What are the rules for foreign-issued stablecoins?
As of 12 November 2026, this table quotes official texts relevant to stablecoins issued in another jurisdiction for 18 of the 31 jurisdictions on this site, for issuers and for intermediaries; each row says what its text covers, and a "not found" cell shows where a full-text search found nothing.
Each cell gives the rule's status, the official text's words and the link, or, where a full-text search found nothing, the act that was searched and the date of the check. A jurisdiction that is not in the table is not a finding that it has no rule on foreign-issued stablecoins.
This page states what the official sources say. It is not legal advice.
| Jurisdiction | Issuers | Intermediaries | Source | Checked |
|---|---|---|---|---|
| Argentina | Not found in CNV Resolución General 1058/2025, checked 2026-11-01. | Not found in CNV Resolución General 1058/2025, checked 2026-11-01. | CNV Resolución General 1058/2025 | 1 November 2026 |
| Australia | Proposed. A major SVF provider commits an offence if it is not incorporated in Australia and it issues a regulated facility or receives funds to the credit of one it issued, unless an exempting determination applies: "a major SVF provider commits an offence if it is not incorporated in Australia and it issues a regulated facility or receives funds to the credit of a regulated facility issued by the major SVF provider. This requirement does not apply to bodies that are subject to a determination exempting the body from this requirement." | In force. If a distributor is reasonably satisfied that the issuer of an eligible stablecoin is an exempt foreign issuer, it does not have to comply with subsections 1012C(3) and (4) of the Corporations Act for a sale offer, to the extent they require a Product Disclosure Statement because the offer is in the circumstances of subsection 1012C(6): "If a distributor is reasonably satisfied that the issuer of an eligible stablecoin or an eligible wrapped token is an exempt foreign issuer, the distributor does not have to comply with subsections 1012C(3) and (4) of the Act for an offer relating to the sale of the stablecoin or token to the extent those subsections require a Product Disclosure Statement to be given because the offer would take place in the circumstances covered by subsection 1012C(6) of the Act."; In force. An exempt foreign issuer is a body corporate that is not required to hold an Australian financial services licence to issue the digital asset because it does not carry on a financial services business in this jurisdiction in relation to the issue: "exempt foreign issuer , in relation to a digital asset that is a financial product, means a body corporate that is not required to hold an Australian financial services licence to issue the digital asset because it does not carry on a financial services business in this jurisdiction in relation to the issue of the digital asset." | Treasury payment service provider draft legislation (Tranche 1), explanatory memorandum, para 2.29 (Prudential Regulation Bill, subsection 15(1)); ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867, section 9; ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867, section 5 (definition of exempt foreign issuer; an eligible stablecoin issuer may be one, paragraph (c)) | 2 November 2026 |
| Brazil | Not found in Resolução BCB nº 520, checked 2026-11-01. | In force. When selecting fiat-referenced virtual assets to offer or list, VASPs must consider at least the asset's adequacy and regularity under public-offer rules in the issuer's country of origin, as applicable: "Art. 65. Além dos requisitos referidos no art. 64, nos processos de seleção de ativos virtuais referenciados em moeda fiduciária para oferta ou listagem em suas plataformas, as prestadoras de serviços de ativos virtuais devem considerar, no mínimo: I - a adequação e a regularidade do ativo virtual referenciado em moeda fiduciária em relação à regulamentação relativa às ofertas públicas em mercados organizados no país de origem do emissor do ativo virtual, conforme aplicável;" | Resolução BCB nº 520, art. 65, I; Resolução BCB nº 520 | 1 November 2026 |
