↗
- Taipei Times – Legislature passes cryptocurrency regulations (1 Jul 2026, secondary) ↗
As of 4 Oct 2026. Not legal advice.
BHDBahrainStage: Rules in placeLicensed stablecoin live: NoBahrain offers a full BHD licence and allows yield-bearing coins. First BHD token was still preparing to launch as of Aug 2026.Next change: Not published
Bahrain
Rules today
Since July 2025, issuing stablecoins in or from Bahrain needs a CBB licence. Reserves ≥100% of par in highly liquid assets. Redeem at par within five business days; issuers may pay reasonable yield from reserve income.
Dated changes
Not published
Regulators
- Central Bank of Bahrain (CBB)
Sources
- CBB – Central Bank of Bahrain Issues Framework for Regulating Stablecoin Issuance (4 Jul 2025) ↗
- CBB Rulebook Vol. 6 – Stablecoin Issuance and Offering Module (July 2025, PDF) ↗
- CBB Rulebook – SIO-1.2 Type of stablecoins permitted ↗
- GlobeNewswire – AXG secures Bahrain's first stablecoin issuer licence (11 Jun 2026, company release) ↗
- GlobeNewswire – AX Coin Bahrain receives Sharia certification for AXBHD (3 Aug 2026, company release) ↗
As of 4 Oct 2026. Based on company/press sources Not legal advice.
GELGeorgiaStage: Rules in placeLicensed stablecoin live: NoLari stablecoins need NBG VASP registration and prior consent. Holders get par redemption in 3–5 business days and audited reserves.Next change: Not published
Georgia
Rules today
NBG Order No. 52/04 (Mar 2026) lets registered VASPs offer stablecoins with prior NBG consent. Reserves ≥100%, segregated, in the peg currency. Redeem at par in 3–5 business days; quarterly audited reports published.
Dated changes
- 15 Oct 2026First monthly stablecoin return due under NBG Order No. 201/04: issuance, circulation, redemption and reserve data. cryptolicense.ge ↗
Regulators
- National Bank of Georgia (NBG)
Sources
- NBG – Governor Order No. 52/04 (6 Mar 2026): Rule for the Initial Coin Offering of a Stablecoin by a VASP (English PDF) ↗
- Interfax – National Bank of Georgia authorizes issuance of stablecoin (10 Mar 2026, secondary) ↗
- Tether – Tether and the Government of Georgia to launch GEL₮ (25 May 2026, issuer press release) ↗
- NBG – Natia Turnava meets with representatives of Tether (25 May 2026) ↗
- CryptoLicense.ge – Georgia VASP regulatory updates (Order No. 201/04 stablecoin monthly reporting, 21 Aug 2026; secondary, law-firm site) ↗
- Pravda Georgia – NBG orders stablecoin issuers to report reserves monthly (23 Aug 2026, secondary) ↗
As of 4 Oct 2026. Not legal advice.
PKRPakistanStage: Rules in placeLicensed stablecoin live: NoA full licensing route for PKR stablecoins exists with 100% reserves and par redemption. No issuer is licensed yet.Next change: Nov 2026 (est.)
Pakistan
Rules today
Under the Virtual Assets Act 2026, fiat-referenced token issuers need 100% HQLA reserves, par redemption promptly, audited disclosures and insolvency priority. In force 21 Aug 2026. No PKR token licensed yet.
Dated changes
- Nov 2026 (est.)Derived: NOC applications filed by the 5 Sep 2026 deadline should be decided by about early Nov 2026 (60-day timeline). pvara.gov.pk ↗
Regulators
- Pakistan Virtual Assets Regulatory Authority (PVARA)
- State Bank of Pakistan (SBP)
Sources
- PVARA – Licensing (Regulations 2026 notified and in force 21 Aug 2026; licence categories, capital, timelines) ↗
- Virtual Assets Act 2026, as passed by the National Assembly (PVARA PDF; s.31 FRT requirements, s.70 transitional) ↗
- PVARA – Advisory PVARA/ADV/001/2026 on virtual asset announcements and activities (26 Apr 2026) ↗
- Dawn – PVARA publishes sandbox guidelines (17 Mar 2026, secondary) ↗
As of 4 Oct 2026. Not legal advice.
GHSGhanaStage: SandboxLicensed stablecoin live: NoCedi stablecoins are not yet licensable in practice. Firms can only test in the SEC sandbox; go-live likely 2027.Next change: Dec 2026
Ghana
Rules today
VASP Act 2025 lists stablecoin issuance as licensable. Guidelines still drafting; Dec 2026 go-live at risk (2027 likely). Draft plans propose full HQLA backing. Foreign-currency stablecoins barred for payments in Ghana.
