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Stablecoin Regulation

Global/EU/US/JP/SG/HK

Effective: 2024-06-30 (MiCA stablecoin provisions); Japan June 2023; Singapore August 2023; US pending

Regulatory frameworks specific to stablecoin issuance and operation

stablecoin licensing

Summary

Stablecoin-specific regulation is rapidly emerging. EU MiCA: ARTs require EUR 350K capital, EMTs require EMI/credit institution license, significant issuers face EBA supervision. Japan (June 2023): only banks/trust companies/fund transfer providers can issue; 100% fiat reserves mandatory. Singapore (August 2023): MAS-regulated issuers must hold 100%+ reserves in cash/equivalents at SG-licensed institutions. Hong Kong: HKMA Stablecoins Ordinance expected 2025-2026. UK: fast-tracking fiat-backed stablecoin regulation under FSMA. UAE federal framework prohibits algorithmic tokens.

Key Requirements

  • Reserve requirements (1:1 backing)
  • Redemption rights for holders
  • Regular reserve audits
  • Issuer licensing (bank/EMI/dedicated license)
  • Capital requirements
  • Disclosure obligations
  • Algorithmic stablecoin restrictions (UAE)
  • Stablecoin-specific regulation is rapidly emerging. EU MiCA: ARTs require EUR 350K capital, EMTs require EMI/credit institution license, significant i

Sources

Jurisdictions Implementing This Framework

AD Andorra AE United Arab Emirates AG Antigua and Barbuda AL Albania AM Armenia AO Angola AR Argentina AT Austria AU Australia BD Bangladesh BE Belgium BF Burkina Faso BG Bulgaria BH Bahrain BI Burundi BJ Benin BM Bermuda BN Brunei BO Bolivia BR Brazil BS Bahamas BT Bhutan BW Botswana BZ Belize CA Canada CD Democratic Republic of the Congo CF Central African Republic CG Congo CH Switzerland CI Cote d'Ivoire CL Chile CN China CO Colombia CR Costa Rica CU Cuba CV Cabo Verde CY Cyprus DE Germany DJ Djibouti DK Denmark DM Dominica DO Dominican Republic DZ Algeria EC Ecuador EE Estonia EG Egypt ER Eritrea ES Spain ET Ethiopia EU European Union FI Finland FJ Fiji FM Micronesia FR France GA Gabon GB United Kingdom GD Grenada GE Georgia GH Ghana GI Gibraltar GM Gambia GQ Equatorial Guinea GT Guatemala GW Guinea-Bissau GY Guyana HK Hong Kong HN Honduras HR Croatia HT Haiti HU Hungary ID Indonesia IE Ireland IL Israel IM Isle of Man IQ Iraq IS Iceland IT Italy JE Jersey JM Jamaica JO Jordan JP Japan KE Kenya KG Kyrgyzstan KI Kiribati KM Comoros KN Saint Kitts and Nevis KR South Korea KW Kuwait KY Cayman Islands KZ Kazakhstan LA Laos LB Labuan (Malaysia) LC Saint Lucia LI Liechtenstein LK Sri Lanka LR Liberia LS Lesotho LT Lithuania LU Luxembourg LV Latvia MA Morocco MC Monaco MD Moldova ME Montenegro MG Madagascar MH Marshall Islands MK North Macedonia ML Mali MM Myanmar MR Mauritania MT Malta MU Mauritius MV Maldives MW Malawi MX Mexico MY Malaysia MZ Mozambique NA Namibia NE Niger NI Nicaragua NL Netherlands NO Norway NP Nepal NR Nauru NZ New Zealand OM Oman PA Panama PE Peru PG Papua New Guinea PH Philippines PK Pakistan PL Poland PR Puerto Rico PT Portugal PW Palau PY Paraguay QA Qatar RO Romania RU Russia RW Rwanda SA Saudi Arabia SB Solomon Islands SC Seychelles SE Sweden SG Singapore SI Slovenia SK Slovakia SM San Marino SN Senegal SO Somalia SR Suriname ST Sao Tome and Principe SV El Salvador SY Syria SZ Eswatini TC Turks and Caicos TD Chad TG Togo TH Thailand TJ Tajikistan TL Timor-Leste TM Turkmenistan TN Tunisia TV Tuvalu TW Taiwan TZ Tanzania UA Ukraine UG Uganda US United States UY Uruguay UZ Uzbekistan VC Saint Vincent and the Grenadines VE Venezuela VG British Virgin Islands VU Vanuatu YE Yemen ZA South Africa ZM Zambia ZW Zimbabwe

179 jurisdictions reference this framework

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Last updated: 2026-06-06. View all frameworks