Asset classification and taxonomy.

The governing ban: all virtual currency business is illegal, onshore RWA tokenisation is prohibited outside approved infrastructure, and yuan-pegged stablecoins may not be issued offshore without approval. Effective on issue; repeals Notice No. 237.

Bans new mining projects and orders existing ones phased out; Notice No. 42 reaffirms it and bars sales of mining machines onshore.

Declared all virtual currency business illegal, including services by offshore exchanges to mainland residents. Published 24 September 2021; repealed by Notice No. 42 in February 2026.

The top-level political signal to crack down on Bitcoin mining and trading, which set off the 2021 exodus of miners and exchanges.

Declared ICOs illegal public fundraising, ordered all token sales to stop and barred platforms from exchanging yuan for tokens or providing pricing. Still in force: Notice No. 42 repealed only the 2021 notice.

Commits the SFC to enhance VA licensing, allow regulated stablecoins to trade on licensed platforms and support tokenised gold and other RWAs, and the HKMA to add CBDC settlement to EnsembleTX.

LegCo's own summary of where the regimes stand: 13 licensed VATPs at end-May 2026, two stablecoin licensees, and the four-regime bill still to be introduced.

Implements the Basel cryptoasset standard for banks from 1 January 2026, classifying holdings into groups that drive capital charges.

Introduces the LEAP framework and commits to a unified licensing regime covering exchanges, stablecoin issuers, dealers and custodians.

Treats tokenised securities as securities and sets expectations on ownership and technology risk for intermediaries dealing in them.

Part 5B and Schedule 3B, in force from 1 June 2023, make an SFC licence mandatory for any virtual asset trading platform operating in or marketing to Hong Kong.

The Government's first crypto policy statement, setting the same activity, same risk, same regulation principle and opening the way to retail trading and spot ETFs.

A cross-ministry forum chaired by the financial services minister to push blockchain-based on-chain finance into real use alongside sound use of AI by financial firms. The FSA's new Crypto-Asset and Stablecoin Division acts as secretariat.

Submitted 10 April 2026 and enacted 15 July 2026, it moves crypto trading from the Payment Services Act into the FIEA and adds issuer disclosure and an insider-trading ban. Promulgated on 23 July 2026, its penalties for unregistered business took effect on 12 August 2026; the main crypto provisions start on a date set by Cabinet Order within one year of promulgation, and a few other provisions on fixed dates in 2027.

The FSA's slide explanation of the bill: specified crypto-assets, disclosure duties, business conduct rules for crypto trading firms and the new unfair trading provisions.

The expert report that recommended regulating crypto as an investment product under the FIEA, distinct from securities. English publication notice dated 16 February 2026.

The FSA's first public case for shifting crypto from payments law to securities law, including insider-trading rules and disclosure for issuer-backed tokens. Overtaken by the December 2025 working group report and Law No. 64 of 2026.

Defines virtual assets, lists five regulated VASP activities and requires FRC registration, capital and AML compliance. Adopted 17 December 2021; the FRC's English translation.

The authoritative consolidated text of the VASP law on Mongolia's official legal database, including a minor amendment of 25 January 2024 and the transitional provisions for existing operators.

A People Power Party basic law: FSC authorisation for stablecoin issuers, advance notice for other token issuances, FSC approval for exchanges to offer derivatives, services for professional investors and bans on insider trading and manipulation.

Amendments to the Electronic Registration Act and the Capital Markets Act, passed 15 January 2026 and effective 4 February 2027, recognise distributed ledgers as securities registries and let brokers distribute investment contract securities.

Would rewrite the 2024 User Protection Act as the Digital Asset Industry Development and User Protection Act, adding a development plan and fund, FSC licensing of businesses, registration of token issuances and mandatory disclosure.

Would replace the User Protection Act with a comprehensive law that treats professional and general users differently, add stablecoin issuance and reserve rules, and amend the Capital Markets Act to allow crypto ETFs and derivatives.

An industry promotion law: a national master plan and committee, business licensing, reserve rules for stablecoin issuers and a self-regulatory Korea Digital Asset Business Association running listing and market surveillance committees.

Would pull Korea's scattered crypto rules into one law, with FSC licensing or registration of businesses, user protection, disclosure and market abuse rules, and special rules for fixed-value coins.

