Topics · Safeguards · Integrity and protection
Investor and consumer protection.
Can ordinary people buy crypto, and with what warnings? Retail rules cover suitability tests, disclosure, advertising limits and cooling-off periods.
Markets range from open retail access to professional-only regimes.
Which markets in Asia have retail crypto access?
Across the 31 markets Four Pillars tracks in full, as of 15 Oct 2026: Comprehensive (16): Australia, Bahrain, Bermuda, Cayman Islands, Hong Kong, Indonesia, Israel, Japan, Kazakhstan, Kyrgyzstan, Malaysia, Mongolia, Philippines, South Korea, Thailand and UAE. Partial (7): British Virgin Islands, India, Pakistan, Singapore, Taiwan, Turkey and Uzbekistan. Developing (2): Jordan and Turkmenistan. Restricted (5): Bhutan, Cambodia, Oman, Qatar and Vietnam. Prohibited (1): China.
Where each market stands · 102 sources across 29 markets
AustraliaComprehensiveRetail buys freely on AUSTRAC-registered exchanges and via spot crypto ETFs listed on the ASX
Retail Central Bank Digital Currency in the Australian Context: An Update
Reaffirms that there is currently no clear public interest case for a retail CBDC in Australia, after public focus groups found little demand.
Read the originalASIC successful in High Court Block Earner appeal (26-124MR)
The High Court ruled 7-0 that Block Earner's fixed-yield Earner product was a financial product and a derivative, confirming that the financial product definition is broad and technology neutral.
Read the originalBinance Australia Derivatives ordered to pay $10 million penalty (26-055MR)
Oztures Trading misclassified 524 retail investors as wholesale clients, exposing them to crypto derivatives without retail protections.
Read the originalBPS Financial to pay $14 million in penalties over crypto Qoin wallet (26-008MR)
The Federal Court ordered A$2 million for unlicensed conduct and A$12 million for misleading claims about the Qoin Wallet, a non-cash payment facility.
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 originalREP 705 Response to submissions on CP 343 Crypto-assets as underlying assets for ETPs and other investment products
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.
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BahrainComprehensiveRetail can buy crypto on CBB-licensed platforms such as Rain, Binance Bahrain and CoinMENA
CRA-15: Digital Tokens
Rules for issuing, offering and trading digital tokens, including issuer disclosures, digital token advisers and CBB-approved over-the-counter trading.
Read the originalCRA-12: Conduct of Business Obligations
Conduct rules for licensees on conflicts of interest, sales processes and selling practices, and best execution of client orders.
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
BermudaComprehensiveNo retail ban; DABA licensees must disclose material risks and fees to every client before trading
Digital Asset Business (Client Disclosure) Rules 2018
Require licensees to disclose all material risks before a client's first transaction, and their licence class, fees, insurance cover and whether transfers are irrevocable when agreeing to provide services.
Read the original
Cayman IslandsComprehensiveNo retail ban; residents may use CIMA-registered or licensed VASPs bound by the Feb 2026 conduct rule
Private Sector Consultation: Rule and Statement of Guidance on Tokenised Funds
Proposes requirements for tokenised mutual and private funds under the March 2026 amendments, covering governance, investor register integrity, transferability, valuation, custody and disclosures.
Read the originalBitMart Not Regulated by CIMA
Public notice that BitMart and related entities, including GBM Foundation Company Ltd., have never been registered or licensed by CIMA to provide virtual asset services in or from Cayman.
Read the originalMutual Funds (Amendment) Act, 2026 (Act 5 of 2026)
Adds Part 3B on tokenised mutual funds: operator approval for token transfers, token risk disclosure in the offering document, annual confirmation of record-keeping, and CIMA power to restrict token features.
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 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 originalStatement of Principles: Conduct of Virtual Asset Services
General standards for all VASPs, including honesty and integrity, fair treatment of customers and protection of customer data, against which CIMA assesses compliance.
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Hong KongComprehensiveRetail may trade vetted large-cap tokens on licensed platforms and buy spot BTC and ETH ETFs
Circular 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 originalHKMA completes e-HKD Pilot Programme and outlines future direction of e-HKD
Concludes the retail e-HKD pilots and shifts e-HKD work to wholesale payments and tokenised asset settlement.
