Stablecoin Intelligence
Stablecoin Regulation by Country — Global Tracker
Plexo Institute tracks stablecoin regulation across 207 jurisdictions: 126 with a parsed stablecoin-policy analysis, 48 licensing regimes, 38 registration regimes, and 17 bans — alongside 81 stablecoins ($297.1B tracked market cap), 44 issuer profiles, 24 CBDC projects, and 298 MiCA-regime CASP authorizations, compiled from primary legal texts and official regulator registers.
Last verified: August 24, 2026.
Coverage at a glance
Stablecoin regulation determines who may issue a stablecoin, what reserves must back it, and which license a business needs to exchange or transfer it. Rules differ sharply by jurisdiction — from MiCA’s EMT authorization in the EU to outright bans. This tracker consolidates those positions into one comparable view, built from the same registry data that powers the rest of Plexo Institute.
207 Jurisdictions tracked126 with a parsed stablecoin-policy analysis
81 Stablecoins tracked19 peg currencies · $297.1B combined market cap
44 Stablecoin issuers profiled31 with an LEI · 42 with a named auditor
24 CBDC projects tracked3 launched · 11 in pilot
298 MiCA-authorized CASPs7 MiCAR EMT issuers tracked
43,577 Verified entity records in the live registry85 countries · 116 regulators · computed at export
Stablecoin regulation by country
Each row is compiled from that jurisdiction's own legal framework and regulator publications. Linked jurisdictions open a full regulatory profile with sources.
| Jurisdiction | Regulator | Stablecoin stance |
|---|---|---|
| Afghanistan | Da Afghanistan Bank | In August 2022, the Taliban regime imposed a strict nationwide ban on all cryptocurrency activities, declaring them forbidden under Islamic law. The central bank, Da Afghanistan Bank, supports this total prohibition. Authorities actively enforce the ban through exchange closures and arrests. |
| Albania | AFSA Albania | Albania passed Law 66/2020 "On Financial Markets Based on DLT" in Sept 2020, however, largely unimplemented. The FSA announced draft crypto/digital asset law finalization expected within 2025; comparative assessment with EU MiCA completed 2024; crypto profits taxed since 2023; Bank of Albania, Ministry of Finance, Ministry of Economy involved; regulatory framework still evolving; no specific stablecoin provisions yet.The previous law provides a licensing and oversight framework for digital tokens and virtual currencies. While stablecoins aren't explicitly regulated, fiat-backed coins like USDT/USDC are used for remittances. |
| Algeria | Banque d'Algérie | Algeria has implemented a comprehensive and strict ban on all cryptocurrency activities, including stablecoins, under Law No. 25-10 enacted in July 2025. This legislation criminalizes the issuance, purchase, sale, possession, and use of any digital assets. It heavily updates the previous 2018 Financial Law by introducing severe criminal penalties, including fines and imprisonment. There are absolutely no legal avenues for stablecoin operation, issuance, or use within the country. |
| Andorra | INAF / AFA | Law 24/2022 "Digital Assets Law" enacted June 30, 2022; operational framework; regulates blockchain, DLT, cryptocurrencies, stablecoins; AFA (Andorran Financial Authority) primary regulator; requires registration, licensing, minimum capital, civil liability insurance, "veedor digital registrat" (authorized representative); provides framework for stablecoins and collateralized backing assets; AndorraDex trading platform; AML/CFT compliance required. |
| Angola | BNA | Angola has not yet implemented a legal regime for stablecoins. Crypto assets are in a regulatory gray zone, usage isn't illegal, but the government advises caution due to financial risks. However, there was a law passed by parliament in December 2023 (and impacts starting April 2024) that bans cryptocurrency mining, to protect energy and environmental infrastructure. Violators can face imprisonment and equipment confiscation. |
| Antigua and Barbuda | FSRC | The Digital Assets Business Act (DABA) 2020, fully effective in May 2021, regulates all digital asset businesses, including stablecoins (fiat-, crypto-, commodity-, and algorithm-backed). It sets up licensing, AML/KYC, capital requirements, audits, disclosures, and heavy penalties for non-compliance. |
| Argentina | CNV / UIF | Argentina's stablecoin regulatory framework is primarily codified in Law No. 27,739 (March 2024) and operationalized through two key CNV resolutions: Resolution 994/2024 (initial VASP registration framework) and Resolution 1058/2025 (comprehensive operational governance). Resolution 1058, published March 14, 2025 and effective April 28, 2025, significantly expands regulatory requirements with five VASP categories, minimum capital requirements ($75,000-$150,000 USD), mandatory client fund segregation, enhanced cybersecurity standards, and monthly/annual reporting obligations. The framework transitions from foundational registration to comprehensive operational oversight. Full implementation occurs December 31, 2025, with transitional compliance deadlines largely passed (individuals by July 1; Argentine entities by August 1; foreign entities by September 1, 2025). Monthly reporting is already active as of November 2025. The framework reflects Argentina's pro-crypto government stance under President Javier Milei while prioritizing financial stability amid severe inflation and widespread stablecoin adoption as inflation hedges. |
| Armenia | CBA | Armenia enacted the Law on Crypto-Assets (HO-159-N) on May 29, 2025, and it entered into force on July 4, 2025, establishing the country's first comprehensive regulatory framework for digital assets. The law is modeled on the European Union's Markets in Crypto-Assets Regulation (MiCA) and establishes the Central Bank of Armenia as the sole regulator. Stablecoin types explicitly regulated: Asset-Referenced Tokens (ARTs): Crypto-assets designed to maintain stable value through reference to fiat currencies, currency baskets, or other assets (to be defined by Central Bank regulation). ARTs require licensing for issuers; mandatory white papers with Central Bank review (minimum 30 days for ARTs); 100% asset backing via segregated reserves; monthly disclosure; redemption at par value; no interest payments to holders. Electronic Money Tokens (EMTs): Tokens pegged to the Armenian dram, exclusively issuable by banks and payment/settlement organizations. EMTs have exemptions from certain ART requirements (e.g., some white paper rules) but must be redeemable at nominal value. |
| Australia | AUSTRAC | Australia regulates stablecoins under its general financial services laws (Corporations Act), with ASIC guidance (INFO 225) classifying them as derivatives or managed investment schemes. Issuers must hold an Australian Financial Services License (AFSL). Draft legislation proposing a specific "Tokenised Stored Value Facility" category was released in Oct 2025 but is not yet enacted. (25-250MR); no-action relief until June 30, 2026 for certain stablecoin distribution. ASIC primary regulator; coordination with APRA (prudential) likely; framework still developing; expected 1:1 backing requirements. |
| Austria | FMA Austria | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: FMA Austria. |
| Bahamas | SCB Bahamas | The Bahamas regulates stablecoins under the Digital Assets and Registered Exchanges (DARE) Act 2024. It defines stablecoins, mandates registration of issuance, requires reserve-backed structuring, and imposes obligations on custody, segregation, reporting, audits, and redemption, with a ban on algorithmic stablecoins. |
| Bahrain | CBB | Bahrain has pioneered a stablecoin regulation regime via the SIO Module (Rulebook Volume 6) effective July 2025. It tightly regulates issuance, supply control, minting/burning, reserve asset management, custody, redemption, audits, governance, and transparency. Algorithmic models are expressly barred. |
| Bangladesh | Bangladesh Bank | Bangladesh maintains an active, enforced regulatory framework that prohibits all virtual assets and virtual currencies, which implicitly encompasses all types of stablecoins. Under FE Circular No. 24 (September 15, 2022), Bangladesh Bank prohibits all transactions in virtual assets and virtual currencies as defined by the Financial Action Task Force (FATF). While stablecoins are not explicitly mentioned by name, they meet the FATF definition of virtual assets as digital representations of value that can be digitally traded or transferred. The regulatory foundation rests on Section 5(1)(e) of the Foreign Exchange Regulation Act, 1947, treating virtual assets as violations of foreign exchange controls. The framework excludes only "digital representations of fiat currencies, securities and other financial assets, recognized by Bangladesh Bank," meaning CBDCs would fall outside the prohibition if formally recognized. Violations constitute cognizable offenses under Section 23(1) of the FER Act, 1947, subject to imprisonment and fines. |
