Topics · Domains · Onchain capital markets
Exchanges and brokerage.
Exchanges were the first crypto businesses Asia licensed, and they still carry the heaviest rulebooks: listing standards, conflicts, capital and conduct.
Brokers and dealers that route orders to these venues are increasingly caught by the same rules.
Which markets in Asia have exchange licensing?
Across the 31 markets Four Pillars tracks in full, as of 15 Oct 2026: Comprehensive (16): Bahrain, Bermuda, British Virgin Islands, Cayman Islands, Hong Kong, Indonesia, Japan, Kazakhstan, Kyrgyzstan, Malaysia, Mongolia, Singapore, South Korea, Thailand, UAE and Uzbekistan. Partial (8): Australia, Bhutan, India, Israel, Pakistan, Philippines, Taiwan and Turkey. Developing (5): Cambodia, Jordan, Oman, Turkmenistan and Vietnam. Prohibited (2): China and Qatar.
Where each market stands · 255 sources across 31 markets
BahrainComprehensiveCBB Crypto-Asset Module since 2019 with four licence tiers; 9 licensees on the register in October 2026
CBB Licensing Directory (CBB Register)
Official register of licensees. On 5 October 2026 it listed one Category 2, five Category 3 and three Category 4 crypto-asset licensees, plus one stablecoin issuer.
Read the originalCRA-3: Minimum Capital Requirement
Sets paid-up capital by licence tier: BD 25,000 for Category 1, BD 100,000 for Category 2, BD 200,000 for Category 3 and BD 300,000 for Category 4 exchange operators.
Read the originalCentral Bank of Bahrain issues final rules on Crypto-asset services and Crypto-asset exchanges
Announcement of the Crypto-Asset Module, covering licensing, governance, capital, risk management, AML/CFT, wallet security and trade transparency.
Read the originalCRA-8: Crypto-asset Custody Services
Rules for safeguarding client crypto-assets, including segregation, wallet management and key controls for licensees that hold client assets.
Read the originalCRA-13: Prevention of Market Abuse and Manipulation
Prohibits market manipulation and insider dealing in crypto-assets and requires licensed exchanges to monitor trading for abuse.
Read the original
BermudaComprehensiveDABA licensing since 2018 in Classes F, M and T; 53 licensees on the BMA register in October 2026
Guidance Note: Digital Asset Business, Guidance for Prospective Applicants for Licensing
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.
Read the originalDigital Asset Business (Custody of Client Assets) Rules 2025
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.
Read the originalDigital Asset Business Amendment Act 2023
Added digital asset lending and repurchase transactions as a licensable activity and set record-keeping rules for Class T licensees. In force 9 June 2023.
Read the original
British Virgin IslandsComprehensiveVASP Act in force since Feb 2023, with extra approvals for custody and exchanges; 27 VASPs at 30 June 2026
BVI FSC Newsletter, September 2026 (Quarter 3)
Reports from the Q2 2026 statistical bulletin that regulated VASPs stood at 27 at 30 June 2026, against five a year earlier, and that five thematic VASP inspections were completed in the quarter.
Read the originalBVI FSC Statistical Bulletin Q1 2026
Showed 24 VASP licensees, 13 VASP authorised representatives and one sandbox participant at 31 March 2026, alongside 362,165 business companies and 2,242 funds.
Read the originalEvolution of the Digital Era in the Virgin Islands: A Virtual Asset Perspective
Strategic analysis of virtual asset suspicious activity reports filed by BVI exchanges, covering typologies such as layering, cross-border transfers to evade sanctions and unhosted wallets.
Read the originalUnderstanding Virtual Assets & VASP Regulation FAQs (Industry Circular 43 of 2025)
Plain-language FAQs on who needs registration and on VASP obligations. Providing virtual asset services without registration carries a penalty of US$100,000 or five years' imprisonment, or both, for a company.
Read the originalCRS 2.0 and CARF
Notice that CRS 2.0 applies from 1 January 2026, with first reports due by May 2027, and that the BVI has committed to CARF with first exchanges in 2028.
Read the originalVASP Travel Rule Guidance
Lists the originator and beneficiary information that must accompany transfers of US$1,000 or more between VASPs, and explains how to handle counterparties in jurisdictions without the travel rule.
Read the originalAnti-Money Laundering and Terrorist Financing (Amendment) Code of Practice, 2023
Corrected the originating VASP obligations in the virtual asset transfer rules and set administrative penalties for breaches of them. In force from 17 March 2023.
Read the originalVirtual Assets Service Providers Act, 2022 (No. 17 of 2022)
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.
Read the originalBVI FSC Guidance on Application for Registration of a Virtual Assets Service Provider
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.
Read the originalGuidance on Regulation of Virtual Assets in the Virgin Islands (BVI)
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.
Read the original
Cayman IslandsComprehensiveCIMA licenses custodians and trading platforms since 1 April 2025; 18 VASPs were registered at end-2025
Private Sector Consultation: Rule and Statement of Guidance on Cybersecurity for VASPs
Proposes a standalone cybersecurity rule for VASPs covering risks such as wallet infrastructure, private keys, smart contracts and third-party technology, beyond the cross-sector rule applied to VASPs since 2023.
Read the originalRule: Obligations for the Provision of Virtual Asset Services, Virtual Asset Custodians and Virtual Asset Trading Platforms
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.
Read the originalRule and Statement of Guidance: Market Conduct for Virtual Asset Service Providers
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.
Read the originalVirtual Asset Service Providers Registration Statistics
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.
Read the originalRegulations Now Published on CARF and CRS
Announces the CARF and amended CRS regulations published on 27 November 2025; in-scope entities report 2026 information in 2027, when Cayman makes its first exchanges with partner jurisdictions.
Read the originalDesk-Based Review: Registered Virtual Asset Service Providers
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.
Read the original2025 VASP Regulatory Forum: Summary Highlights
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.
Read the originalRegulatory Policy: Registration or Licensing of Virtual Asset Service Providers
Sets the criteria CIMA uses to approve registrations, licences and waivers, including fit and proper tests for owners of 10% or more, governance, business plans and travel rule systems. Effective 30 May 2025.
Read the originalGate.io and Gate Global Corp Not Registered With CIMA
Public notice, issued after complaints, that Gate.io and Gate Global Corp have never been authorised to conduct VASP business in or from the Cayman Islands.
Read the originalVirtual Asset (Service Providers) (Amendment) Regulations, 2025 (SL 19 of 2025)
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.
Read the originalVirtual Asset (Service Providers) (Amendment) Act, 2024 (Commencement) Order, 2025 (SL 17 of 2025)
Made on 25 February 2025, it brought most of the 2024 amendments into force on 1 April 2025 in respect of licences, registrations and waivers. The sandbox licence provisions were not commenced.
Read the originalVirtual Asset Service Providers FAQs
CIMA's answers on scope, the move from registration to licensing on 1 April 2025, the 90-day transition, waivers, fees and travel rule compliance.
Read the originalVirtual Asset (Service Providers) (Amendment) Act, 2024 (Act 22 of 2024)
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.
