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 Address
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.
Read the originalHKMA completes e-HKD Pilot Programme and outlines future direction of e-HKD
Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement.
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South Korea3 sources
FSC Proposes Rules Change to Pave Way for Tokenization of Securities Issuance and Circulation
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.
Read the originalReal-Time Balance Reconciliation and Enhanced Internal Control Required for Virtual Asset Exchanges
Post-Bithumb measures: five-minute ledger-to-wallet reconciliation, automated kill switches and monthly external verification for the five major exchanges.
Read the originalAmended Legislation Establishes Legal Ground for Introducing and Circulating Security Tokens
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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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 Police
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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Indonesia6 sources
List of Digital Financial Asset Trading Providers as of 22 September 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.
Read the originalOJK Board Member Regulation (PADK) No. 3 of 2026 on the Implementation of Trading in Digital Financial Assets Including Crypto Assets
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.
Read the originalOJK Regulation No. 23 of 2025 amending POJK 27/2024
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.
Read the originalProof of Concept of Project Garuda, a New Chapter in Digital Rupiah Exploration
Announces completion of the first wholesale Digital Rupiah proof of concept on distributed ledger technology.
Read the originalOJK Regulation No. 27 of 2024 on the Implementation of Trading in Digital Financial Assets Including Crypto Assets
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.
Read the originalBappebti Regulation No. 8 of 2021 on Guidelines for Physical Crypto Asset Market Trading on Futures Exchanges
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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Malaysia1 source
BIS Innovation Hub and central banks of Australia, Malaysia, Singapore and South Africa develop experimental multi-CBDC platform for international settlements
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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Singapore3 sources
MAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital Currency
First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills.
Read the originalMAS Launches BLOOM Initiative to Extend Settlement Capabilities
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.
Read the originalMAS Announces Plans to Support Commercialisation of Asset Tokenisation
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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Thailand1 source
SEC seeks public comments on draft notifications revising the NC requirements for digital asset business operators to support local activities
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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Vietnam1 source
Resolution No. 05/2025/NQ-CP on the pilot implementation of the crypto asset market in Vietnam (English translation)
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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South Asia
Bhutan1 source
Market Infrastructure Rulebook (MIR)
Rules for licensed exchanges and clearing houses in GMC (Licensed Bodies), covering suitability, governance, market operation and default rules.
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Central Asia
Uzbekistan5 sources
Stablecoin Registry
Official list of stablecoins and their white papers; HUMO is the only entry (checked 5 October 2026).
Read the originalElectronic register of licences for crypto-asset service providers
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).
Read the originalSpecial regime participants registry in the field of crypto-asset turnover
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.
Read the originalRegistry of Participants in the Special Stablecoin Regime
Lists HUMO Digital, registered on 2 September 2026 to test issuing and using the HUMO stablecoin for payments.
Read the originalElectronic Registry of Mining Permits
Lists the only mining permit, M 001, issued to Nexagrid on 19 January 2026 (checked 5 October 2026).
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Middle East
Bahrain1 source
Central Bank of Bahrain, ALBA, Bank ABC and Onyx by J.P. Morgan complete test with blockchain based JPM Coin System
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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Qatar2 sources
Draft Law Regulating Real Estate Tokenisation and the Trading of Real Estate Tokens, with its draft Executive Regulations
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.
Read the originalInvestment Token Rules 2024 (TOKN)
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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UAE1 source
Exchange Services Rulebook
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.
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Oceania
Australia3 sources
The Role of RITS in Supporting Settlement in a Tokenised Ecosystem
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.
Read the originalASIC's roadmap for digital assets law reform implementation
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.
Read the originalASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631
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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