Stablecoin Regulation Tracker

Hong Kong's Stablecoins Ordinance, effective August 1, 2025, established a licensing regime for fiat-referenced stablecoin issuers under the HKMA, with requirements for reserve assets, redemption processes, and governance. The HKMA granted the first stablecoin issuer licenses to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited in April 2026, with regulated stablecoins expected to launch in the coming months.

• Stablecoins Ordinance effective August 1, 2025
• Licensing regime for fiat-referenced stablecoin issuers under HKMA
• First licenses granted to Anchorpoint Financial Limited and HSBC in April 2026
• Regulated stablecoins expected to launch in the coming months

Japan recognizes fiat-backed stablecoins as 'electronic payment instruments' under its amended Payment Services Act. Issuance is limited to licensed banks, trust companies, and registered funds-transfer operators, with redemption guarantees. Additionally, as of August 3, 2026, Cryptoasset Exchange Service Providers and Electronic Payment Instruments Service Providers are required to submit information on originators and beneficiaries at the time of transfer of cryptoassets and stablecoins, in line with the 'travel rule'.

• Fiat-backed stablecoins classified as 'electronic payment instruments'.
• Issuance restricted to licensed banks, trust companies, and registered funds-transfer operators.
• Mandatory redemption guarantees for stablecoin holders.
• Travel rule obligations effective August 3, 2026, for Cryptoasset Exchange Service Providers and Electronic Payment Instruments Service Providers.

Singapore's MAS implemented its regulatory framework for single-currency stablecoins (SCS) pegged to the SGD or G10 currencies on 1 July 2026, covering reserve, capital, and redemption standards. Compliant tokens are eligible for an 'MAS-regulated stablecoin' label. The framework is now legally in effect under the Payment Services Act, which has been amended to include a stablecoin-issuance service category.

• Framework effective from 1 July 2026
• Applies to SCS pegged to SGD or G10 currencies
• Sets standards for reserve, capital, and redemption
• Compliant tokens eligible for 'MAS-regulated stablecoin' label

South Korea's Digital Asset Basic Act, enacted on July 1, 2026, establishes a comprehensive regulatory framework for digital assets, including stablecoins. The Act introduces licensing requirements for stablecoin issuers, mandates reserve asset management standards, and aligns with international regulatory practices.

• Stablecoin issuers must obtain authorization with a minimum capital requirement of 5 billion won.
• Issuers are required to maintain reserves exceeding 100% of issued tokens in high-liquidity assets.
• The Act classifies stablecoins as payment instruments under the Foreign Exchange Transactions Act.
• An inter-agency consultative body is established to oversee digital asset regulation.

The UK established a regulatory framework for cryptoassets, including stablecoins, through the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, enacted in February 2026. The FCA published final rules for stablecoin issuance and custody on 30 June 2026, with the regime set to commence on 25 October 2027. The Bank of England is finalising its Code of Practice for systemic stablecoins, with the consultation open until 22 September 2026. Additionally, on 13 July 2026, HMRC published a policy paper outlining the tax treatment of stablecoins, proposing to treat eligible stablecoins more like money for tax purposes, with changes effective from April 2027.

• HMRC's policy paper proposes exempting disposals of eligible stablecoins from Capital Gains Tax for individuals and trustees.
• Interest-like returns from eligible stablecoins will be taxed as savings income for Income Tax purposes.
• For companies, certain transactions involving eligible stablecoins will be taxed based on their accounts for Corporation Tax.
• The proposed tax changes are set to take effect from 6 April 2027 for individuals and trustees, and 1 April 2027 for companies.

The federal GENIUS Act establishes a framework for payment stablecoins, specifying permitted issuers, full reserve backing, redemption requirements, and oversight by both federal and state regulators. The Act's effective date is the earlier of January 18, 2027, or 120 days after the issuance of final implementing regulations by primary federal payment stablecoin regulators.

• The GENIUS Act was enacted on July 18, 2025.
• The Act requires primary federal payment stablecoin regulators to issue final implementing regulations by July 18, 2026.
• The Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking on February 25, 2026, to implement the GENIUS Act.
• The National Credit Union Administration (NCUA) plans to issue a notice of proposed rulemaking to implement the GENIUS Act, with a final statutory deadline of July 18, 2026.

The European Commission initiated a consultation on 20 May 2026 to assess the effectiveness of the Markets in Crypto-Assets Regulation (MiCA), which has been in force since 2024. This consultation aims to gather feedback from stakeholders and the public to determine if the current regulatory framework remains suitable given the evolving crypto-asset markets and policy landscape. The deadline for submissions has been extended to 30 September 2026.

• Consultation launched on 20 May 2026.
• Deadline for submissions extended to 30 September 2026.
• Aims to assess the effectiveness of MiCA since its 2024 implementation.
• Seeks feedback from stakeholders and the public on the current regulatory framework.