Topics · Domains · Onchain capital markets
Tokenisation and securities.
Tokenising bonds, funds and property promises faster settlement and wider access. Most Asian markets treat these tokens as securities and adapt existing law.
The debate now is about secondary trading, retail access and which platforms may list them.
Which markets in Asia have tokenisation and real-world asset rules?
Across the 31 markets Four Pillars tracks in full, as of 15 Oct 2026: Comprehensive (4): Hong Kong, Japan, Singapore and UAE. Partial (11): Australia, Bahrain, Bermuda, Bhutan, British Virgin Islands, Cayman Islands, Kazakhstan, Mongolia, Qatar, Taiwan and Thailand. Developing (13): Cambodia, Indonesia, Israel, Jordan, Kyrgyzstan, Malaysia, Oman, Pakistan, Philippines, South Korea, Turkey, Turkmenistan and Uzbekistan. Restricted (3): China, India and Vietnam.
Where each market stands · 88 sources across 26 markets
Hong KongComprehensiveSFC tokenisation circulars since 2023; secondary trading of tokenised funds allowed from 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 originalCircular on SFC-authorised funds with exposure to virtual assets
The current rules for public funds, including spot VA ETFs, with more than 10% VA exposure; supersedes the December 2023 and April 2025 versions.
Read the originalCircular on secondary trading of tokenised SFC-authorised investment products
Pilots secondary trading of tokenised public funds on licensed platforms, issued with a revised tokenisation circular; the SFC reported 13 tokenised products with tokenised-class AUM of HKD 10.7 billion.
Read the originalHKMA announces the new phase of Project Ensemble to support real-value transactions in tokenised deposits and digital assets
Launches the EnsembleTX pilot for real-value tokenised deposit transactions, first settled via HKD RTGS and later in tokenised central bank money.
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 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 originalCircular on intermediaries engaging in tokenised securities-related activities
Treats tokenised securities as securities and sets expectations on ownership and technology risk for intermediaries dealing in them.
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JapanComprehensiveSecurity tokens regulated under the FIEA since May 2020, with JSTOA self-regulation
Financial Instruments and Exchange Act (Act No. 25 of 1948)
Japan's securities law, which already covers security tokens and crypto derivatives and will house spot crypto regulation once the 2026 amendment takes effect.
Read the original2019 amendments to the Payment Services Act and FIEA (crypto-assets and security tokens)
Introduced electronically recorded transferable rights, the legal basis for security tokens, and moved crypto derivatives into the FIEA. In force since 1 May 2020.
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SingaporeComprehensiveSecurity tokens regulated under the SFA; Project Guardian pilots with 40+ institutions since 2022
Guardian
Hub for Project Guardian, listing policymaker and industry members, live use cases and the Guardian fund and fixed income frameworks.
Read the originalGuide on the Tokenisation of Capital Markets Products
Explains when a token is a capital markets product under the Securities and Futures Act and how prospectus and licensing rules apply to issuers and platforms.
Read the originalMAS Announces Successful Live Trial of Settlement of Interbank Overnight Lending Using Wholesale Central Bank Digital Currency
First live issuance of Singapore dollar wholesale CBDC, used by DBS, OCBC and UOB. MAS plans a follow-on trial of tokenised MAS Bills.
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 originalMAS Announces Plans to Support Commercialisation of Asset Tokenisation
Reports over 15 Guardian trials across six currencies and sets out commercial networks, Global Layer One infrastructure and a common settlement facility for tokenised assets.
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 originalMAS Partners the Industry to Pilot Use Cases in Digital Assets
Launches Project Guardian to test asset tokenisation and decentralised finance with industry while managing financial stability and integrity risks.
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UAEComprehensiveADGM digital securities and VARA issuance rules; Dubai title-deed tokens can be resold in a controlled pilot since February 2026
Dubai Land Department launches Phase II of the Real Estate Tokenisation Project
Allows about 7.8 million tokenised title-deed tokens to be resold from 20 February 2026 within a controlled pilot, after a first phase launched with VARA in March 2025.
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 originalGuidance – Regulation of Digital Securities Activities in ADGM (VER02.240220)
Treats any token with the features of a security as a Security under ADGM's Financial Services and Markets Regulations, covering offerings, trading venues and custody for digital securities.