Read the originalVirtual Asset (Service Providers) Law, 2020 (Law 14 of 2020)
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.
Read the original
Hong KongComprehensiveMandatory SFC licence since June 2023; 13 platforms licensed, unchanged since May 2026
Background brief on the proposed regulatory regime for providers of VA dealing, custodian, advisory and management services (LC Paper No. CB(1)530/2026(07))
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.
Read the originalLists of virtual asset trading platforms
The official lists of licensed platforms, applicants and closed platforms; last updated 29 May 2026 and still showing 13 licensed operators when checked on 5 October 2026.
Read the originalCircular on provision of Relevant Stablecoin service by virtual asset trading platforms and licensed corporations
Sets the SFC's standards for licensed platforms and brokers dealing in stablecoins issued by HKMA licensees, including lifting the retail liquidity and index tests for them.
Read the originalConsultation Conclusions on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers
Confirms advisory and management licences modelled on Type 4 and Type 9, and targets introducing the bill for all four new regimes into LegCo within 2026.
Read the originalA high-level framework for virtual asset perpetual contracts
Allows licensed platforms to offer perpetual contracts to professional investors only, under leverage, margin and risk controls.
Read the originalConsultation Conclusions on Legislative Proposal to Regulate Dealing in Virtual Assets (with further consultation on VA advisory and management services)
Confirms a new SFC licence for VA dealing, largely aligned with the Type 1 securities licence and covering OTC shops, brokers and dealing on own account. The bill had not been introduced into LegCo as of 5 October 2026.
Read the originalConsultation Conclusions on Legislative Proposal to Regulate Virtual Asset Custodian Services
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.
Read the originalCircular on expansion of products and services of virtual asset trading platforms
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.
Read the originalPolicy Statement 2.0 on the Development of Digital Assets in Hong Kong
Introduces the LEAP framework and commits to a unified licensing regime covering exchanges, stablecoin issuers, dealers and custodians.
Read the original"A-S-P-I-Re" for a brighter future: SFC's regulatory roadmap for Hong Kong's virtual asset market
Sets out 12 initiatives under five pillars (Access, Safeguards, Products, Infrastructure, Relationships), including shared global liquidity and new OTC and custody regimes.
Read the originalCircular on intermediaries engaging in tokenised securities-related activities
Treats tokenised securities as securities and sets expectations on ownership and technology risk for intermediaries dealing in them.
Read the originalAnti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)
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.
Read the originalGuidelines for Virtual Asset Trading Platform Operators
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.
Read the original
IndonesiaComprehensiveOJK licenses exchanges, clearing, custody and 28 trading platforms under POJK 27/2024
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 originalGrant of Business License to PT Fortuna Integritas Mandiri as a Digital Financial Asset Exchange
Announces decision KEP-2/D.07/2026 licensing ICEx as Indonesia's second crypto exchange, ending CFX's monopoly.
Read the originalOJK Circular No. 20/SEOJK.07/2024 on the Implementation of Trading in Digital Financial Assets Including Crypto Assets
The first implementing circular for POJK 27/2024, effective 10 January 2025. PADK 3/2026 revoked it: section VI points 1 to 5 and Annex V from 1 July 2026, the rest from 1 September 2026, except section VI points 6 and 7 and Annex VIII A, which lapse on 1 January 2027.
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 originalFAQ on POJK 27/2024 on Digital Financial Asset Trading Including Crypto Assets
OJK's official Q&A on the transition from Bappebti. Explains that each exchange, not the regulator, now sets the list of tradable crypto assets.
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.
Read the original
JapanComprehensive27 registered exchanges under the PSA since 2017; the FIEA takes over supervision by July 2027
Green List and handled crypto-assets of JVCEA members
The FSA-certified self-regulator's list of tokens members can list without a fresh association review. It drives which assets reach Japanese retail.
Read the originalList of Registered Crypto-asset Exchange Service Providers
The official register, published as PDF and Excel. The Japanese edition dated 1 September 2026 lists 27 providers, 25 under the Kanto bureau and 2 under Kinki.
Read the originalList of Registered Electronic Payment Instrument Exchange Service Providers
Register of firms allowed to buy, sell and hold stablecoins for customers. Two are registered: SBI VC Trade since March 2025 and Coincheck since August 2026.
Read the originalFurther strengthening of measures to prevent fraud using crypto-assets
Joint request to the JVCEA asking exchanges to hold back withdrawals for a period after deposits or purchases, pre-register withdrawal addresses, set withdrawal limits and freeze suspect accounts faster.
Read the originalAct Partially Amending the Financial Instruments and Exchange Act and the Payment Services Act (Law No. 64 of 2026)
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.
Read the originalNotification obligations regarding transfers of crypto-assets and electronic payment instruments
FSA explanation of the travel rule as applied to exchanges and stablecoin intermediaries, including data to be sent with each transfer.
Read the originalAct on Prevention of Transfer of Criminal Proceeds (Act No. 22 of 2007)
Japan's core AML law. Exchanges and stablecoin intermediaries must verify customers and, since June 2023, pass originator and beneficiary data on transfers.
Read the originalFinancial Instruments and Exchange Act (Act No. 25 of 1948)
Japan's securities law, which already covers security tokens and crypto derivatives and will house spot crypto regulation once the 2026 amendment takes effect.
Read the originalPayment Services Act (Act No. 59 of 2009)
The statute that has governed crypto-asset exchange services since April 2017 and electronic payment instruments since June 2023; the official text is current to Law No. 64 of 2026. Crypto provisions move to the FIEA once that amendment's main provisions start.
Read the original
KazakhstanComprehensiveAFSA licenses exchanges in the AIFC; since May 2026 the NBK licenses onshore crypto exchange operators
Operating a Digital Asset Trading Facility
AFSA's guide to authorisation of AIFC crypto exchanges: capital of at least USD 200,000 or 12 months of operating costs, a USD 98,000 authorisation fee and a USD 30,000 annual supervision fee (checked 5 October 2026).
Read the originalAFSA Public Register: Digital Asset Service Providers
The official list of AIFC digital asset firms with licence numbers, dates, status and activities: 26 active firms on 5 October 2026, 8 of them running trading facilities, including Bybit, BN KZ Technologies (Binance) and ATAIX Eurasia.
Read the originalLaw on amendments on improvement and digitalisation of the financial market (No. 352-VIII)
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.
Read the originalRegulation of the digital assets market
The NBK's hub for the onshore regime: the legal basis, the three categories of service providers, mining licensing by the ministry, the sandbox and the crypto cards project.
Read the originalRegister and requirements: unsecured digital asset exchange operators
Licensing requirements for crypto exchange operators outside the AIFC: joint-stock company or LLP form and charter capital of at least KZT 50 million. The register, on the Russian version of the page, listed four licensed operators on 2 October 2026.
Read the originalRegister and requirements: digital asset trading platform operators
Registration rules for platforms trading DFAs and crypto: KZT 200 million charter capital, board-approved operating rules, a three-year business plan and cybersecurity testing before launch. The register, on the Russian version of the page, lists only KASE.