| Canada | Pending. If the Governor finds a foreign law applying to an issuer substantially similar to the Act or regulations, the Governor may by order disapply the Act or regulations, or any provision, to that issuer, subject to conditions: "14 If the Governor is of the opinion that a provincial or foreign law or a provision of a provincial or foreign law applies to or in respect of an applicant or a class of applicants or an issuer or a class of issuers and that the provincial or foreign law or the provision of the provincial or foreign law is substantially similar to this Act or the regulations or a provision of this Act or the regulations, then the Governor may, by order, specify that this Act or the regulations, or any provision of this Act or the regulations, does not apply to or in respect of the applicant, the issuer or the class of applicants or issuers, subject to any conditions that the Governor considers appropriate."; Pending. The Department of Finance states the framework will apply to domestic and foreign issuers who make fiat-backed stablecoins available to Canadians, directly or indirectly, without distinguishing CAD from foreign-currency stablecoins: "The framework will apply to domestic and foreign issuers who make fiat-backed stablecoins available to Canadians, directly or indirectly. It does not distinguish between CAD-denominated vs foreign-currency-denominated stablecoins." | – | Stablecoin Act, s. 14; Department of Finance, Canada's Stablecoin Framework | 1 November 2026 |
| European Union | In force. No person shall offer an e-money token to the public or seek its admission to trading in the Union unless it is the issuer and, among other conditions, is authorised as a credit institution or as an electronic money institution: "A person shall not make an offer to the public or seek the admission to trading of an e-money token, within the Union, unless that person is the issuer of such e-money token and: (a) is authorised as a credit institution or as an electronic money institution; and"; In force. No person shall offer an asset-referenced token to the public or seek its admission to trading in the Union unless it is the issuer and is either a legal person or other undertaking established and authorised in the Union, or a credit institution that complies with Article 17: "A person shall not make an offer to the public, or seek the admission to trading, of an asset-referenced token, within the Union, unless that person is the issuer of that asset-referenced token and is: (a) a legal person or other undertaking that is established in the Union and has been authorised in accordance with Article 21 by the competent authority of its home Member State; or (b) a credit institution that complies with Article 17."; In force. The Commission's MiCA reports shall contain an assessment of whether an equivalence regime should be established for third-country crypto-asset service providers and issuers of asset-referenced or e-money tokens: "an assessment of whether an equivalence regime should be established under this Regulation for entities providing crypto-asset services, issuers of asset-referenced tokens or issuers of e-money tokens from third countries" | In force. With the written consent of the issuer, other persons may offer an e-money token to the public or seek its admission to trading, and those persons shall comply with Articles 50 and 53: "Notwithstanding the first subparagraph, upon the written consent of the issuer, other persons may offer to the public or seek the admission to trading of the e-money token. Those persons shall comply with Articles 50 and 53." | MiCA (Regulation (EU) 2023/1114), Article 48(1); MiCA (Regulation (EU) 2023/1114), Article 16(1); MiCA (Regulation (EU) 2023/1114), Article 140(2)(v); MiCA (Regulation (EU) 2023/1114), Article 48(1), second subparagraph | 1 November 2026 |