Would allow domestic token offerings backed by issuer disclosure, license stablecoin issuers, bring crypto businesses under licensing or registration, ban market abuse and set up a self-regulatory body.

The lead phase 2 bill, pending before the National Policy Committee. It would license digital asset businesses and issuers and create a regime for asset-referenced tokens, including won stablecoins.

Korea's first crypto-specific statute, enacted July 2023 and in force 19 July 2024. It protects user deposits and assets and criminalises unfair trading.

Explains when NFTs issued in large series or used as payment fall under the User Protection Act as virtual assets.

Taiwan's crypto statute: licences for seven types of VASP, mandatory association membership, a stablecoin permit with central bank consent, and criminal penalties. Promulgated 22 July 2026; commencement date to be set by the Executive Yuan.

The FSC's summary of the Act, including the transition that gives registered VASPs 12 months to apply and 21 months to be licensed after commencement.

Classifies security tokens as securities; offerings up to NT$30 million go through licensed platform operators to professional investors, with a NT$300,000 cap per natural person per offering.

Splits licensing between the two regulators: NBC-licensed commercial banks need prior NBC authorisation for virtual asset services, and all other providers serving Cambodia need an SERC licence. Licensed providers become reporting entities of the Cambodia Financial Intelligence Unit.

Sets the timetable for a FATF- and IOSCO-aligned virtual asset law: a framework law with its competent authority, AML/CFT and enforcement pillars by late September 2026, and enactment-ready legislation in December 2026.

Splits crypto into Group 1 (tokenised traditional assets and fully backed stablecoins) and Group 2 (everything else, including bitcoin), lets banks and payment institutions act with NBC approval and others with an NBC licence, and bars banks from Group 2. The NBC site blocks some automated requests.

Adopted 31 October 2025 and in force from 10 November 2025. Brings digital asset derivatives under OJK licensing and moves customer funds into segregated accounts held in the clearing house's name at OJK-licensed commercial banks, with 12 months (extendable) to adjust.

The core crypto rulebook, issued 10 December 2024 and effective 10 January 2025 when OJK took over from Bappebti. Sets licensing, capital, custody (at least 70% with a licensed custodian) and listing rules for exchanges, clearing houses, custodians and traders.

P.U.(A) 12/2019, in force from 15 January 2019 and amended by P.U.(A) 6/2025, prescribes qualifying digital currencies and digital tokens as securities. It is the legal hook for all SC regulation of crypto.

Allocates digital asset offerings and exchanges to the SC, while payment-function tokens must also meet BNM rules. BNM restates that digital assets are not legal tender.

The core VASP regime: a Certificate of Authority for exchange, transfer and custody services. Minimum capital is ₱50 million with custody and ₱10 million without, plus AML, travel rule, cybersecurity and consumer protection duties.

Part 9, in force from 30 June 2025, requires Singapore-based digital token service providers serving only overseas customers to hold a DTSP licence.

Commences the Payment Services (Amendment) Act 2021 in stages from 4 April 2024. It brings DPT custody and facilitation into scope and lets MAS impose user protection rules.

The core licensing law for payment services, in force since 28 January 2020. It makes DPT dealing, exchange, transfer and custody licensed activities.

The House of Representatives accepted in principle on 23 September 2026 a draft Act amending the Emergency Decree on Digital Asset Businesses, with Securities, Derivatives and Trust Act amendments approved by the Cabinet on 25 August. An extraordinary committee is now reviewing them before the Senate.

In force from 13 April 2025, it extends the licensing duty to operators abroad that serve people in Thailand, judged by signs such as a Thai-language platform, a .th domain or baht payments. It underpins the blocking of unlicensed offshore exchanges.

The core statute, in force from 14 May 2018, requiring licences for exchanges, brokers and dealers and approval for token offerings. Section 7 makes licensed operators financial institutions under the AML law.

Effective on issue for a five-year pilot. It sets the licensing conditions for up to five service providers, limits new tokens to real-asset-backed issues sold only to foreign investors, and requires settlement in dong.

Passed 27 June 2025 and effective 1 September 2025, creating an international financial centre in Ho Chi Minh City and Da Nang with special mechanisms. Officials have named it as a possible home for further digital asset pilots.