Read the originalKazakhstan introduces regulation of digital asset turnover
Announced that from 1 May 2026 crypto exchange operators need an NBK licence and trading and DFA platforms must register, and split supervision between the NBK, ARDFM and AIFC.
Read the originalRules for the activities of unsecured digital asset exchange operators (NBK Resolution No. 45)
Sets the licensing procedure, qualification requirements, trading and wallet rules, transaction monitoring and client limits for onshore crypto exchange operators. In force from 1 May 2026.
Read the originalAIFC Rules on Digital Asset Activities
The AIFC rulebook for digital asset trading facilities, service providers, money services and fiat stablecoin issuers, including annual audits of stablecoin reserves. Current consolidated version.
Read the originalAFSA introduces amendments to Capital Market, Digital Assets and Crowdfunding frameworks
From 1 January 2026 all firms dealing in digital assets are treated as Digital Asset Service Providers, with revised trading facility capital rules.
Read the originalFirst tenge-denominated stablecoin launched in the National Bank's regulatory sandbox
Intebix, an AIFC exchange, issued a tenge stablecoin on Solana with Mastercard and Eurasian Bank, linked to crypto card payments.
Read the originalRegulatory Sandbox for Digital Financial Assets
The NBK sandbox for testing stablecoins, real estate and gold tokenisation, tokenised bonds, crypto brokerage and crypto QR payments before full licensing.
Read the originalNational Bank launched crypto cards project and pilot projects in digital assets
Launched bank payment cards linked to wallets at AIFC-licensed crypto exchanges, and announced 2025 pilots on stablecoins and tokenisation.
Read the original
KyrgyzstanComprehensiveNAVA licenses crypto exchanges and exchange offices under the 2022 law; 11 exchanges and 166 offices active
Register of virtual asset trading operators (crypto exchanges)
Official list of licensed crypto exchanges with registration numbers and status, taken over from the FSA in 2026: 11 active, with Only Finance and TengriCoin shown as revoked (checked 5 October 2026).
Read the originalRegister of virtual asset exchange operators
Official list of licensed crypto exchange offices: 202 firms, of which 166 active, 3 suspended and 33 revoked (checked 5 October 2026). NAVA's counter shows 168 because one active firm is listed three times.
Read the originalNAVA publishes draft rules on virtual asset licensing, stablecoins and RWA tokens for public comment
A draft presidential decree with seven annexed rules implementing the January 2026 amendments, covering licensing of exchanges and exchange offices, stablecoin and RWA token issuance, enforcement measures, a regulatory sandbox and mining certificates. Still listed as drafts on NAVA's site in October 2026.
Read the originalCabinet Resolution No. 516 on the authorised body for supervision and control of virtual assets
Names the FSA as the supervision and control body for virtual assets, covering licence compliance and AML monitoring, removes its licensing role, and repeals the KGS 10 billion exchange capital clause. It applies from 9 June 2026.
Read the originalRegulation on virtual asset trading operators (crypto exchanges) and their register
Rules for crypto exchanges, as amended by Resolutions No. 625 (2025) and No. 516 (2026): fit-and-proper owners, AML and travel rule duties and service to residents and non-residents. Resolution No. 516 removed the KGS 10 billion capital clause; the minimum is now set by presidential decree.
Read the originalFSA revokes licences of a virtual asset exchange operator and a crypto exchange
Revokes the licences of Grinex LLC and Only Finance CJSC for breaches of the Law on Virtual Assets.
Read the originalPresidential Decree No. 112 on the minimum charter capital of virtual asset trading operators
Sets the minimum charter capital of a crypto exchange at KGS 300 million from 1 July 2026, replacing the KGS 10 billion rule, and requires the capital to be used to provide liquidity.
Read the originalReport on virtual asset service providers, 2022 to 2025
Market data: licences added each year since 2022, KGS 2.74 trillion of provider turnover and 2,122,177 transactions in 2025, and KGS 157 billion on crypto exchanges.
Read the originalDevelopment and regulation of the virtual asset market in the Kyrgyz Republic
Records registration of the gold-backed USDKG issue on 31 October 2025, 185 exchange office licences, 13 exchange licences, 10 mining certificates and KGS 2.04 billion of taxes paid.
Read the originalRegulation on virtual asset exchange operators and their register
Rules for crypto exchange offices: capital of 400,000 calculation units (KGS 40 million), no borrowed capital or offshore owners, and a ban on residents using unlicensed operators.
Read the originalTreasury sanctions cryptocurrency exchange and network enabling sanctions evasion and cyber criminals
Designated Grinex as the successor to Garantex and Old Vector, the Kyrgyz issuer of the rouble-backed A7A5 token, along with other firms in Russia and Kyrgyzstan.
Read the original
MalaysiaComprehensiveFive SC-registered DAX operators under the CMSA; May 2026 rules raised paid-up capital to RM15 million
Digital Asset Innovation Hub (DAIH)
BNM's testing platform for blockchain use cases, listing the ringgit stablecoin and tokenised deposit pilots and the tokenisation industry working group. Updated as at 30 July 2026.
Read the originalList of Registered Digital Asset Exchanges
Official register of recognised market operators running exchanges, listing five operators as of 20 July 2026. It also names platforms barred from operating since 2019.
Read the originalGuidelines on Recognized Markets (SC-GL/6-2015(R14-2026))
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.
Read the originalSC Issues Revised Guidelines on Recognized Markets for Digital Asset Exchange
Explains the 2026 overhaul and reports RM17.14 billion of 2025 trading on regulated exchanges. It also notes action against four unregistered exchanges and plans to bring DAX operators into the Financial Markets Ombudsman Service.
Read the originalGuidelines on Exchange-traded Funds (SC-GL/ETF-2005(R6-2026))
The sixth revision, effective 2 March 2026, allows digital currency ETFs that track spot prices of eligible digital currencies. Assets must be bought through SC-registered exchanges or FATF-compliant regulated foreign platforms, and coins built to impede traceability are excluded.
Read the originalPractice Note 1/2026: Offering of Broking Services for Digital Assets
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.
Read the originalDigital Assets (SC overview and list of registered operators)
SC landing page listing registered DAX operators, IEO operators and digital asset custodians, with application routes. It notes that IEO registration is currently closed.
Read the originalInvestor Alert List
Public list of unauthorised entities and websites, including a digital assets section. Investors are urged to check it before dealing with any platform.
Read the originalPublic Consultation Paper No. 3/2025: Proposed Amendments to Guidelines on Recognized Markets (Digital Asset Exchange)
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.
Read the originalPublic Consultation Paper No. 1/2025: Proposed Regulatory Framework for Offering and Dealing in Tokenised Capital Market Products
Proposes how tokenised shares, bonds and funds can be offered and dealt in under existing securities law, separate from the digital currency and token regime. Comments closed on 16 June 2025; no final framework had been issued by October 2026.