| Barbados | FSC Barbados / CBB | Barbados hasn't prohibited cryptocurrencies outright, and using them isn't illegal, but it also hasn't enacted targeted legislation for crypto or stablecoins. Instead, digital asset activities operate under existing regulations like AML/KYC and general financial services oversight. The Central Bank of Barbados and the Financial Services Commission (FSC) supervise this loosely defined space, but there's currently no license or specific crypto legal framework in place. |
| Belarus | HTP Administration | Belarus legalized cryptocurrencies and smart contracts under the landmark Decree No.8 "On the Development of Digital Economy" (effective March 28, 2018), especially for companies inside their special Hi-Tech Park (HTP). HTP residents can register crypto exchanges, issue tokens, mine, and trade cryptocurrencies, with tax breaks layered on top, not specific stablecoin rules, but a permissive sandbox. More recently, the National Bank (NBRB) has drafted new crypto payment regulations (August 2025) aimed at expanding beyond the HTP and integrating digital assets into broader financial policy. These are still proposals, not enacted law. |
| Belgium | FSMA | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: FSMA. |
| Belize | CBB | The Financial Services Commission (Digital Asset Services Licensing) Regulations enacted on 30 December 2025, require a license from the FSC for digital asset exchanges, transfers, or management services. It ensures compliance with AML regulations and clearly defines digital assets under national law. |
| Benin | BCEAO | In February 2024, Benin passed Law No. 2024-01, harmonizing with WAEMU anti-money laundering rules. It introduces authorization and transparency requirements for virtual asset service providers (VASPs), but implementation is still spotty and no stablecoin-specific framework exists. |
| Bermuda | BMA | Bermuda operates a mature, live regulatory framework for stablecoin issuance under the Digital Asset Business Act 2018 (DABA) and Digital Asset Issuance Act 2020 (DAIA). The BMA published comprehensive Single Currency Pegged Stablecoin (SCPS) Guidance in May 2024 (among the first globally) establishing prudential standards for fiat-backed stablecoins. Framework requires full reserve backing (1:1 ratio), segregated bankruptcy-remote assets, daily valuations, independent monthly audits, stress testing, and robust governance. Issuers must obtain DABA licenses with risk-based supervision. Over 40 digital asset companies are licensed; multiple stablecoin issuers operate actively. Notably, Bermuda permits yield-bearing stablecoins (distinguishing feature) and has zero income/capital gains taxes on digital assets. Government is piloting USDC adoption (January 2026) with Coinbase and Circle. The regime demonstrates regulatory clarity and institutional credibility, attracting global stablecoin issuers. |
| Bhutan | RMA | Bhutan is taking measured steps toward the adoption of digital assets, though stablecoin activity remains highly limited. Cryptocurrency isn't legal for the general public or financial institutions; however, geo-specific initiatives like those in Gelephu Mindfulness City (GMC) allow crypto mining and exchange within that special zone. Additionally, Bhutan launched a crypto tourism payment system via Binance Pay, enabling tourists to pay with crypto at select merchants. The Royal Monetary Authority (RMA) retains tight control and only grants crypto operations within the defined GMC framework. |
| Bolivia | BCB Bolivia | No specific regulations or prohibitions on algorithmic stablecoins. Treated as general crypto assets under AML framework with registration requirements but no stablecoin-specific licensing or reserve requirements. |
| Bosnia and Herzegovina | — | Bosnia and Herzegovina lacks a unified stablecoin or crypto regulation. The State-level AML/CFT law (2024) defines and registers VASPs but stays broad in its scope. The Republika Srpska entity, in contrast, took a step forward with a 2022 amendment to its Securities Market Law, regulating virtual assets and VASPs, covering exchange, custody, trading, and token issuance. The Central Bank continues to insist that the BAM is the only legal tender, and it discourages crypto conversions via banks. |
| Botswana | NBFIRA | Botswana has lawfully ventured into the digital asset space through its Virtual Assets Act (2022), which enables licensing of virtual asset service providers (VASPs), making Yellow Card the first licensed provider. The Bank of Botswana has publicly acknowledged crypto markets pose "minimal" financial stability risks for now. But it's sounding alarms around money laundering, terrorist financing, and the necessity for future regulatory frameworks. A feasibility study into a CBDC also underscores Botswana's forward-looking posture. |
| Brazil | BCB / CVM | Law 14,478/2022 effective June 20, 2023; Public Consultations 109/110 issued November 8, 2024 (comment period ended February 7, 2025); Resolutions 519/520/521 published November 10, 2025; framework becomes live February 2, 2026 with reporting mandatory May 4, 2026; fiat-backed stablecoins classified as foreign exchange operations; 1:1 fiat reserve backing required; stablecoins treated same as FX under banking-grade oversight; SPSAVs (virtual asset service providers) must be BCB-authorized; transfers to unlicensed foreign entities limited to $100,000; self-custody wallet transfers to licensed providers subject to AML monitoring; stablecoin transactions must now appear in Brazil's official balance-of-payments data. |
| Bulgaria | NRA / BNB | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: NRA / BNB. |
| Burundi | BRB | Burundi maintains a comprehensive ban on all cryptocurrency activities via a BRB statement issued in September 2019. The BRB declared virtual currencies not legal tender and warned of strict enforcement. No VASP licensing, stablecoin framework, or AML regime for digital assets exists. As of 2025, no new regulatory proposal has been identified. |
| Cambodia | NBC / SERC | Effective December 2024, the NBC issued "Prakas B7-024-735", allowing regulated banks and payment institutions to handle stablecoins and other tokenized assets (classified as "Group 1," including Group 1b for stablecoins), with strict exposure limits (3% of CET1 capital) and prior approval requirements. Meanwhile, unbacked cryptocurrencies ("Group 2") remain blocked. This framework dovetails with efforts to promote the national system Bakong, a blockchain-based payment platform, and strengthen riel usage. |
| Cameroon | COBAC / BEAC | Cameroon operates under COBAC Decision D-2022/071 (May 2022), a live regulatory prohibition that comprehensively bans all regulated financial institutions from facilitating cryptocurrency transactions of any kind. This blanket prohibition applies equally to all stablecoin types (fiat-backed, crypto-backed, commodity-backed, and algorithmic) without distinction. While COSUMAF (the financial market supervisor) issued general virtual asset service provider regulations in July 2022 and May 2023, these focus on licensing and supervision of VASPs but do not create exemptions for stablecoin issuance. The BEAC (central bank) has consistently opposed cryptocurrency adoption to protect the CFA franc and monetary policy autonomy. The regulatory environment permits no institutional pathways for stablecoin use; personal ownership remains technically legal but disconnected from the formal financial system. Recent 2025 BEAC digital payment modernization rules do not address stablecoins. |
| Canada | FINTRAC / CSA | Budget announcement November 4, 2025; draft stablecoin legislation to be tabled in parliament; Bank of Canada and Department of Finance coordinating framework development; expected implementation 2026; anticipated requirements: adequate asset reserves, fiat-backed (CAD or other currencies), redemption policies, licensing regime; alignment with G7 and international standards; regulatory authorities to be determined; framework still under development. |
| Cape Verde | BCV | Cabo Verde’s Law No. 30/X/2023 (21 June 2023) creates a regulatory framework for Virtual Asset Service Providers enforced by the Banco de Cabo Verde (BCV). The law mandates registration, licensing, and AML/CTF compliance, formally integrating crypto oversight into the national financial system. This marks Cabo Verde’s first structured step toward legitimizing digital asset activity within its banking framework. |
| Central African Republic | COBAC / BEAC | In April 2022, CAR made a bold move, Bitcoin became legal tender according to Law No. 22.004, even coexisting with the CFA franc. They also launched Sango Coin, a Bitcoin sidechain token focused on tokenizing resources. But chaos ensued: their Constitutional Court blocked attempts to buy citizenship, e-residency, and land with Sango Coins on constitutional grounds. Then, in March 2023, CAR repealed Bitcoin's legal-tender status, the gamble didn't stick. The entire region, governed by the regional central bank (BEAC) and securities regulator (COBAC), prohibits crypto in principle, and CAR's experiment intensely clashed with that regional policy. |