Passed 14 June 2025 and effective 1 January 2026. It is the first statute to define digital assets, split them into virtual and crypto assets, and ask the Government to regulate their trading.

Set national goals for blockchain infrastructure, research centres and pilot zones. It signalled a policy shift from containing crypto to building a domestic digital asset industry.

Client classification, disclosure, client money and multilateral trading facility rules, including provisions specific to virtual assets; the Virtual Asset Guidance adds crypto risk warnings.

Applies Singapore common law and specified ADGM financial services rules in GMC from 26 December 2024, giving crypto firms a working rulebook from day one. Amended in 2025 and 2026; the ADGM regulations themselves were replaced by GMC's Financial Services Act 2025.

GMC's omnibus financial law, replacing the imported ADGM regulations and deemed in operation from 26 December 2024. It requires a GFSO licence for regulated activities in virtual assets and makes issuing a fiat-referenced token a regulated activity.

Granted by the Druk Gyalpo on 10 February 2024, it creates GMC as a special administrative region with legal autonomy and lets its Authority make laws, the basis for its separate financial regime. The PDF is GMC's own file, linked from its official legislation page.

Pakistan's primary crypto law: it establishes PVARA, requires a licence for any virtual asset service in or from Pakistan and sets issuer, custody and AML duties. Signed by the President on 4 March 2026, published in the Gazette on 5 March and in force at once (section 1(3)).

The presidential ordinance that first created PVARA and a Virtual Assets Tribunal. Promulgated on 8 July 2025 and replaced by the Virtual Assets Act, 2026.

Approves a joint government and NBK plan of 65 measures in 10 areas required by Decree No. 1347, and reports that the National Strategic Cryptoreserve has reached USD 700 million and 34 projects have passed the NBK sandbox.

Creates strategic digital miner status: approved miners get 10-year power contracts and contribute 10% of mined digital assets, net of the cost of electricity and its delivery, to the National Strategic Cryptoreserve.

Creates a Committee on Digital Assets and Payment Systems at the NBK. Orders a bill on stablecoin payments and crypto custody and the issuance of tokenised government securities by 31 December 2026, an approach to DeFi by 1 November 2026, and a bill by 1 April 2027 exempting individuals from income tax on 2026 to 2028 trades through Kazakh providers. In force from signing.

Rewrote the Digital Assets Law to create digital financial assets, money-backed stablecoins and three types of NBK-supervised service providers. Signed 16 January 2026; the licensing regime applied from 1 May 2026.

Ended the AIFC's exclusive hold on mining and crypto circulation, allowing licensed companies and individual entrepreneurs across Kazakhstan to mine.

Directed a State Digital Assets Fund at the NBK Investment Corporation to build a strategic crypto reserve, and crypto payments in Alatau City.

Implementing rules under the Digital Assets Law on how licensed miners connect to the grid and buy power, the main lever the state uses over mining. Last amended in April 2026.

The core statute: classifies digital assets, licenses digital mining and sets rules for their circulation. Signed 6 February 2023, effective 1 April 2023, and heavily amended in 2025 and 2026.

Creates the National Agency for Virtual Assets and Blockchain Technologies (NAVA) under Article 10 of the amended law, from the secretariat of the National Council, and orders the FSA to hand over within a month its virtual asset licensing files, registers and the Unified State Register of token issues. In force ten days after publication on 29 May 2026.

Redefines stablecoins and adds RWA tokens, state cryptocurrency mining, a state cryptocurrency reserve and presidential power to set pilot regimes. It splits the authorities into a policy, regulation and licensing body named by the President and a supervision body named by the Cabinet. In force ten days after publication on 23 January 2026.

The former regulator's consolidated text of the law as it stood before the January 2026 amendments, replaced by the 19 January 2026 edition in the Ministry of Justice database.

How miners register and obtain a mining certificate, as amended in 2025; issued by the FSA until 2026 and now by NAVA, which has published a draft replacement.

The core statute defining virtual assets, service providers, issuance and mining, with licensing by the authorised body. Signed 21 January 2022, in force from July 2022; the link is the current edition as amended on 19 January 2026.

The full statute in Turkmen: defines virtual assets, mining and service providers, names the central bank as the authorised body and takes effect on 1 January 2026.

