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Stablecoins and payments.
Stablecoin laws answer four questions: who may issue, what backs the coin, whether holders earn interest, and whether foreign coins may circulate.
Asia's leading markets have answered them in different ways, which shapes where issuers choose to base themselves.
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.
Where each market stands · 112 sources across 24 markets
BahrainComprehensiveSIO Module (July 2025) licenses BHD and USD-backed issuers; AX Coin was the first licensed in June 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 originalCentral Bank of Bahrain Issues Framework for Regulating Stablecoin Issuance
Announces the SIO Module, under which licensed issuers may issue single-currency stablecoins backed by BHD, USD or another fiat currency the CBB accepts.
Read the originalCBB Rulebook Volume 6, Module SIO: Stablecoin Issuance & Offering
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.
Read the originalStablecoin Issuance and Offering Module (July 2025, PDF)
Full text of the SIO Module as first issued in July 2025. It allows yield-bearing approved stablecoins paid only from reserve income and requires reporting of stablecoin payments for goods and services in Bahrain.
Read the originalCircular OG/300/2024: Consultation on Proposed Stablecoin Issuance and Offering Module
The consultation that preceded the final SIO Module, seeking industry comments on stablecoin licensing, reserves and redemption rules.
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BermudaComprehensiveIssuance is a DABA-licensed activity; November 2024 BMA guidance sets backing and attestation standards
Consultation Paper: Guidance Note on the Use of Recognised Stablecoins within Bermuda Insurance, Insurance-linked Securities and Investment Fund Structures
Proposed guidance on when funds, limited purpose insurers, ILS funds and intermediaries may use recognised stablecoins: fiat-pegged, backed 1:1 by cash or cash equivalents and redeemable at par by the next business day.
Read the originalThe Government of Bermuda Announces Plans to be the World's First Fully Onchain National Economy with support from Circle and Coinbase
Announced at Davos: Circle and Coinbase will provide infrastructure to the Government, banks, insurers and businesses, government agencies will pilot stablecoin payments, and merchants could accept USDC payments.
Read the originalConsultation Paper: Proposed Payment Services Act 2025
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.
Read the originalDigital Asset Business Single Currency Pegged Stablecoins (SCPS) Guidance
Sets the BMA's expectations for licensed stablecoin issuers: segregated, high-quality liquid backing assets at least equal to coins in issue, monthly attestations, a published white paper, stress testing and recovery planning. Published with a stakeholder letter on 3 December 2024.
Read the original
Hong KongComprehensiveStablecoins Ordinance in force Aug 2025; 2 of 36 applicants licensed in April 2026
The Chief Executive's 2026 Policy Address
Commits the SFC to enhance VA licensing, allow regulated stablecoins to trade on licensed platforms and support tokenised gold and other RWAs, and the HKMA to add CBDC settlement to EnsembleTX.
Read the originalInland Revenue (Amendment) (Preferential Tax Regimes for Funds, Family-owned Investment Holding Vehicles and Carried Interest) Bill 2026
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.
Read the originalLCQ6: Development and regulation of stablecoins
Confirms 36 applications in the first window, that the licensing bar will stay high, and that there is no fixed timetable for further licences.
Read the originalBackground 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 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 originalCircular: Virtual asset-related activities in relation to relevant stablecoins issued by licensed stablecoin issuers
Tells banks how they may deal in, advise on and manage portfolios holding licensed stablecoins, issued alongside matching SFC guidance.
Read the originalRegister of Licensees under the Stablecoins Ordinance (Cap. 656)
The statutory register of licensed issuers: Anchorpoint Financial (FRS01) and HSBC (FRS02), both effective 10 April 2026.
Read the originalGranting of stablecoin issuer licences
Announces the first two licences, to Anchorpoint Financial and HSBC, effective the same day, and says both plan to launch business within a few months.
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 originalStablecoins Ordinance (Cap. 656)
Requires an HKMA licence to issue fiat-referenced stablecoins in Hong Kong or HKD-referenced ones anywhere, with full reserves, par redemption and HKD 25 million minimum capital. Commenced 1 August 2025.
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 originalGuideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers)
AML/CFT obligations for issuers, including customer due diligence at issuance and redemption, travel rule and on-chain monitoring.
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
JapanComprehensivePSA stablecoin regime since June 2023; JPYC, trust-type JPYSC and USDC are all live
On-chain Finance Forum for the AI Era
A cross-ministry forum chaired by the financial services minister to push blockchain-based on-chain finance into real use alongside sound use of AI by financial firms. The FSA's new Crypto-Asset and Stablecoin Division acts as secretariat.
