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Onchain money.

Money is where regulators are most protective. Stablecoin laws decide who may issue, where reserves sit and whether holders earn anything.

Alongside them, banks are tokenising deposits and central banks are testing digital currency, often across borders, while payment-system rules decide who can plug in.

Which markets in Asia have stablecoin regulation?

Across the 31 markets Four Pillars tracks in full, as of 15 Oct 2026: Comprehensive (6): Bahrain, Bermuda, Hong Kong, Japan, Kazakhstan and UAE. Partial (2): Bhutan and Kyrgyzstan. Developing (17): Australia, British Virgin Islands, Cambodia, Cayman Islands, Indonesia, Israel, Malaysia, Mongolia, Oman, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, Turkmenistan and Uzbekistan. Restricted (3): India, Jordan and Turkey. Prohibited (3): China, Qatar and Vietnam.

Stablecoins and paymentsWho may issue stablecoins, reserve rules and payment use.24 of 31 markets · 112 sources Tokenised deposits and bank moneyBank deposits moved on-chain as deposit tokens.6 of 31 markets · 8 sources CBDC, wholesale and retailCentral bank digital currency for banks and for the public.19 of 31 markets · 43 sources Payment system designation and accessWhich systems are designated, and who may connect to them.11 of 31 markets · 20 sources

Primary sources per market and subtopic