Reports the 21 November 2025 government meeting at which the President approved the draft Roadmap for regulating virtual assets and introducing mining technologies in 2026 to 2030, covering legislation, energy and communications infrastructure, investment and pilot projects, and a proposal for a special State Commission.

The Cabinet was told a Law on Virtual Assets had been drafted to attract investment, and the President ordered it finalised with the Mejlis.

Mining is for legal entities using solar power; grid power is billed at double the tariff and miners must register with NAPP. Mining is registered, not licensed.

In force from 20 April 2026: makes Karakalpakstan the Besqala Mining Valley, exempts residents' mining income from taxes and fees until 1 January 2035 for a 1% monthly payment, and lets them sell mined crypto abroad with proceeds credited to Uzbek banks.

Lists the only mining permit, M 001, issued to Nexagrid on 19 January 2026 (checked 5 October 2026).

In force from 3 October 2023: sets how legal entities apply online for a NAPP mining permit and the grounds for suspending or cancelling it.

Turned the project management agency into NAPP with a mandate over crypto-asset turnover and created the crypto regulatory sandbox.

The founding act, as amended to April 2026: defines crypto-assets, service providers and mining, exempts crypto transactions from tax, and requires residents to deal only through national providers.

The authoritative consolidated text of PP-3832 on the official legal database.

Announcement of the Crypto-Asset Module, covering licensing, governance, capital, risk management, AML/CFT, wallet security and trade transparency.

The core crypto regime: licensing, conduct, custody, technology, AML and market abuse rules for crypto-asset services. First issued February 2019; the current version applies from 6 May 2026.

The CBB's FinTech & Innovation Unit page, covering the regulatory sandbox for testing new financial products and the FinHub 973 digital lab.

The government's policy blueprint for crypto, recommending licensing of backed stablecoin issuers, Bank of Israel oversight of systemic tokens and clearer tax rules. English version.

Sets out when tokens are securities under Israeli law, bringing investment tokens under the Securities Law while leaving pure payment and utility tokens outside it (IOSCO blocks automated checks; URL confirmed via search).

The core law: defines virtual currency as a financial asset and makes exchanging, managing or safeguarding it a licensed activity supervised by the CMA. Published in the gazette on 1 August 2016 (Hebrew).

The regulator's page for Law No. 14, which bans unlicensed virtual asset activity (Article 15: at least one year in prison and a JOD 50,000 to 100,000 fine) and requires prior CBJ approval for banks (Article 11).

The gazette issue that enacted Jordan's virtual assets law, which requires a JSC licence for platforms, exchange, transfer, custody, brokerage and offerings. Published 16 June 2025, in force 14 September 2025 (the site uses a bot check; content confirmed via an archived copy).

Invites comments by 17 August 2023 on the draft regime. As of October 2026 the resulting licensing regulation had not been issued.

Sets out plans for a regulation covering all virtual asset activities, licensing for every VASP category and market abuse rules, covering crypto assets, tokens, exchanges and ICOs.

Sets eligibility, testing limits and exit rules for the sandbox, in which the CBO may grant regulatory exemptions for limited live tests with volunteer customers.

The CBO sandbox for live testing of financial products, with cohorts for digital payments, DLT and blockchain, alternative finance and open banking.

Announces the joint QFCA and QFCRA framework, in force from 1 September 2024, and lists the amended QFCRA rulebooks. It describes the framework as a goal of the Third Financial Sector Strategic Plan.

Gives legal effect to tokens and smart contracts in the QFC and requires a QFCA licence for validation, token generation, custody, token exchange and transfer services. Article 9 defines cryptocurrencies and stablecoins as excluded tokens.

The national financial sector strategy, which commits to regulatory frameworks for digital assets and decentralised finance and to introducing tokenisation and blockchain solutions.

Defines crypto assets and crypto asset service providers, requires CMB authorisation for trading platforms and custodians, and adds criminal penalties for unlicensed activity. Published and in force on 2 July 2024.

Establishes the Capital Market Authority in place of the Securities and Commodities Authority. Issued 1 October 2025, in force 1 January 2026.

The new federal capital market law, issued 1 October 2025 and in force 1 January 2026. It brings virtual assets held for investment within its scope, requires a virtual asset to be registered with the CMA before it is traded, and gives existing firms until 1 January 2027 to adjust their status.