| Hong Kong | In force. A person who, in the course of business, issues a fiat-referenced stablecoin that purports to maintain a stable value with reference to Hong Kong dollars, in or outside Hong Kong, needs a licence from the Monetary Authority: "any person who, in the course of business, issues an FRS in Hong Kong, or issues an FRS that purports to maintain a stable value with reference to Hong Kong dollars in or outside Hong Kong will need to obtain a licence from the Monetary Authority (MA)." | In force. Only specified licensed institutions may offer a fiat-referenced stablecoin in Hong Kong, and only one issued by a licensed issuer may be offered to a retail investor: "only specified licensed institutions may offer an FRS in Hong Kong, and only an FRS issued by a licensed issuer may be offered to a retail investor." | Stablecoins Ordinance (Cap. 656), as described in HKMA press release of 21 May 2025 | 1 November 2026 |
| Indonesia | Not found in POJK 27/2024 (text read 2026-11-01) or its amendment POJK 23/2025 (text read 2026-11-12), checked 2026-11-12. | Not found in POJK 27/2024 (text read 2026-11-01) or its amendment POJK 23/2025 (text read 2026-11-12), checked 2026-11-12. | POJK 27/2024 as amended by POJK 23/2025 | 12 November 2026 |
| Japan | In force. The items prescribed under Article 2(5)(iv) of the Payment Services Act include trust beneficiary rights issued abroad under foreign law corresponding to the Payment Services Act, the Banking Act etc., the Act on Concurrent Trust Business or the Trust Business Act, represented as electronically transferable value, that meet all of the listed requirements: "法第二条第五項第四号に規定する内閣府令で定めるものは、次に掲げるものとする。 一 外国において発行される法、銀行法等、金融機関の信託業務の兼営等に関する法律（昭和十八年法律第四十三号）又は信託業法（平成十六年法律第百五十四号）に相当する外国の法令に基づく信託の受益権（電子情報処理組織を用いて移転することができる財産的価値（電子機器その他の物に電子的方法により記録されるものに限る。）に表示される場合に限る。）であって、次に掲げる要件の全てを満たすもの" | In force. Among the required measures: exchange service providers, in light of the instruments' characteristics and their own business systems, take the measures needed not to handle foreign electronic payment instruments that fail any of the listed requirements, or other instruments found likely to impair user protection or the proper conduct of the business: "電子決済手段等取引業者が、電子決済手段の特性及び自己の業務体制に照らして、外国電子決済手段（外国において発行される法、銀行法等、金融機関の信託業務の兼営等に関する法律又は信託業法に相当する外国の法令に基づく電子決済手段をいう。以下この号及び次号において同じ。）であって次に掲げる要件のいずれかを満たさないものその他の利用者の保護又は電子決済手段等取引業の適正かつ確実な遂行に支障を及ぼすおそれがあると認められる電子決済手段を取り扱わないために必要な措置"; In force. The amendment defines trust beneficiary rights under foreign law with ensured equivalence to Japan's electronic payment instrument regime as electronic payment instruments, and makes that equivalence the standard for exchange service providers judging whether handling a foreign electronic payment instrument is appropriate: "我が国の電子決済手段に関する法制度との同等性が確保された外国の法令に基づく信託の受益権を電子決済手段として規定するとともに、電子決済手段等取引業者による外国電子決済手段の取扱いの適切性の判断において我が国の電子決済手段に関する法制度との同等性を基準とすることを明確化する等の改正を行うものです。" | 電子決済手段等取引業者に関する内閣府令 (Cabinet Office Ordinance No. 48 of 2023), Article 2(3)(i); 電子決済手段等取引業者に関する内閣府令 (Cabinet Office Ordinance No. 48 of 2023), Article 30(1)(v); FSA release of 19 May 2026 on the amended Cabinet Office Ordinance on Electronic Payment Instruments Exchange Service Providers | 12 November 2026 |
| Kazakhstan | – | In force. AIFC: before admitting a Fiat or Commodity stablecoin to trading, a trading facility operator must obtain AFSA approval, except for stablecoins issued by Digital Asset Service Providers holding the relevant Licence: "obtain approval of the AFSA in respect of Fiat and Commodity stablecoins, except for stablecoins issued by the Digital Asset Service Providers holding the relevant Licence"; In force. AIFC: in deciding whether a digital asset is suitable for use in the AIFC, the trading facility operator considers its regulatory status in other jurisdictions, including whether it has been assessed or approved for use there and how far that jurisdiction's laws and regulations are equivalent to the AFSA requirements: "the regulatory status of the relevant Digital Asset in other jurisdictions, including whether it has been assessed or approved for use in another jurisdiction, and the extent to which the laws and regulations of that jurisdiction are equivalent to the requirements of the AFSA" | AIFC Rules on Digital Asset Activities (DAA), Rule 2.8.1(3)(b); AIFC Rules on Digital Asset Activities (DAA), Rule 2.8.2(1)(a) and (2)(a) | 1 November 2026 |