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AustraliaPartialTokenised securities sit under existing law; Project Acacia tested 20 wholesale use cases in 2025-26
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 originalCorporations Amendment (Digital Assets Framework) Act 2026
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.
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 originalProject Acacia: RBA and DFCRC announce chosen industry participants and ASIC provides regulatory relief (25-129MR)
Selects 24 tokenised asset use cases (19 live pilots) across bonds, private markets and carbon credits, with ASIC relief so participants could trade real assets.
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.
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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BahrainPartialCRA-15 has governed digital token offerings since April 2023, but tokenised issuance remains small
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.
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BermudaPartialDABA, the DAIA and fund laws already apply; an April 2026 BMA consultation proposes targeted amendments
Asset Tokenisation Consultation Paper
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.
Read the originalBermuda Monetary Authority 2026 Business Plan
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.
Read the originalDigital Asset Issuance Act 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.
Read the originalCompanies and Limited Liability Company (Initial Coin Offering) Amendment Act 2018
Bermuda's first token-sale law: ICOs needed the Minister of Finance's consent and an ICO offer document filed with the Registrar. In force 9 July 2018; its ICO provisions were repealed by the Digital Asset Issuance Act 2020.
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BhutanPartialSecurity tokens are regulated as securities under GMC's Financial Services Act and 2026 rulebooks
Fund Rulebook (FUNDS), Version 1.0
Rules for domestic and foreign funds offered in or from GMC, relevant to crypto and tokenised-asset fund managers.
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British Virgin IslandsPartialNo token-specific law; tokens that work as shares, debt or fund interests fall under SIBA (FSC, 2020)
Private Investment Funds Regulations, 2019
Regime for closed-ended private investment funds recognised by the FSC; 447 were registered at 31 March 2026.
Read the originalSecurities and Investment Business (Incubator and Approved Funds) Regulations
Incubator funds are limited to 20 sophisticated private investors and US$20 million of net assets; approved funds to 20 investors and US$100 million.
Read the originalSecurities and Investment Business Act (Revised Edition 2020)
Licenses investment business and regulates mutual funds and private investment funds. Tokens that qualify as investments, and the funds that hold them, are regulated under it.
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Cayman IslandsPartialTokenised mutual and private funds framework gazetted March 2026; CIMA rule out for comment to 10 Nov
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 originalVirtual Asset (Service Providers) (Amendment) Act, 2026 (Act 4 of 2026)
Excludes digital equity tokens of tokenised mutual funds and digital investment tokens of tokenised private funds from virtual asset issuance, and repeals the 2025 amending Act. Gazetted 24 March 2026.
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 originalPrivate Funds (Amendment) Act, 2026 (Act 6 of 2026)
Creates the parallel framework for tokenised private funds, whose investment interests are represented by digital investment tokens, alongside the existing private fund rules.
Read the originalVirtual Asset (Service Providers) (Amendment) Act, 2025
Would have excluded tokenised fund interests from the definition of virtual asset issuance, retroactively. It was never brought into force and was repealed by Act 4 of 2026.
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KazakhstanPartialDFA platforms registered by the NBK since May 2026; KASE was first; sandbox pilots on real estate and gold
Decree 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 originalRegister and requirements: digital financial asset platform operators
Registration rules for platforms that issue, record and redeem tokenised instruments; the NBK decides within 20 working days of a complete application.
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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MongoliaPartialPublic virtual asset offerings must go through a registered VASP; tokenised securities are excluded
QatarPartialQFC Digital Assets Framework (Sept 2024) licenses tokenisation of securities and real assets only
Draft Law Regulating Real Estate Tokenisation and the Trading of Real Estate Tokens, with its draft Executive Regulations
Onshore draft law, approved by the Cabinet on 26 August 2026, defining real estate tokens and holders' rights and linking token trading to the Real Estate Registry, prepared with the QCB and the Qatar Financial Markets Authority. Open for comment on Sharek until 13 September 2026 (Arabic); not yet law.
Read the originalInvestment Token Rules 2024 (TOKN)
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.
Read the originalQFC Digital Assets Framework 2024: User Guide
Step-by-step guide to setting up as a token service provider in the QFC, covering the framework, licensing and authorisation, the application process and fees.