Replaces the 2018 Central Bank law and brings licensed financial activities carried out through any technology, including virtual asset payment services, within the Central Bank's licensing (Article 62); virtual assets held for investment are excluded. In force 16 September 2025, with one year to comply (Article 184).

VARA's core regulation, setting out the licensable virtual asset activities, issuance rules and supervisory powers. First issued 7 February 2023; the current version applies from 19 June 2025.

Creates VARA and makes a licence mandatory for virtual asset services in Dubai, including special development zones and free zones but excluding the DIFC. Issued 28 February 2022, in force on publication on 11 March 2022.

Treats any token with the features of a security as a Security under ADGM's Financial Services and Markets Regulations, covering offerings, trading venues and custody for digital securities.

Assented to on 8 April 2026. The whole Act commences the day after the 12 months from assent: 8 April 2027 under its commencement table and on the Register (ASIC's announcements say 9 April 2027). It makes digital asset platforms and tokenised custody platforms financial products that need an AFSL, with a small-platform exemption and a six-month transition to apply.

Oztures Trading misclassified 524 retail investors as wholesale clients, exposing them to crypto derivatives without retail protections.

Announces introduction of the Digital Assets Framework Bill 2025. Explains the AFSL obligations for platforms and the exemption for platforms holding under A$5,000 per customer and A$10 million in yearly transactions.

Government policy statement setting four pillars: a digital asset platform framework, payment stablecoin rules under payments licensing, a sandbox review and tokenisation initiatives.

Reports 50 digital asset businesses supervised during 2025 (22 Class F, 21 Class M and 7 Class T) and $2.6 million of DABA licence fees, and notes a stayed judicial review of certain DABA provisions.

Proposes targeted amendments rather than a new regime: one definition of tokenised investments across the investment, fund, DABA and DAIA laws, rules for digital twins and native tokens, and an explicit DAIA exemption for tokenised funds.

FinTech objectives for 2026: finalise licence classes under the Payment Services Act, publish the outcome of the embedded supervision pilots, and propose legislative amendments for tokenised instruments.

Invited proposals for a joint pilot testing whether supervisory requirements can be built into DeFi infrastructure. The BMA lists Chainlink Labs, Hacken, Bluprynt and Apex as participants in the pilot.

Exempts the BMA and Government from DABA, and lets rewards programmes, in-game assets, data storage providers, intra-group activity and funds with a licensed manager claim exemption by notifying the BMA and filing an annual declaration.

Created the Class T licence for pilot and beta testing, with $10,000 minimum net assets and no Bermuda head office requirement, and amended the fee and exemption provisions. In force 11 December 2020.

The core regime: anyone carrying on digital asset business in or from Bermuda needs a BMA licence in Class F, M or T, and must meet minimum criteria including $100,000 of net assets and a Bermuda head office. Assented 25 June 2018, in force 10 September 2018, last amended in 2024.

Requires FSC registration to provide virtual asset services in or from within the BVI, in three categories: general services, custody and exchanges. Assented on 23 December 2022 and in force from 1 February 2023.

Lets firms test innovative FinTech under FSC approval for up to 18 months, with one extension of up to six months. Gazetted on 10 June 2020 and in force from 31 August 2020.

Describes the sandbox application, testing and exit process; participants that want to continue must apply for a licence at least 60 days before testing ends.

Explains when tokens are investments under SIBA, such as fund interests, shares, debt or derivatives, and when pure utility and payment tokens fall outside financial services law. It predates the VASP Act.

Summary of CIMA's 12 November 2025 forum: application expectations under phase two, supervisory findings, and work towards a phase three that includes exploring a regulatory sandbox.

Would have excluded tokenised fund interests from the definition of virtual asset issuance, retroactively. It was never brought into force and was repealed by Act 4 of 2026.

Consolidated text of the core crypto law as revised at 31 December 2023, defining virtual assets and virtual asset services and requiring registration or a licence. Later amended by Act 22 of 2024 and Act 4 of 2026.

The original VASP law, passed on 20 May 2020 and assented to on 25 May 2020. Its phased regime started with registration on 31 October 2020; the text is now consolidated in later revisions.