| Chad | COBAC / BEAC | Falls under COBAC Decision D-2022/071 (May 2022), which prohibits all regulated financial institutions from engaging with cryptocurrency transactions of any kind, including all stablecoin types. The regulatory framework does not distinguish between different stablecoin categories—all are equally prohibited at the institutional level. COSUMAF's VASP licensing framework applies but does not create pathways for stablecoin issuance. |
| Chile | CMF Chile | Fintech Law 21,521 enacted 2023; operational; legally recognizes fiat-backed stablecoins as payment instruments under distributed ledger technologies; Central Bank of Chile (BCCh) and CMF (Financial Market Commission) primary regulators; not legal tender but permitted for payments by mutual agreement; licensing required by February 3, 2025 for all crypto providers (exchanges, custodians, brokers, advisors); $400 registration fee; 6-month assessment (cybersecurity, solvency, governance); open finance framework supports interoperability via standardized APIs; stablecoins regulated as payment methods by BCCh; functional approach rather than rigid classifications; tax regime treats crypto as investment assets. |
| China | PBoC / CSRC | Since 2021, China has enforced a strict prohibition on cryptocurrency trading, mining, and stablecoin issuance, including outside jurisdictions, due to concerns about financial stability and capital flight. That said, internal discussions and pilot proposals are underway: * Beijing is reviewing a roadmap toward issuing yuan-backed stablecoins as part of its strategy to enhance international use of the renminbi (especially offshore via Hong Kong), signaling a potential regulatory shift; * Financial regulators, including those in Shanghai, have begun deliberating policy responses, even considering allowing corporate stablecoin issuance via Hong Kong licensing; * There are also directives instructing brokers and think tanks to halt promotion of stablecoins, reflecting deep regulatory caution. |
| Colombia | SFC Colombia | Cryptoassets in Colombia remain unregulated, they're not legal tender, securities, or recognized financial instruments. Practical use isn't banned, but official bodies like the Central Bank and SFC (Superintendencia Financiera de Colombia) steer clear of formal integration. The SFC's sandbox ran until end-2023 and there are ongoing legislative attempts for clarity. Meanwhile, tax (DIAN) and financial intelligence (UIAF) authorities impose reporting obligations and anti-money laundering (AML) oversight on crypto-related operators. |
| Costa Rica | SUGEF | Crypto is legal but unregulated in Costa Rica. The Central Bank (BCCR) clarified that crypto isn't legal tender, monetary currency, or backed by state guarantee, but private transactions (e.g., real estate, salary payments) are permitted "at your own risk." Pending bills (e.g., Bill 23.415 and File 22.837) aim to regulate exchanges, custody, mining, and integrate crypto into the SINPE payment system. Tax authorities treat crypto as intangible assets, subject to income/capital gains taxes. |
| Croatia | HANFA | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: HANFA. |
| Cuba | BCC | Resolution 215 August 2021; Central Bank of Cuba regulates crypto and licenses VASPs since April 2022; used for cross-border payments, remittances to bypass US embargo; digital currencies permitted via licensed providers; AML/CFT compliance required; stablecoins not specifically mentioned (resolution takes a broad approach to regulating all virtual assets and digital currencies without distinguishing between stablecoins, bitcoin, or other cryptocurrency types); operational framework with limited transparency on specific requirements. |
| Cyprus | CySEC | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: CySEC. |
| Czech Republic | CNB / FAU | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: CNB / FAU. |
| Denmark | Finanstilsynet DK | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: Finanstilsynet DK. |
| DR Congo | BCC | Cryptocurrency use in the DRC is allowed "at one's own risk", citizens can trade or hold digital assets, but they aren't legal tender, and local exchanges aren't yet authorized. The Central Bank of the Congo (BCC) has issued warnings about fraud risks and is now working toward a broader Digital-Asset Law expected by year-end to license exchanges and token issuers. Meanwhile, tax rules are emerging: a 5% withholding tax applies to crypto-to-fiat conversions above USD 5,000, and businesses must report crypto cash flows over USD 10,000. |
| Ecuador | BCE | The Central Bank of Ecuador (BCE) has repeatedly emphasized that cryptocurrencies, including stablecoins, cannot replace the US dollar (the official currency) and cannot be used for payments, though private buying and selling online remains legally permitted. The Bank warns that engaging with crypto may lead to prosecutions under the Monetary Code. Despite these warnings, adoption persists informally. The BCE is studying the potential for tokenizing the dollar via a private blockchain, with a possible pilot as early as 2026, contingent on legislative approval. Startups are also pressing for a regulatory sandbox to pilot USDT-based transfers with lower transaction fees. |
| Egypt | CBE / FRA | Under Law No. 194 of 2020, Egypt bans the issuance, trading, or promotion of cryptocurrencies, including stablecoins, unless pre-approved by the Central Bank of Egypt (CBE). No licenses have been issued to date, effectively maintaining a total prohibition. Violators may face imprisonment or hefty fines, up to EGP 10 million. Religious leaders, including Dar al-Ifta, have also declared crypto "haram," heightening resistance to digital assets. While crypto isn't outright banned in law, in practice it's treated as illegal, leaving stablecoins completely off the table. Egypt is also exploring a digital pound (e-GPB) on a CBDC, possibly by 2030, but that's a state project, not private stablecoin issuance. |
| El Salvador | BCR / CNAD | El Salvador's digital asset framework is governed by the Digital Assets Issuance Law (LEAD), enacted in 2023 and amended in August 2024. The law specifically regulates stablecoins, requiring issuers to register with the National Digital Assets Commission (CNAD) and publish detailed offering documents. Recent reforms expanded CNAD's oversight and refined stablecoin definitions to emphasize low volatility. |
| Equatorial Guinea | COBAC / BEAC | Operates under the same COBAC-enforced prohibition on all cryptocurrency transactions by regulated institutions. COBAC Decision D-2022/071 (May 2022) comprehensively bans stablecoins of all types (fiat-backed, crypto-backed, commodity-backed, and algorithmic) from institutional use. The BEAC's stance against cryptocurrency adoption applies uniformly, with no regulatory exemptions for stablecoins. |
| Estonia | Finantsinspektsioon | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: Finantsinspektsioon. |
| Ethiopia | NBE | As of 2022, the National Bank of Ethiopia (NBE) banned cryptocurrency payments, affirming that the Birr is the only recognized legal tender. Ethiopia allows licensed crypto mining, overseen across multiple regulators, including INSA, EIC, EEP, and NBE. In 2024, a law framework for a CBDC (Digital Birr) was approved to move forward through parliament. A full digital asset regulatory framework is expected by 2025, with strict AML/KYC controls and licensing for mining and exchanges. Mining access has also been temporarily frozen due to energy constraints, Ethiopia halted new crypto mining power permits in August 2025. |
| Finland | Finanssivalvonta | Under MiCAR, which took full effect on December 30, 2024, issuance and service provision around EMTs and ARTs require authorization. Finland transitioned its existing national Virtual Currency Provider rules into the new EU-aligned Crypto-Asset Market framework, with a transition deadline of June 30, 2025. After this date, only entities authorized as Crypto-Asset Service Providers (CASPs) by the FIN-FSA can operate. DeFi and DAOs remain outside MiCAR's scope and continue in a regulatory grey zone. |
| France | AMF / ACPR | France has transitioned from its national PACTE framework to the EU's comprehensive Markets in Crypto-Assets (MiCA) regulation. Stablecoin provisions entered into force on June 30, 2024, making France's regime live. The framework distinguishes between two main types of stablecoins: e-money tokens (fiat-backed, issued by credit or e-money institutions) and asset-referenced tokens (backed by baskets of assets). Both require authorization from the ACPR, maintain strict reserve requirements, and are prohibited from offering interest to holders. France implemented a transitional period through July 1, 2026, allowing existing digital asset service providers to continue operations while obtaining MiCA compliance. France has authorized Circle as an e-money institution issuer (USDC and EURC), with Schuman Financial and Société Générale Forge also authorized as EMT issuers. The Banque de France oversees stablecoins used as means of payment, while the ACPR supervises stablecoin issuers and the AMF supervises crypto-asset service providers. |
