{
 "name": "Crypto and stablecoin regulation compared: 31 jurisdictions",
 "description": "One table of the crypto and stablecoin rules of 31 jurisdictions, each row taken from its achivx.org country page in the page's own words, with its last review date and primary sources. Also as JSON and CSV (CC BY 4.0).",
 "url": "https://achivx.org/regulation/compare/",
 "version": "1.1.0",
 "updated": "2026-11-10",
 "dateModified": "2026-11-13",
 "license": "https://creativecommons.org/licenses/by/4.0/",
 "licence": "CC BY 4.0",
 "creator": "ACHIVX (achivx.org)",
 "rows": [
  {
   "country": "Argentina",
   "iso": "AR",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force for virtual asset service providers",
   "regulators": [
    "Comisión Nacional de Valores (CNV)"
   ],
   "licence_regime": [
    "Law 27.739",
    "CNV General Resolution (Resolución General, RG) 1058"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "No stablecoin-specific rule for Argentina was found in the sources this page uses",
   "tax_note": "lists among gains the results from disposing of \"monedas digitales, títulos, bonos y demás valores, cualquiera sea el sujeto que las obtenga\" (digital currencies, securities, bonds and other values, whoever obtains them)",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/argentina/",
   "primary_sources": [
    "https://www.argentina.gob.ar/noticias/regulacion-de-los-proveedores-de-servicios-de-activos-virtuales-psav",
    "https://www.boletinoficial.gob.ar/detalleAviso/primera/322539/20250314",
    "https://www.argentina.gob.ar/noticias/reordenamiento-del-marco-regulatorio-de-los-proveedores-de-servicios-de-activos-virtuales",
    "https://servicios.infoleg.gob.ar/infolegInternet/anexos/330000-334999/332890/texact.htm"
   ],
   "source": "https://achivx.org/regulation/argentina/",
   "updated": "2026-11-10"
  },
  {
   "country": "Australia",
   "iso": "AU",
   "region": false,
   "status": "enacted_not_in_force",
   "status_scope": "crypto_services",
   "status_phrase": "passed, not yet commenced",
   "regulators": [
    "ASIC"
   ],
   "licence_regime": [
    "Corporations Amendment (Digital Assets Framework) Act 2026"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "ASIC considers that certain stablecoins are \"likely to be a non-cash payment facility\"",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/australia/",
   "primary_sources": [
    "https://www.legislation.gov.au/C2026A00038/asmade/text",
    "https://www.asic.gov.au/about-asic/news-centre/news-items/deadline-looms-for-digital-asset-businesses-to-apply-for-a-licence",
    "https://ministers.treasury.gov.au/ministers/daniel-mulino-2025/media-releases/new-digital-asset-laws-unlock-innovation-and-safeguard"
   ],
   "source": "https://achivx.org/regulation/australia/",
   "updated": "2026-11-10"
  },
  {
   "country": "Brazil",
   "iso": "BR",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force",
   "regulators": [
    "Banco Central do Brasil (BCB)"
   ],
   "licence_regime": [
    "Law 14.478/2022",
    "Decree 11.563/2023",
    "BCB Resolutions 519, 520 and 521"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "define a fiat-referenced virtual asset (stablecoin)",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/brazil/",
   "primary_sources": [
    "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm",
    "https://www.planalto.gov.br/ccivil_03/_ato2023-2026/2023/decreto/d11563.htm"
   ],
   "source": "https://achivx.org/regulation/brazil/",
   "updated": "2026-11-10"
  },
  {
   "country": "Canada",
   "iso": "CA",
   "region": false,
   "status": "enacted_not_in_force",
   "status_scope": "stablecoins",
   "status_phrase": "pending",
   "regulators": [
    "Bank of Canada"
   ],
   "licence_regime": [
    "Stablecoin Act (S.C. 2026, c. 3, s. 600)"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "has received Royal Assent (26 March 2026) but is not in force",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-02",
   "page_url": "/regulation/canada/",
   "primary_sources": [
    "https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html"
   ],
   "source": "https://achivx.org/regulation/canada/",
   "updated": "2026-11-10"
  },
  {
   "country": "Colombia",
   "iso": "CO",
   "region": false,
   "status": "in_force",