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 originalCabinet order and ordinances implementing the 2025 Payment Services Act amendment
Sets the 1 June 2026 start date and lets trust-type stablecoins hold capped shares of JGBs and early-redeemable term deposits as reserves.
Read the originalPayment Innovation Project: support decision for joint stablecoin issuance by the three megabanks
The FSA backs Mizuho, MUFG, SMBC, Mitsubishi Corporation, MUFG Trust and Progmat in testing whether a stablecoin jointly issued by several bank groups can meet regulatory and operational requirements.
Read the originalAct for Partial Amendment of the Payment Services Act (2025)
Law No. 66 of 2025 adds an intermediary registration for crypto and stablecoin services, lets the FSA order assets kept in Japan, and widens reserve assets for trust-type stablecoins. Enacted 6 June 2025, in force 1 June 2026.
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 originalAct for Partial Amendment of the Payment Services Act (2022, stablecoins)
Created electronic payment instruments, limiting issuance to banks, trust companies and funds transfer providers and licensing intermediaries. In force since 1 June 2023.
Read the original
KazakhstanComprehensiveNBK rules from May 2026 require KZT 200M equity and 100% reserves; AIFC rules cover fiat stablecoins
Law 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 originalDecree on measures to stimulate and develop the digital asset industry (No. 1347)
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.
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.
Read the originalLaw on amendments on regulation and development of the financial market, communications and bankruptcy (No. 259-VIII)
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.
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 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.
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UAEComprehensiveCBUAE licenses dirham payment tokens (3 issuers in August 2026); ADGM licenses fiat-referenced token issuers and VARA other fiat-referenced tokens
FSRA Consolidated List of Accepted Fiat-Referenced Tokens (September 2026)
Lists the nine fiat-referenced tokens ADGM firms may use, each on specified networks: USDC, EURC, USDT, RLUSD, PYUSD, USDG, USDP, USD1 and USDU.
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 originalADGM FSRA finalises regulatory framework for Regulated Activities involving Fiat-Referenced Tokens
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.
Read the originalVirtual Asset Issuance Rulebook
Governs token issuance in Dubai: Category 1 issuance of fiat-referenced and asset-referenced tokens needs a VARA licence, other tokens must be distributed through a licensed firm, and dirham-referenced tokens are left to the Central Bank.
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 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 originalPayment Token Services Regulation
Licenses payment token issuance, conversion, custody and transfer; only licensed dirham payment tokens may be used for payments onshore, and foreign payment tokens must be registered. Issued as Circular No. 2/2024 on 7 June 2024, in force 31 August 2024.
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BhutanPartialIssuing a fiat-referenced token is a GFSO-licensed activity in GMC; no issuer is on the register yet
GFSO 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 originalFinancial Services Act 2025 (Law No. 5 of 2025)
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.
Read the original
KyrgyzstanPartial2026 amendments define stablecoins; gold-backed USDKG registered by the FSA in October 2025
NAVA 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 originalLaw on amendments to the Law on Virtual Assets (No. 3)
Redefines stablecoins and adds RWA tokens, state cryptocurrency mining, a state cryptocurrency reserve and presidential power to set pilot regimes. It splits the authorities into a policy, regulation and licensing body named by the President and a supervision body named by the Cabinet. In force ten days after publication on 23 January 2026.
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 issuance and circulation of virtual assets and the Unified State Register of virtual asset issues
Sets how issuers register token issues, including the USDKG stablecoin, and how issued virtual assets may circulate.
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AustraliaDevelopingTreated as non-cash payment facilities needing an AFSL; stored-value facility law is still in draft
The Role of RITS in Supporting Settlement in a Tokenised Ecosystem
Consults on how the RBA's settlement system could support tokenised assets, including stablecoin issuer access to central bank reserves and tokenised reserves. Submissions close 30 October 2026.
Read the originalRBA and DFCRC Release Findings From Project Acacia
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.
Read the originalPayments licensing reforms
Tracks the draft payment service provider law: AFSLs for payment functions, safeguarding of client money and APRA powers over major stored-value facility providers. The full Tranche 1 draft was released on 12 March 2026 for consultation that closed on 9 April 2026; no bill has been introduced yet.
Read the originalASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867
Made on 5 December 2025 and in force from 8 December 2025 until 1 January 2029. Extends class relief to distributors of eligible stablecoins and wrapped tokens whose issuers hold, or have applied for, an AFSL.
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 originalNew legislation to modernise the regulation of payment service providers
Released the Tranche 1a exposure draft for a graduated stored-value facility regime, expressly including stablecoin issuers and wallets that hold customer funds. Superseded by the full Tranche 1 draft of March 2026.
Read the originalASIC Corporations (Stablecoin Distribution Exemption) Instrument 2025/631
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.
