Stablecoin Regulation Tracker

• Passed, not yet in forceGENIUS ActImplementing rules still proposed
• StalledCLARITY Act (market structure)Failed a Senate procedural vote

Key dates

• GENIUS signed 2025-07-18; takes effect on 2027-01-18 or 120 days after final rules are issued, whichever comes first
• CLARITY passed the House 2025-07; failed 49 to 50 in the Senate on 2026-09-15

Licensing

Federal approval by the OCC (non-bank issuers, national trust charters), the Federal Reserve (subsidiaries of state member banks), the FDIC and the NCUA; at state level, money transmitter licences plus FinCEN MSB registration, with each state regime to be certified as “substantially similar” by the Stablecoin Certification Review Committee

Licensed firms

OCC national trust charters: Circle received final approval on 2026-07-10; Ripple, Paxos and Fidelity Digital Assets received conditional approval (2025-12-12)

Latest change

2026-09-30Treasury published its state certification review procedures; the day before, the Federal Reserve published its GENIUS implementing rule and the application process for state member banks to set up stablecoin subsidiaries (both proposed)

SourcesFederal Register · Fed GENIUS implementing ruleLedger Insights · Treasury state certification proceduresCoinDesk · CLARITY Senate vote

• In forceMiCA (Regulation (EU) 2023/1114)Revision talks under way

Key dates

• Entered into force 2023-06-29
• Stablecoin provisions apply from 2024-06-30; fully applicable from 2024-12-30
• CASP transitional period ended 2026-07-01

Licensing

EMT issuers need authorisation as an e-money institution or credit institution (national competent authority); ART issuers need separate authorisation; service providers need CASP authorisation; ESMA keeps the register

Licensed firms

Circle Mint Europe (France, USDC / EURC); SG-Forge (EURCV); Paxos Issuance Europe (Finland, USDG)

Latest change

2026-10-08ESMA told service providers to stop providing services for unauthorised stablecoins, with existing holdings to be wound down by 2027-01-08 at the latest

SourcesESMA · Expectations on unauthorised stablecoinsESMA · Call to amend MiCACircle · MiCA compliance

• Passed, not yet in forceFSMA 2000 (Cryptoassets) Regulations 2026; FCA PS26/10, PS26/9Authorisation application window open

Key dates

• FCA final rules published 2026-06-30
• Application window 2026-09-30 to 2027-02-28
• New regime takes effect 2027-10-25

Licensing

The FCA authorises the issuance and custody of “qualifying stablecoins”; the Bank of England supervises systemic sterling stablecoins

Latest change

2026-06-30The FCA published final rules on stablecoin issuance and authorisation

SourcesFCA · New cryptoasset regimeFCA · Crypto rules announcement

• In forceStablecoins Ordinance (Cap. 656)First licensed issuers launching

Key dates

• In force 2025-08-01
• First round of applications closed 2025-09-30, with 36 received
• First licences granted 2026-04-10

Licensing

The HKMA grants stablecoin issuer licences

Licensed firms

Anchorpoint Financial (a joint venture of Standard Chartered Hong Kong, HKT and Animoca); The Hongkong and Shanghai Banking Corporation

Latest change

2026-09-16The Policy Address proposed letting licensed stablecoins trade on licensed virtual asset platforms and settle tokenised money market funds

SourcesHKMA · First licencesHong Kong Government press release

• Draft / consultationSingle-currency stablecoin framework (to be written into the Payment Services Act)Legislative consultation under way

Key dates

• Framework announced 2023-08
• Draft legislation consultation published 2026-09-01, closing 2026-10-16

Licensing

MAS; stablecoin service providers currently need a major payment institution (MPI) licence, and the “MAS-regulated stablecoin” label is reserved for recognised issuers

Licensed firms

None yet under the new framework; Paxos Digital Singapore holds an MPI licence

Latest change

2026-09-01MAS consulted on draft legislation covering cross-border joint issuance, freeze or burn capabilities and the designation of systemic stablecoins

SourcesGibson Dunn · Draft legislationSidley · MAS's next phase

• In forcePayment Services Act: electronic payment instruments regime
• Passed, not yet in forceFinancial Instruments and Exchange Act amendment (crypto-assets)Expected to take effect in 2027

Key dates

• Payment Services Act amendment in effect from 2023-06-01
• FIEA amendment passed the Diet 2026-07-15

Licensing

FSA; issuers must be banks, funds transfer service providers or trust companies, and intermediaries must register as electronic payment instrument service providers

Licensed firms

JPYC (funds transfer service provider, registered 2025-08-18, launched 2025-10-27)

Latest change

2026-07-15The Diet passed the Financial Instruments and Exchange Act amendment, bringing crypto-assets under financial instruments regulation

SourcesCoinDesk · FIEA amendmentImpress Watch

• In forceCentral Bank Payment Token Services Regulation; Federal Decree-Law No. 6 of 2025 (new Central Bank Law)
• In forceDubai VARA Virtual Asset Issuance Rulebook

Key dates

• Decree-Law No. 6 gazetted 2025-09-15, with a one-year transition period

Licensing

Dirham stablecoins are licensed by the Central Bank, and foreign-currency payment tokens must be registered with it; in Dubai (outside the DIFC), fiat-referenced virtual assets are licensed by VARA; ADGM is supervised by the FSRA and the DIFC by the DFSA

Latest change

2025-09-15The new Central Bank Law was gazetted, bringing payment tokens and virtual-asset activities within the Central Bank's supervision

SourcesGibson Dunn · New Central Bank LawCoinDesk · UAE banking decree

• In forceLaw 14,478/2022; Central Bank of Brazil Resolutions BCB 519 / 520 / 521Existing firms applying for authorisation

Key dates

• Resolutions issued 2025-11-10, effective 2026-02-02
• Some provisions of Resolution 521 effective 2026-05-04
• Application deadline for existing firms 2026-10-30

Licensing

The Central Bank of Brazil authorises virtual asset service providers; buying and selling stablecoins and cross-border payments fall under foreign exchange rules (Resolution 521)

Latest change

2026-10-30Application deadline for existing firms; after it, authorised firms may not deal with counterparties that are neither authorised nor applying

SourcesMattos FilhoMachado Meyer

• Draft / consultationDigital Asset Basic ActNot yet passed

Key dates

• Introduced 2025-06
• Left off the review agenda on 2026-05-12

Licensing

The Financial Services Commission would grant licences; the Bank of Korea wants banks to hold 51%, and the two disagree

Latest change

2026-05-12The bill was not placed on the National Assembly's review agenda

SourcesCoinDesk · Korea stablecoin billChakwon

• Passed, not yet in forceStablecoin Act (Bill C-15, Part 5, Division 45)Coming-into-force date to be set

Key dates

• Royal Assent 2026-03-26
• Bank of Canada targets implementation in mid to late 2027

Licensing

The Bank of Canada registers and supervises issuers; prudentially regulated banks are excluded

Latest change

2026-05-06The Bank of Canada told the Senate the framework would be implemented in mid to late 2027 at the earliest

SourcesLexology · Stablecoin ActPrivate Lender Association