   "status_scope": "aml_reporting",
   "status_phrase": "providers of virtual asset services must send suspicious transaction reports to the UIAF",
   "regulators": [
    "Superintendencia Financiera de Colombia (SFC)",
    "Unidad de Información y Análisis Financiero (UIAF)"
   ],
   "licence_regime": [
    "not covered"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "no statute or circular of the Superintendencia Financiera de Colombia (SFC) regulating virtual asset service providers or stablecoins was found in force in those sources",
   "tax_note": "in its unified concept of 17 October 2023 that cryptocurrencies are treated as assets",
   "last_reviewed": "2026-11-10",
   "page_url": "/regulation/colombia/",
   "primary_sources": [
    "https://www.uiaf.gov.co/Reportes-a-proveedores-de-activos-virtuales",
    "https://www.superfinanciera.gov.co/publicaciones/10106486/",
    "https://normograma.dian.gov.co/dian/compilacion/docs/oficio_dian_18075_2023.htm",
    "https://www.banrep.gov.co/es/banco/junta-directiva/conceptos/c22-73868q22-5117"
   ],
   "source": "https://achivx.org/regulation/colombia/",
   "updated": "2026-11-10"
  },
  {
   "country": "European Union",
   "iso": "EU",
   "region": true,
   "status": "in_force",
   "status_scope": "both",
   "status_phrase": "in force",
   "regulators": [
    "ESMA"
   ],
   "licence_regime": [
    "Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "Stablecoins fall under MiCA's rules for EMTs and ARTs",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/european-union/",
   "primary_sources": [
    "https://data.europa.eu/eli/reg/2023/1114/oj",
    "https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica",
    "https://www.esma.europa.eu/sites/default/files/2024-12/EMTWP.csv",
    "https://www.esma.europa.eu/sites/default/files/2024-12/ARTZZ.csv"
   ],
   "source": "https://achivx.org/regulation/european-union/",
   "updated": "2026-11-10"
  },
  {
   "country": "Georgia",
   "iso": "GE",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "came into force on 1 January 2023",
   "regulators": [
    "NBG"
   ],
   "licence_regime": [
    "Registration Rule"
   ],
   "stablecoin_rule": "approved",
   "stablecoin_phrase": "Order No. 52/04 of 6 March 2026 approved the rule for the initial coin offering of a stablecoin; Order No. 214/04 amended it, in force from 10 September 2026",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-06",
   "page_url": "/regulation/georgia/",
   "primary_sources": [
    "https://nbg.gov.ge/fm/%E1%83%A1%E1%83%90%E1%83%92%E1%83%90%E1%83%93%E1%83%90%E1%83%AE%E1%83%93%E1%83%9D/vasps/initial-coin-offering-stablecoin-final-eng.pdf"
   ],
   "source": "https://achivx.org/regulation/georgia/",
   "updated": "2026-11-10"
  },
  {
   "country": "Germany",
   "iso": "DE",
   "region": false,
   "status": "in_force",
   "status_scope": "both",
   "status_phrase": "MiCA (Regulation (EU) 2023/1114) is binding in its entirety and directly applicable in every member state",
   "regulators": [
    "Federal Financial Supervisory Authority (BaFin)",
    "Deutsche Bundesbank"
   ],
   "licence_regime": [
    "Kryptomärkteaufsichtsgesetz (KMAG)",
    "MiCA (Regulation (EU) 2023/1114)"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "only credit institutions or e-money institutions can issue e-money tokens or apply for their admission to trading",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-06",
   "page_url": "/regulation/germany/",
   "primary_sources": [
    "https://www.gesetze-im-internet.de/kmag/__1.html"
   ],
   "source": "https://achivx.org/regulation/germany/",
   "updated": "2026-11-10"
  },
  {
   "country": "Hong Kong",
   "iso": "HK",
   "region": false,
   "status": "in_force",
   "status_scope": "stablecoins",
   "status_phrase": "in force since 1 August 2025",
   "regulators": [
    "Hong Kong Monetary Authority (HKMA)"
   ],
   "licence_regime": [
    "Stablecoins Ordinance (Cap. 656)"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "issuing fiat-referenced stablecoins as a business in Hong Kong requires a licence from the Hong Kong Monetary Authority (HKMA)",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/hong-kong/",
   "primary_sources": [
    "https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/",