Read the originalSC Takes Enforcement Action against Bybit for Illegally Operating DAX in Malaysia
Reprimands Bybit and its CEO for running an unregistered exchange, an offence under section 7(1) of the CMSA. The SC reports that Bybit complied with orders to shut its Malaysian-facing platforms.
Read the originalGuidelines on Digital Assets (SC-GL/1-2020(R3-2024))
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.
Read the originalGuidelines on Prevention of Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing and Targeted Financial Sanctions for Reporting Institutions in the Capital Market
AML/CFT rules for capital market reporting institutions, including registered exchanges and other digital asset intermediaries. Last revised on 13 June 2024.
Read the originalPolicy Document on AML, CFT, CPF and Targeted Financial Sanctions for DNFBPs and Non-Bank Financial Institutions
Consolidated BNM policy document that covers digital currency exchangers among other reporting institutions under AMLA. It took effect on 6 February 2024.
Read the originalVirtual Asset Risk Assessment (VARA) 2024: Executive Summary
Malaysia's national assessment of money laundering and terrorism financing risks from virtual assets and service providers for 2020 to 2022. It confirms onshore crypto exchange is treated as dealing in securities.
Read the originalSC Registers Two Initial Exchange Offering (IEO) Operators
Registers Kapital DX and Pitch Platforms as IEO operators. Issuers can raise up to RM100 million through digital token offerings on these platforms.
Read the originalSC Registers Three Digital Asset Exchanges
Announces the first registrations: Luno Malaysia, SINEGY Technologies and Tokenize Technology. Unapproved exchanges were told to cease operations and return client assets.
Read the originalJoint Statement on Regulation of Digital Assets in Malaysia
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.
Read the originalAnti-Money Laundering and Counter Financing of Terrorism (AML/CFT): Digital Currencies (Sector 6)
First AML/CFT rulebook for crypto exchangers listed in Paragraph 25 of the AMLA First Schedule. Its requirements now sit in BNM's consolidated DNFBP and NBFI policy document.
Read the original
MongoliaComprehensiveFRC registration for exchange, transfer, custody and offerings since 2022; 12 registered VASPs
Regulation on Virtual Asset Service Provider Operations (FRC Resolution No. 258)
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.
Read the originalRegistered VASPs
The FRC's English register of 12 VASPs with registration dates and order numbers, from the first registrations on 21 September 2022 to Powered ADM in January 2023. The FRC has not published a newer list.
Read the originalFrequently Asked Questions on Virtual Asset Service Providers
FRC answers (in Mongolian) on applying for registration, including that share capital must be cash and that capital raised through token offerings must have been taxed.
Read the originalRegulation on Off-site and On-site Supervision of VASP Operations (FRC Resolution No. 305)
Set how the FRC monitored VASPs' compliance through reports and inspections. Repealed by FRC Resolution No. 216 of 11 June 2026, entered in the state register of administrative acts on 20 July 2026.
Read the originalRegulation on Restriction, Suspension, and Deregistration of VASP Operations (FRC Resolution No. 306)
Set the grounds and procedure for the FRC to restrict, suspend or deregister a VASP (FRC English translation). Repealed by FRC Resolution No. 657 of 27 December 2024; the power itself sits in Article 11 of the VASP law.
Read the originalRegulation on Virtual Asset Service Provider Registration (FRC Resolution No. 174)
The first registration rules: MNT 400 million of cash share capital per service, fit-and-proper owners and officers, and the filing list (FRC English translation). Repealed by FRC Resolution No. 657 of 27 December 2024.
Read the originalRegulation on Virtual Asset Service Providers Operations (FRC Resolution No. 175)
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.
Read the originalLaw on Virtual Asset Service Provider (unofficial English translation)
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.
Read the originalLaw on Virtual Asset Service Providers (official Mongolian text)
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.
Read the originalJurisdictions under Increased Monitoring, 23 October 2020
Records Mongolia's removal from the grey list a year after it was added, the pressure that led to the 2021 VASP law.
Read the original
SingaporeComprehensive38 DPT licensees under the Payment Services Act; offshore-only DTSPs effectively barred since June 2025
Written reply to Parliamentary Question on virtual asset service providers
MAS Chairman Gan Kim Yong told Parliament that 37 DPT service providers were licensed out of close to 300 applications. Most others were rejected or withdrawn.
Read the originalGuardian
Hub for Project Guardian, listing policymaker and industry members, live use cases and the Guardian fund and fixed income frameworks.
Read the originalFinancial Services and Markets (Digital Token Service Providers) Regulations 2025
Sets the licence application, financial, officer approval and audit requirements for DTSPs. Came into operation on 30 June 2025.
Read the originalMAS Clarifies Regulatory Regime for Digital Token Service Providers
States that MAS will generally not issue DTSP licences, so offshore-only providers had to cease by 30 June 2025. Utility and governance token services fall outside the regime.
Read the originalGuidelines on Licensing for Digital Token Service Providers
Sets eligibility criteria for DTSP licences, including S$250,000 base capital. MAS says it will consider a licence only in extremely limited circumstances.
Read the originalResponse to Feedback Received on Proposed Regulatory Approach, Regulations, Notices and Guidelines for Digital Token Service Providers
Final MAS policy on the DTSP regime after consultation. Confirms no transition period for firms serving only overseas customers.
Read the originalPayment Services Act 2019
The core licensing law for payment services, in force since 28 January 2020. It makes DPT dealing, exchange, transfer and custody licensed activities.
Read the original
South KoreaComprehensiveKoFIU reporting since 2021 and the User Protection Act since July 2024; 28 registered VASPs at end-June 2026
KoFIU Unveils H1 2026 Survey Result on Virtual Asset Service Providers
Census of 26 of the 28 registered VASPs (two did not submit data) at end-June 2026: market value fell to ₩58.9 trillion, daily volume to ₩3.1 trillion and won deposits to ₩5.2 trillion, while tradeable accounts rose to 11.18 million.
Read the originalFSC 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 originalFSC Introduces Policy Roadmap on Digital Transformation and Tokenization of Securities Issuance and Circulation
Three-phase plan from 4 February 2027, with ₩4 billion capital for issuer account managers and a ₩100 million annual retail cap per OTC venue.
Read the originalIncome Tax Act amendment to defer the crypto gains tax to 2029 (bill no. 2220914)
Would push the start of crypto gains taxation back two years to 1 January 2029, citing gaps in tracing DeFi and peer-to-peer trades and in cross-border data exchange. Taken up by the Finance and Economic Planning Committee on 29 September 2026.
Read the originalVirtual Asset Basic Act (bill no. 2218219)
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.
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 originalKoFIU Unveils H2 2025 Survey Result on Virtual Asset Service Providers
Official market census of all 27 registered VASPs: ₩87.2 trillion market value, ₩5.4 trillion daily volume and ₩8.1 trillion in won deposits at end-2025. Replaced by the H1 2026 survey.
Read the originalLegislative Ground Established to Check Criminal Record on Major Shareholders of Virtual Asset Service Providers
Amendment passed 29 January 2026 extending KoFIU's registration screening to major shareholders, financial soundness and internal controls, and letting it attach conditions to registrations.