Read the originalDeveloping an innovative Australian digital asset industry
Government policy statement setting four pillars: a digital asset platform framework, payment stablecoin rules under payments licensing, a sandbox review and tokenisation initiatives.
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British Virgin IslandsDevelopingNo issuer regime; stablecoins are virtual assets, so exchange, custody and transfer need VASP registration
Guidance 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.
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CambodiaDevelopingNBC lets approved banks deal in fully backed Group 1b stablecoins; no standalone issuer regime yet
Bakong: The Next-Generation Mobile Payments
Official Bakong site with the member list, KHQR standard and integration documents for the national payment rail that crypto and stablecoin projects must work alongside.
Read the originalPrakas on Transactions Related to Cryptoassets (Prakas B7-024-735)
Splits crypto into Group 1 (tokenised traditional assets and fully backed stablecoins) and Group 2 (everything else, including bitcoin), lets banks and payment institutions act with NBC approval and others with an NBC licence, and bars banks from Group 2. The NBC site blocks some automated requests.
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Cayman IslandsDevelopingNo stablecoin-specific rules; issuers fall under general VASP registration, with no reserve standards
IndonesiaDevelopingNo issuance regime yet; a rupiah stablecoin issuer model graduated from OJK's sandbox in 2026
Press Release: September 2026 Board of Commissioners Meeting (SP 185/OJK/DKPU/X/2026)
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.
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IsraelDevelopingDraft stablecoin law published June 2026; BILS shekel token approved under an existing licence in April
Finance Ministry and CMA publish for comment the draft law regulating the issuance of stable digital currencies in Israel
Announces the draft stablecoin law, which would require a licence to issue stable digital currencies and give the CMA licensing and supervisory powers, drawing on the GENIUS Act and MiCA (gov.il blocks automated checks; URL confirmed via search).
Read the originalDigital Asset Regulation: Recommendations for the development of domestic regulation
The government's policy blueprint for crypto, recommending licensing of backed stablecoin issuers, Bank of Israel oversight of systemic tokens and clearer tax rules. English version.
Read the original
MalaysiaDevelopingNo issuance regime yet; BNM is piloting ringgit stablecoins and promises policy clarity by end-2026
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 originalDigital Asset Innovation Hub Charts 2026 Strategy with Focus on Ringgit Stablecoins and Tokenised Deposits
Announces three wholesale payment pilots for ringgit stablecoins and tokenised deposits in 2026. BNM commits to greater clarity on both by end-2026.
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.
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MongoliaDevelopingNo stablecoin rules; the VASP law covers trading, transfers, custody and offerings only
OmanDevelopingNo stablecoin rules; the pending FSA virtual asset framework is the only planned route
PakistanDevelopingFiat-referenced token issuance is licensable with 100% reserves and PKR 300M capital; no issuer yet
Advisory on Virtual Asset-Related Announcements and Activities (PVARA/ADV/001/2026)
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.
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PhilippinesDevelopingNo stablecoin law; peso stablecoins such as PHPC have been tested through BSP's regulatory sandbox
Circular No. 1153, Series of 2022: Regulatory Sandbox Framework
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.
Read the original
SingaporeDevelopingFramework set in 2023; draft Payment Services Act amendments under consultation until 16 Oct 2026
Consultation on Proposed Amendments to the Payment Services Act 2019 for Stablecoins Regulation
Draft law creating a stablecoin issuance licence, with an interest ban, stress testing, recovery plans and recognition of some foreign stablecoins. Comments close 16 October 2026.
Read the originalWritten 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 originalMAS Launches BLOOM Initiative to Extend Settlement Capabilities
Builds on Project Orchid to enable settlement in tokenised bank liabilities and well-regulated stablecoins across currencies, with members including Circle, DBS, OCBC and UOB.
Read the originalGuidelines 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 originalNotice PSN02 Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service
Binding AML/CFT rules for DPT licensees covering customer due diligence, monitoring and suspicious transaction reporting. Includes Travel Rule data for token transfers, last revised 30 June 2025.
Read the originalGuidelines to Notice PSN02 on Prevention of Money Laundering and Countering the Financing of Terrorism: Digital Payment Token Service
Explains how MAS expects DPT service providers to apply Notice PSN02 in practice, including risk assessment and value transfer controls.
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 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.
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 originalGST: Digital Payment Tokens
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.
Read the original
South KoreaDevelopingNo won stablecoin regime; issuer bills stalled over whether banks must hold a majority stake
Virtual 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 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 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 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 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 originalAct on Payment Innovation Using Value-Fixed Digital Assets (bill no. 2211777)
The People Power Party's stablecoin bill. Issuers would need an FSC licence and face white-paper liability, redemption and reserve rules, and registered foreign stablecoins could circulate. Unlike most rival bills it does not ban paying interest.