    "https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/07/20250729-4/"
   ],
   "source": "https://achivx.org/regulation/hong-kong/",
   "updated": "2026-11-10"
  },
  {
   "country": "India",
   "iso": "IN",
   "region": false,
   "status": "in_force",
   "status_scope": "aml_registration",
   "status_phrase": "have been required to register as reporting entities with the Financial Intelligence Unit (FIU-IND)",
   "regulators": [
    "Financial Intelligence Unit (FIU-IND)",
    "Reserve Bank of India (RBI)"
   ],
   "licence_regime": [
    "AML & CFT Guidelines"
   ],
   "stablecoin_rule": "no_specific_rule_statement",
   "stablecoin_phrase": "The RBI has set out its views on stablecoins",
   "tax_note": "Tax on virtual digital assets (Income-tax Act, 2025)",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/india/",
   "primary_sources": [
    "https://fiuindia.gov.in/pdfs/downloads/VDA08012026.pdf",
    "https://fiuindia.gov.in/files/Downloads/Downloads.html",
    "https://fiuindia.gov.in/pdfs/AML_legislation/AMLCFTguidelines10032023.pdf"
   ],
   "source": "https://achivx.org/regulation/india/",
   "updated": "2026-11-10"
  },
  {
   "country": "Indonesia",
   "iso": "ID",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force",
   "regulators": [
    "Financial Services Authority (OJK)"
   ],
   "licence_regime": [
    "POJK 27/2024"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "No stablecoin-specific OJK or Bank Indonesia regulation was found in the sources this page uses",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/indonesia/",
   "primary_sources": [
    "https://ojk.go.id/id/regulasi/Pages/POJK-27-2024-AKD-AK.aspx",
    "https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/POJK-27-Tahun-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto-AKD-AK.aspx"
   ],
   "source": "https://achivx.org/regulation/indonesia/",
   "updated": "2026-11-10"
  },
  {
   "country": "Japan",
   "iso": "JP",
   "region": false,
   "status": "in_force",
   "status_scope": "stablecoins",
   "status_phrase": "in force since 1 June 2023",
   "regulators": [
    "Financial Services Agency (FSA)"
   ],
   "licence_regime": [
    "Payment Services Act (Act No. 59 of 2009)",
    "Payment Services Act, Art. 63-2"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "per an FSA presentation of December 2022 issuers must be licensed as a bank, fund transfer service provider or trust company",
   "tax_note": "Profits from crypto-asset transactions are subject to income tax and are, in principle, classed as miscellaneous income.",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/japan/",
   "primary_sources": [
    "https://www.fsa.go.jp/en/newsletter/weekly2023/540.html",
    "https://laws.e-gov.go.jp/api/1/lawdata/421AC0000000059",
    "https://www.nta.go.jp/publication/pamph/pdf/virtual_currency_faq_03.pdf"
   ],
   "source": "https://achivx.org/regulation/japan/",
   "updated": "2026-11-10"
  },
  {
   "country": "Kazakhstan",
   "iso": "KZ",
   "region": false,
   "status": "in_force",
   "status_scope": "both",
   "status_phrase": "in force under two regimes",
   "regulators": [
    "National Bank of Kazakhstan (NBK)",
    "Astana Financial Services Authority (AFSA)"
   ],
   "licence_regime": [
    "Resolution No. 39",
    "AIFC Digital Asset Activities rules"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "allow stablecoins backed only by money",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/kazakhstan/",
   "primary_sources": [
    "https://nationalbank.kz/file/download/124521"
   ],
   "source": "https://achivx.org/regulation/kazakhstan/",
   "updated": "2026-11-10"
  },
  {
   "country": "Mexico",
   "iso": "MX",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force for fintech institutions and banks",
   "regulators": [
    "Banco de México"
   ],
   "licence_regime": [
    "Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech)",
    "Banco de México Circular 4/2019"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "no stablecoin-specific rule in force was found in the sources this page uses",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/mexico/",
   "primary_sources": [
    "https://dof.gob.mx/nota_detalle.php?codigo=5552303&fecha=08/03/2019"
   ],
   "source": "https://achivx.org/regulation/mexico/",
   "updated": "2026-11-10"