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.
Read the originalOverview of taxation of virtual asset income for residents
The NTS guide to how crypto income will be calculated and filed, including exchange obligations to submit transaction data.
Read the originalBasic Act on Fostering Digital Assets (bill no. 2213449)
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.
Read the originalAct on the Value-Stable Digital Asset Issuance Business (bill no. 2212298)
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.
Read the originalSale of Virtual Assets by Non-profit Corporations and Exchanges will be Allowed From June
Phase 1 guidelines letting audited non-profits liquidate donated crypto and exchanges sell top-20 assets to cover costs through real-name accounts.
Read the originalTransactions of Virtual Assets by Corporate Entities to be Allowed in Stages
Roadmap to end the informal 2017 ban on corporate bank accounts for crypto, starting with non-profits and exchanges, then listed companies and professional investors.
Read the originalNew Enforcement Decree on the Protection of Virtual Asset Users Approved by the Government
Sets the detailed rules under the Act, including how exchanges must hold user funds and crypto and handle abnormal transactions.
Read the original
ThailandComprehensiveMoF licences on SEC advice since 2018; 7 exchanges and 14 brokers licensed as of October 2026
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.
Read the originalSEC seeks public comments on proposed principles for supervising stablecoin transactions to mitigate financial fraud risks
Proposes, after SEC Board approval on 3 September, that stablecoins move only between the customer's own verified wallets, capped at 5 million baht a day each way per operator. It also tightens rules on off-platform deals, market makers, liquidity providers and source exchanges; comments closed on 25 September 2026.
Read the originalSEC files criminal complaint against Holdstation and UNO application service providers and an alleged supporter for operating an unlicensed digital asset brokerage business, and notifies access blocking effective 1 October 2026
Complaints against the Holdstation and UNO app operators and Tools for Humanity, with access blocked from 1 October 2026. It shows Thai-language app services count as onshore business.
Read the originalSEC seeks public comments on proposed amendments to regulations on intermediaries' facilitation of clients' investment in digital asset derivatives overseas
Would let intermediaries offer retail and wealthy clients overseas crypto derivatives that match Thai contract terms and trade on centrally cleared exchanges overseen by IOSCO Signatory A regulators; other products would be for institutions only. Comments closed on 30 September 2026.
Read the originalSEC launches TouristDigiPay, business operator applications start 25 September 2025
Rules in force from 24 September 2025 open an 18-month sandbox in which licensed exchanges, brokers and dealers work with BOT-regulated e-money providers so foreign tourists can convert crypto to baht. Merchants are paid only in baht.
Read the originalMinisterial Regulation No. 399 (B.E. 2568) issued under the Revenue Code
Exempts individuals from income tax on gains from selling digital assets through SEC-licensed exchanges, brokers or dealers from 1 January 2025 to 31 December 2029.
Read the originalSEC issues rules on Government Token (G-Token) (SEC News No. 184/2568, Thai only)
Six SEC notifications in force from 21 July 2025, following a May 2025 consultation, make the Ministry of Finance's G-Token a digital token exempt from offering approval, prospectus and ICO portal rules. Licensed exchanges and securities firms may serve G-Token clients without new licences.
Read the originalSEC prepares regulatory framework for digital securities to advance Thailand's capital market as a driver of the digital economy
The Cabinet endorsed on 10 June 2025 a Securities and Exchange Act amendment giving legal recognition to securities issued electronically, the basis for tokenised securities outside the digital token regime.
Read the originalEmergency Decree on Digital Asset Businesses (No. 2) B.E. 2568 (2025) (unofficial English translation)
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.
Read the originalSEC adds USDC and USDT to the cryptocurrencies list
Adds USDC and USDT, from 16 March 2025, to the list of cryptocurrencies usable as exchange base trading pairs and for ICO subscriptions, under Notification Sor Jor. 9/2568.
Read the originalSEC amends digital asset business regulations to support greater variety of digital asset custodial wallet providers
Allows custodial wallet providers from qualified financial groups to serve affiliated operators, subject to independence rules. Previously only listed companies and their subsidiaries qualified.
Read the originalSEC amends regulations related to the use of digital assets as a means of payment and regulations supporting BOT Programmable Payment Sandbox
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.
Read the originalSEC issues regulation prohibiting digital asset business operators from facilitating the use of digital assets as a means of payment
Bars licensed operators from promoting or supporting crypto payments for goods and services, effective 1 April 2022. It anchors Thailand's investment-only approach to crypto.
Read the originalEmergency Decree on Digital Asset Businesses B.E. 2561 (2018) (unofficial English translation)
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.
Read the originalDigital Asset Business Operators: rules, manuals and forms
The SEC's index of licensing rules for exchanges, brokers and dealers, including capital, fit-and-proper and reporting notifications. It is the starting point for any licence application.
Read the original
UAEComprehensiveVARA, the ADGM FSRA, the DFSA and the CMA each license virtual asset service providers; VARA had 58 licensees in October 2026
VARA Public Register
Official list of licensed VASPs and in-principle approvals, with each firm's activities, permitted client classes and federal CMA registration number. On 13 October 2026 it showed 58 active VASP licences, 34 of them permitting retail investors; the latest were Rain MENA FZE (5 October 2026) and Payward FZCO, Kraken's Dubai entity (6 October 2026).
Read the originalConsultation Paper No. 5 of 2026: DeFi Risk Management Guidance
Proposes guidance on how authorised firms should manage the risks of decentralised finance activities. Comments are invited until 30 November 2026.
Read the originalAutomatic Exchange of Information: Crypto-Asset Reporting Framework (CARF)
The UAE ratified the CARF agreement by Federal Decree No. 60 of 2026 on 4 May 2026. Implementing Cabinet and Ministerial Decisions are targeted to take effect on 1 January 2027, with first reports due by 30 June 2028 and the first exchange of information on 1 September 2028.
Read the originalADGM FSRA Finalises Regulatory Framework for the Staking of Virtual Assets
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.
Read the originalThe CMA Issues the Virtual Assets Framework, Establishing an Integrated Regulatory Regime Comprising Five Core Modules and Eight Regulated Activities
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.
Read the originalExchange 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.
Read the originalThe DFSA implements major updates to Crypto Token Regulatory Framework
From 12 January 2026 DIFC firms assess for themselves whether each crypto token is suitable, replacing the DFSA's list of recognised tokens; the DFSA still decides which fiat crypto tokens may be used.
Read the originalUAE signs Multilateral Competent Authority Agreement on the Automatic Exchange of Information under the Crypto-Asset Reporting Framework
Announces that the UAE signed the OECD CARF agreement on 21 July 2025 and opened a consultation on domestic rules that ran to 8 November 2025.
Read the originalGuidance – Regulation of Virtual Asset Activities in ADGM (VER07.100625)
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.
Read the originalADGM FSRA implements amendments to its Digital Asset Regulatory Framework
Moves to firm-led assessment of Accepted Virtual Assets with prior notice to the FSRA, aligns capital with the same activity in traditional assets, adds a product intervention power and codifies the ban on privacy tokens and algorithmic stablecoins, following Consultation Paper No. 11 of 2024.