| Mexico | Not found in Ley Fintech, checked 2026-11-01. | Not found in Ley Fintech, checked 2026-11-01. | Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech) | 1 November 2026 |
| Nigeria | Published. A Class 2 (foreign-currency) Stablecoin shall be issued only by a Nigerian-incorporated entity holding a Foreign Currency Issuer Licence (Class 2) granted by the Bank: "A Class 2 Stablecoin shall be issued only by a Nigerian-incorporated entity holding a valid Foreign Currency Issuer Licence (Class 2) granted by the Bank." | Published. No foreign-currency-referenced stablecoin shall be offered, distributed, marketed, exchanged, custody-held, redeemed or otherwise made available to persons in Nigeria unless approved by the Bank as a Class 2 Stablecoin and issued through a Class 2 Licensed Issuer: "No foreign-currency-referenced stablecoin shall be offered, distributed, marketed, exchanged, custody-held, redeemed or otherwise made available to persons in Nigeria unless it has been approved by the Bank as a Class 2 Stablecoin and is issued through a Class 2 Licensed Issuer."; Published. The Bank may recognise a foreign-currency-referenced stablecoin issued outside Nigeria; a Recognised Foreign Stablecoin may be used only by an Authorised Dealer or an expressly approved Licensee to settle wholesale Cross-Border Virtual Asset Transactions: "the Bank may recognise a foreign- currency-referenced stablecoin issued outside Nigeria. A Recognised Foreign Stablecoin may be used only by an Authorised Dealer or a Licensee expressly approved by the Bank for that purpose to settle wholesale Cross-Border Virtual Asset Transactions."; Proposed. A foreign-issued stablecoin shall not be listed, admitted for trading, custodied, settled, promoted or otherwise used by a DAX or other regulated platform in Nigeria unless recognised or authorised by the Commission: "(a) A foreign-issued stablecoin shall not be listed, admitted for trading, custodied, settled, promoted or otherwise used by a DAX or other regulated platform in Nigeria unless recognised or authorised by the Commission." | CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria, Section 11; CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria, Section 11.10.17; SEC Nigeria Proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, Part 11, rule (4)(a) | 6 November 2026 |
| Philippines | – | Published. Listing due-diligence data for a foreign issuer include its articles of incorporation and by-laws or an equivalent document from the home country: "3. Articles of Incorporation and By Laws, or any other equivalent document from the home country (for foreign issuers)" | BSP Memorandum M-2026-023 (Coin/Token Listing Guidelines), Annex A, Pillar I | 1 November 2026 |
| Russia | Not found in Federal Law No. 282-FZ, checked 2026-11-01. | Not found in Federal Law No. 282-FZ, checked 2026-11-01. | Federal Law No. 282-FZ On Digital Currencies and Digital Rights (2026) | 1 November 2026 |
| Singapore | Proposed. MAS proposes to recognise a limited number of foreign-regulated stablecoins case by case, provided MAS is satisfied that they are well-regulated for value stability on an ongoing basis: "MAS proposes to recognise a limited number of such stablecoins on a case-by-case basis, provided that MAS is satisfied that they are well-regulated for value stability on an ongoing basis."; Proposed. For a stablecoin to be recognised, the issuer will need to fulfil further conditions, including regulation of the issuer and its stablecoin under a foreign framework deemed substantively equivalent to the MAS-SCS framework and supervisory cooperation and information-sharing agreements between MAS and counterpart authorities: "For a stablecoin to be ‘recognised’, the issuer will need to fulfil certain further conditions, some of which are similar to the safeguards proposed for regulating MJI issuers. These include the requirement for the issuer and its stablecoin to be regulated under a foreign regulatory framework deemed to be substantively equivalent to the MAS-SCS framework and the need for supervisory cooperation and information sharing agreements to be in place between MAS and