Stablecoins & Digital Money

The bloc has shifted from prohibition to licensing on digital money. Nigeria's eNaira CBDC (launched Oct 2021) has effectively failed on adoption, while regulated naira stablecoin cNGN launched in 2025 under SEC/CBN oversight and the Investments and… Full module →

Algeria maintains one of the world's strictest positions on digital assets: a comprehensive criminal ban on all cryptocurrency and stablecoin activity (Law 25-10, July 2025), with no regulatory pathway for issuance, custody, or redemption.

Argentina has no dedicated stablecoin reserve/redemption regime; stablecoins are not legal tender but may be held by private agreement. The crypto perimeter is a CNV VASP/PSAV registration and conduct regime (Law 27,739 amending AML Law 25,246; CNV RG… Full module →

APAC is now a global frontrunner on payment-stablecoin regulation. Hong Kong's Stablecoins Ordinance (HKMA-licensed) took effect 1 August 2025; Japan regulates fiat-pegged stablecoins as Electronic Payment Instruments (EPIs) under the PSA with issuance… Full module →

Australia is moving payment stablecoins into the SVF/digital-money framework rather than a bespoke EMT/ART regime. Under Treasury's draft, payment stablecoins (stable value vs fiat, fully backed by cash/cash-equivalents) are to be regulated as 'payment… Full module →

Austria's digital-money regime combines the long-standing E-Geld Gesetz 2010 for traditional e-money with MiCAR, now fully in force for crypto-asset service providers and issuers (including stablecoin EMTs/ARTs) with the FMA as competent authority. Uptake… Full module →

Bangladesh maintains a formally restrictive stance on cryptocurrency and stablecoins: Bangladesh Bank has repeatedly stated crypto is not authorised legal tender and that FX/AML law prohibits virtual currency use, while pursuing its own e-Taka CBDC… Full module →

Belgium applies MiCA via the Law of 11 December 2025, splitting supervision on a twin-peaks basis: NBB is competent for ARTs and EMTs, while the FSMA supervises CASP authorisation/conduct and other crypto-asset white papers. A transitional regime for… Full module →

E-money is regulated under Law 12.865/2013 as a prepaid payment-account balance, distinct from virtual assets. Brazil implemented a banking-grade virtual-asset/VASP regime via Law 14.478/2022 and BCB Resolutions 519/520/521 of 10 Nov 2025 (in force 2 Feb… Full module →

Bulgaria fully transposed MiCA via MICAL (State Gazette No.54/04.07.2025, in force 8 July 2025). FSC is the default competent authority for CASPs/ARTs; BNB is competent authority for EMTs/stablecoins as e-money under the PSPSA. Grandfathering runs to 1 July… Full module →

Cambodia's crypto/stablecoin regime is anchored in the Prakas on Transactions Related to Cryptoassets (Prakas B7-024-735 Prokor), issued 26 December 2024 and effective immediately in early 2025. It replaces the prior informal 2018 NBC/SERC/police ban with a… Full module →

Cameroon has no national cryptocurrency law; CEMAC-level policy is restrictive — COBAC/BEAC prohibit banks and financial institutions from engaging in cryptocurrency transactions. BEAC is instead pursuing a sovereign digital CFA franc (CBDC) to preempt… Full module →

Canada is transitioning from an interim provincial securities approach (CSA treating stablecoins as 'value-referenced crypto assets', securities/derivatives, under Staff Notices 21-332/21-333) to a purpose-built federal prudential regime. The Stablecoin Act… Full module →

Canada's stablecoin posture is unsettled between the CSA/ASC's securities-law treatment and a federal Stablecoin Act (Bill C-15 Div. 45, tabled Nov 4, 2025) creating a Bank of Canada issuer registry. Alberta's ATB Financial, alongside National Bank, backs… Full module →

Canada's first comprehensive stablecoin framework, the Stablecoin Act (via Bill C-15), received Royal Assent March 26, 2026, designating the Bank of Canada as federal regulator/supervisor of fiat-referenced stablecoin issuers serving Canadians including BC… Full module →

Canada enacted its first comprehensive federal Stablecoin Act via Bill C-15 (Royal Assent March 26, 2026), designating the Bank of Canada as primary regulator of fiat-backed stablecoin issuers, with the framework expected in force in 2027; Canada shelved… Full module →

Canada enacted its first purpose-built stablecoin framework (the Stablecoin Act, via Bill C-15) on Royal Assent March 26, 2026, designating the Bank of Canada as supervisor of non-financial-institution fiat-backed stablecoin issuers, with mandatory… Full module →

Canada's first purpose-built stablecoin framework (the Stablecoin Act) received Royal Assent via Bill C-15 on March 26, 2026, designating the Bank of Canada as regulator of non-financial-institution fiat-backed stablecoin issuers; full implementation is… Full module →

Chile's Fintech Law 21.521 defines 'virtual financial assets'/cryptoassets (excluding money) and assigns crypto intermediaries to the CMF perimeter, while stablecoins used as a payment method fall under Banco Central de Chile (BCCh) prudential rules when… Full module →

PBOC's e-CNY transitions from 1 January 2026 into an interest-bearing 'digital deposit currency'; mainland China maintains a strict ban on crypto trading/private stablecoins while Hong Kong's Stablecoins Ordinance operates as an offshore sandbox that Beijing… Full module →

As of mid-2026 Colombia has NO comprehensive in-force crypto/stablecoin law. SFC and Banco de la República have repeatedly stated crypto-assets are not legal tender, currency or securities; the SFC historically restricted supervised entities from… Full module →