Read the originalVARA Issues Updated Activity Rulebooks to Strengthen Market Integrity and Risk Oversight
Announces version 2.0 of the seven activity rulebooks and the issuance rulebook, strengthening margin trading and token distribution controls and clarifying collateral wallet arrangements, with compliance required by 19 June 2025.
Read the originalSCA and VARA set regulatory framework for the UAE's virtual assets sector
Cooperation agreement under which firms licensed by VARA can be registered by default with the federal regulator to serve the wider UAE, while firms operating from other emirates need a federal licence; it also covers joint supervision and information exchange.
Read the original
UzbekistanComprehensiveNAPP licenses crypto exchanges, depositories, stores and mining pools; 2 exchanges licensed as of Oct 2026
Service providers: licensing requirements and fees
NAPP's summary of licensing (checked 5 October 2026): exchange capital of 5,000 base units with 3,000 reserved, state fees from 3,000 to 73,400 base units, and monthly charges from 5 to 740 base units.
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 originalList of specially authorised crypto exchanges for the special tax regime for foreign citizens
NAPP Order No. 49 authorises Coinpay and Asterium to open wallets for foreigners under the special tax regime.
Read the originalResolution PP-359 on measures to further develop the financial technology sector
From 1 January 2026 allows tokenised shares and bonds, requires exchanges to set up platforms for them, and opens a NAPP and Central Bank sandbox for currency-backed tokens.
Read the originalDecree UP-180 on measures to implement a special tax regime for foreign citizens
Exempts qualifying foreigners' foreign income from personal income tax from 2026 and lets them hold funds in a crypto wallet at a specially authorised Uzbek exchange.
Read the originalRegulation on registering participants in the crypto-assets special regime (regulatory sandbox) (No. 3409)
Sets how firms enter NAPP's sandbox to pilot crypto and blockchain projects outside the normal licensing rules.
Read the originalRegulation on licensing service providers in the sphere of crypto-assets turnover (No. 3380)
Sets licence types, documents, fit-and-proper tests and requirements such as local servers, five-year record keeping and a ban on anonymous crypto-assets. Amendments let NAPP refuse licences on its motivated judgment (from 3 June 2026) and require its approval for share sales and management changes (from 1 October 2026).
Read the originalRules for trading crypto-assets on a crypto exchange (No. 3379)
Governs how licensed crypto exchanges run trading, admit clients and handle orders (Uzbek text).
Read the original
AustraliaPartialAUSTRAC VASP registration plus AFSLs for financial-product tokens; platform licensing starts April 2027
Final call for firms to act before ASIC's digital asset licensing deadline
Warned that firms without a licence application by 30 September 2026, when the no-action relief ended, risk penalties of up to 10% of turnover from 1 October. ASIC had recorded over 45 applications since October 2025.
Read the originalAUSTRAC orders Cryptolink's crypto ATMs offline
AUSTRAC suspended Cryptolink's VASP registration for three months, shutting its 96 crypto ATMs after reporting failures that followed a 2025 enforceable undertaking.
Read the originalVirtual asset service provider register goes public
AUSTRAC published its VASP register so the public can check whether a crypto business is registered, and listed the services that require registration.
Read the originalASIC extends no-action position for digital asset businesses to 30 September 2026
Gives digital asset firms three more months to apply for or vary an AFSL, and extends relief to firms using authorised representative arrangements. About 30 applications had been received.
Read the originalAUSTRAC steps up supervision of virtual assets sector as reforms take effect
Announces supervisory campaigns into 36 over-the-counter crypto businesses and 27 local exchanges as the VASP reforms bed in.
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 originalVirtual asset service providers overview
Explains which crypto services make a business a VASP and states that providing them without AUSTRAC registration is illegal.
Read the originalAnti-Money Laundering and Counter-Terrorism Financing Rules 2025
Made on 29 August 2025, with the virtual asset provisions in force from 31 March 2026 (as amended by 2026 amending rules). Sets VASP registration requirements, enhanced due diligence for certain virtual asset services and Travel Rule data for crypto transfers.
Read the originalInformation Sheet 225 (INFO 225): Digital assets: Financial products and services
ASIC's main guidance on when digital assets are financial products, with 18 worked examples covering stablecoins, wrapped tokens, staking and tokenised assets. Updated October 2025, with minor edits in April 2026.
Read the originalKraken crypto exchange operator to pay $8 million following ASIC enforcement action (24-274MR)
Bit Trade offered a margin extension credit product to over 1,100 customers without a target market determination. It was ASIC's first penalty for breaching design and distribution obligations.
Read the originalAnti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024
Assented to on 10 December 2024. Schedule 6, in force from 31 March 2026, replaces digital currency exchange rules with a broader virtual asset service provider regime.
Read the original
BhutanPartialGFSO licenses VA firms only inside GMC; 10 licensees by Sept 2026, including BTSE's trading venue
Gelephu Financial Services Office: licensing process and Financial Institutions Directory
Official licensing route (initial meeting, application, in-principle approval, licence) and the public register, which listed ten licensed firms when checked on 5 October 2026.
Read the originalGeneral Rulebook (GEN)
Core rules on authorisation, governance, systems and controls and reporting that apply to every GFSO licensee, including virtual asset firms.
Read the originalMarket Infrastructure Rulebook (MIR)
Rules for licensed exchanges and clearing houses in GMC (Licensed Bodies), covering suitability, governance, market operation and default rules.
Read the originalGFSO Virtual Asset Guidance 2026 (Version 1.0)
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.
Read the originalNotification: RMA's Regulatory Stance on Crypto Currency
Allows crypto mining and exchanges only for GMC-registered entities under GMC's regulatory framework, and keeps crypto on-ramping through RMA-regulated domestic banks restricted.
Read the original
IndiaPartialVDA platforms must register with FIU-IND for AML, but there is no licensing, capital or custody regime
Lok Sabha Unstarred Question No. 5805: Regulation of Virtual Digital Assets in the Country
Official answer listing the 54 VDA service providers registered with FIU-IND as of 9 March 2026 and the 53 platforms whose apps and URLs it had ordered taken down. It confirms FIU-IND does not publish a register and that registration is not a licence.
Read the originalFIU IND issues notices for non-compliance to 25 offshore VDA Service Providers
Second enforcement wave against unregistered offshore platforms. Reports that 50 VDA service providers had registered with FIU-IND.
Read the original3rd Revision of Circular for Registration of Virtual Digital Asset Service Providers in FIU-IND as Reporting Entity
Revised process and documentation for VDA service providers, onshore and offshore, to register as reporting entities before serving Indian users.
Read the originalFIU IND issues compliance Show Cause Notices to nine offshore VDA Service Providers
Named nine offshore exchanges operating without registration and asked the IT ministry to block their URLs. At the time 31 VDA SPs had registered.
Read the originalNotification S.O. 1072(E): VDA activities notified under the Prevention of Money-laundering Act, 2002
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.