counterpart competent authorities." | Proposed. Where the stablecoin is issued overseas and fails to comply with MAS requirements, MAS may prohibit licensed DPT intermediaries in Singapore from circulating that stablecoin: "is issued overseas, and fails to comply with MAS’ requirements, MAS may prohibit licensed DPT intermediaries in Singapore from circulating the specific stablecoin." | MAS consultation paper on Payment Services Act amendments for stablecoins, para 5.12; MAS consultation paper on Payment Services Act amendments for stablecoins, para 5.13; MAS consultation paper on Payment Services Act amendments for stablecoins, para 4.8 (powers over non-compliant designated systemic stablecoins) | 1 November 2026 |
| South Africa | – | Published. The SARB is unlikely to consider foreign currency-pegged stablecoins as payment instruments for domestic transactions: "The SARB is thus unlikely to consider foreign currency-pegged stablecoins as payment instruments for domestic transactions." | SARB Joint Communication: Crypto assets for domestic payment purposes, para 4.5.2 | 1 November 2026 |
| South Korea | Not found in the Act on the Protection of Virtual Asset Users (가상자산 이용자 보호 등에 관한 법률), checked 2026-11-12.; Proposed. A bill (no. 2211777, pending in committee since 2025-11-24, not law) would treat a foreign-issued value-fixed digital asset that meets set requirements and registers with the Financial Services Commission as one under that bill: "외국에서 발행된 가치고정형 디지털자산이 일정 요건을 충족하여 금융위원회에 등록하는 경우 이 법에 따른 가치고정형 디지털자산으로 보도록 함(안 제22조)." | Not found in the Act on the Protection of Virtual Asset Users (가상자산 이용자 보호 등에 관한 법률), checked 2026-11-12. | 가상자산 이용자 보호 등에 관한 법률 (법률 제21857호); 가치고정형 디지털자산을 활용한 지급 혁신에 관한 법률안 (의안번호 2211777, bill; 정무위 소위 회부 2025-11-24, pending) | 12 November 2026 |
| Spain | In force. Banco de España: under Article 48.1 MiCAR, since 30 June 2024 EMTs may only be issued by duly authorised credit institutions or electronic money institutions: "En lo que respecta a los EMT, en aplicación de lo dispuesto en el artículo 48.1 de MiCAR, desde el 30 de junio de 2024 estos criptoactivos solo pueden emitirse por las entidades de crédito o las entidades de dinero electrónico, debidamente autorizadas"; In force. Banco de España: as a general rule, only legal persons authorised by the Banco de España, or credit institutions whose white paper it has approved, may issue ARTs in Spain (Article 16.1 MiCAR): "Con carácter general, solo pueden ser emisores de ART en España las personas jurídicas que cuenten con la debida autorización del Banco de España o las entidades de crédito que hayan obtenido la previa aprobación del correspondiente libro blanco por el Banco de España, de acuerdo con el artículo 16.1 de MiCAR." | In force. Banco de España: since 30 June 2024 offering ARTs or EMTs, or seeking their admission to trading, in the EU is limited to the issuer or a person with the issuer's written consent: "Desde el 30 de junio de 2024 la oferta o solicitud de admisión a negociación de ART o EMT en la Unión Europea (UE) está limitada al emisor de esas fichas o a una persona que cuente con el consentimiento escrito de ese emisor." | Banco de España note of 10.07.2024 on MiCAR (Article 48.1 MiCAR); Banco de España note of 10.07.2024 on MiCAR (Article 16.1 MiCAR); Banco de España note of 10.07.2024 on MiCAR (Articles 16.1 and 48.1 MiCAR) | 1 November 2026 |
| Switzerland | Proposed. Consultation draft amending the Financial Institutions Act (opened by the Federal Council on 22 October 2025; not law), as the SIF fact sheet describes it: stable crypto-based payment instruments are cryptoassets issued in Switzerland that are intended to keep a stable value against a single state currency: "Stable crypto-based payment instruments are cryptoassets that are issued in Switzerland and are intended to retain a stable value in relation to a single state currency." | Proposed. Consultation draft amending the Financial Institutions Act (opened by the Federal Council on 22 October 2025; not law), as the SIF fact sheet describes it: the bill's category of cryptoassets for trading also includes stablecoins issued abroad: "These assets are any cryptoassets that are neither utility tokens within the meaning of current FINMA practice nor a financial instrument, a stable crypto-based financial instrument within the meaning of the bill or a deposit under banking law. This therefore also includes stablecoins issued abroad." | FinIA amendment (consultation), SIF fact sheet | 1 November 2026 |