  },
  {
   "country": "Nigeria",
   "iso": "NG",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "shall take effect from November 5, 2026",
   "regulators": [
    "Securities and Exchange Commission (SEC)",
    "Central Bank of Nigeria (CBN)"
   ],
   "licence_regime": [
    "Investments and Securities Act, 2025",
    "CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "oversight of Non-Security Virtual Assets, including stablecoins",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/nigeria/",
   "primary_sources": [
    "https://sec.gov.ng/documents/1319/Investments_and_Securities_Act_2025_x9rSXtI.pdf",
    "https://www.cbn.gov.ng/Out/2026/CCD/REGULATIONS%20FOR%20THE%20OPERATIONS%20OF%20NON-SECURITY%20VIRTUAL%20ASSETS%20IN%20NIGERIA.pdf"
   ],
   "source": "https://achivx.org/regulation/nigeria/",
   "updated": "2026-11-10"
  },
  {
   "country": "Pakistan",
   "iso": "PK",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "PVARA's licensing FAQ says the Regulations came into force on their gazette notification, August 21, 2026",
   "regulators": [
    "PVARA"
   ],
   "licence_regime": [
    "Pakistan Virtual Asset Services Regulations, 2026 (S.R.O. 1419(I)/2026)"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "Reserve assets maintained under this regulation shall, be maintained at a level equal to one hundred percent (100%)",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-06",
   "page_url": "/regulation/pakistan/",
   "primary_sources": [
    "https://pvara.gov.pk/documents/Pakistan%20Virtual%20Asset%20Services%20Regulations,%202026%20-%20Notified%2021%20August%202026.pdf",
    "https://pvara.gov.pk/licensing"
   ],
   "source": "https://achivx.org/regulation/pakistan/",
   "updated": "2026-11-10"
  },
  {
   "country": "Philippines",
   "iso": "PH",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "VASP rules in effect, with a moratorium on new VASP licences",
   "regulators": [
    "Bangko Sentral ng Pilipinas (BSP)"
   ],
   "licence_regime": [
    "BSP Circular No. 1108",
    "BSP Circular No. 1206"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "None of the BSP issuances cited here is specific to stablecoin issuance",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-02",
   "page_url": "/regulation/philippines/",
   "primary_sources": [
    "https://www.bsp.gov.ph/Regulations/Issuances/2021/1108.pdf",
    "https://www.bsp.gov.ph/Regulations/Issuances/2024/1206.pdf"
   ],
   "source": "https://achivx.org/regulation/philippines/",
   "updated": "2026-11-10"
  },
  {
   "country": "Russia",
   "iso": "RU",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force, with some provisions from 2027",
   "regulators": [
    "Bank of Russia"
   ],
   "licence_regime": [
    "Federal Law No. 282-FZ \"On Digital Currencies and Digital Rights\""
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "The term stablecoin was not found in the text of Law No",
   "tax_note": "For the purposes of this Code, digital currency … is recognised as property.",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/russia/",
   "primary_sources": [
    "http://kremlin.ru/acts/bank/53543/page/18",
    "http://www.kremlin.ru/acts/bank/51367"
   ],
   "source": "https://achivx.org/regulation/russia/",
   "updated": "2026-11-10"
  },
  {
   "country": "Singapore",
   "iso": "SG",
   "region": false,
   "status": "proposed",
   "status_scope": "stablecoins",
   "status_phrase": "no stablecoin-issuer law in force as of 1 November 2026",
   "regulators": [
    "Monetary Authority of Singapore (MAS)"
   ],
   "licence_regime": [
    "Payment Services Act 2019"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "stablecoins currently fall under the digital payment token (DPT) rules of the Payment Services Act 2019, and the stablecoin issuer licence is a proposal",
   "tax_note": "Businesses that buy digital tokens for long-term investment purposes may enjoy capital gains from the disposal of these digital tokens. However, as there are no capital gains taxes in Singapore, such gains are not subject to tax.",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/singapore/",
   "primary_sources": [
    "https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf",
    "https://www.iras.gov.sg/taxes/corporate-income-tax/income-deductions-for-companies/taxable-non-taxable-income",