Read the originalCircular No. 13 of 2022: Guidelines under section 194S of the Income-tax Act, 1961
Explains how exchanges and counterparties deduct the 1% TDS on VDA transfers, including exchange-to-exchange and in-kind trades. Issued under section 194S of the 1961 Act, whose rule now sits in section 393(1) of the Income-tax Act, 2025.
Read the originalProhibition on dealing in Virtual Currencies (VCs), RBI/2017-18/154
Barred RBI-regulated entities from dealing in or servicing virtual currencies. The Supreme Court set it aside on 4 March 2020.
Read the original
IsraelPartialCMA licenses exchange and custody under the 2016 law; 9 licensees by June 2026, new custody rules in 2027
Financial Asset Custody Provisions, Circular 2026-10-2
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).
Read the original
PakistanPartialAct and regulations in force; licensing opened August 2026, with NOCs so far to firms such as Binance and HTX
Pakistan Virtual Asset Services Regulations, 2026 (S.R.O. 1419(I)/2026)
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.
Read the originalPakistan Virtual Asset Services Activity Specific Regulations, 2026 (S.R.O. 1420(I)/2026)
Activity-by-activity rules for exchanges, brokers, custodians, lenders, asset managers, derivatives providers and issuers, including limits on margin and leveraged products.
Read the originalPVARA VASP Licensing: licence categories and application routes
Describes each Schedule I licence category and the three ways in (Regulatory Sandbox, No Objection Certificate, VASP licence), and states that operating without a licence is not permitted.
Read the originalIncubation Guidelines: PVARA Regulatory Sandbox
Explains how firms can test a virtual asset product under supervision, within agreed customer limits, before applying for a full VASP licence (PVARA's Track A route).
Read the originalFinance Division press releases: PVARA call for VASP expressions of interest, Binance MoU and World Liberty Financial MoU
Official record of PVARA's September 2025 call to global exchanges (citing 40 million users), the December 2025 Binance MoU on tokenising sovereign assets and the January 2026 MoU with World Liberty Financial's affiliate.
Read the originalJurisdictions under Increased Monitoring, 21 October 2022
Records Pakistan's removal from the grey list after it completed two FATF action plans, the backdrop to building a FATF-aligned VASP regime.
Read the original
PhilippinesPartialBSP VASP regime in force since 2021, but no new licences issued since the September 2022 moratorium
List of Virtual Asset Service Providers (VASP) as of 15 July 2026
BSP's official register of VASPs, split into active non-bank, inactive non-bank and bank VASPs. Nine entities are listed, two of them banks.
Read the originalMemorandum No. M-2026-023: Coin/Token Listing Guidelines
Requires VASPs to vet tokens on six pillars, from issuer background to reserves, and to set delisting triggers. Bans listing of privacy coins.
Read the originalMemorandum No. M-2025-031: Continued Enforcement of the Moratorium on the Issuance of New Licenses for VASP
Under Monetary Board Resolution 848 of 20 August 2025, the freeze on new VASP licences continues from 1 September 2025 with no end date, subject to reassessment.
Read the originalSEC Memorandum Circular No. 4, Series of 2025: The SEC Rules on Crypto-Asset Service Providers (SEC CASP Rules)
Signed on 30 May 2025 and effective 30 days after newspaper publication, it brings crypto-asset service providers dealing with Filipinos, including offshore platforms that solicit them, under SEC licensing, and sets disclosure, marketing, AML and enforcement rules for crypto-asset offerings.
Read the originalSEC Proceeds With Blocking of Binance
Announced the request to block Binance websites in the Philippines, the country's first large-scale block of an offshore exchange.
Read the originalMemorandum No. M-2022-035: Modified Approach in the Grant of VASP Licenses
Imposed a three-year moratorium on new VASP licence applications from 1 September 2022. BSP-supervised institutions with acceptable risk ratings could still apply.
Read the originalCircular No. 1108, Series of 2021: Guidelines for Virtual Asset Service Providers (VASP)
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.
Read the originalCircular No. 944, Series of 2017: Guidelines for Virtual Currency (VC) Exchanges
BSP's first crypto rule, approved 19 January 2017, required VC exchanges to obtain a certificate of registration. Replaced by Circular 1108 in 2021.
Read the original
TaiwanPartial11 AML-registered VASPs; licensing under the VASA was enacted in July 2026 but is not yet in force
Enterprises or persons providing virtual asset services: registered and barred operators
The official register, updated 29 September 2026: 11 VASPs with completed AML registration, one voluntary withdrawal, and 17 former operators no longer allowed to provide services.
Read the originalFSC plans travel rule for virtual asset transfers
Proposes amending the VASP AML rules so the travel rule applies to transfers of any value, with extra originator and beneficiary data above NT$30,000; domestic VASP transfers first (planned October 2026), cross-border by end-2027.
Read the originalVirtual Asset Service Act
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.
Read the originalRegulations Governing Anti-Money Laundering Registration of Enterprises or Persons Providing Virtual Asset Services
Sets who must register, what documents are needed and when registration is refused or revoked; foreign VASPs must establish a company or branch in Taiwan. In force from 30 November 2024.
Read the originalGuiding Principles for the Management of Virtual Asset Platform and Transaction Service Enterprises (VASP)
Interim conduct rules pending legislation: segregation of client assets, whitepaper and listing reviews, and no solicitation by foreign platforms that have not registered locally.
Read the original
TurkeyPartialLaw 7518 puts platforms under the CMB; 43 operate on a transitional list, none fully authorised yet
Crypto Asset Service Providers: Operating List (provisional)
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.
Read the originalCMB Bulletin 2026/59: Establishment permit for a new crypto platform
Approves AHL Gold E-Ticaret's application to establish Ahlatcı Kripto Varlık Alım Satım Platformu, the latest new entrant to receive an establishment (not operating) permit.
Read the originalCommuniqué Amending the Communiqué on Remote Identification Methods for Brokers, Portfolio Managers and Crypto Asset Service Providers (III-42.1.b)
Lets crypto asset service providers, brokers and portfolio managers onboard non-Turkish nationals remotely with NFC-enabled passports and onboard companies through their authorised representatives. Address checks are required within three months, and no money or crypto may be transferred until the address is confirmed. In force on publication.
Read the originalCMB Bulletin 2026/34: Authorisation of Crypto Asset Service Providers
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.
Read the originalCMB Bulletin 2026/18: Extension of crypto asset service provider deadlines
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.
Read the originalCMB Bulletin 2025/68: Amounts updated for 2026
Revalues monetary thresholds for 2026, raising minimum capital to TRY 250 million for crypto trading platforms and TRY 630 million for crypto custodians.
Read the originalInformation Systems and Technological Infrastructure Criteria for Crypto Asset Service Providers
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.
Read the originalCommuniqué on the Principles of Establishment and Operation of Crypto Asset Service Providers (III-35/B.1)
Sets the two-stage licensing process (establishment then operating permit), ownership and management rules, internal controls, IT systems, independent audit and proof-of-reserves audits.