| Gabon | COBAC / BEAC | Cryptocurrencies, including stablecoins, lack any Gabon-specific legal framework. However, as part of CEMAC, Gabon is under regional crypto regulation (BEAC/COBAC/VASP framework), which classifies virtual asset services but largely restricts financial institutions from holding or facilitating them. |
| Georgia | NBG | Crypto is legal for use in exchange and investment and is popular for remittances. Virtual Asset Service Providers (VASPs) must register with the National Bank of Georgia (NBG), which enforces AML/CFT and FATF-aligned rules, although stablecoins themselves lack tailored legislation. |
| Germany | BaFin | Germany now regulates stablecoins under the EU's Markets in Crypto-Assets Regulation (MiCAR), effective mid-2024 for stablecoin issuers. Germany's supervisor BaFin has approved the euro-backed stablecoin EURAU via EMI license to AllUnity. Stablecoins are recognized as either e-money tokens or asset-referenced tokens under MiCAR and require full compliance with transparency, consumer protection, and reserve requirements. |
| Ghana | Bank of Ghana | Ghana's Virtual Asset Service Providers (VASP) Bill 2025 was signed into law by President John Dramani Mahama on December 29, 2025, establishing the first dedicated legal framework for digital assets. The framework is activity-based and risk-based, applying to virtual asset exchanges, wallet operators, custody providers, and issuers. The Bank of Ghana and SEC will jointly oversee the sector with a new Virtual Assets Regulatory Office (VARO) coordinating supervision. Priority initiatives include consumer protection, AML/CFT compliance, and exploration of asset-backed digital instruments (specifically gold-backed stablecoins) for settlement purposes. Detailed regulatory instruments and operational guidelines are expected in early 2026. |
| Greece | HCMC / BoG | Greece treats crypto including stablecoins as digital assets, not legal tender. Greece requires all stablecoin issuers or service providers to be licensed as CASPs under MiCAR, clearing hurdles like AML/KYC, white-papers, reserve transparency. Enforcement is live under HCMC and coordination with the Bank of Greece's sandbox. Regulatory clarity is bolstered by new licensing rules rolled out in August 2025. |
| Grenada | ECCB / GARFIN | Grenada regulates virtual asset service providers (VASPs) under the Virtual Asset Business Act, 2021. While the law doesn't explicitly mention stablecoins or NFTs, its broad definition of "virtual assets" allows discretion on including stablecoins under licensing, AML/CFT, prospectus, and escrow requirements. Grenada also participates in an ECCB pilot (DCash), testing digital currency alongside the national currency. |
| Guatemala | SIB / Banguat | Stablecoins, mainly USDC, are already flowing under the radar, especially through SukuPay's integration with Banco Industrial for remittances. Crypto isn't legal tender, but a draft bill (No. 6538) is moving through Congress aiming to legitimize digital assets: it'd allow voluntary crypto transactions, require registration of platforms with the Superintendence of Banks (SIB), impose cybersecurity and KYC rules, and set tax treatment including exemptions for small personal transactions. |
| Hong Kong | SFC / HKMA | On August 1, 2025, Hong Kong's Stablecoins Ordinance came into effect under the HKMA, creating a comprehensive licensing regime for fiat-referenced stablecoins (FRS). Issuers must meet strict reserve requirements, governance controls, AML/KYC, and cybersecurity standards, aligning with Basel principles. The HKMA anticipates just a few licenses initially, focusing on institutional-grade and business-to-business use cases. 1:1 backing, redemption within 1 business day, no unreasonable fees for redemption, and no interest/yield. First set of Stablecoin Licenses are expected to be announced in March 2026. |
| Hungary | MNB | Cryptocurrency, including stablecoins, is regulated under Hungary's adoption of the EU's MiCAR (effective since December 2024) via Act VII of 2024. The Central Bank of Hungary oversees licensing of crypto-asset service providers. In addition, Hungary has created a validation regime, only transactions with a compliance certificate from an authorized "Validator" are legally valid. Crypto activity via unlicensed platforms is criminalized starting 1 July 2025, with penalties ranging from 2 to 8 years depending on transaction value. |
| Iceland | FME (Fjármálaeftirlitið) | Iceland operates under a transitional regulatory framework for stablecoins combining existing e-money regulations with pending MiCA implementation. Act no. 17/2013, implementing EU Directive 2009/110/EC, has governed electronic money issuance since 2013. Iceland expects to formally implement MiCA through legislative action, bringing comprehensive crypto-asset regulation into force. Concurrent with this, Act no. 56/2024 on distributed ledger technology infrastructure establishes a regulatory sandbox for DLT-based financial instruments. |
| Indonesia | Bappebti / OJK | Indonesia is transitioning from a commodity-focused regulatory approach (previously BAPPEBTI) to a financial services framework under OJK. As of January 10, 2025, OJK Regulation No. 27 of 2024 transfers oversight of digital financial assets/crypto assets from BAPPEBTI to OJK. A draft OJK regulation on digital financial asset offerings (including stablecoins) was released September 19, 2025 for public consultation, establishing a three-tier approval framework based on offering value and asset type. Bank Indonesia is developing a national stablecoin backed by government bonds (tokenized SBN) to be integrated with the digital rupiah CBDC (Project Garuda). The framework permits fiat-backed, crypto-backed, and commodity-backed stablecoins, but prohibits unbacked algorithmic stablecoins. Custody requirements and governance standards are mandated for backed asset issuers. Existing businesses have a compliance deadline of July 2025 for full adherence to OJK Regulation 27/2024. |
| Iran | CBI / Ministry of Industry | Cryptocurrencies, including stablecoins, operate effectively as informal financial tools in Iran, especially amid high inflation and sanctions. While mining is legal (though regulated), crypto-to-rial exchange is tightly controlled or blocked online, and users must go through platforms sharing full data via government API. No formal legal recognition exists for stablecoins specifically, though they are used extensively for remittances and capital movement. |
| Ireland | CBI | Under MiCAR, stablecoins: both e-money tokens and asset-referenced tokens, face robust oversight. The CBI is the national regulatory authority, reviewing white papers, issuing licenses for issuers and CASPs, and supervising all compliance. MiCAR became fully applicable in Ireland in December 2024, with EMT/ART rules kicking in from mid-2024. |
| Israel | ISA / BoI | Israel is developing a comprehensive stablecoin regulatory framework based on EU MiCA standards, published as BOI principles in February 2023 but not yet enacted into law. The framework mandates 100% reserve backing, dual-regulator oversight (CMA for non-systemic, Banking Supervision for systemic), and strong consumer protections including 2-business-day redemption rights. The BILS shekel-backed stablecoin pilot (launched March 2024 on Solana) operates under CMA sandbox supervision. A public CMA consultation on dedicated stablecoin legislation was opened in mid-2025, indicating proposed formal framework implementation in coming years. |
| Italy | OAM / CONSOB | Italy implemented MiCAR through Legislative Decree no. 129 of September 5, 2024 (MiCAR Decree), bringing EMTs and ARTs under Italian oversight from June 2024 and establishing a CASP licensing regime via Consob and Bank of Italy. The regulators now enforce reserve requirements, segregated custody, and severe penalties (6 months–4 years imprisonment + fines) for unlicensed issuance or trading. Despite this, actual stablecoin issuance remains limited, with only a few (like Circle's USDC) securing licenses; banks and intermediaries remain cautious. |
| Jamaica | BOJ / FSC Jamaica | Jamaica doesn't legally recognize stablecoins as payment instruments, but crypto is not banned and is actively traded. Cryptocurrencies may fall under existing frameworks like the Securities Act, the Bank of Jamaica Act, or the Payment, Clearing & Settlement Act if classified as securities or e-money. The Financial Services Commission (FSC) regulates virtual asset service providers (VASPs) in the non-banking sector under AML/CFT rules. The Bank of Jamaica is exploring a digital Jamaican dollar (CBDC) via a pilot program. |