    "https://www.iras.gov.sg/taxes/goods-services-tax-%28gst%29/specific-business-sectors/digital-payment-tokens"
   ],
   "source": "https://achivx.org/regulation/singapore/",
   "updated": "2026-11-10"
  },
  {
   "country": "South Africa",
   "iso": "ZA",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force for crypto asset service providers",
   "regulators": [
    "Financial Sector Conduct Authority (FSCA)",
    "South African Reserve Bank (SARB)"
   ],
   "licence_regime": [
    "FAIS Act"
   ],
   "stablecoin_rule": "no_specific_rule_statement",
   "stablecoin_phrase": "unlikely to consider foreign currency-pegged stablecoins as payment instruments for domestic transactions",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-10",
   "page_url": "/regulation/south-africa/",
   "primary_sources": [
    "https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/designation-notices/280526%20Joint%20Communication_Crypto%20assets%20for%20domestic%20payment%20purposes.pdf"
   ],
   "source": "https://achivx.org/regulation/south-africa/",
   "updated": "2026-11-10"
  },
  {
   "country": "South Korea",
   "iso": "KR",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force for virtual asset service providers (VASPs)",
   "regulators": [
    "Financial Services Commission (FSC)",
    "Financial Supervisory Service (FSS)",
    "Korea Financial Intelligence Unit (FIU)"
   ],
   "licence_regime": [
    "Virtual Asset User Protection Act"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "no legal regime for KRW stablecoins yet",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-10",
   "page_url": "/regulation/south-korea/",
   "primary_sources": [
    "https://www.law.go.kr/lsInfoP.do?lsiSeq=290735"
   ],
   "source": "https://achivx.org/regulation/south-korea/",
   "updated": "2026-11-10"
  },
  {
   "country": "Spain",
   "iso": "ES",
   "region": false,
   "status": "in_force",
   "status_scope": "both",
   "status_phrase": "in force",
   "regulators": [
    "Comisión Nacional del Mercado de Valores (CNMV)",
    "Banco de España"
   ],
   "licence_regime": [
    "EU's Markets in Crypto-Assets Regulation (MiCA)",
    "Ley 6/2023"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "supervises, inspects and sanctions the MiCA obligations of issuers of e-money tokens (EMTs) and asset-referenced tokens (ARTs)",
   "tax_note": "Tax reporting only, Orden HFP/886/2023 of 26 July (modelo 721)",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/spain/",
   "primary_sources": [
    "https://www.boe.es/buscar/act.php?id=BOE-A-2022-666",
    "https://www.boe.es/buscar/doc.php?id=BOE-A-2024-27149",
    "https://www.boe.es/buscar/act.php?id=BOE-A-2023-7053",
    "https://www.boe.es/buscar/doc.php?id=BOE-A-2023-17429"
   ],
   "source": "https://achivx.org/regulation/spain/",
   "updated": "2026-11-10"
  },
  {
   "country": "Switzerland",
   "iso": "CH",
   "region": false,
   "status": "proposed",
   "status_scope": "stablecoins",
   "status_phrase": "no stablecoin act",
   "regulators": [
    "FINMA",
    "State Secretariat for International Finance (SIF)"
   ],
   "licence_regime": [
    "FINMA Guidance 06/2024"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "today's treatment is FINMA guidance on existing law, and the issuer restriction is proposed",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-02",
   "page_url": "/regulation/switzerland/",
   "primary_sources": [
    "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/",
    "https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20240726-finma-aufsichtsmitteilung-06-2024.pdf?sc_lang=en&hash=03D675C1247EAFAE0C391363A2F18B9A"
   ],
   "source": "https://achivx.org/regulation/switzerland/",
   "updated": "2026-11-10"
  },
  {
   "country": "Taiwan",
   "iso": "TW",
   "region": false,
   "status": "in_force",
   "status_scope": "aml_registration",
   "status_phrase": "Today's regime is AML registration",
   "regulators": [
    "FSC"
   ],
   "licence_regime": [
    "Money Laundering Control Act",
    "Virtual Asset Service Act (虛擬資產服務法)"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "draft stablecoin issuance regulations",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-06",
   "page_url": "/regulation/taiwan/",
