Supervision, enforcement and territorial reach.

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.

Explains why the 2021 notice was revised, why yuan stablecoins touch monetary sovereignty, and how offshore RWA work by mainland entities will be supervised.

Creates a CSRC filing requirement before onshore entities issue asset-backed security tokens offshore using cash flows from mainland assets. The only sanctioned tokenisation route.

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 Published 24 September 2021; repealed by Notice No. 42 in February 2026.

Implements the Basel cryptoasset standard for banks from 1 January 2026, classifying holdings into groups that drive capital charges.

Sets detailed rules on reserve asset composition and segregation, redemption, risk management, disclosure and cross-border issuance for licensees.

Confirms that heavier penalties for unregistered crypto business and expanded SESC criminal investigation powers took effect on 12 August 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.

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 Repealed by FRC Resolution No. 216 of 11 June 2026, entered in the state register of administrative acts on 20 July 2026.

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.

Enforcement decree approved 11 August 2026: tougher registration rules took effect on 20 August 2026, while the travel rule for transfers of all sizes and reporting of overseas transfers of ₩10 million or more start on 19 February 2027, six months after promulgation.

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.

Sets the detailed rules under the Act, including how exchanges must hold user funds and crypto and handle abnormal transactions.

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.

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.

Sets the timetable for a FATF- and IOSCO-aligned virtual asset law: a framework law with its competent authority, AML/CFT and enforcement pillars by late September 2026, and enactment-ready legislation in December 2026.

Declares the circulation, buying, selling, trading and settlement of cryptocurrencies without a licence from the competent authorities illegal and subject to penalties.

Publishes the names, apps and websites of every licensed platform and market infrastructure provider. Warns the public that anything outside the whitelist is unlicensed.

The commodity-era rulebook that created the bourse, clearing, custodian and trader structure OJK inherited. Superseded when supervision moved to OJK in January 2025.

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.

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.

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.

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.

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.

Announced the request to block Binance websites in the Philippines, the country's first large-scale block of an offshore exchange.

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

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.

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.

The House of Representatives accepted in principle on 23 September 2026 a draft Act amending the Emergency Decree on Digital Asset Businesses, with Securities, Derivatives and Trust Act amendments approved by the Cabinet on 25 August. An extraordinary committee is now reviewing them before the Senate.

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.

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.

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.

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.

The BOT directional paper explaining why banks may take part in digital asset businesses only through ring-fenced subsidiaries with capital deductions.

The first budget law under the Income-tax Act, 2025. Its new section 446 sets penalties of ₹200 a day for not filing, and ₹50,000 for inaccurate, crypto-asset transaction statements under section 509, from 1 April 2026.

Second enforcement wave against unregistered offshore platforms. Reports that 50 VDA service providers had registered with FIU-IND.

Revised process and documentation for VDA service providers, onshore and offshore, to register as reporting entities before serving Indian users.

Named nine offshore exchanges operating without registration and asked the IT ministry to block their URLs. At the time 31 VDA SPs had registered.

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).

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).

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.

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.

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.

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.

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.

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.

Translation published by the state news agency: VASPs must be Turkmen-registered and licensed, custodians must use cold wallets, and offshore owners are barred.

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).

The State Comptroller's audit of how the Tax Authority taxes and tracks digital currency gains, finding gaps in enforcement and legislation (Hebrew).

The core law: defines virtual currency as a financial asset and makes exchanging, managing or safeguarding it a licensed activity supervised by the CMA. Published in the gazette on 1 August 2016 (Hebrew).

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).

The FSA and the Public Prosecution trained specialists on tracing money laundering through cryptocurrencies, a sign of the enforcement focus while licensing is pending.

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.

Adds crypto asset service providers to the list of obliged parties under Turkey's AML/CFT measures, subject to MASAK supervision.

Explains the payments ban, citing crypto's volatility, anonymity, irreversible transactions and lack of supervision as risks to users.

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.

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.

VARA's core regulation, setting out the licensable virtual asset activities, issuance rules and supervisory powers. First issued 7 February 2023; the current version applies from 19 June 2025.

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.

AUSTRAC suspended Cryptolink's VASP registration for three months, shutting its 96 crypto ATMs after reporting failures that followed a 2025 enforceable undertaking.

Announces supervisory campaigns into 36 over-the-counter crypto businesses and 27 local exchanges as the VASP reforms bed in.

Oztures Trading misclassified 524 retail investors as wholesale clients, exposing them to crypto derivatives without retail protections.

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.

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.

Reports 50 digital asset businesses supervised during 2025 (22 Class F, 21 Class M and 7 Class T) and $2.6 million of DABA licence fees, and notes a stayed judicial review of certain DABA provisions.

FinTech objectives for 2026: finalise licence classes under the Payment Services Act, publish the outcome of the embedded supervision pilots, and propose legislative amendments for tokenised instruments.

Invited proposals for a joint pilot testing whether supervisory requirements can be built into DeFi infrastructure. The BMA lists Chainlink Labs, Hacken, Bluprynt and Apex as participants in the pilot.

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.

The March 2026 to February 2027 inspection cycle targets 50 licensees, up from 40 inspections in 2025, focusing on trust and company service providers, investment business and VASPs.

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.

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.

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.

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.