Read the originalGuideline on Supervision of Licensed Stablecoin Issuers
Sets detailed rules on reserve asset composition and segregation, redemption, risk management, disclosure and cross-border issuance for licensees.
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 originalPolicy Statement on Development of Virtual Assets in Hong Kong
The Government's first crypto policy statement, setting the same activity, same risk, same regulation principle and opening the way to retail trading and spot ETFs.
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IndonesiaComprehensiveRetail trades onshore via licensed PAKD; 23.21 million consumer accounts in August 2026
Digital Financial Asset and Crypto Asset Statistics
OJK's periodic statistics on crypto consumers, trading value and market infrastructure since the handover from Bappebti.
Read the originalPress Release: OJK Issues Whitelist of Licensed and Registered Digital Financial Asset and Crypto Asset Providers
Publishes the names, apps and websites of every licensed platform and market infrastructure provider. Warns the public that anything outside the whitelist is unlicensed.
Read the originalProject Garuda: Navigating the Architecture of Digital Rupiah
BI's Digital Rupiah hub, with the November 2022 white paper and later consultative papers. BI is starting with a wholesale CBDC before any retail rollout.
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IsraelComprehensiveRetail can buy via CMA-licensed providers and six Bitcoin mutual funds listed since December 2024
Preliminary Design for the Digital Shekel System
The high-level design of a possible retail digital shekel, which would not be programmable and would allow limited anonymous payments. Public feedback closed on 15 May 2025; no decision to issue has been made.
Read the original
JapanComprehensiveRetail trades on 27 registered venues; 14.5 million accounts at JVCEA members in August 2026
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 originalCabinet order for the provisions of the 2026 FIEA amendment effective 20 days after promulgation
Confirms that heavier penalties for unregistered crypto business and expanded SESC criminal investigation powers took effect on 12 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 originalExplanatory materials for the 2026 FIEA and PSA amendment bill
The FSA's slide explanation of the bill: specified crypto-assets, disclosure duties, business conduct rules for crypto trading firms and the new unfair trading provisions.
Read the originalDiscussion Paper: Examination of the Regulatory Systems Related to Cryptoassets
The FSA's first public case for shifting crypto from payments law to securities law, including insider-trading rules and disclosure for issuer-backed tokens. Overtaken by the December 2025 working group report and Law No. 64 of 2026.
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KazakhstanComprehensiveRetail may buy crypto via AFSA-licensed platforms and NBK-licensed exchanges; about 215,000 AIFC clients
AFSA Annual Report 2025
Reports 9 digital asset service providers under the full regime and 19 in the FinTech Lab in 2025, with USD 10.58 billion of transactions and about 215,000 clients.
Read the originalRules for the issuance, placement, circulation and redemption of digital financial assets
Sets the terms for money-backed stablecoins: issuer equity of at least KZT 200 million, minting only after 100% of reserves are in a bank account, and a knowledge test for retail buyers. Effective 1 May 2026.
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KyrgyzstanComprehensiveResidents and non-residents may trade via licensed operators; residents barred from unlicensed ones
FSA 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 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.
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MalaysiaComprehensiveRetail may trade on SC-registered exchanges; Binance, Huobi and Bybit were ordered to exit Malaysia
Investor 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 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 originalFinancial Sector Blueprint 2022-2026: Digital currencies, a new frontier
Sets out BNM's phased CBDC exploration, from cross-border and domestic wholesale CBDC to a possible retail CBDC. It frames how BNM weighs stablecoins and CBDC against monetary stability.
Read the originalSC Takes Enforcement Actions on Binance for Illegally Operating in Malaysia
Reprimands Binance and orders it to disable its website and apps in Malaysia and stop marketing to Malaysians. Investors were advised to stop trading on the platform and withdraw their funds.
Read the originalStatement on Bitcoin
States that bitcoin is not legal tender in Malaysia and that BNM does not regulate it. The public is warned to be cautious of the risks.
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MongoliaComprehensiveRetail may trade on FRC-registered VASPs; tugrik P2P on Binance limited to them since June 2026
Notice to virtual asset service providers and the public on P2P trading
States that 12 VASPs are registered and that, after FRC requests, Binance P2P will restrict person-to-person tugrik trades from 1 June 2026 to FRC-registered VASPs acting as Pro-Merchants.