| Thailand | – | In force. SEC Thailand added USD Coin (USDC) and Tether (USDT) to the list of cryptocurrencies that digital asset exchanges may use as base trading pairs, effective 16 March 2025. The SEC news text names the two tokens; it does not say where they are issued: "The Securities and Exchange Commission (SEC) has revised the criteria for the cryptocurrencies list to be used for investment in digital tokens through ICOs process, for ICO portals to receive from investors or issuers for transactions, and for digital asset exchanges to use as base trading pairs with two additional cryptocurrencies, namely, USD Coin (USDC) and Tether (USDT). These amended regulations will take effect from 16 March 2025." | SEC Notification Sor Jor. 9/2568 (Cryptocurrencies List Specified by the SEC Office), as described in SEC news No. 50/2025 | 12 November 2026 |
| Türkiye | Not found in Law No. 7518 or CMB Communiqués III-35/B.1 and III-35/B.2, checked 2026-11-01. | Not found in Law No. 7518 or CMB Communiqués III-35/B.1 and III-35/B.2, checked 2026-11-01. | Law No. 7518 (amending Capital Markets Law No. 6362); CMB Communiqués III-35/B.1 and III-35/B.2 | 1 November 2026 |
| Ukraine | Not found in Law of Ukraine No. 2074-IX On Virtual Assets (official text, Wayback capture of 2 February 2026; not in force in that text, which under Section VI(1) enters into force with the law amending the Tax Code on the taxation of virtual-asset operations), checked 2026-11-12. | Not found in Law of Ukraine No. 2074-IX On Virtual Assets (official text, Wayback capture of 2 February 2026; not in force in that text, which under Section VI(1) enters into force with the law amending the Tax Code on the taxation of virtual-asset operations), checked 2026-11-12. | Law of Ukraine No. 2074-IX On Virtual Assets | 2 February 2026 |
| United Arab Emirates | In force. A person not incorporated and located in the UAE may apply for a Foreign Payment Token Issuer Registration; this includes a person located in a Financial Free Zone: "A Person not incorporated and located in the UAE may apply for a Foreign Payment Token Issuer Registration. For the avoidance of doubt, this includes a Person located in a Financial Free Zone." | Published. A Licensee or Registree must not knowingly facilitate a Payment Token Transfer unless it is of a licensed Dirham Payment Token, or of a Foreign Payment Token from a Registered Foreign Payment Token Issuer used as a means of payment for purchase of Virtual Assets or their derivatives: "A Licensee or Registree must not knowingly initiate, facilitate, effect or direct a Payment Token Transfer as part of its Payment Token Service unless the transfer is of a: a) Dirham Payment Token issued by a Licensed Payment Token Issuer being used for any lawful purpose; or b) Foreign Payment Token issued by a Registered Foreign Payment Token Issuer being lawfully used (or sold for use) as a Means of Payment for purchase of Virtual Assets or derivatives of Virtual Assets."; In force. Article (2) of the Regulation, including Article (2)4, does not apply during a one-calendar-year period following the commencement of the Regulation: "There shall be a one calendar year period following the commencement of this Regulation during which Article (2) shall not apply"; In force. The Central Bank may extend that one-year period, which the Regulation calls the Transition Period, at its discretion; whether it did was not checked: "The Central Bank may extend the Transition Period at its discretion."; In force. ADGM: COBS 17.2A.1 requires an Authorised Person carrying on a Regulated Activity involving an FRT to use only Accepted FRTs approved by the FSRA: "COBS 17.2A.1 also requires that an Authorised Person carrying on a Regulated Activity involving an FRT must only use Accepted FRTs (i.e., those