| Japan | FSA / JFSA | Japan established the world's first comprehensive legal framework for fiat-backed stablecoins when its amended Payment Services Act (PSA) came into force on 1 June 2023. The framework represents a deliberate policy choice to regulate stablecoins as payment infrastructure under a new category called "Electronic Payment Instruments" (EPIs), positioning Japan ahead of both the EU and United States in stablecoin regulatory clarity. After a regulatory overhaul via amendments to the Payment Services Act in June 2023, Japan launched formal stablecoin regulation: Only JPY-pegged stablecoins allowed, issuers must be licensed, reserves must be segregated and audited monthly, provide no yield, and redemption rights are guaranteed. The PSA was updated in March 2025, allowing 50% bonds/deposits in their reserves. The FSA has since approved the issuance of JPYC, the first yen-pegged stablecoin, by a licensed money transfer operator. |
| Jordan | CBJ | Jordan shifted from a long-standing prohibition on cryptocurrency to a regulated framework with Law No. 14 of 2025. The law establishes licensing requirements for all Virtual Asset Service Providers (VASPs) including exchanges, custodians, payment providers, brokers, and issuers. Stablecoins are covered as virtual assets, but no stablecoin-specific regulatory distinctions have been implemented. |
| Kazakhstan | AFSA (AIFC) | Proposed Digital Assets Law expected passage in 2025; three-tier Digital Financial Asset (DFA) classification: stablecoins certifying money (fiat-backed), secured assets issued against collateral, digital financial instruments. The NBK regulates stablecoin issuance and digital infrastructure; ARDF sets requirements for other DFAs; Licensed Digital Platform Operators issue stablecoins; 1:1 backing required; digital tenge recognized as legal tender for payments; stablecoins permitted as loan collateral; financial organizations permitted investment in DFAs within standards; comprehensive regulatory framework on schedule for 2025 implementation. Meanwhile, within the AIFC, the Astana Financial Services Authority (AFSA) has a functioning Stablecoin Framework allowing fiat-backed issuance, and in June 2025 granted its first stablecoin license to AnchorX.KZ. |
| Kenya | CMA / CBK | Virtual Asset Service Providers Bill 2025 passed October 13; dual regulatory structure: Central Bank of Kenya licenses stablecoin issuers; Capital Markets Authority licenses exchanges/trading platforms; projected 1M+ users by 2026; 1:1 backing expected for stablecoins; at-par redemption anticipated; strict AML/CFT compliance; client fund segregation required; aligns with US/UK regulatory models; aims to attract Binance/Coinbase; positioning Kenya as African crypto hub. |
| Kyrgyzstan | NBKR | Kyrgyzstan has a live, dedicated framework for virtual assets under the 2022 Law “On Virtual Assets,” which regulates issuance, storage, circulation, and VASP licensing while clarifying that virtual assets are not legal tender. Amendments adopted in late 2025 and signed in January 2026 add explicit definitions for “stablecoin” and “tokens backed by a real asset (RWA tokens),” empower the President to run regulatory sandboxes, and centralize control over issuance and circulation procedures. Subsequent implementing measures ban issuance of unsecured virtual assets, require “reliable collateral” such as cash, government securities, shares, mineral rights, or gold, and restrict domestic issuance to coins backed by such assets. |
| Laos | BOL / MICT | Laos has legalized crypto mining and trading under a 2021 pilot program, authorizing select firms to issue and trade digital assets. The central bank prohibits unlicensed crypto or stablecoin use as legal tender. Stablecoins are actively used by traders and for cross-border flows, but they fall under the same "digital asset" pilot scheme with no separate recognition. Discussions around taxation and expanding licensing are ongoing, but stablecoins remain in a gray zone. |
| Latvia | FKTK (now Latvijas Banka) | Latvia does not have its own national stablecoin law but is bound by EU regulations. Under MiCAR, stablecoin issuers (EMTs and ARTs) must secure authorization, provide whitepapers, maintain fully backed reserves, and adhere to AML/CFT compliance. The Financial and Capital Market Commission (FKTK) is Latvia's national competent authority for supervising financial markets and crypto firms under MiCAR. |
| Liechtenstein | FMA | Liechtenstein operates as a leader in digital asset regulation with a sophisticated dual-regime framework combining the technology-neutral TVTG (2020) with MiCA (implemented February 2025). The TVTG pioneered comprehensive token economy regulation globally through its Token Container Model, providing civil law certainty for digital asset ownership, transfer, and enforcement. This framework was augmented by MiCA implementation, which harmonized stablecoin regulation with EU standards while preserving TVTG for non-MiCA-regulated tokens such as certain NFTs. |
| Lithuania | Bank of Lithuania | Lithuania was one of the earliest EU states to regulate crypto, introducing a VASP regime in 2020 with licensing and AML obligations. Under MiCAR, stablecoins (EMTs, ARTs) are now regulated EU-wide, while Lithuania continues to apply stricter national rules for VASPs. The Bank of Lithuania also operates the LBChain sandbox and has launched a blockchain-based collector coin (LBCOIN), showing strong institutional engagement with tokenization. |
| Luxembourg | CSSF | Luxembourg has long embraced fintech, being home to major e-money and payment institutions (e.g., PayPal, Amazon Payments Europe). Under MiCAR, stablecoins (EMTs and ARTs) must now follow strict licensing, reserve, and disclosure rules. The Commission de Surveillance du Secteur Financier (CSSF) is the national competent authority, supervising CASPs and stablecoin issuers. Luxembourg is positioning itself as an EU hub for compliant stablecoin issuance, leveraging its established e-money and fund industries. |
| Macau | AMCM | Macao maintains an active, live prohibition framework on all private stablecoins and digital assets through the Financial System Act and explicit AMCM directives. While Law 10/2023 introduced government-issued digital currency as legal tender, no framework exists for private stablecoin issuance or trading. The regulatory approach aligns with mainland China's restrictive stance and prioritizes capital controls, consumer protection, and anti-money laundering enforcement. All banks and payment service providers are prohibited from facilitating any cryptocurrency transactions. Gaming sector regulators (DICJ) also prohibit virtual asset transactions in gaming operations. |
| Malaysia | SC Malaysia | Malaysia's stablecoin regulation remains in draft/exploration phase without dedicated statutory legislation. The framework is primarily exploratory through BNM's 2025–2027 tokenization roadmap, which includes MYR-backed stablecoin pilots. BNM's dual-principle approach emphasizes "singleness of money" to maintain fiat-crypto interchangeability at par value. Regulated institutions only; institutional participation mandatory. Permissioned environments with KYC/AML safeguards required. Currently, stablecoins operate in regulatory gray area under existing financial, trust, and AML/CFT laws administered by both BNM and Securities Commission Malaysia. Digital Asset Innovation Hub (DAIH) launched in 2025 as the primary sandbox for stablecoin testing. Public consultation period extends through March 1, 2026. |
| Malta | MFSA | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: MFSA. |
| Marshall Islands | — | The Marshall Islands passed legislation recognizing Decentralized Autonomous Organizations (DAOs) (2022) and exploring blockchain. No stablecoin-specific law, but crypto is tolerated. Stablecoins are used informally for payments and remittances. |
| Mauritius | FSC Mauritius | Mauritius has a comprehensive, live regulatory framework under the Virtual Asset and Initial Token Offering Services Act (VAITOS Act) 2021, which came into force February 7, 2022. All stablecoin issuers must register as ITO issuers with the FSC. The framework focuses on asset-linked stablecoins backed by fiat, commodities, or virtual assets. Issuers must maintain minimum capital (MUR 5 million or 50% of annual operating expenses), hold liquid assets for orderly winding-up, maintain 1:1 reserves with quarterly audits, implement robust risk management, and provide daily reserve disclosures and weekly composition reporting. Fully algorithmic stablecoins are discouraged. All regulatory requirements align with FATF international standards. |
| Mexico | CNBV | Mexico prohibits public offering of stablecoins as a reserved banking activity under Banxico's 2021 Press Release No. 039/2021. Only authorized financial institutions (banks and FTIs) can operate with virtual assets under strict conditions. Private placement and reverse solicitation are permitted for authorized entities. The Fintech Law (2018) provides the primary legal framework. Enforcement focuses on AML/CFT compliance and tax reporting requirements. The regulatory stance prioritizes financial system stability and preservation of the Mexican peso's value. |