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.
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PhilippinesComprehensiveRetail buys onshore through BSP-listed VASPs such as Coins.ph and PDAX; Binance has been blocked
Memorandum 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 originalSEC Advisory on Unregistered Crypto Platforms
Named ten offshore crypto platforms, including OKX, Bybit, KuCoin and Kraken, soliciting Filipinos without registration under the new CASP rules, and warned of sanctions and blocking.
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 Memorandum Circular No. 5, Series of 2025: Guidelines on the Operations of Crypto-Asset Service Providers
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.
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 originalSEC Advisory Against Binance
Dated 28 November 2023, it warned that Binance, which is not registered as a Philippine corporation, was not authorised to sell or offer securities in the Philippines while promoting its platform to Filipinos on social media. A website block followed in 2024.
Read the originalRepublic Act No. 11765: Financial Products and Services Consumer Protection Act
Gives BSP and the SEC market conduct powers, including restitution and penalties, over the financial products their supervised entities offer. This reaches BSP-licensed VASPs.
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.
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South KoreaComprehensiveRetail trades on five won exchanges via real-name bank accounts; corporates are still largely excluded
FSC 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 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 originalFull Amendment of the Act on the Protection of Virtual Asset Users (bill no. 2215245)
Would rewrite the 2024 User Protection Act as the Digital Asset Industry Development and User Protection Act, adding a development plan and fund, FSC licensing of businesses, registration of token issuances and mandatory disclosure.
Read the originalAct on Digital Asset Markets and Industry (bill no. 2214492)
Would replace the User Protection Act with a comprehensive law that treats professional and general users differently, add stablecoin issuance and reserve rules, and amend the Capital Markets Act to allow crypto ETFs and derivatives.
Read the originalDigital Asset Market Integration Act (bill no. 2213266)
Would pull Korea's scattered crypto rules into one law, with FSC licensing or registration of businesses, user protection, disclosure and market abuse rules, and special rules for fixed-value coins.
Read the originalAct on Innovation and Growth of the Digital Asset Market (bill no. 2213166)
Would allow domestic token offerings backed by issuer disclosure, license stablecoin issuers, bring crypto businesses under licensing or registration, ban market abuse and set up a self-regulatory body.
Read the originalAct on the Issuance and Distribution of Value-Stable Digital Assets (bill no. 2211784)
Would license stablecoin issuers through the FSC with reserve, disclosure and redemption duties and a ban on paying interest, and give the Bank of Korea and the Ministry of Economy and Finance a role in oversight.
Read the originalThe Act on the Protection of Virtual Asset Users to Take Effect from July 19
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.
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 originalAuthorities Introduce Guidelines for Determining When Non-fungible Tokens Qualify as Virtual Assets
Explains when NFTs issued in large series or used as payment fall under the User Protection Act as virtual assets.
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ThailandComprehensiveRetail may trade on licensed platforms; Bybit, OKX and other unlicensed venues blocked since June 2025
SEC 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 files criminal complaint with ECD against Bitkub Online Co., Ltd. and its former directors for giving false statements, and against the former directors for making false entries in a juristic person's document to deceive any person
The SEC alleges that Bitkub's daily net capital reports hid the effect of a May 2021 hack of about 1.7 billion baht in customer assets. Bitkub remains on the SEC licence register.
Read the originalSEC issues warning about access restriction of Bybit, 1000X, CoinEx, OKX, and XT.COM platforms on 28 June 2025 to protect investors and prevent illegal platforms from being used as money laundering channels
Under the amended technology crime decree (No. 2) B.E. 2568, in force from 13 April 2025, the digital economy ministry blocked five unlicensed platforms from 28 June 2025 at the SEC's request.
Read the originalRetail CBDC Pilot Program: Conclusion Report
Reports on the retail CBDC pilot run with financial service providers and states the BOT has no immediate plan to issue a retail CBDC.
Read the originalSEC amends regulations on the initial coin offering of investment token, digital asset custodial wallet provider, and other provisions related to digital asset business operations
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.
