Stablecoins Ordinance (Cap. 656), passed 21 May 2025, in force 1 August 2025, licensed by the HKMA.

Payment Services Act amendments creating the electronic payment instrument category, effective 1 June 2023, supervised by the FSA. Issuance restricted to banks, fund-transfer service providers, and trust banks or…

MAS Single-Currency Stablecoin framework, operative through the Major Payment Institution licence under the Payment Services Act rather than a standalone statute. Restricted to single G10-currency designs.

VAUPA (in force 19 July 2024) covers user protection only. The Digital Asset Basic Act, which would set the stablecoin issuance perimeter, remains in working drafts, stalled over issuer eligibility as of December…

Corporations Amendment (Digital Assets Framework) Bill 2025, reported passed 1 April 2026 with Royal Assent 8 April 2026. Treats stablecoins inside the digital-asset platform licensing perimeter under the AFSL regime…

No dedicated stablecoin issuance regime on record as of 12 June 2026. Bank of Thailand activity centres on the Programmable Payment Sandbox and the mBridge lineage.

GENIUS Act (Public Law 119-27), signed 18 July 2025, fixed the federal permitted-payment-stablecoin-issuer perimeter with three issuer routes: insured depository institution subsidiaries, OCC-supervised federally…

MiCA (Regulation (EU) 2023/1114): the EMT and ART chapters became applicable 30 June 2024 and the CASP regime 30 December 2024. Any single-fiat stablecoin marketed in the EU must come through the e-money token route,…

Stablecoin and custody regime still being built under FSMA 2023 powers. FCA CP24/20 (November 2024) on regulating stablecoin issuance and custody is the central reference, with final policy statement timing…

CBUAE Payment Token Services Regulation is the operative perimeter for dirham-denominated fiat-referenced stablecoins, with the first licensed AED stablecoins coming to market under it as of the April 2026 revision.…