As of Sep 2026, of 7 major jurisdictions tracked, 5 have a stablecoin framework in force, 1 has enacted one with implementing rules in progress, and 1 is still developing its rules. This is a coverage summary for orientation, not legal advice.
| Jurisdiction | Status | Framework | Effective |
|---|---|---|---|
| 🇪🇺 European Union | In force | MiCA (Markets in Crypto-Assets Regulation) | 2024-06-30 |
| 🇭🇰 Hong Kong | Licensing regime in force since August 1, 2025 | Stablecoins Ordinance (HKMA licensing regime) | 2025-08-01 |
| 🇯🇵 Japan | In force | Amended Payment Services Act (electronic payment instruments) | 2026-06-01 |
| 🇸🇬 Singapore | Framework in force — effective 2026-07-01 | MAS Stablecoin Regulatory Framework (single-currency stablecoins) | 2026-07-01 |
| 🇰🇷 South Korea | in force since July 19, 2024 | Digital-asset / won-stablecoin legislation (in development) | 2024-07-19 |
| 🇬🇧 United Kingdom | Enacted — FCA authorisation opens 30 September 2026; regime commences 25 October 2027 | FCA / Bank of England stablecoin regime | — |
| 🇺🇸 United States | Proposed Rulemaking — Treasury seeks public comment on implementation of Section 3 | GENIUS Act (federal payment-stablecoin framework) | — |
The Markets in Crypto-Assets Regulation (MiCA) has been in force since June 2023, establishing a harmonized EU framework for crypto-assets. The European Commission has extended the deadline for its consultation on the review of MiCA to 30 September 2026.
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.
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'.
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.
South Korea's Virtual Asset User Protection Act, effective from July 19, 2024, establishes a comprehensive regulatory framework for virtual assets, including stablecoins. The Act defines virtual assets and virtual asset service providers, sets out user protection measures, and regulates unfair trade practices to ensure market transparency and integrity.
The UK has 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 will open applications for authorisation on 30 September 2026, ahead of the regime's commencement on 25 October 2027. The Bank of England published a policy statement and draft Code of Practice for systemic stablecoin issuers on 22 June 2026, 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.
The U.S. Department of the Treasury has issued a Notice of Proposed Rulemaking (NPRM) seeking public comment on the implementation of Section 3 of the GENIUS Act, which establishes a federal framework for payment stablecoins. The NPRM aims to define key terms and clarify requirements for issuers and digital asset service providers under the Act.
Increasingly, yes. As of Sep 2026, 5 of the 7 major jurisdictions tracked here have a stablecoin framework in force — including the EU under MiCA. 1 more is still developing theirs.
MiCA (Markets in Crypto-Assets) is the EU's crypto regulation. Its stablecoin provisions — for e-money tokens and asset-referenced tokens — applied from 30 June 2024, requiring issuers to be authorized, fully back reserves, and redeem at par.
As of Sep 2026, this tracker records the US GENIUS Act as proposed. Confirm the current position against the official sources linked before relying on it.
As of Sep 2026, stablecoin frameworks are in force in European Union, Hong Kong, Japan, Singapore, South Korea. Others — United Kingdom, United States — have enacted or are still developing rules.
Stablecoin rules apply to issuers by jurisdiction, not to individual coins. A euro e-money token falls under EU MiCA, for example, while dollar payment stablecoins are covered by the US GENIUS Act framework once issuers are authorized.
Framework statuses are reviewed and dated (currently as of Sep 2026); each jurisdiction's recent-developments feed refreshes daily from the stablecoin news this site monitors.
Informational, not legal advice. Each entry is a plain-language summary of a jurisdiction's main stablecoin framework and its status as of the date shown. Regulation changes quickly; always confirm the current position against the official sources linked before relying on it.
Status labels: In force — the framework applies and issuers operate under it. Enacted — the law is passed and implementing rules are being written. Proposed — draft legislation before a legislature. In consultation — a regulator is developing rules ahead of legislation.
Recent developments are drawn automatically from the stablecoin news headlines this site monitors, filtered to regulatory items for each jurisdiction. They reflect news coverage, not official confirmation.