Read the originalThird Financial Sector Strategic Plan: Executive Summary
The national financial sector strategy, which commits to regulatory frameworks for digital assets and decentralised finance and to introducing tokenisation and blockchain solutions.
Read the originalConsultation on Proposed Digital Assets Regulatory Rules Framework
Phase one proposals for a tokenisation regime, including draft Investment Token Rules and Digital Asset Regulations, open for comment until 2 January 2024.
Read the originalDigital Assets Lab
The QFC's innovation hub for tokenisation and DLT firms, which points applicants to the Digital Assets Regulations, TSP Guidelines and licence process.
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TaiwanPartialSTOs regulated as securities since 2019; offerings up to NT$30m for professional investors only
RWA Tokenisation Working Group completes proof of concept
The central bank, TDCC and nine financial firms tested tokenised domestic bonds, foreign bonds and funds; next steps are rule changes and a tokenised asset platform.
Read the originalFSC further relaxes Security Token Offering rules
Raises the per-platform cap to NT$200 million, shortens the gap between a platform's offerings to six months, and opens small STOs to foreign investors.
Read the originalFSC framework for Security Token Offerings
Classifies security tokens as securities; offerings up to NT$30 million go through licensed platform operators to professional investors, with a NT$300,000 cap per natural person per offering.
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ThailandPartialInvestment-token ICOs run via 8 SEC-approved portals; G-Token approved; digital securities bill pending
SEC 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 seeks public comments on draft regulations for crypto ETFs in Thailand and enhanced qualifications for foreign digital asset custodians engaged by funds
Draft rules, following an April 2026 consultation on principles, for passive single-asset spot Bitcoin and Ether ETFs with at least 80 percent net exposure, held mainly with Thai-licensed custodians but with qualified foreign custodians allowed where needed. Comments closed on 20 September 2026.
Read the originalSEC prepares to permit digital asset business operators to engage in derivatives-related businesses to support the inclusion of digital assets as underlying assets
After digital assets were designated as derivatives underlyings (Notification Kor Thor. 2/2569 of 5 March 2026), proposes letting licensed crypto operators apply for derivatives licences without forming new entities. Comments closed on 20 May 2026.
Read the originalSEC amends regulations to accommodate Tokenized Funds to promote innovation in the investment sector
From 1 April 2026, mutual funds may issue units in tokenised form on blockchain, with rules for faster sale and redemption of those units.
Read the originalSEC issues rules on Government Token (G-Token) (SEC News No. 184/2568, Thai only)
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.
Read the originalSEC prepares regulatory framework for digital securities to advance Thailand's capital market as a driver of the digital economy
The Cabinet endorsed on 10 June 2025 a Securities and Exchange Act amendment giving legal recognition to securities issued electronically, the basis for tokenised securities outside the digital token regime.
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.
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CambodiaDevelopingTokenised traditional assets (Group 1a) allowed for NBC-approved banks and licensed providers
Prakas 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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IndonesiaDevelopingGold, property and securities tokenization models graduated from OJK's sandbox; no full regime
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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IsraelDevelopingSecurity tokens fall under securities law and the ISA; no dedicated tokenisation or RWA regime yet
Committee to Examine the Regulation of Decentralised Cryptographic Currency Issuance to the Public: Final Report
Sets out when tokens are securities under Israeli law, bringing investment tokens under the Securities Law while leaving pure payment and utility tokens outside it (IOSCO blocks automated checks; URL confirmed via search).
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JordanDevelopingLaw covers virtual asset offerings via licensed offer providers; detailed rules are still draft
KyrgyzstanDevelopingRWA tokens added to the law in January 2026; NAVA keeps the unified register of virtual asset issues
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.
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MalaysiaDevelopingSC consulted on tokenised securities in 2025; Khazanah priced a RM100m tokenised sukuk pilot in 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 originalKhazanah Leads Malaysia's First Tokenised Sukuk Pilot in Collaboration with the SC
Records the pricing of a RM100 million tokenised sukuk under Khazanah's Sukuk Danum Programme. It is the first live test of tokenised debt in Malaysia's capital market.
Read the originalGuidelines on Exchange-traded Funds (SC-GL/ETF-2005(R6-2026))
The sixth revision, effective 2 March 2026, allows digital currency ETFs that track spot prices of eligible digital currencies. Assets must be bought through SC-registered exchanges or FATF-compliant regulated foreign platforms, and coins built to impede traceability are excluded.
