Compare six stablecoin regulatory regimes by jurisdiction, token coverage, mandatory obligations, and recorded status.
Framework data last reviewed on .
Each regime lists the official sources its status and dates were checked against, the date of that check, and the date its facts become stale: after a fixed review interval, or earlier when a known event such as a consultation closing can change the status. Stale regimes are marked. This page is editorial guidance, not legal advice. Obligations marked mandatory in a proposed or enacted-but-not-in-force regime describe the rules that will apply.
Scroll within the matrix to compare all six regimes. Row labels and regime headers stay visible.
Federal framework for payment stablecoin issuers, enacted as Public Law 119-27 on 18 July 2025. It sets reserve, redemption, disclosure, and licensing requirements for permitted payment stablecoin issuers under federal or state supervision.
Comprehensive EU-wide regulatory framework for crypto-assets including E-Money Tokens (EMTs) and Asset-Referenced Tokens (ARTs), establishing authorization, reserve, and consumer protection requirements.
UK regime for cryptoasset activities, including issuing qualifying stablecoins in the UK, made under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. FCA final rules for stablecoin issuance are in PS26/10. The regime commences on 25 October 2027.
Singapore policy framework for single-currency stablecoins (SCS) pegged to SGD or G10 currencies, covering reserves, redemption, disclosure, and capital. MAS finalised the policy in August 2023 and is consulting on Payment Services Act amendments to give it legal effect.
Licensing regime for fiat-referenced stablecoin issuers in Hong Kong under the Stablecoins Ordinance (Cap. 656), in operation since 1 August 2025, covering reserve management, redemption, and disclosure requirements.
UAE regulatory framework for payment tokens (stablecoins) under the Payment Token Services Regulation, requiring CBUAE licensing, AED-denomination requirements, and reserve management standards.
Recorded requirements include: licensing; anti-money laundering / know your customer (AML/KYC).
E-money tokens (EMT)
Asset-referenced tokens (ART)
Fiat-backed tokens
Commodity-backed tokens
Recorded requirements include: licensing; anti-money laundering / know your customer (AML/KYC).
E-money tokens (EMT)
Fiat-backed tokens
Recorded requirements include: licensing; anti-money laundering / know your customer (AML/KYC).
E-money tokens (EMT)
Fiat-backed tokens
Recorded requirements include: licensing.
E-money tokens (EMT)
Fiat-backed tokens
Recorded requirements include: licensing.
E-money tokens (EMT)
Fiat-backed tokens
Recorded requirements include: licensing; anti-money laundering / know your customer (AML/KYC).
Core obligations
Licensing
Federal or State Charter
Reserves
1:1 Reserve Backing
Reserve Segregation
Disclosure
Monthly Reserve Disclosure
AML/KYC
BSA/AML Compliance
Consumer Protection
Redemption Policy
Governance
Risk Management
Capital
Capital Requirements
Licensing
EBA/NCA Authorization
Reserves
Reserve Requirements
Disclosure
White Paper
AML/KYC
AML/CFT Compliance
Governance
Governance Requirements
Audit
Independent Reserve Audit
Capital
Own Funds Requirement
Redemption
Redemption Rights
Licensing
FCA Authorization
Reserves
Backing Assets
Disclosure
Financial Promotions
AML/KYC
MLR Registration
Consumer Protection
Consumer Duty
Redemption
Redemption at Par
Licensing
MPI License
Reserves
Reserve Composition
Reserve Segregation & Custody
Disclosure
Monthly Disclosures
Capital
Capital Requirements
Redemption
Redemption Guarantee
Licensing
HKMA Issuer License
Reserves
Full Backing
Disclosure
Ongoing Disclosures
Governance
Fit & Proper
Redemption
Timely Redemption
Licensing
CBUAE License
Reserves
AED Reserve Requirements
AML/KYC
AML/CFT Compliance
Technology
Technology Standards
Redemption
Redemption Terms
Status and direction
Enacted
Stablecoin obligations apply from: Not yet, or not recorded
Instrument: Public Law 119-27 (S. 1582), dated .
In force: Not in force
Takes effect on the earlier of 18 January 2027 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final implementing regulations (Sec. 20). As of 30 September 2026 the OCC, FDIC, Federal Reserve and NCUA implementing rules published in the Federal Register were proposed rules.
In Force
Stablecoin obligations apply from:
Instrument: Regulation (EU) 2023/1114, dated .