Read the original
UAEComprehensiveRetail investors may use firms whose licence permits it: 34 of 58 VARA licences on 13 Oct 2026; DIFC firms may serve retail with safeguards
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 originalVARA Regulatory Notices: Licensing and Enforcement Notices, and Warnings
VARA's public enforcement record, including fines on 19 unlicensed firms in October 2025, on the operators of MEXC and KuCoin in June 2026 for serving Dubai customers without a licence, and on licensee CoinMENA for AML failures.
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 originalFSRA introduces a regulatory framework to support the issuance of Fiat-Referenced Tokens in ADGM
Creates the Regulated Activity of Issuing a Fiat-Referenced Token, with reserve, redemption and disclosure requirements, following Consultation Paper No. 7 of 2024.
Read the originalRegulations on the Marketing of Virtual Assets and Related Activities 2024
Applies to all marketing of virtual assets or virtual asset activities in or targeting the UAE, by any entity, licensed or not, domestic or foreign. Dated 31 August 2024 and in force from 1 October 2024, with fines of up to AED 10 million per violation.
Read the originalCBUAE launches the Central Bank Digital Currency Strategy "The Digital Dirham"
Starts the CBDC programme with G42 Cloud and R3, covering mBridge, a bilateral bridge with India and domestic wholesale and retail issuance.
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British Virgin IslandsPartialNo retail ban; exchanges must check clients understand the risks and the FSC can limit client types
IndiaPartialLegal via FIU-registered exchanges, but no investor protection regime and a punitive tax design
FIU-IND issues notices for non-compliance to 15 VDA Service Providers
Section 13 PMLA notices and IT Act takedown notices to 15 platforms including WhiteBIT, Pionex and ChangeNow. Repeats the warning that crypto products are unregulated and risky.
Read the originalFinance Act, 2025 (No. 7 of 2025)
Added crypto-asset reporting by prescribed entities (section 285BAA of the 1961 Act) and widened the VDA definition. Also brought VDAs into undisclosed income for search assessments. These rules now sit in the Income-tax Act, 2025.
Read the originalOperationalisation of Central Bank Digital Currency: Retail (e₹-R) Pilot
Announced the retail e-rupee pilot from 1 December 2022 with a closed user group of banks, customers and merchants.
Read the originalConcept Note on Central Bank Digital Currency
Set out RBI's design for a wholesale and retail e-rupee and its view that CBDC is a safer alternative to private cryptocurrencies.
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PakistanPartialLegal under the 2026 Act; transitional exchanges may keep serving users while NOC applications are decided
PVARA 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 originalNo Objection Certificate Regulations 2025 (PVARA/REG/AML-REG/2025-1)
Set the NOC process that precedes a licence: AML/CFT framework, controller disclosure, fit-and-proper forms and ongoing reporting. Effective 2 December 2025; NOC applications have been made under the Services Regulations, 2026 since 21 August 2026.
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SingaporePartialAllowed on licensed platforms after a risk-awareness test; no incentives, leverage or local credit cards
Guidelines on Consumer Protection Measures by DPT Service Providers [PS-G03]
Implements asset safeguarding from 4 October 2024, and consumer access, conflict of interest and conduct rules from 19 June 2025.
Read the originalMAS Expands Scope of Regulated Payment Services; Introduces User Protection Requirements for Digital Payment Token Service Providers
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.
Read the originalMAS Strengthens Regulatory Measures for Digital Payment Token Services
Final retail access measures: risk-awareness assessments, no trading incentives, no financing or leverage, and no locally issued credit card payments.
Read the originalMAS Finalises Stablecoin Regulatory Framework
Sets the MAS-SCS framework for single-currency stablecoins pegged to the Singapore dollar or a G10 currency. Covers reserves, capital, redemption at par within five business days and disclosure.
Read the originalMAS Publishes Investor Protection Measures for Digital Payment Token Services
Requires customer assets to be held under statutory trust and bars DPT firms from facilitating lending and staking of retail customers' tokens.
Read the originalYes to Digital Asset Innovation, No to Cryptocurrency Speculation (speech by Ravi Menon)
The policy speech that framed MAS's stance after the 2022 crypto collapses: support tokenisation while discouraging retail speculation.
Read the originalGuidelines on Provision of Digital Payment Token Services to the Public [PS-G02]
Tells DPT service providers not to advertise to the general public in Singapore, including in public areas, on third-party websites or via influencers.