| Monaco | CCAF / AMSF | Law 1.528 (July 7, 2022) establishes Monaco's comprehensive framework for crypto assets and stablecoin issuance. The regulation is fully live and operational. Key requirement: stablecoin issuers must obtain prior approval from the State Minister before commencing operations. The framework prohibits only algorithmic stablecoins while permitting fiat-backed, crypto-backed, and commodity-backed stablecoins. All issuers must comply with strict AML/CFT procedures, maintain €150,000 minimum share capital, demonstrate management competency, and implement proper record-keeping and transaction monitoring systems. Law 1.528 operates alongside related provisions in Law 1.338 (financial activities) and Law 1.491 (ICO regulations). However, Monaco is actively overhauling its framework to address noted deficiencies and plans to introduce a new comprehensive crypto regulation by the end of 2026, aiming to align with international best practices. |
| Montenegro | CMA Montenegro | Montenegro adopted amendments to the Law on Prevention of Money Laundering and Terrorist Financing on February 28, 2025 (effective March 20, 2025), integrating crypto asset regulations into its AML framework. Rather than creating dedicated stablecoin legislation, the country treats all stablecoins as crypto assets subject to AML/CFT compliance. Service providers offering custody, trading, and exchange services must register with the Capital Market Commission but do not require specific licenses. The framework does not specify reserve backing requirements, redemption rights, or stablecoin-specific capital requirements. Regulatory gap exists until the Capital Market Commission establishes its crypto asset service provider register (deadline approximately December 2025). The Central Bank has also partnered with Ripple on a digital euro pilot project. As a candidate for EU membership, Montenegro is expected to adopt MiCAR in coming years, which will provide a formal regime for stablecoins. |
| Morocco | BAM / AMMC | Morocco has banned crypto payments since 2017 (joint order from the Foreign Exchange Office and central bank). Morocco unveiled Draft Law 42.25 in November 2025, marking a major regulatory shift from the cryptocurrency ban in place since 2017. The law specifically regulates asset-referenced tokens (stablecoins) pegged to official currencies or asset aggregations. Issuance is restricted to licensed banks and payment institutions. The framework mandates full reserve backing with safe, liquid assets and transparent redemption mechanisms. Stablecoins are not permitted for payment purposes, as they are treated as regulated financial instruments for investors only. The law is currently in public comment phase with no implementation date announced. |
| Namibia | NAMFISA / BoN | Namibia banned crypto in 2017 but reversed course with the Virtual Assets Act (2023), which legalizes and regulates VASPs, exchanges, and custodians under licensing rules. Stablecoins are indirectly covered as "virtual assets" under the Act but are not given a separate legal category. The law emphasizes AML/CFT compliance and consumer protection, but stablecoins are not legal tender. |
| Netherlands | DNB / AFM | The Netherlands previously required crypto service providers to register under the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), enforced by De Nederlandsche Bank (DNB). Since June 2024, the country applies EU MiCAR, which regulates stablecoins (EMTs/ARTs) with strict reserve, licensing, and disclosure requirements. The Netherlands is known for strict supervision of VASPs and stablecoin issuers. |
| Nicaragua | BCN / SIBOIF | Nicaragua's fintech regulatory framework was comprehensively overhauled through Law No. 1232 (December 2024) and Resolution CDMF-XIII-2-25 (April 2025), creating a unified regime for both payment service providers (PSP) and virtual asset service providers (PSAV). Stablecoins are classified as "virtual assets", digital representations of value tradeable and transferable digitally. The regulation adopts a technology-neutral approach, permitting issuance and trading of virtual assets without differentiating by backing type (fiat, crypto, commodity) or stabilization mechanism (collateralized vs. algorithmic). PSAV activity (v) explicitly covers "participation and provision of financial services related to offering by an issuer and/or sale of a virtual asset," enabling both primary (issuance) and secondary (trading) market activities. Regulatory compliance includes KYC/AML protocols, cybersecurity standards, minimum capital of C$7.4 million (~$327,000 USD) for Level 2 activities, and monthly reporting. The framework represents a permissive, innovation-friendly approach with no explicit prohibitions on any stablecoin type. |
| Nigeria | SEC Nigeria | The Investments and Securities Act, 2025 repeals the 2007 Act and establishes the Securities and Exchange Commission (SEC) as Nigeria’s apex capital market regulator. The SEC has broad powers to regulate, register, and supervise all securities, including digital and virtual assets, collective investment schemes, and exchanges (including “virtual and digital asset exchanges”). To issue or offer securities (including digital and virtual assets) to the public in Nigeria, prior SEC registration and approval are required. The Act is wide-ranging but does not explicitly mention or define stablecoins (fiat-, crypto-, commodity-, or algorithm-backed) as a special category. |
| Norway | Finanstilsynet | Norway implemented the EU's Markets in Crypto-Assets Regulation (MiCA) through the Crypto Asset Act (Kryptoeiendelsloven) effective July 1, 2025, establishing comprehensive regulatory framework for stablecoins. MiCA divides stablecoins into Electronic Money Tokens (single fiat-currency backed) and Asset-Referenced Tokens (multi-asset, commodity, or crypto-backed). All stablecoin issuers must obtain licenses, maintain full reserve backing, publish whitepapers, undergo regular audits, and comply with market conduct rules. Transition period for existing providers extended to June 30, 2026. Framework emphasizes consumer protection, financial stability, and market integrity. |
| Oman | CMA Oman | Oman historically discouraged crypto, but in 2022–2024 the Capital Market Authority (CMA) developed a virtual asset regulatory framework, published in Jan 2024. This law covers VASPs, licensing, and AML/CFT obligations. Stablecoins are not separately defined but fall under "virtual assets." Oman's shift reflects efforts to diversify its financial sector and encourage fintech while keeping a strong compliance focus. |
| Pakistan | SBP / SECP | Pakistan promulgated the Virtual Assets Ordinance 2025 on July 8, 2025, establishing PVARA as regulator. While the law is enacted, secondary regulations defining full licensing criteria remain under development. Exchanges operate under supervised preparatory status: Binance and HTX received No Objection Certificates (NOCs) in December 2025, allowing AML registration and license application preparation, but not full trading operations. No VASP licenses have been issued. The State Bank of Pakistan continues advising banks against crypto transactions pending full framework implementation. |
| Palau | — | Palau is one of the world's smallest nations but among the most proactive in stablecoin testing. In 2022, the Ministry of Finance partnered with Ripple Labs to issue the Palau Stablecoin (PSC), a USD-pegged digital token. The pilot was launched in 2023 with limited distribution to government employees and select users. There is no standalone stablecoin law yet, but the project is government-backed and may serve as a foundation for future legislation. |
| Panama | SMV Panama | Panama considered a comprehensive crypto bill (2022) that would have regulated stablecoins, defined VASPs, and recognized crypto for payments. President Laurentino Cortizo vetoed the bill in June 2022, citing AML/FATF compliance concerns. As a result, stablecoins remain unregulated but tolerated, and they are widely used in payments, commerce, and remittances given Panama's dollarized economy. No replacement bill has yet been enacted. |
| Paraguay | BCP / CNV Paraguay | No stablecoin-specific law, but crypto (esp. mining) has been debated in Congress. A 2021–2022 bill to regulate crypto and VASPs (including stablecoins indirectly) was vetoed by the president. |
| Peru | SBS / SMV Peru | Peru has no formal legal framework for stablecoins or crypto. In December 2021, Congress introduced a bill to regulate crypto exchanges and service providers, requiring registration with the Financial Intelligence Unit (FIU) and imposing AML obligations. The bill stalled and has not been enacted. Meanwhile, stablecoins (mainly USDT) are very popular in Peru, driven by inflation concerns and remittance flows. The Superintendencia de Banca, Seguros y AFP (SBS) and Central Reserve Bank of Peru (BCRP) have issued warnings but have not banned crypto or stablecoins. |