In force:
Entered into force on 29 June 2023. Titles III (asset-referenced tokens) and IV (e-money tokens) apply from 30 June 2024; the rest applies from 30 December 2024 (Art. 149). Transitional arrangements for existing service providers end no later than 1 July 2026.
Enacted
Stablecoin obligations apply from: Not yet, or not recorded
Regulated cryptoasset activities, including UK qualifying stablecoin issuance, commence on 25 October 2027. The FCA application window runs from 30 September 2026 to 28 February 2027.
Proposed
Stablecoin obligations apply from: Not yet, or not recorded
Instrument: MAS single-currency stablecoin framework (policy finalised 15 August 2023); Payment Services Act amendments proposed in consultation P015-2026, dated .
In force: Not in force
The framework has no legal effect until the Payment Services Act amendments are enacted. Consultation P015-2026 opened on 1 September 2026 and closes on 16 October 2026; subsidiary legislation will be consulted on later.
In effect from 31 August 2024 (one month after Official Gazette publication, Art. 42). Article 40 gave a one-calendar-year transition period for Article 2, extendable at the Central Bank's discretion.
Stale from . Consultation P015-2026 on the Payment Services Act amendments closes on October 16, 2026, which can change the recorded status. Re-verify then, and at least every 30 days.
Federal framework for payment stablecoin issuers, enacted as Public Law 119-27 on 18 July 2025. It sets reserve, redemption, disclosure, and licensing requirements for permitted payment stablecoin issuers under federal or state supervision.
Recorded requirements include: licensing; anti-money laundering / know your customer (AML/KYC).
Core obligations
Licensing
Federal or State Charter
Reserves
1:1 Reserve Backing
Reserve Segregation
Disclosure
Monthly Reserve Disclosure
AML/KYC
BSA/AML Compliance
Consumer Protection
Redemption Policy
Governance
Risk Management
Capital
Capital Requirements
Status and direction
Enacted
Stablecoin obligations apply from: Not yet, or not recorded
Instrument: Public Law 119-27 (S. 1582), dated .
In force: Not in force
Takes effect on the earlier of 18 January 2027 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final implementing regulations (Sec. 20). As of 30 September 2026 the OCC, FDIC, Federal Reserve and NCUA implementing rules published in the Federal Register were proposed rules.
Recorded requirements include: licensing; anti-money laundering / know your customer (AML/KYC).
Core obligations
Licensing
EBA/NCA Authorization
Reserves
Reserve Requirements
Disclosure
White Paper
AML/KYC
AML/CFT Compliance
Governance
Governance Requirements
Audit
Independent Reserve Audit
Capital
Own Funds Requirement
Redemption
Redemption Rights
Status and direction
In Force
Stablecoin obligations apply from:
Instrument: Regulation (EU) 2023/1114, dated .
In force:
Entered into force on 29 June 2023. Titles III (asset-referenced tokens) and IV (e-money tokens) apply from 30 June 2024; the rest applies from 30 December 2024 (Art. 149). Transitional arrangements for existing service providers end no later than 1 July 2026.
UK regime for cryptoasset activities, including issuing qualifying stablecoins in the UK, made under the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026. FCA final rules for stablecoin issuance are in PS26/10. The regime commences on 25 October 2027.
Regulated cryptoasset activities, including UK qualifying stablecoin issuance, commence on 25 October 2027. The FCA application window runs from 30 September 2026 to 28 February 2027.
Singapore policy framework for single-currency stablecoins (SCS) pegged to SGD or G10 currencies, covering reserves, redemption, disclosure, and capital. MAS finalised the policy in August 2023 and is consulting on Payment Services Act amendments to give it legal effect.
Stablecoin obligations apply from: Not yet, or not recorded
Instrument: MAS single-currency stablecoin framework (policy finalised 15 August 2023); Payment Services Act amendments proposed in consultation P015-2026, dated .
In force: Not in force
The framework has no legal effect until the Payment Services Act amendments are enacted. Consultation P015-2026 opened on 1 September 2026 and closes on 16 October 2026; subsidiary legislation will be consulted on later.
Stale from . Consultation P015-2026 on the Payment Services Act amendments closes on October 16, 2026, which can change the recorded status. Re-verify then, and at least every 30 days.
Licensing regime for fiat-referenced stablecoin issuers in Hong Kong under the Stablecoins Ordinance (Cap. 656), in operation since 1 August 2025, covering reserve management, redemption, and disclosure requirements.
In effect from 31 August 2024 (one month after Official Gazette publication, Art. 42). Article 40 gave a one-calendar-year transition period for Article 2, extendable at the Central Bank's discretion.