   "primary_sources": [
    "https://www.sfb.gov.tw/ch/home.jsp?id=1053&parentpath=0,8",
    "https://law.moj.gov.tw/LawClass/LawAll.aspx?pcode=G0400162"
   ],
   "source": "https://achivx.org/regulation/taiwan/",
   "updated": "2026-11-10"
  },
  {
   "country": "Thailand",
   "iso": "TH",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force for digital asset businesses, and the stablecoin rules are only proposed",
   "regulators": [
    "SEC",
    "Bank of Thailand"
   ],
   "licence_regime": [
    "Emergency Decree on Digital Asset Businesses"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "the stablecoin rules are only proposed",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-10",
   "page_url": "/regulation/thailand/",
   "primary_sources": [
    "https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/explan-digital.docx",
    "https://www.sec.or.th/TH/Documents/ActandRoyalEnactment/Act/translate-digital.docx"
   ],
   "source": "https://achivx.org/regulation/thailand/",
   "updated": "2026-11-10"
  },
  {
   "country": "Türkiye",
   "iso": "TR",
   "region": false,
   "status": "in_force",
   "status_scope": "crypto_services",
   "status_phrase": "in force for crypto-asset service providers",
   "regulators": [
    "Capital Markets Board (Sermaye Piyasası Kurulu, SPK, also CMB)"
   ],
   "licence_regime": [
    "Capital Markets Law No. 6362",
    "Law No. 7518"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "No stablecoin-specific provision was found in the texts this page uses",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/turkey/",
   "primary_sources": [
    "https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm"
   ],
   "source": "https://achivx.org/regulation/turkey/",
   "updated": "2026-11-10"
  },
  {
   "country": "Ukraine",
   "iso": "UA",
   "region": false,
   "status": "enacted_not_in_force",
   "status_scope": "crypto_services",
   "status_phrase": "adopted, not in force",
   "regulators": [
    "National Securities and Stock Market Commission (NSSMC)",
    "National Bank of Ukraine"
   ],
   "licence_regime": [
    "Law No. 2074-IX \"On Virtual Assets\""
   ],
   "stablecoin_rule": "not_covered",
   "stablecoin_phrase": "National Bank of Ukraine statements on stablecoins or e-money tokens were not collected",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/ukraine/",
   "primary_sources": [
    "https://zakon.rada.gov.ua/laws/show/2074-20",
    "https://web.archive.org/web/20260202202928/https://zakon.rada.gov.ua/laws/show/2074-20/print",
    "https://www.nssmc.gov.ua/prezydent-ukrainy-pidpysav-zakonu-ukrainy-pro-virtualni-aktyvy-iakyi-u-liutomu-buv-pryiniatyi-verkhovnoiu-radoiu/"
   ],
   "source": "https://achivx.org/regulation/ukraine/",
   "updated": "2026-11-10"
  },
  {
   "country": "United Arab Emirates",
   "iso": "AE",
   "region": false,
   "status": "in_force",
   "status_scope": "stablecoins",
   "status_phrase": "in force under several regimes",
   "regulators": [
    "Central Bank of the UAE (CBUAE)",
    "Virtual Assets Regulatory Authority (VARA)",
    "Financial Services Regulatory Authority (FSRA)"
   ],
   "licence_regime": [
    "Payment Token Services Regulation (Circular 2/2024)"
   ],
   "stablecoin_rule": "yes",
   "stablecoin_phrase": "issuing fiat-referenced virtual assets (FRVAs) requires a licence from the Virtual Assets Regulatory Authority (VARA)",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-01",
   "page_url": "/regulation/united-arab-emirates/",
   "primary_sources": [
    "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation"
   ],
   "source": "https://achivx.org/regulation/united-arab-emirates/",
   "updated": "2026-11-10"
  },
  {
   "country": "United Kingdom",
   "iso": "GB",
   "region": false,
   "status": "enacted_not_in_force",
   "status_scope": "stablecoins",
   "status_phrase": "pending",
   "regulators": [
    "Financial Conduct Authority (FCA)",
    "Bank of England"
   ],
   "licence_regime": [
    "Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102)"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "issuing a qualifying stablecoin becomes a specified activity within the regulatory perimeter of the Financial Conduct Authority (FCA) on 25 October 2027",
   "tax_note": "not covered",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/united-kingdom/",
