Four PillarsFour PillarsAsia Digital Asset Policy Center

Topics · Domains · Onchain capital markets

Clearing, settlement finality and registry of record.

For tokenised assets to replace existing ones, the law has to recognise the blockchain entry as the record of ownership and say when a transfer is final.

Central securities depositories and clearing houses are being rewritten around this question.

By market · 31 sources across 14 markets

East Asia

  • Hong Kong2 sources
    • The Chief Executive's 2026 Policy AddressGuidanceHKSAR Government · 16 Sep 2026

      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.

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    • HKMA completes e-HKD Pilot Programme and outlines future direction of e-HKDGuidanceHong Kong Monetary Authority (HKMA) · 28 Oct 2025

      Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement.

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    Hong Kong's full rulebook
  • South Korea3 sources
    • FSC Proposes Rules Change to Pave Way for Tokenization of Securities Issuance and CirculationConsultationFinancial Services Commission (FSC) · 1 Oct 2026

      Draft enforcement rules under the Capital Markets Act and Electronic Registration Act, open for comment from 2 October to 11 November 2026: ledgers shared by at least two account managers and the KSD, ₩4 billion capital for issuer account managers and a new OTC licence unit for debt securities.

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    • Real-Time Balance Reconciliation and Enhanced Internal Control Required for Virtual Asset ExchangesGuidanceFinancial Services Commission (FSC) · 6 Apr 2026

      Post-Bithumb measures: five-minute ledger-to-wallet reconciliation, automated kill switches and monthly external verification for the five major exchanges.

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    • Amended Legislation Establishes Legal Ground for Introducing and Circulating Security TokensEnactedFinancial Services Commission (FSC) · 15 Jan 2026

      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.

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    South Korea's full rulebook

Southeast Asia

  • Cambodia1 source
    • Joint Statement between the National Bank of Cambodia, the Securities and Exchange Commission of Cambodia and the General-Commissariat of National PoliceGuidanceNational Bank of Cambodia (NBC) · 13 Jul 2018

      Declares the circulation, buying, selling, trading and settlement of cryptocurrencies without a licence from the competent authorities illegal and subject to penalties.

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    Cambodia's full rulebook
  • Indonesia6 sources
    • List of Digital Financial Asset Trading Providers as of 22 September 2026GuidanceOtoritas Jasa Keuangan (OJK) · 22 Sep 2026

      OJK's latest register of licensed providers, with each licence decision and date: two exchanges, two clearing houses, two custodians and 28 trading platforms.

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    • OJK Board Member Regulation (PADK) No. 3 of 2026 on the Implementation of Trading in Digital Financial Assets Including Crypto AssetsIn forceOtoritas Jasa Keuangan (OJK) · 1 Sep 2026

      Issued 30 June 2026 and effective 1 September 2026, following POJK 23/2025. Sets how platforms report asset list evaluations, monthly, quarterly, annual and incidental reports, and how clearing houses notify derivatives clearing. It revokes SEOJK 20/2024, with a few provisions running until 1 January 2027.

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    • OJK Regulation No. 23 of 2025 amending POJK 27/2024In forceOtoritas Jasa Keuangan (OJK) · 31 Oct 2025

      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.

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    • Proof of Concept of Project Garuda, a New Chapter in Digital Rupiah ExplorationGuidanceBank Indonesia (BI) · 13 Dec 2024

      Announces completion of the first wholesale Digital Rupiah proof of concept on distributed ledger technology.

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    • OJK Regulation No. 27 of 2024 on the Implementation of Trading in Digital Financial Assets Including Crypto AssetsIn forceOtoritas Jasa Keuangan (OJK) · 10 Dec 2024

      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.

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    • Bappebti Regulation No. 8 of 2021 on Guidelines for Physical Crypto Asset Market Trading on Futures ExchangesSupersededBadan Pengawas Perdagangan Berjangka Komoditi (Bappebti) · 29 Oct 2021

      The commodity-era rulebook that created the bourse, clearing, custodian and trader structure OJK inherited. Superseded when supervision moved to OJK in January 2025.

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    Indonesia's full rulebook
  • Malaysia1 source
    • BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlementsGuidanceBank Negara Malaysia (BNM) · 22 Mar 2022

      Reports completion of Project Dunbar prototypes for cross-border settlement in multiple wholesale CBDCs. It anchors BNM's wholesale CBDC work.

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    Malaysia's full rulebook
  • Singapore3 sources
    • MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital CurrencyGuidanceMonetary Authority of Singapore (MAS) · 13 Nov 2025

      First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills.

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    • MAS Launches BLOOM Initiative to Extend Settlement CapabilitiesGuidanceMonetary Authority of Singapore (MAS) · 16 Oct 2025

      Builds on Project Orchid to enable settlement in tokenised bank liabilities and well-regulated stablecoins across currencies, with members including Circle, DBS, OCBC and UOB.

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    • MAS Announces Plans to Support Commercialisation of Asset TokenisationGuidanceMonetary Authority of Singapore (MAS) · 4 Nov 2024

      Reports over 15 Guardian trials across six currencies and sets out commercial networks, Global Layer One infrastructure and a common settlement facility for tokenised assets.