which have been approved by the FSRA)."; In force. ADGM: inclusion of an FRT on the Accepted FRT list does not imply acceptance of that FRT for use when serving clients outside ADGM: "Inclusion of an FRT on this list does not imply acceptance of that FRT for use when serving clients in jurisdictions outside ADGM." | CBUAE Payment Token Services Regulation (C 2/2024), Article (5)2; CBUAE Payment Token Services Regulation (C 2/2024), Article (2)4; CBUAE Payment Token Services Regulation (C 2/2024), Article (40)1; CBUAE Payment Token Services Regulation (C 2/2024), Article (40)2; ADGM FSRA Conduct of Business Rulebook (COBS), Rule 17.2A.1 (as described on the FSRA digital assets page); ADGM FSRA Consolidated List of Accepted Fiat-Referenced Tokens (COBS 17.2A.1) | 12 November 2026 |
| United Kingdom | Pending. Under article 9M, a person issues a qualifying stablecoin if, among other conditions, it offers or arranges for another to offer it for sale or subscription from an establishment in the United Kingdom: "A offers, or arranges for another to offer, a qualifying stablecoin for sale or subscription from an establishment in the United Kingdom" | Pending. An offer of a qualifying cryptoasset made to a person in the United Kingdom is, to that extent, an offer to the public in the United Kingdom: "to the extent that an offer of a qualifying cryptoasset is made to a person in the United Kingdom, it is an offer of a qualifying cryptoasset to the public in the United Kingdom."; Pending. It is unlawful for a qualifying cryptoasset to be offered to the public in the United Kingdom unless the offer is of a kind specified in Part 1 of Schedule 1, or a combination of such kinds: "It is unlawful for a qualifying cryptoasset to be offered to the public in the United Kingdom unless— (a)the offer is of a kind specified by Part 1 (exceptions from prohibition of offers to the public) of Schedule 1, or (b)the offer is of a kind that consists entirely of a combination of two or more of the kinds of offer specified by that Part of that Schedule."; Pending. Schedule 1 exception: an offer of a qualifying stablecoin made by a person with Part 4A permission for issuing qualifying stablecoin under article 9M: "An offer of a qualifying stablecoin for sale or subscription that is made by a person with a Part 4A permission to carry on the regulated activity specified by article 9M of the Regulated Activities Order (issuing qualifying stablecoin)." | FSMA 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), new RAO article 9M(2)(a); FSMA 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regulation 5(2); FSMA 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), regulation 10(1); FSMA 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), Schedule 1, paragraph 5 | 1 November 2026 |
| United States | Pending. The section 3 prohibitions shall not apply to a foreign issuer if all apply: a home regime the Treasury Secretary determines comparable, registration with the Comptroller, US reserves sufficient for US customers unless a reciprocal arrangement permits otherwise, and a home country not under comprehensive US sanctions or a primary money laundering concern: "The prohibitions under section 3 shall not apply to a foreign payment stablecoin issuer if all of the following apply: (1) The foreign payment stablecoin issuer is subject to regulation and supervision by a foreign payment stablecoin regulator of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands that has a regulatory and supervisory regime with respect to payment stablecoins that the Secretary of the Treasury determines, pursuant to subsection (b), is comparable to the regulatory and supervisory regime established under this Act, including, in particular, the requirements under section 4(a). (2) The foreign payment stablecoin issuer is registered with the Comptroller pursuant to subsection (c). (3) The foreign payment stablecoin issuer holds reserves in a United States financial institution sufficient to meet liquidity demands of United States customers, unless otherwise permitted under a reciprocal arrangement established pursuant to subsection (d). (4) The foreign