   "primary_sources": [
    "https://www.legislation.gov.uk/uksi/2026/102/made"
   ],
   "source": "https://achivx.org/regulation/united-kingdom/",
   "updated": "2026-11-10"
  },
  {
   "country": "United States",
   "iso": "US",
   "region": false,
   "status": "enacted_not_in_force",
   "status_scope": "stablecoins",
   "status_phrase": "pending",
   "regulators": [
    "OCC",
    "Treasury",
    "FDIC"
   ],
   "licence_regime": [
    "GENIUS Act (Public Law 119-27)"
   ],
   "stablecoin_rule": "partial",
   "stablecoin_phrase": "takes effect on 18 January 2027 per the OCC",
   "tax_note": "For U.S. tax purposes, digital assets are considered property, not currency.",
   "last_reviewed": "2026-11-09",
   "page_url": "/regulation/united-states/",
   "primary_sources": [
    "https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm",
    "https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-92.html",
    "https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-51.html",
    "https://home.treasury.gov/news/press-releases/sb0605",
    "https://www.irs.gov/filing/digital-assets"
   ],
   "source": "https://achivx.org/regulation/united-states/",
   "updated": "2026-11-10"
  },
  {
   "country": "Vietnam",
   "iso": "VN",
   "region": false,
   "status": "pilot",
   "status_scope": "crypto_services",
   "status_phrase": "pilot",
   "regulators": [
    "Ministry of Finance"
   ],
   "licence_regime": [
    "Government Resolution 05/2025/NQ-CP"
   ],
   "stablecoin_rule": "no",
   "stablecoin_phrase": "The sources this page uses contain no rule on stablecoins by name",
   "tax_note": "Until there is a tax policy for the crypto-asset market in Vietnam, tax on crypto-asset transactions, transfers and business follows the tax rules for securities",
   "last_reviewed": "2026-11-02",
   "page_url": "/regulation/vietnam/",
   "primary_sources": [
    "https://vanban.chinhphu.vn/?pageid=27160&docid=215249",
    "https://datafiles.chinhphu.vn/cpp/files/vbpq/2025/9/05-cp.signed.pdf"
   ],
   "source": "https://achivx.org/regulation/vietnam/",
   "updated": "2026-11-10"
  }
 ],
 "fields": [
  {
   "key": "country",
   "label": "Country",
   "type": "string"
  },
  {
   "key": "iso",
   "label": "ISO code",
   "type": "string"
  },
  {
   "key": "region",
   "label": "Region (not a country)",
   "type": "boolean"
  },
  {
   "key": "status",
   "label": "Status",
   "type": "enum",
   "values": {
    "in_force": "In force",
    "published": "Published",
    "pilot": "Pilot",
    "enacted_not_in_force": "Enacted, not in force",
    "proposed": "Proposed only",
    "not_regulated": "Not regulated"
   }
  },
  {
   "key": "status_scope",
   "label": "Status refers to",
   "type": "enum",
   "values": {
    "crypto_services": "Crypto service providers",
    "aml_registration": "AML registration",
    "aml_reporting": "AML reporting",
    "stablecoins": "Stablecoins",
    "both": "Crypto service providers and stablecoins"
   }
  },
  {
   "key": "status_phrase",
   "label": "Status (page wording)",
   "type": "string (verbatim from the page)"
  },
  {
   "key": "regulators",
   "label": "Regulator(s)",
   "type": "list of strings (verbatim from the page)"
  },
  {
   "key": "licence_regime",
   "label": "Licence regime",
   "type": "list of strings (verbatim from the page)"
  },
  {
   "key": "stablecoin_rule",
   "label": "Stablecoin rule",
   "type": "enum",
   "values": {
    "yes": "Yes",
    "approved": "Approved",
    "partial": "Partial",
    "no": "No",
    "no_specific_rule_statement": "No specific rule (statement)",
    "not_covered": "Not covered"
   }
  },
  {
   "key": "stablecoin_phrase",
   "label": "Stablecoin rule (page wording)",
   "type": "string (verbatim from the page)"
  },
  {
   "key": "tax_note",
   "label": "Tax note",
   "type": "string (verbatim from the page)"
  },
  {
   "key": "last_reviewed",
   "label": "Last reviewed",
   "type": "date (YYYY-MM-DD)"
  },
  {
   "key": "page_url",
   "label": "Country page",
   "type": "URL path"
  },
  {
   "key": "primary_sources",
   "label": "Primary sources",
   "type": "list of URLs"
  },
  {
   "key": "source",
   "label": "Source page",
   "type": "URL"
  },
  {
   "key": "updated",
   "label": "Data compiled",
   "type": "date (YYYY-MM-DD)"
  }
 ]
}