Dated changes
- Dec 2026At risk: regime set to go live (IMF TA report), but BoG missed its Q3 licensing target; officials point to 2027. myjoyonline.com ↗
Regulators
- Bank of Ghana (BoG)
- SEC Ghana
- Financial Intelligence Centre (FIC)
Sources
- Bank of Ghana – Virtual Assets (Act 1154; Virtual Assets Department; licensable activities) ↗
- IMF Technical Assistance Report No. 26/78 – Ghana: Regulation and Supervision of Crypto Markets and Activities (Sep 2026; read via BitKE-hosted copy) ↗
- MyJoyOnline – IMF: crypto guidelines in Ghana fall short; regime set to go live Dec 2026 (1 Oct 2026, secondary) ↗
- SEC Ghana – Press release: official announcement of virtual asset sandbox participants (10 Mar 2026) ↗
- GhanaWeb – BoG crypto department in place but no licences yet; full operation of Act 1154 by 2027 (8 Oct 2026, secondary) ↗
As of 4 Oct 2026. Not legal advice.
THBThailandStage: ConsultingLicensed stablecoin live: NoBaht stablecoins cannot yet be issued under a dedicated regime. Expect a BOT draft for comment around end-2026.Next change: Dec 2026
Thailand
Rules today
No baht stablecoin regime in force. BOT design study is at final stage, aiming for payments use with initially 100% cash backing and an issuer licence. SEC consulted until 25 Sep 2026 on platform dealing limits.
Dated changes
- Dec 2026BOT public hearing on baht stablecoin rules expected within 2026; BOT expects clarity by end-2026. moneyandbanking.co.th ↗
Regulators
- Bank of Thailand (BOT)
- SEC Thailand
Sources
- Nation Thailand – BOT stablecoin study at final stage, public hearing in coming months (26 Jun 2026, secondary) ↗
- Kaohoon – BOT preparing stablecoin hearing this year; 100% cash backing (26 Jun 2026, Thai, secondary) ↗
- Money & Banking – BOT baht stablecoin: 100% back-to-back backing, issuer licence, two 30-day hearing rounds, clarity by end-2026 (9 Jul 2026, Thai, secondary) ↗
- Thansettakij – SEC consultation on stablecoin transactions via digital asset operators, closes 25 Sep 2026 (13 Sep 2026, Thai, secondary) ↗
As of 4 Oct 2026. Based on company/press sources Not legal advice.
TZSTanzaniaStage: SandboxLicensed stablecoin live: NoA shilling stablecoin is live only inside the BoT sandbox for approved participants. Wider launch depends on milestone reviews.Next change: Oct 2026 (est.)
Tanzania
Rules today
No stablecoin law. In May 2026 BoT approved nTZS as the first sandbox pilot, with full 1:1 TZS backing, use limited to approved participants, and no yield without separate approval. Testing runs in 3-month phases.
Dated changes
- Oct 2026 (est.)Derived: first 3-month pilot phase (from 15 Jul 2026) ends around mid-Oct 2026; BoT milestone review before next phase. linkedin.com ↗
Regulators
- Bank of Tanzania (BoT)
Sources
As of 4 Oct 2026. Based on company/press sources Not legal advice.
PLNPolandStage: Rules in placeLicensed stablecoin live: NoPLN stablecoins can be issued under EU crypto law by an authorised e-money firm, but none is confirmed live.Next change: Oct 2026
Poland
Rules today
EU crypto law (MiCA) applies: a zloty token is an e-money token from an authorised EU bank or e-money firm. Poland's national act has been vetoed three times; no Polish authorisation for domestic firms until passed.
Dated changes
- Oct 2026Government expects a fourth, somewhat stricter crypto-assets market bill at a cabinet meeting in October 2026. bankier.pl ↗
Regulators
- Komisja Nadzoru Finansowego (KNF)
Sources
- Bankier.pl – Government preparing fourth, stricter crypto-assets bill; expected at cabinet in October (29 Sep 2026, Polish) ↗
- Rzeczpospolita – Sejm fails to override presidential veto of crypto-assets act (4 Sep 2026, Polish) ↗
- Sumsub – How MiCA reshapes crypto licensing in the Baltics and Poland (29 Sep 2026, secondary) ↗
- PLT – regulated PLN stablecoin (issuer site: NBX, EMI; distributor Fizen) ↗
As of 4 Oct 2026. Not legal advice.
Not legal advice. Summaries are ours, from the linked pages as read on the as-of date; where an entry rests on company, press or law-firm sources it says so. Spotted something out of date? Tell us.