Custody and client assets.

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.

Confirms an SFC licence for custodians that safeguard private keys of client virtual assets outside licensed platforms. The bill had not been introduced into LegCo as of 5 October 2026.

Loosens token admission rules, lets platforms distribute tokenised securities and licensed stablecoins, and updates custody requirements; issued with a companion circular on shared order books.

Sets detailed rules on reserve asset composition and segregation, redemption, risk management, disclosure and cross-border issuance for licensees.

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

Sets out 12 initiatives under five pillars (Access, Safeguards, Products, Infrastructure, Relationships), including shared global liquidity and new OTC and custody regimes.

The core rulebook for licensed platforms: custody in a subsidiary with mostly cold storage, token admission criteria, retail suitability checks, market surveillance and 12 months of liquid capital.

Current rulebook (Mongolian), published by the FRC on 27 August 2026: MNT 400 million capital per service, a board of at least five with two independent members, ISO 27001 security, listing and market abuse policies, a 100x custody cap and Travel Rule data from MNT 3 million.

The first operating regulation, which capped custody at 100 times a VASP's own equity and introduced the MNT 3 million Travel Rule threshold. Repealed by FRC Resolution No. 657 of 27 December 2024; Resolution No. 258 of 2026 is the current text.

Would license stablecoin issuers, require segregated reserves at least equal to the coins in issue and redemption on demand, and set rules for foreign stablecoins traded on Korean exchanges. One of several competing bills awaiting a merged government and ruling party draft.

Would let crypto assets designated by the FSC serve as the underlying asset of funds and derivatives, with trust companies holding them through qualified custodians: the legal route to spot bitcoin ETFs.

FSC summary of the Act: bank custody of user funds, cold storage and insurance duties, the ban on unfair trading, and FSC/FSS supervisory powers over VASPs.

Lets financial institutions apply from 1 January 2025 to pilot virtual asset custody; four had applied by April 2025.

Interim conduct rules pending legislation: segregation of client assets, whitepaper and listing reviews, and no solicitation by foreign platforms that have not registered locally.

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

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.

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

Chapter 15 sets the DAX regime: RM15 million paid-up capital, an institutional shareholder, operator-led listing assessments and at least 80% offline storage of client assets. The current revision took effect on 20 May 2026.

Lets stockbrokers holding a Capital Markets Services Licence offer digital asset broking after notifying the SC. It requires cash-upfront trades, no margin and full segregation of client assets.

SC landing page listing registered DAX operators, IEO operators and digital asset custodians, with application routes. It notes that IEO registration is currently closed.

Proposed the liberalised listing framework and tougher financial, shareholding and custody rules for exchanges; comments closed on 11 August 2025. Superseded by the revised Guidelines on Recognized Markets in force from 20 May 2026.

Sets registration and conduct rules for IEO operators, token issuers and digital asset custodians. First issued in 2020, the current revision dates from 19 August 2024.

Announces the first registrations: Luno Malaysia, SINEGY Technologies and Tokenize Technology. Unapproved exchanges were told to cease operations and return client assets.

Companion guidelines, also dated 30 May 2025, that set registration conditions (a Philippine corporation with at least ₱100 million paid-up capital, excluding crypto-assets, and a staffed local office) and operating rules, including legal and operational segregation of client crypto-assets, disclosure and marketing.

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.

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.

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.

Draft rules, following an April 2026 consultation on principles, for passive single-asset spot Bitcoin and Ether ETFs with at least 80 percent net exposure, held mainly with Thai-licensed custodians but with qualified foreign custodians allowed where needed. Comments closed on 20 September 2026.

Allows custodial wallet providers from qualified financial groups to serve affiliated operators, subject to independence rules. Previously only listed companies and their subsidiaries qualified.

Extends the payment ban to custodial wallet providers and lets operators approved by the BOT take part in its Programmable Payment Sandbox. Effective 6 September 2024.

Removes the 300,000 baht retail cap for real-estate and infrastructure-backed investment tokens and requires SEC approval before operators take on other businesses.

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

Sets out accepted virtual assets, capital (US$200,000 for dealers and custodians, US$500,000 for an exchange), custody, technology and AML expectations, and the framework for stablecoin issuers.

Made businesses that exchange, transfer, safekeep or administer VDAs, or provide financial services for token offerings, reporting entities under the PMLA. This is the legal basis for FIU-IND registration.

Core licensing rulebook: minimum capital by licence category, governance, client asset segregation, 100% reserves for token issuers and a Travel Rule threshold of USD 1,000. Notified in the Gazette on 21 August 2026.

Activity-by-activity rules for exchanges, brokers, custodians, lenders, asset managers, derivatives providers and issuers, including limits on margin and leveraged products.

Replaces the 2018 ban and lets banks open accounts for PVARA-licensed VASPs and their customers, with segregated, non-remunerative rupee client money accounts, while banks themselves may not invest in or hold crypto.

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)).

Amends the Digital Assets Law to require trading platforms to keep client money and digital assets in separate accounts and wallets, and extends NBK oversight to stablecoin reserve custodians. Signed 23 July 2026; most provisions take effect 60 days after its August 2026 publication.

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.

Translation published by the state news agency: VASPs must be Turkmen-registered and licensed, custodians must use cold wallets, and offshore owners are barred.

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.

Rules for safeguarding client crypto-assets, including segregation, wallet management and key controls for licensees that hold client assets.

Binding custody rules for financial asset service licensees: client assets in trust in segregated accounts, a custody officer, a register updated at least daily, multi-party (e.g. multisig) approval of transfers, quarterly checks by an independent accountant and controls on outsourced custodians. Published 19 July 2026, in force six months after publication (January 2027).