country in which the foreign payment stablecoin issuer is domiciled and regulated is not subject to comprehensive economic sanctions by the United States or in a jurisdiction that the Secretary of the Treasury has determined to be a jurisdiction of primary money laundering concern." | Pending. Treasury: digital asset service providers generally may not offer, sell or otherwise make available foreign-issued payment stablecoins unless the foreign issuer can and will comply with lawful orders and any reciprocal arrangement with its home jurisdiction: "In addition, digital asset service providers generally may not offer, sell, or otherwise make available foreign-issued payment stablecoins unless the foreign issuer has the technological capability to comply with, and will comply with, the terms of any lawful order and any reciprocal arrangement between the United States and the issuer’s home jurisdiction."; Pending. Except as provided in subsection (c) and section 18, beginning 3 years after enactment it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin to a person in the United States unless it is issued by a permitted payment stablecoin issuer: "Except as provided in subsection (c) and section 18, beginning on the date that is 3 years after the date of enactment of this Act, it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin to a person in the United States, unless the payment stablecoin is issued by a permitted payment stablecoin issuer." | GENIUS Act section 3(b)(2), as described by Treasury (proposed rule release); GENIUS Act (Public Law 119-27), section 3(b)(1); GENIUS Act (Public Law 119-27), section 18(a) | 12 November 2026 |
| Vietnam | Not found in Government Resolution No. 05/2025/NQ-CP on the crypto-asset market pilot, Law No. 71/2025/QH15 on Digital Technology Industry or Decree No. 284/2026/ND-CP on administrative penalties for crypto-assets and the crypto-asset market (official full texts, read 12 November 2026), checked 2026-11-12. | Not found in Government Resolution No. 05/2025/NQ-CP on the crypto-asset market pilot, Law No. 71/2025/QH15 on Digital Technology Industry or Decree No. 284/2026/ND-CP on administrative penalties for crypto-assets and the crypto-asset market (official full texts, read 12 November 2026), checked 2026-11-12. | Government Resolution No. 05/2025/NQ-CP; Law No. 71/2025/QH15; Decree No. 284/2026/ND-CP | 12 November 2026 |
Argentina
Australia
ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867, section 9
Brazil
Resolução BCB nº 520, art. 65, I
Canada
Department of Finance, Canada's Stablecoin Framework
European Union
MiCA (Regulation (EU) 2023/1114), Article 48(1)
Hong Kong
Stablecoins Ordinance (Cap. 656), as described in HKMA press release of 21 May 2025
Indonesia
POJK 27/2024 as amended by POJK 23/2025
Japan
電子決済手段等取引業者に関する内閣府令 (Cabinet Office Ordinance No. 48 of 2023), Article 2(3)(i)
FSA release of 19 May 2026 on the amended Cabinet Office Ordinance on Electronic Payment Instruments Exchange Service Providers
Kazakhstan
AIFC Rules on Digital Asset Activities (DAA), Rule 2.8.1(3)(b)
Mexico
Nigeria
SEC Nigeria Proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, Part 11, rule (4)(a)
Philippines
Russia
Singapore
MAS consultation paper on Payment Services Act amendments for stablecoins, para 5.12
South Africa
South Korea
Spain
Banco de España note of 10.07.2024 on MiCAR (Article 48.1 MiCAR)
Switzerland
FinIA amendment (consultation), SIF fact sheet
Thailand
Türkiye
Law No. 7518 (amending Capital Markets Law No. 6362); CMB Communiqués III-35/B.1 and III-35/B.2
Ukraine
United Arab Emirates
CBUAE Payment Token Services Regulation (C 2/2024), Article (5)2
United Kingdom
FSMA 2000 (Cryptoassets) Regulations 2026 (S.I. 2026/102), new RAO article 9M(2)(a)
United States
GENIUS Act section 3(b)(2), as described by Treasury (proposed rule release)
GENIUS Act (Public Law 119-27), section 3(b)(1)
VietnamA dash means this site has no row for that role on this question. It is not a statement that no rule applies.
Cite as: What are the rules for foreign-issued stablecoins?, achivx.org, https://achivx.org/regulation/foreign-stablecoin-rules/, as of 2026-11-12, CC BY 4.0