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TaiwanPartialRetail can trade on registered local VASPs; full conduct licensing awaits VASA commencement
Regulations Governing Fraud Crime Hazard Prevention by Financial Institutions and Businesses or Personnel Providing Virtual Asset Services
Sets criteria for banks and VASPs to identify and restrict fraud-linked accounts, including those flagged by police, and to share data via an anti-fraud platform; last amended July 2026.
Read the originalSpecial report on planning for digital currency issuance and the digital transformation of money
Describes the central bank's retail CBDC prototype, sets no issuance date, and shifts focus to wholesale CBDC and bank deposit tokens; says Bitcoin and stablecoins are not money.
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TurkeyPartialRetail trades on platforms on the CMB transitional list, subject to MASAK holds and transfer limits
Crypto Asset Service Providers: Liquidation List (provisional)
Lists the 56 firms that will not continue crypto services in Turkey and are winding down, so customers can check whether to withdraw assets.
Read the originalPress Release on Payments (2021-17)
Explains the payments ban, citing crypto's volatility, anonymity, irreversible transactions and lack of supervision as risks to users.
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UzbekistanPartialResidents may trade only via Uzbek licensed providers, mostly crypto stores; 663,691 clients in 2025
Rules for trading crypto-assets on a crypto exchange (No. 3379)
Governs how licensed crypto exchanges run trading, admit clients and handle orders (Uzbek text).
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JordanDevelopingLaw allows trading through JSC licensees, but no licensed onshore platform was operating by Oct 2026
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.
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TurkmenistanDevelopingBuying crypto via licensed providers is legal from 2026, but crypto cannot be used to pay for anything
Law of Turkmenistan on Virtual Assets (state news agency, Turkmen)
Turkmen publication of the law, including its advertising chapter, which requires risk warnings and bans promises of returns.
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BhutanRestrictedRMA keeps domestic bank on-ramps for crypto closed; licensed crypto business is confined to GMC
Market Infrastructure Rulebook (MIR)
Rules for licensed exchanges and clearing houses in GMC (Licensed Bodies), covering suitability, governance, market operation and default rules.
Read the originalConduct of Business Rulebook (COBS)
Client classification, disclosure, client money and multilateral trading facility rules, including provisions specific to virtual assets; the Virtual Asset Guidance adds crypto risk warnings.
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CambodiaRestrictedCrypto dealing without a licence has been illegal since 2018; few licensed onshore options exist
Joint Statement between the National Bank of Cambodia, the Securities and Exchange Commission of Cambodia and the General-Commissariat of National Police
Declares the circulation, buying, selling, trading and settlement of cryptocurrencies without a licence from the competent authorities illegal and subject to penalties.
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OmanRestrictedNo licensed crypto platform onshore; the CBO warns crypto is not legal tender and users lack protection
Cautionary Notice on the Use of Cryptocurrencies
Public warning on the financial, operational, legal and security risks of cryptocurrencies, issued on 6 October 2020 and repeating a notice of 19 July 2020.
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QatarRestrictedNo licensed crypto venue, and banks may not process transfers to buy or sell crypto
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 originalCentral Bank Digital Currency (CBDC)
Explains the QCB wholesale CBDC programme: a DLT platform for selected banks, starting with digital government bonds, with a first phase in 2024 and no retail participation for now.
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VietnamRestrictedNo licensed venue yet; offshore trading draws fines six months after the first licence
Decree 284/2026/ND-CP on administrative sanctions for violations concerning crypto assets and the crypto asset market
Issued 16 July 2026 and effective 1 September 2026 for the life of the pilot. Fines reach VND 200 million for organisations and VND 100 million for individuals; domestic investors trading outside licensed providers face VND 30 to 50 million (half for individuals).
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ChinaProhibitedNo legal onshore venue; contracts to invest in crypto are void and losses fall on the investor
Australia
Bahrain
Bermuda
Cayman Islands
Hong Kong
Indonesia
Israel
Japan
Kazakhstan
Kyrgyzstan
Malaysia
Mongolia
Philippines
South Korea
Thailand
UAE
British Virgin Islands
India
Pakistan
Singapore
Taiwan
Turkey
Uzbekistan
Jordan
Turkmenistan
Bhutan
Cambodia
Oman
Qatar
Vietnam
China