127 draft articles on platform operators, custodians, brokers and offer providers, client dealings and investor protection, marketing, outsourcing, financial guarantees, audits and cybersecurity. Comment closed on 28 January 2026; the final instructions had not been published by 5 October 2026.

Issued under Article 7 of Law No. 14: two-step licensing (preliminary approval, then licence) for sole-purpose shareholding or limited liability companies or licensed foreign branches, with paid-up capital of JOD 3m (platform), 2m (custody), 1m (brokerage) and 0.5m (offerings). Published 16 December 2025, in force 30 days later (JSC English translation; Arabic text prevails).

Revised draft setting minimum paid-up capital per activity (JOD 4 million for platforms, 2 million for custody, 1.5 million for brokerage, 1 million for offerings) and licence fees. Open for comment until 5 November 2025; the final Regulation No. 94 lowered the platform, brokerage and offering figures.

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).

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.

Bars QFC firms from exchanging, transferring or safekeeping virtual assets, or dealing in them, until further notice. Digital forms of regulated securities are not covered.

The public list of 52 firms (43 platforms and 9 custody applicants) that declared they will operate under transitional Article 11; being listed does not mean a firm is authorised. It notes the CMB's 23 September 2026 decision barring Bitexen from new customers and new listings.

Grants the first crypto asset custodian operating permits, to Akbank, Türkiye Garanti Bankası and Yapı ve Kredi Bankası, and establishment permits for two new platforms, Fiba and Goldtag.

Extends two deadlines under III-35/B.1: for platforms to sign custody contracts and file them with the CMB, and for listed firms to obtain authorisation. Both will be set once CMB-authorised custodians are widely serving platforms. It also grants Yapı Kredi an establishment permit for a new platform.

Revalues monetary thresholds for 2026, raising minimum capital to TRY 250 million for crypto trading platforms and TRY 630 million for crypto custodians.

Announces the mandatory technical controls for crypto firms under the Capital Markets Law, covering hot and cold wallet security, key management, governance and business continuity.

Governs permitted services, trading venues, custody and transfers, token listing, and minimum capital for platforms and custodians.

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.

Allows firms with Providing Custody or Managing Assets permissions to stake clients' Accepted Virtual Assets after notifying the FSRA, with rewards limited to Accepted Virtual Assets and Accepted Fiat-Referenced Tokens, following Consultation Paper No. 10 of 2025.

Announces the federal framework for virtual asset service providers and alternative trading system operators (CMA Resolution No. (04/Chairman) of 2026): five modules and eight activities, from dealing and custody to advice, portfolio management and operating a trading facility.

The FSRA's consolidated guide to its virtual asset regime: Accepted Virtual Assets, capital, custody, technology governance and AML/CFT for multilateral trading facilities, custodians, brokers and managers. Current version dated 10 June 2025.

Public clarification of the amendments that exempt the transfer and conversion of virtual assets from VAT, effective from 15 November 2024 with retroactive effect to 1 January 2018; paid custody and wallet services remain taxable.

Licenses payment token issuance, conversion, custody and transfer; only licensed dirham payment tokens may be used for payments onshore, and foreign payment tokens must be registered. Issued as Circular No. 2/2024 on 7 June 2024, in force 31 August 2024.

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.

Tracks the draft payment service provider law: AFSLs for payment functions, safeguarding of client money and APRA powers over major stored-value facility providers. The full Tranche 1 draft was released on 12 March 2026 for consultation that closed on 9 April 2026; no bill has been introduced yet.

Sets ASIC's expectations for crypto-asset ETPs and funds, including custody, pricing and which crypto assets are suitable underlying assets. This paved the way for listed crypto ETFs.

Sets out what the BMA expects in a DABA licence application, from the legal vehicle, head office and staffing to outsourcing, insurance, capital and custody. It names SAC, ISAC and trust structures as bankruptcy-remote options firms have used.

Require licensees providing custodial wallet services to keep client assets separate from their own, account for them promptly and have client asset controls reviewed annually by a qualified person. In force 12 February 2025.

Sets the BMA's expectations for licensed stablecoin issuers: segregated, high-quality liquid backing assets at least equal to coins in issue, monthly attestations, a published white paper, stress testing and recovery planning. Published with a stakeholder letter on 3 December 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.

Sets out what a complete application needs, including governance, capital and liquidity, technology audits and client asset safeguarding. Fees are US$10,000 for custody or exchange applicants and US$5,000 for others.

Proposes requirements for tokenised mutual and private funds under the March 2026 amendments, covering governance, investor register integrity, transferability, valuation, custody and disclosures.

Governance, capital, risk management, cybersecurity and listing rules for licensed custodians and platforms. Capital must be the higher of a risk-based amount or six months' fixed overheads; conduct sections moved to the Market Conduct Rule in February 2026.

Applies to all VASPs: conflicts of interest, client asset segregation, insurance, marketing and risk warnings, onboarding, complaints, own-account trading, and specific duties for trading platforms and custodians.

Quarterly counts of registered VASPs: 18 in Q4 2025, of which 3 ran trading platforms, 7 offered custody, 10 offered conversion and 1 issued virtual assets.

Findings from a review of 11 registered VASPs between September 2024 and February 2025, citing weaknesses in board composition, succession planning, business continuity, cybersecurity and custody arrangements.

Sets application documents and fees: KYD 1,000 to apply for registration, KYD 5,000 to apply for a licence, and grant fees of KYD 30,000 for custody and KYD 100,000 for a trading platform, lower for local companies.

Phase two amendments: licensing for custodians and trading platforms, at least three directors including one independent director, prior approval of senior officers and business plan changes, and wider enforcement powers.