| Philippines | BSP | The Philippines has one of the most comprehensive crypto regulatory frameworks in Asia. Since 2017, BSP requires crypto exchanges and custodians to register as VASPs. Stablecoin issuers that operate like e-money must also obtain EMI licenses. The BSP monitors reserve backing, AML/CFT, and consumer protection. Stablecoins like USDT/USDC are heavily used for remittances (a critical part of the Philippine economy). BSP is also exploring a CBDC pilot (Project Agila), complementing its oversight of stablecoins. |
| Poland | KNF / GIIF | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: KNF / GIIF. |
| Portugal | Banco de Portugal | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: Banco de Portugal. |
| Qatar | QFCRA | Qatar implemented the QFC Digital Assets Regulations 2024 on September 1, 2024, establishing a comprehensive framework for digital asset tokenization. However, stablecoins are explicitly excluded from this framework as "Excluded Tokens" because they are regarded as currency substitutes that can be used as means of payment. Previous institutional bans on cryptocurrencies remain in effect since the Qatar Central Bank's 2018 prohibition and the QFCRA's 2019 alert. The framework currently focuses exclusively on tokenizing real-world assets like real estate, securities, sukuk, and bonds. Notably, as of August 2025, Qatar Financial Centre representatives signaled that selective cryptocurrency adoption is anticipated in the near future, likely beginning with stablecoins, indicating potential regulatory movement, though no draft legislation has been formally published as of January 2026. |
| Romania | ASF Romania | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: ASF Romania. |
| Russia | CBR / Ministry of Finance | Russia's Law on Digital Financial Assets (2021) prohibits crypto payments but allows licensed issuance of digital financial assets (DFAs), including commodity- or asset-backed tokens. Stablecoins pegged to fiat like USD or EUR are not formally recognized, but there is ongoing discussion of a digital ruble CBDC (pilot launched in 2023). Private stablecoins exist informally (often in P2P), but only tokenized commodities (e.g., gold-backed tokens) are legally sanctioned. |
| Rwanda | BNR | Rwanda's draft Law Regulating Virtual Asset Business (released March 2025) establishes a comprehensive regulatory framework for stablecoins and virtual assets under the Capital Markets Authority's supervision. The law permits stablecoins, subject to identical stringent requirements: issuers must maintain 100% backing in verified reserve assets held by professional, licensed custodians in segregated accounts, obtain Regulatory Authority approval, employ accredited valuators, ensure reserves are liquid enough to cover all outstanding redemptions, comply with AML/CFT standards including customer due diligence and suspicious transaction reporting, and submit quarterly financial reports and audited statements to the CMA. |
| San Marino | BCSM | San Marino has no comprehensive legislation specifically for stablecoins. However, it has introduced frameworks that recognize blockchain-based tokens, and its 2019 "Blockchain Law" enables issuance of "utility tokens" and "security tokens." Some stablecoin activity is permitted under these general crypto laws, but there are no bespoke safeguards or supervisory rules targeted only at stablecoins. |
| Serbia | NBS / SEC Serbia | Serbia regulates digital assets through its 2021 Digital Assets Law, which provides a legal framework for cryptocurrencies and token issuance. Stablecoins are not explicitly defined but fall within this broader category, operating without specific reserve or transparency requirements. |
| Seychelles | FSA Seychelles | Seychelles does not have a dedicated regulatory framework for stablecoins. The country is a well-known offshore hub where crypto exchanges and entities are registered. Stablecoin activity is permitted under broad digital asset and securities laws but remains largely unregulated. |
| Singapore | MAS | MAS Stablecoin Regulatory Framework (Aug 15, 2023): It covers Single-Currency Stablecoins (SCS) pegged to SGD or G10 currencies. It requires licensing, 1:1 reserve backing, timely (within 5 business days) redemption, and monthly attestations. Issuers of a "MAS-regulated stablecoin" with circulation exceeding S$5 million will need a Major Payment Institution (MPI) license from the MAS. SCS issuers below the threshold will not be regulated. |
| Slovakia | NBS Slovakia | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: NBS Slovakia. |
| Slovenia | ATVP | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: ATVP. |
| South Africa | FSCA | South Africa currently has no dedicated stablecoin regulatory framework. The Financial Stability Board assessed South Africa in October 2025 as having "no framework in place" for regulating global stablecoin arrangements. Stablecoins are treated as a type of crypto asset under the IFWG's 2021 Position Paper on Crypto Assets. Only crypto asset service providers are regulated under the FSCA's FAIS Act and FIC's AML/CFT requirements (since 2022). Stablecoin issuers face no prudential regulation: anyone can issue a stablecoin without regulatory approval, and there are no mandatory requirements for reserve backing, custody, disclosure, or redemption rights. The IFWG conducted Phase 1 (diagnostic) in 2024 focusing on ZAR-pegged stablecoins; Phase 2 regulatory recommendations remain pending. SARB and National Treasury are developing a comprehensive framework expected to progress in 2026, including cross-border crypto transaction oversight and potential amendments to exchange control regulations. |
| South Korea | FSC / FIU Korea | Digital Asset Basic Act (DABA) proposed June 10, 2025; under active legislative consideration; FSC primary regulator; expected passage late 2025/early 2026; KRW-denominated stablecoins anticipated as part of Phase 2 virtual asset legislation; 1:1 backing required; quarterly audits, monthly reports mandated; banks and approved non-banks as issuers; minimum capital KRW 1B (under DAIGA proposal); four bills on stablecoins submitted to National Assembly; regulatory sandbox pilot for KRW stablecoins being explored; major banks (KB, Shinhan, Woori, NH, IBK) seeking first-mover advantage. |
| Spain | Banco de España | Regulated under EU MiCA (Regulation (EU) 2023/1114): e-money token and asset-referenced token rules have applied since 30 June 2024, with full CASP authorisation rules from 30 December 2024; national regulator(s) on file: Banco de España. |
| Sri Lanka | CBSL | Sri Lanka has no dedicated stablecoin regulations. The Central Bank of Sri Lanka (CBSL) has repeatedly warned the public about risks of crypto-assets, including stablecoins, but has not enacted a licensing or supervisory regime. |
| Switzerland | FINMA | Switzerland currently regulates stablecoins through technology‑neutral application of existing banking, securities, CIS and AML laws, supplemented by FINMA Guidance 06/2024, which clarifies that most fiat‑pegged stablecoin claims are deposits or collective investment schemes and that issuers are financial intermediaries subject to strict AML/KYC and limitations on the use of bank default guarantees. The Federal Council has now launched a legislative project to introduce specific licence categories (notably “payment instrument institutions”) and an explicit regime for “value‑stable crypto‑based payment instruments”, tightening prudential oversight while aiming to keep Switzerland attractive for digital‑asset innovation. |
| Taiwan | FSC Taiwan | Taiwan has no stablecoin-specific legislation. In 2023, the Financial Supervisory Commission (FSC) was designated as the primary crypto regulator. Stablecoins are treated as part of the broader virtual asset ecosystem, with AML and consumer protection obligations, but no bespoke framework exists. |
| Thailand | SEC Thailand | Thailand has no standalone stablecoin law, but regulates them under existing e-money and digital asset frameworks. In 2021, the Bank of Thailand clarified that stablecoins pegged to the Thai Baht are classified as e-money, requiring licenses. Algorithmic stablecoins are prohibited, while crypto-backed versions fall under digital asset laws. |
| Turkey | CMB (SPK) | Türkiye does not have a dedicated stablecoin law. In 2021, the Central Bank banned the use of crypto-assets (including stablecoins) for payments. Trading of stablecoins is allowed on exchanges, but there is no licensing or reserve framework specific to stablecoins. Draft crypto legislation is under discussion. |
| Ukraine | NSSMC | Ukraine passed a law "On Virtual Assets" (2021, updated 2022) that recognizes crypto-assets as a legal category, with the National Bank of Ukraine and the National Securities Commission sharing oversight. Stablecoins are expected to be regulated under this framework once fully enacted, but no detailed regime for issuance/reserves exists yet. |