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 originalDiscussion Paper: Asset Tokenisation in the Malaysian Financial Sector
Sets out BNM's exploratory stance and a three-year roadmap from proofs of concept to pilots for tokenised financial services. Feedback closed on 1 March 2026; BNM has not yet issued a policy in response.
Read the originalPublic Consultation Paper No. 1/2025: Proposed Regulatory Framework for Offering and Dealing in Tokenised Capital Market Products
Proposes how tokenised shares, bonds and funds can be offered and dealt in under existing securities law, separate from the digital currency and token regime. Comments closed on 16 June 2025; no final framework had been issued by October 2026.
Read the originalSC Registers Two Initial Exchange Offering (IEO) Operators
Registers Kapital DX and Pitch Platforms as IEO operators. Issuers can raise up to RM100 million through digital token offerings on these platforms.
Read the originalSC Registers Three Digital Asset Exchanges
Announces the first registrations: Luno Malaysia, SINEGY Technologies and Tokenize Technology. Unapproved exchanges were told to cease operations and return client assets.
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OmanDevelopingThe planned VA framework covers tokens and ICOs; the CBO sandbox has a DLT and blockchain cohort
Executive Regulation for the Securities Law
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.
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PakistanDevelopingAsset-referenced tokens are a licence category; the government is exploring tokenised sovereign assets
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.
Read the originalFinance Division press releases: PVARA call for VASP expressions of interest, Binance MoU and World Liberty Financial MoU
Official record of PVARA's September 2025 call to global exchanges (citing 40 million users), the December 2025 Binance MoU on tokenising sovereign assets and the January 2026 MoU with World Liberty Financial's affiliate.
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PhilippinesDevelopingSEC CASP rules (2025) cover crypto-asset securities; no tokenised securities market yet
SEC 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.
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South KoreaDevelopingSTO amendments passed January 2026 and take effect 4 February 2027
FSC Proposes Rules Change to Pave Way for Tokenization of Securities Issuance and Circulation
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.
Read the originalFSC 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 originalAmended Legislation Establishes Legal Ground for Introducing and Circulating Security Tokens
Amendments to the Electronic Registration Act and the Capital Markets Act, passed 15 January 2026 and effective 4 February 2027, recognise distributed ledgers as securities registries and let brokers distribute investment contract securities.
Read the originalCapital Markets Act amendment to allow spot crypto ETFs (bill no. 2211117)
Would let crypto assets designated by the FSC serve as the underlying asset of funds and derivatives, with trust companies holding them through qualified custodians: the legal route to spot bitcoin ETFs.
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TurkeyDevelopingNo token offering regime yet; CBRT digital lira tests include 15 tokenisation projects
Press Release on the Results of the Call for Participation in the Digital Turkish Lira Project Ecosystem (2026-33)
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.
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TurkmenistanDevelopingTokenised assets and NFTs recognised; token issues and public offerings need state registration
UzbekistanDevelopingResident companies may issue tokenised shares and bonds from 1 January 2026 under PP-359
Resolution 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.
Read the originalRegulation on issuance, registration and circulation of crypto-assets by residents (No. 3397)
Sets how Uzbek residents may issue and register tokens and how those tokens may circulate.
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ChinaRestrictedOnshore RWA banned except on approved infrastructure; offshore ABS tokens need a CSRC filing
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 originalRegulatory Guidelines on the Offshore Issuance of Asset-Backed Security Tokens Based on Domestic Assets (CSRC Announcement [2026] No. 1)
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.
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IndiaRestrictedNo onshore framework for tokenized securities; VDAs sit outside securities law
VietnamRestrictedVietnamese firms may issue real-asset-backed tokens, but only to foreign investors
Hong Kong
Japan
Singapore
UAE
Australia
Bahrain
Bermuda
Bhutan
British Virgin Islands
Cayman Islands
Kazakhstan
Mongolia
Qatar
Taiwan
Thailand
Cambodia
Indonesia
Israel
Jordan
Kyrgyzstan
Malaysia
Oman
Pakistan
Philippines
South Korea
Turkey
Turkmenistan
Uzbekistan
China
India
Vietnam