Read the originalCommuniqué on the Working Procedures and Principles and Capital Adequacy of Crypto Asset Service Providers (III-35/B.2)
Governs permitted services, trading venues, custody and transfers, token listing, and minimum capital for platforms and custodians.
Read the originalLaw No. 7518 Amending the Capital Markets Law
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.
Read the originalAnnouncement on Crypto Asset Service Providers
Explains the transition: existing firms had until 2 August 2024 to declare they would seek a licence or wind down, with liquidation decisions due by 2 October 2024.
Read the original
CambodiaDevelopingSERC licenses digital asset providers under Prakas 093 (Dec 2025); a full virtual asset law is due end-2026
H.E. Sou Socheat Holds Sideline Meeting with Legal and Regulatory Expert to Accelerate the Drafting of the Digital Asset Law
Confirms the SERC is permanent vice-chair and secretariat of the inter-ministerial working group drafting the digital asset law, with a complete draft targeted for November 2026.
Read the originalPrakas No. 093 on the Issuance of Licence and Management of Digital Asset Business
Creates SERC licences for digital asset service providers and agents covering trading, wallets, lending and asset management, with KHR 40 billion minimum capital for trading and sandbox testing before licensing. Khmer text only.
Read the originalJoint 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.
Read the original
JordanDevelopingLaw No. 14 and Regulation No. 94 in force; JSC instructions not yet final and no licences announced
Draft Executive Instructions for Virtual Asset Activities for 2026
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.
Read the originalJordan Securities Commission Publishes Draft Project of Executive Instructions for Virtual Assets Activities for the Year 2026
JSC announcement, on the day Regulation No. 94 took effect, of the draft executive instructions and of its online form for preliminary approval to carry on virtual asset activities.
Read the originalThe Virtual Asset Service Providers Licensing Regulation for the year 2025 (Regulation No. 94 of 2025)
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).
Read the originalOfficial Gazette Publishes Regulation of Licensing Virtual Assets Services Providers and Instructions of Capital Adequacy
JSC announcement that Regulation No. 94 of 2025 was gazetted, in force 30 days later, alongside new Financial Solvency and Capital Adequacy Instructions for financial services companies that apply from 12 September 2026.
Read the originalDraft Regulation on Licensing Virtual Asset Service Providers for 2025 (revised draft)
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.
Read the originalLaw Regulating Dealing in Virtual Assets (JSC text)
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).
Read the originalDraft Regulation on Licensing Virtual Asset Service Providers (JSC consultation)
The JSC's first public draft of the VASP licensing regulation, open for comment from 6 to 19 August 2025. Replaced by Regulation No. 94 of 2025.
Read the originalOfficial Gazette Issue No. 5996, including Law No. (14) of 2025 Regulating Dealing in Virtual Assets
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).
Read the originalSummary of the ML/TF Risk Assessment of Virtual Assets and Virtual Asset Service Providers
Jordan's FATF Recommendation 15 risk assessment, which found virtual asset exchange services carried high inherent and residual ML/TF risk because controls were largely ineffective.
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OmanDevelopingVASPs must register with the FSA for AML since 2023; the full licensing regime is still pending
Anti-money laundering and counter-terrorist financing measures: Oman, Mutual Evaluation Report
Rates Oman largely compliant with the FATF standard on virtual assets (R.15) under the 2023 registration regime, and notes that only one VASP was registered and operating.
Read the originalCMA issues Instructions for Registration of VASPs and Implementation of AML/CTF Requirements (Decision No. 35/2023)
No one may carry on virtual asset activity in Oman without registering with the regulator. Registrants must run AML/CFT controls, report suspicious transactions to the National Centre for Financial Information and follow rules on virtual asset transfers.
Read the originalThe Capital Market Authority announces plans to establish the Virtual Assets Regulatory Framework
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.
Read the originalVirtual Assets and Virtual Assets Service Providers (Circular BDD/AML/CB/2020/4480)
Tells banks, exchange houses and payment firms to identify customers' exposure to virtual assets and apply enhanced due diligence where risk is higher, guided by FATF standards.
Read the originalLaw on Combating Money Laundering and Terrorism Financing (Royal Decree No. 30/2016)
Oman's core AML/CFT law, issued on 2 June 2016, which sets the obligations of financial institutions and the powers of the National Centre for Financial Information; the 2023 VASP instructions build on it.
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TurkmenistanDevelopingLaw in force since 1 Jan 2026 requires central bank licences; no licensed exchange announced yet
Turkmenistan remains committed to integration into the international financial monitoring system
At the EAG parliamentarians' forum Turkmenistan presented the Law on Virtual Assets as creating a digital financial market with a virtual asset exchange.
Read the originalLaw of Turkmenistan on Virtual Assets (official Russian translation)
Translation published by the state news agency: VASPs must be Turkmen-registered and licensed, custodians must use cold wallets, and offshore owners are barred.
Read the originalMutual Evaluation Report of Turkmenistan
Adopted at the 38th EAG Plenary: found no registered VASPs, no VASP AML obligations and no legal basis for mining, and rated Recommendation 15 on new technologies partially compliant.
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VietnamDevelopingFive of seven applicants cleared first review; no MoF licence had been issued by early October 2026
Circular 15/2026/TT-BTC on accounting principles for organisations in the crypto asset market
Effective on issue for the 2026 financial year. It tells service providers, issuers and corporate investors how to book crypto assets, treating fundraising tokens like borrowing.
Read the originalDecision 96/QD-BTC announcing administrative procedures for licensing crypto asset trading market services
Issued and effective 20 January 2026. It sets out the dossiers and steps for granting, amending and revoking provider licences, with the SSC receiving applications.
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ChinaProhibitedAll crypto exchange, brokerage and pricing services are illegal; offshore platforms may not serve residents
Notice on Further Preventing and Resolving the Risks of Virtual Currency Trading and Speculation (Yinfa [2021] No. 237)
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.
Read the originalLiu He chairs the 51st meeting of the State Council Financial Stability and Development Committee
The top-level political signal to crack down on Bitcoin mining and trading, which set off the 2021 exodus of miners and exchanges.
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QatarProhibitedQCB barred banks from crypto dealings in 2018; virtual asset services are banned in the QFC since 2019
Customer and Investor Protection Rules 2019 (CIPR)
Conduct and disclosure rules for QFC firms dealing with customers, amended in the September 2024 package to cover investment tokens. The current version (No. 6) has applied since 1 May 2026.
Read the originalDigital Asset Regulations 2024
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.
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.
Read the originalTOKN 2.1.2: Prohibiting activity in relation to certain tokens
No activity may be carried on in or from the QFC in tokens that represent no property right or serve as a substitute for currency, which rules out crypto trading venues.
Read the originalQFC Digital Assets Framework 2024: Token Service Provider Guidelines
Technology and security expectations for licensed token service providers, covering governance, information security, change management, testing and audits.
Read the originalALERT: QFC Regulatory Authority affirms that Virtual Asset Services may not be conducted in or from the QFC
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.
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