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    Singapore's full rulebook
  • Thailand1 source
    • SEC seeks public comments on draft notifications revising the NC requirements for digital asset business operators to support local activitiesConsultationSecurities and Exchange Commission, Thailand (SEC) · 11 Sep 2026

      Draft rules, following a May 2026 consultation on principles, that would let brokers execute orders and hold client assets through Thai-licensed exchanges and add counterparty, settlement and fund management risk to net capital. Custodians would face tiered custody charges and per-customer wallet segregation.

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    Thailand's full rulebook
  • Vietnam1 source
    • Resolution No. 05/2025/NQ-CP on the pilot implementation of the crypto asset market in Vietnam (English translation)In forceGovernment of Vietnam (published by the State Securities Commission) · 9 Sep 2025

      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.

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    Vietnam's full rulebook

South Asia

  • Bhutan1 source
    • Market Infrastructure Rulebook (MIR)In forceGelephu Financial Services Office (GFSO) · 25 Mar 2026

      Rules for licensed exchanges and clearing houses in GMC (Licensed Bodies), covering suitability, governance, market operation and default rules.

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    Bhutan's full rulebook

Central Asia

  • Uzbekistan5 sources
    • Stablecoin RegistryIn forceNational Agency of Perspective Projects (NAPP) · 5 Oct 2026

      Official list of stablecoins and their white papers; HUMO is the only entry (checked 5 October 2026).

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    • Electronic register of licences for crypto-asset service providersIn forceNational Agency of Perspective Projects (NAPP) · 5 Oct 2026

      Lists every active, suspended and inactive licence with owners and order numbers: 2 exchanges, 6 depositories and 13 crypto stores, four of them suspended (checked 5 October 2026).

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    • Special regime participants registry in the field of crypto-asset turnoverIn forceNational Agency of Perspective Projects (NAPP) · 5 Oct 2026

      Crypto sandbox pilots: the Token.uz blockchain platform and Heemera's crypto-recovery service remain; the Kapitalbank and Octobank crypto card pilots ended in 2024 and August 2026.

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    • Registry of Participants in the Special Stablecoin RegimeIn forceNational Agency of Perspective Projects (NAPP) · 2 Sep 2026

      Lists HUMO Digital, registered on 2 September 2026 to test issuing and using the HUMO stablecoin for payments.

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    • Electronic Registry of Mining PermitsIn forceNational Agency of Perspective Projects (NAPP) · 19 Jan 2026

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

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    Uzbekistan's full rulebook

Middle East

  • Bahrain1 source
    • Central Bank of Bahrain, ALBA, Bank ABC and Onyx by J.P. Morgan complete test with blockchain based JPM Coin SystemGuidanceCentral Bank of Bahrain (CBB) · 5 Jan 2022

      Reports a CBB-backed pilot of real-time US dollar payments over J.P. Morgan's permissioned ledger, which the CBB said it would look to extend to CBDC work.

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    Bahrain's full rulebook
  • Qatar2 sources
    • Draft Law Regulating Real Estate Tokenisation and the Trading of Real Estate Tokens, with its draft Executive RegulationsConsultationCouncil of Ministers General Secretariat and Ministry of Justice, via the Sharek government consultation platform · 31 Aug 2026

      Onshore draft law, approved by the Cabinet on 26 August 2026, defining real estate tokens and holders' rights and linking token trading to the Real Estate Registry, prepared with the QCB and the Qatar Financial Markets Authority. Open for comment on Sharek until 13 September 2026 (Arabic); not yet law.

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    • Investment Token Rules 2024 (TOKN)In forceQatar Financial Centre Regulatory Authority (QFCRA) · 1 Sep 2024

      Treats tokens representing securities, derivatives or Islamic financial contracts as the underlying investment, and makes operating an investment token exchange and clearing token trades regulated activities.

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    Qatar's full rulebook
  • UAE1 source
    • Exchange Services RulebookIn forceVirtual Assets Regulatory Authority (VARA) · 31 Mar 2026

      Rules for licensed exchanges on board governance, public disclosures, trading-venue participants, market surveillance, settlement and margin trading. The version effective 31 March 2026 adds a regime for exchange-traded derivatives, with leverage for retail investors capped at 5:1.

      Read the original
    UAE's full rulebook

Oceania

  • Australia3 sources
    • The Role of RITS in Supporting Settlement in a Tokenised EcosystemConsultationReserve Bank of Australia (RBA) · 3 Sep 2026

      Consults on how the RBA's settlement system could support tokenised assets, including stablecoin issuer access to central bank reserves and tokenised reserves. Submissions close 30 October 2026.

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    • ASIC's roadmap for digital assets law reform implementationGuidanceAustralian Securities and Investments Commission (ASIC) · 20 Apr 2026

      Sets ASIC's 18-month plan to implement the new Act: a regulatory guide for platforms, asset-holding and settlement standards, financial requirements, then licence applications.

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    • ASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631In forceAustralian Securities and Investments Commission (ASIC) · 19 Sep 2025

      Made on 17 September 2025 and in force from 19 September 2025 until 1 June 2028. Exempts intermediaries distributing named stablecoins from separate AFS, market and clearing licences; named coins are Catena Digital's AUDM and, since October 2025, Forte Securities' AUDF.

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    Australia's full rulebook

No dedicated rule found yet in 17 markets: