Licensing and perimeter.

Would add digital assets, including HKD stablecoins, to the qualifying investments of the tax-exempt regimes for funds and single family offices. Gazetted 12 June 2026; not yet passed.

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

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.

Reports seven sandbox graduates, including a rupiah stablecoin issuer and gold, securities and property tokenization models, which may now register without further testing. Also gives 34 licensed entities, 23.21 million accounts and August trading value.

Formalised BSP's test-and-learn sandbox, approved by the Monetary Board on 18 August 2022. It is the channel for pilots such as peso-backed stablecoins, which have no standalone legal regime.

Imposed a three-year moratorium on new VASP licence applications from 1 September 2022. BSP-supervised institutions with acceptable risk ratings could still apply.

Sets the licence application, financial, officer approval and audit requirements for DTSPs. Came into operation on 30 June 2025.

Since 1 January 2020, exchanging digital payment tokens for fiat or other tokens is exempt from GST, removing double taxation on crypto used as payment.

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.

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.

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.

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.

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.

Issued 27 March 2026. Individuals pay 0.1% on each transfer via a licensed provider, domestic companies pay 20% corporate tax on gains, foreign organisations pay 0.1% of proceeds, and transfers are VAT-exempt.

GMC's omnibus financial law, replacing the imported ADGM regulations and deemed in operation from 26 December 2024. It requires a GFSO licence for regulated activities in virtual assets and makes issuing a fiat-referenced token a regulated activity.

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.

Warns financial institutions that stablecoin remittance pilots, tokenisation projects and similar partnerships need PVARA's prior authorisation, through the sandbox, a no-action letter or an NOC.

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).

Approves a joint government and NBK plan of 65 measures in 10 areas required by Decree No. 1347, and reports that the National Strategic Cryptoreserve has reached USD 700 million and 34 projects have passed the NBK sandbox.

Creates a Committee on Digital Assets and Payment Systems at the NBK. Orders a bill on stablecoin payments and crypto custody and the issuance of tokenised government securities by 31 December 2026, an approach to DeFi by 1 November 2026, and a bill by 1 April 2027 exempting individuals from income tax on 2026 to 2028 trades through Kazakh providers. In force from signing.

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.

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.

Rewrote the Digital Assets Law to create digital financial assets, money-backed stablecoins and three types of NBK-supervised service providers. Signed 16 January 2026; the licensing regime applied from 1 May 2026.

Intebix, an AIFC exchange, issued a tenge stablecoin on Solana with Mastercard and Eurasian Bank, linked to crypto card payments.

The NBK sandbox for testing stablecoins, real estate and gold tokenisation, tokenised bonds, crypto brokerage and crypto QR payments before full licensing.

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.

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.

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

In force from 20 April 2026: makes Karakalpakstan the Besqala Mining Valley, exempts residents' mining income from taxes and fees until 1 January 2035 for a 1% monthly payment, and lets them sell mined crypto abroad with proceeds credited to Uzbek banks.

In force from 16 April 2026: resident firms may issue stablecoins in a sandbox only if fully reserved in som, foreign currency or (since July 2026) government securities; algorithmic, anonymous and crypto-backed tokens are banned (Uzbek text).

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.

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.

Sets how firms enter NAPP's sandbox to pilot crypto and blockchain projects outside the normal licensing rules.

Sets the monthly fees miners and providers pay in place of tax; amended in July 2026 to exempt Besqala Mining Valley residents until 2035.

Turned the project management agency into NAPP with a mandate over crypto-asset turnover and created the crypto regulatory sandbox.

The founding act, as amended to April 2026: defines crypto-assets, service providers and mining, exempts crypto transactions from tax, and requires residents to deal only through national providers.

Licensing regime for fiat-backed stablecoin issuers: BD 250,000 base capital, reserves of at least 100% of stablecoins in circulation with monthly independent audit reports, and redemption at par within five business days. First issued July 2025; the current version applies from 6 May 2026.

The CBB's FinTech & Innovation Unit page, covering the regulatory sandbox for testing new financial products and the FinHub 973 digital lab.

Implements the Securities Law (Royal Decree No. 46/2022) with capital rules, investment banking, revised crowdfunding rules and a fintech sandbox; published in the Official Gazette on 26 July 2026 and in force the next day. It is separate from the pending virtual asset framework.

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.

Sets eligibility, testing limits and exit rules for the sandbox, in which the CBO may grant regulatory exemptions for limited live tests with volunteer customers.

The CBO sandbox for live testing of financial products, with cohorts for digital payments, DLT and blockchain, alternative finance and open banking.

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.

Moves 23 projects from 12 banks and 6 payment firms into development and sandbox testing of the digital lira, including 15 tokenisation and 17 programmable payment use cases.

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.

Sets how the FSRA accepts fiat-referenced tokens and which Regulated Activities firms may carry on with them, following Consultation Paper No. 9 of 2025. Effective 1 January 2026; firms may use only Accepted Fiat-Referenced Tokens.

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

Creates the Regulated Activity of Issuing a Fiat-Referenced Token, with reserve, redemption and disclosure requirements, following Consultation Paper No. 7 of 2024.

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.

ATO guidance hub (last updated 22 June 2026) on capital gains tax for crypto disposals, the personal use asset exemption, DeFi and wrapping, chain splits and record keeping.

Reports on 20 wholesale tokenised asset use cases settled with ESA balances, pilot wholesale CBDC, deposit tokens and stablecoins. Sets next steps including a digital market infrastructure sandbox.

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.

Assented to on 8 April 2026. The whole Act commences the day after the 12 months from assent: 8 April 2027 under its commencement table and on the Register (ASIC's announcements say 9 April 2027). It makes digital asset platforms and tokenised custody platforms financial products that need an AFSL, with a small-platform exemption and a six-month transition to apply.

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.

Announces introduction of the Digital Assets Framework Bill 2025. Explains the AFSL obligations for platforms and the exemption for platforms holding under A$5,000 per customer and A$10 million in yearly transactions.

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

Government policy statement setting four pillars: a digital asset platform framework, payment stablecoin rules under payments licensing, a sandbox review and tokenisation initiatives.

Proposes targeted amendments rather than a new regime: one definition of tokenised investments across the investment, fund, DABA and DAIA laws, rules for digital twins and native tokens, and an explicit DAIA exemption for tokenised funds.

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.

Proposes a Payment Services Act to replace the Money Service Business Act 2016, with tiered licence classes. Issuing or redeeming stablecoins would be a payment activity, with exemptions for DABA-licensed firms.

Exempts the BMA and Government from DABA, and lets rewards programmes, in-game assets, data storage providers, intra-group activity and funds with a licensed manager claim exemption by notifying the BMA and filing an annual declaration.

Created the Class T licence for pilot and beta testing, with $10,000 minimum net assets and no Bermuda head office requirement, and amended the fee and exemption provisions. In force 11 December 2020.

Requires BMA authorisation and, unless an exemption applies, a published issuance document for public offers of digital assets in or from Bermuda; offers to 150 or fewer persons, qualified acquirers or professionals are not public offers but need a placement declaration. Assented 19 March 2020, in force 6 May 2020.

Lets the Minister assure exempted companies, LLCs and partnerships, up to 31 March 2035, that any future tax on profits, income or capital gains will not apply to them. Since 2025 these assurances do not protect against the Corporate Income Tax.

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.

Lets firms test innovative FinTech under FSC approval for up to 18 months, with one extension of up to six months. Gazetted on 10 June 2020 and in force from 31 August 2020.

Describes the sandbox application, testing and exit process; participants that want to continue must apply for a licence at least 60 days before testing ends.

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.

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.