| United Arab Emirates | VARA / ADGM FSRA / DIFC | Licensed issuers must maintain full fiat-currency reserves (100% or 50% plus UAE government bonds for subsidiary issuers), conduct monthly external audits, publish White Papers, and redeem at par on demand. Only Dirham-denominated and Foreign Currency Payment Tokens are permitted; algorithmic and privacy tokens are banned entirely. Oversight is split: the Virtual Assets Regulatory Authority (VARA) in Dubai, the ADGM Financial Services Regulatory Authority in Abu Dhabi, and the Central Bank for payments and monetary issues. Stablecoins are allowed but subject to strict licensing, reserve, and transparency rules. |
| United Kingdom | FCA | The United Kingdom is consulting on a proposed regulatory regime to govern the issuance and operation of systemic stablecoins referencing sterling. The regime will be implemented via binding Codes of Practice under the Financial Services and Markets Act 2023, subjecting designated stablecoin issuers and related payment system operators to a dual regulatory remit: (1) the Bank of England for prudential oversight, systemic risk mitigation, and financial stability, and (2) the Financial Conduct Authority for conduct, consumer protection, and relevant operational requirements. Permissioning is contingent upon continuous observance of prudential standards, redemption-at-par, legal clarity of claims, and asset segregation. The regime advances financial stability objectives; non-fiat and algorithmic varieties are outside regulatory scope. Final details are to be implemented following public consultation, with enforcement provisions envisaged post-2026. |
| United States | FinCEN / SEC / CFTC / States | GENIUS Act (Public Law 119-27) establishes a federal framework for payment stablecoins with 1:1 reserves, permitted issuers, and prudential oversight. Allows banks and OCC-chartered nonbanks to issue fiat-backed payment stablecoins. Effective 18 months after signing or 120 days after final rules. |
| Uzbekistan | NAPP (NAPM) | Uzbekistan has no specific stablecoin legislation. The government permits limited trading of crypto-assets, including stablecoins, on licensed domestic exchanges. Issuance and circulation outside this system are prohibited. |
| Venezuela | SUNACRIP | Venezuela legalized cryptocurrencies in 2018 and created the Petro, a state-issued oil-backed token. While not a true stablecoin, the Petro was positioned as a commodity-backed asset. In practice, foreign stablecoins such as USDT are heavily used for remittances, commerce, and savings, though they lack a clear legal framework. |
| Vietnam | SBV / MoF | Vietnam's stablecoin regulatory framework operates under a cautious, phased approach within a broader 5-year crypto asset pilot program. Resolution 05/2025/NQ-CP (effective September 9, 2025) establishes the pilot framework, while the Law on Digital Technology Industry (effective January 1, 2026) provides the foundational legal recognition. The framework explicitly bans domestic issuance of fiat-backed stablecoins but permits trading of foreign stablecoins like USDT on licensed exchanges. Only Vietnamese enterprises can issue crypto assets, which must be backed by real assets (excluding fiat and securities). All transactions are conducted in Vietnamese Dong. The regulator emphasizes consumer protection, AML compliance, and financial stability. Regulatory recommendations call for eventual VND-pegged stablecoin pilots backed by 100% reserves with independent audits, but this remains under development. The framework reflects Vietnam's balance between fostering digital financial innovation and protecting monetary sovereignty. |
| Zambia | SEC Zambia / BoZ | Zambia has no stablecoin-specific legislation, but in 2023 the government announced pilot programs and a sandbox framework for crypto regulation. The Bank of Zambia has previously warned against unregulated crypto use, but testing suggests a cautious move toward oversight. |
| Zimbabwe | RBZ | Zimbabwe does not have a comprehensive framework for stablecoins, but in 2023 the Reserve Bank introduced a gold-backed digital token (ZiG) to stabilize the economy and counteract inflation. Other foreign stablecoins circulate informally, but without regulation. |
How this tracker is built
Plexo Institute parses primary sources directly: the legal texts that define each jurisdiction’s stablecoin regime, the registers published by the licensing regulator, and official project documentation for tracked stablecoins and CBDCs. Linked jurisdiction rows open the full regulatory profile behind their summary, and every count on this page is computed from the underlying records at export time — not written by hand.
The tracker currently covers 207 jurisdictions, of which 126 have a parsed stablecoin-policy analysis and 109 have their key law identified. Coverage grows as new frameworks are parsed and verified.
Licensing, registration, and bans
Across all 207 tracked jurisdictions — including those whose stablecoin position is still being parsed and therefore not yet listed in the table above — 48 operate a licensing regime for crypto-asset activity, 38 use a registration regime, and 17 maintain a ban. FATF Travel Rule status is tracked alongside: 49 jurisdictions enforce it and a further 21 have legislated it but not yet begun enforcement.
Stablecoin-specific rules usually arrive on top of one of these base regimes — as an e-money or payment-token category inside an existing licensing framework, or as a dedicated stablecoin act. The per-jurisdiction stance column records which pattern each country follows.
MiCA: the EU’s stablecoin rulebook
The EU Markets in Crypto-Assets Regulation (MiCA) regulates stablecoins as e-money tokens (EMTs) or asset-referenced tokens (ARTs) and requires issuers to be authorized. Plexo tracks 298 MiCA-regime crypto-asset service provider authorizations across EU/EEA registers, including 7 authorized MiCAR EMT issuers.
Adjacent payment rails are covered too: the registry includes 456 e-money and electronic-money-institution licenses — the license class many fiat-backed stablecoin distributors and on/off-ramps operate under outside MiCA.
CBDCs alongside stablecoins
Central bank digital currencies shape the same policy conversations. The tracker follows 24 CBDC projects: 3 launched, 11 in pilot, and the remainder in research or development phases. Where a CBDC project changes a jurisdiction’s stance on private stablecoins, that is reflected in the jurisdiction’s analysis.
Explore the underlying registers
- MiCA-Authorized CASPs — the EU register component of this tracker
- Regulated Crypto Exchanges — licensed trading venues, compiled from official registers
- Jurisdiction profiles — full per-country regulatory analyses with sources
- Licensed entity index — the underlying VASP license registry
Frequently asked questions
Which countries regulate stablecoins?
Plexo Institute tracks 207 jurisdictions, of which 126 have a parsed stablecoin-policy position. 48 tracked jurisdictions operate a licensing regime for crypto-asset activity and 38 use a registration regime; stablecoin-specific rules typically sit inside these frameworks, as in the EU (MiCA), or in dedicated acts.
How does MiCA treat stablecoins in the EU?
MiCA regulates stablecoins as e-money tokens (EMTs) or asset-referenced tokens (ARTs) and requires issuer authorization. The Plexo registry currently tracks 298 MiCA-regime CASP authorizations in EU/EEA registers and 7 authorized MiCAR EMT issuers.
Which countries ban cryptocurrency or stablecoins?
17 of the 207 tracked jurisdictions maintain a ban-type regime for crypto-asset activity. Bans vary in scope — some prohibit trading and issuance outright while others restrict banks from servicing crypto businesses; each jurisdiction page records the exact instrument.
How many stablecoins are there, and what are they pegged to?
This tracker follows 81 stablecoins with a combined tracked market capitalization of $297.1B. 74 are fiat-backed; pegs span 19 currencies, led by the US dollar (43 tokens) and the euro (14 tokens).
How many CBDCs are live today?
Of the 24 central bank digital currency projects tracked, 3 are launched and 11 are in pilot; the rest remain in research or development. CBDC progress often determines how a central bank approaches private stablecoin licensing.
What is a VASP license, and how does it relate to stablecoin regulation?
A VASP (Virtual Asset Service Provider) license authorizes a business to exchange, transfer, or custody virtual assets under FATF Recommendation 15. Stablecoin activity usually requires a VASP/CASP authorization plus any stablecoin-specific approval. The Plexo registry currently contains 43,577 verified entity records across 85 countries, sourced from 116 regulators’ official registers. This is a live, registry-wide coverage count, not a VASP/CASP total.
Source evidence
This tracker is assembled from primary legal texts, regulator registers, and official project documentation. Source confidence: official source evidence.
Plexo Institute continuously parses primary regulator registers and official sources; this tracker was last refreshed on August 24, 2026.