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 originalDigital Asset Basic Act (bill no. 2210736)
The lead phase 2 bill, pending before the National Policy Committee. It would license digital asset businesses and issuers and create a regime for asset-referenced tokens, including won stablecoins.
Read the original
TaiwanDevelopingVASA requires an FSC permit with central bank consent and full reserves; issuer rules pending
Virtual 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 originalSpecial report on the Virtual Asset Service Act draft and the stablecoin supervisory framework
Central bank report to the Legislative Yuan: stablecoin issuers should be treated like e-payment firms, with part of reserves deposited at the central bank and reserves at or above coins in issue.
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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ThailandDevelopingNo issuance regime; USDT and USDC tradable since 2025; SEC proposing 5m baht daily transfer caps
SEC 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 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 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 originalJoint Press Release: BOT, SEC, and MOF to jointly set guidelines on the usage of digital assets as a means of payment for goods and services
The three authorities announced they would limit crypto payments to protect financial stability, while leaving room for payment innovation that poses no systemic risk.
Read the originalStablecoins Regulation Policy
Baht-backed stablecoins intended for payment may be e-money under the Payment Systems Act 2017, and issuers must consult the BOT before operating.
Read the originalThai Baht-denominated Stablecoins
Declares activity involving THT, a baht-pegged token on Terra, illegal under Section 9 of the Currency Act 1958. It signals the BOT's defence of baht monetary sovereignty.
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TurkmenistanDevelopingLaw covers asset-backed (secured) tokens with registered issuance but has no stablecoin-specific rules
UzbekistanDevelopingJoint NAPP and Central Bank sandbox rules since April 2026; HUMO som-pegged pilot registered Sept 2026
Stablecoin Registry
Official list of stablecoins and their white papers; HUMO is the only entry (checked 5 October 2026).
Read the originalPilot project on using the HUMO stable token as a means of payment
The Central Bank and NAPP began overseeing the HUMO pilot: 1 HUMO equals 1 som, issuance is backed by government securities, and Asterium is the partner platform (Uzbek text).
Read the originalRegistry of Participants in the Special Stablecoin Regime
Lists HUMO Digital, registered on 2 September 2026 to test issuing and using the HUMO stablecoin for payments.
Read the originalRegulation on the special legal regime for the circulation of stable tokens (No. 3818)
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).
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.
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IndiaRestrictedNo issuance framework; stablecoins are taxed as VDAs while RBI promotes the e-rupee instead
JordanRestrictedNo stablecoin regime; using virtual assets for payments requires CBJ authorisation under Law No. 14
TurkeyRestrictedNo issuance regime; crypto payments banned since 2021; stablecoin withdrawals capped at $3,000 a day
MASAK General Communiqué No. 29
Imposes enhanced customer due diligence on crypto firms, 48-hour holds on withdrawals (72 hours for a first withdrawal) and caps stablecoin withdrawals at $3,000 a day and $50,000 a month.
Read the originalRegulation on the Disuse of Crypto Assets in Payments
Bans the direct or indirect use of crypto assets to pay for goods and services and bars payment and e-money institutions from routing funds to crypto platforms. In force 30 April 2021.
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ChinaProhibitedStablecoins are virtual currency; offshore yuan stablecoins need approval and none has been given
Notice on Further Preventing and Handling Risks Related to Virtual Currencies and Other Matters (Yinfa [2026] No. 42)
The governing ban: all virtual currency business is illegal, onshore RWA tokenisation is prohibited outside approved infrastructure, and yuan-pegged stablecoins may not be issued offshore without approval. Effective on issue; repeals Notice No. 237.
Read the originalQ&A by PBoC and CSRC officials on the Notice on Further Preventing and Handling Risks Related to Virtual Currencies
Explains why the 2021 notice was revised, why yuan stablecoins touch monetary sovereignty, and how offshore RWA work by mainland entities will be supervised.
Read the originalA Joint Meeting convened to Curb Speculations in Virtual Currency Trading
States that stablecoins are a form of virtual currency that cannot meet KYC and AML requirements, foreshadowing the stablecoin clauses of Notice No. 42.
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QatarProhibitedQFC rules treat stablecoins as excluded tokens; there is no QCB stablecoin issuance regime
QFCRA clarifies that cryptocurrencies, stablecoins and certain other virtual assets are Excluded Tokens under the new Digital Assets Framework
Confirms that tokens used as a substitute for currency, including cryptocurrencies, stablecoins and CBDCs, cannot be issued or serviced under the framework and that the 2019 restrictions still apply.
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.
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VietnamProhibitedPilot bars tokens backed by fiat or securities; crypto is not a legal means of payment
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