Costa Rica has no stablecoin-specific or comprehensive VASP licensing law in force. The BCCR does not treat cryptoassets as legal tender but does not prohibit private use. A VASP AML/CFT registration reform (building on Bill 22.837) has been reported as… Full module →

Croatia implements MiCA via its own Implementation Act (12 July 2024), with HANFA as the CASP-licensing NCA (Titles II, V, VI) and HNB overseeing EMT/ART issuers (Titles III, IV). Legacy VASPs have a transition window to 1 July 2026 to obtain full CASP… Full module →

Curacao regulates virtual assets via the National Ordinance on the Supervision of Virtual Asset Service Providers (Landsverordening toezicht virtuele activa dienstverleners), administered by CBCS, with a public VASP register and full AML/CFT integration into… Full module →

MiCA (Reg (EU) 2023/1114): CBC is competent authority for EMTs (Title IV); CySEC supervises ARTs (Title III), other crypto-assets (Title II) and CASPs (Title V). EMT issuance restricted to credit institutions/EMIs. Transitional window to 1 July 2026.

The Czech Republic applies MiCA directly as EU law, operationalised nationally via Act No. 31/2025 Coll. (Digital Finance Act, in force 15 February 2025), which designates the CNB as competent authority for CASP licensing and ART/EMT oversight. Czech Republic… Full module →

Denmark has no domestic stablecoin-specific statute; MiCA (EMT/ART regime) now governs stablecoin/e-money-token issuance and CASP authorisation, with Finanstilsynet as competent authority (e.g. GCEX's full MiCA licence). Danmarks Nationalbank explored a… Full module →

DR has no specific legal/licensing framework for cryptocurrencies or stablecoins; BCRD/Monetary Board have repeatedly stated digital assets are not legal tender and prohibited regulated institutions from dealing in them.

Ecuador has no stablecoin or digital-asset licensing framework: the Central Bank maintains that crypto-assets are neither legal tender nor an authorised electronic payment method, while a standalone crypto-assets bill remains in legislative process.

Egypt has no permissive stablecoin/crypto regime — the posture is prohibitive. Law 194/2020 (Art. 206) prohibits issuance, trading, promotion or operation of crypto-asset platforms without prior CBE approval, and the CBE confirms no such licence has ever been… Full module →

Estonia rebased its virtual-asset regime onto MiCA via the CMA (in force 1 July 2024); FIU-to-Finantsinspektsioon supervisory shift; transition window to 1 July 2026; zero domestic CASP authorisations as of the last available (August 2025) snapshot.

MiCA governs EEA stablecoins (EMT single-currency / ART basket). Transitional regimes run to 1 July 2026. EBA No-Action Letter transition ends 2 March 2026; the Opinion of 12 Feb 2026 clarifies (does not narrow) post-transition supervisory expectations for… Full module →

Finland's MiCA transition (six months, ended 30 Jun 2025) is among the EU's shortest; FIN-FSA authorises EMT/ART issuance and CASP activity; Paxos Issuance Europe Oy issues MiCA-compliant USDG.

MiCA EMT/ART supervision split (ACPR for EMTs/ARTs, AMF for CASPs/white papers/market abuse); MiCA stablecoin provisions applicable since 30 June 2024; Circle first EU MiCA-compliant EMI (licence aligned to 30 June 2024, announced 1 July 2024); BdF flags MiCA… Full module →

Euro stablecoins regulated as EMTs under MiCAR; KMAG implements MiCAR domestically arming BaFin name-and-warn powers; EURAU (AllUnity) first MiCA-authorised German euro stablecoin (1 July 2025); grandfathering closed end-2025.

Dual digital-money regime: in-force cedi e-money under Act 987/DEMI, and enacted-but-not-yet-operational VASP Act 1154 (BoG primary licensor, SEC/FIC coordinating). Crypto not legal tender; SEC 12-month sandbox precedes licensing window.

Gibraltar was the first jurisdiction to regulate DLT, via the Financial Services (Distributed Ledger Technology) Regulations 2020 (subsidiary to the Financial Services Act 2019), built on nine/ten regulatory principles. DLT providers storing or transmitting… Full module →

Greece implements MiCA directly via Law 5193/2025 (in force 11 April 2025), designating HCMC as CASP authoriser and BoG as prudential supervisor for ART/EMT issuers. Transitional/grandfathering window ran to 31 December 2025. HCMC Decision 8/1059/2025 sets… Full module →

Hong Kong has a dedicated, in-force stablecoin regime: the Stablecoins Ordinance (Cap. 656) commenced 1 August 2025, making the issuance of fiat-referenced stablecoins (FRS) a licensed activity supervised by the HKMA. Issuers in HK, and HKD-linked FRS issuers… Full module →

Hungary transposed MiCA via Act VII of 2024, with the MNB as sole crypto-asset supervisor since 1 January 2025 and a 6-month national grandfathering window that closed 1 July 2025. Hungary layers a distinctive national 'Validator' certification regime on top… Full module →

Iceland has no bespoke domestic stablecoin statute; crypto/DLT activity is lightly regulated and captured mainly via AML law. MiCA is not yet incorporated into the EEA Agreement for Iceland, leaving the existing EMI/e-money route (illustrated by Monerium's… Full module →

India's digital-money posture is CBDC-led and stablecoin-sceptical. The RBI's Digital Rupee (e₹), a tokenised CBDC and legal tender backed by RBI, launched wholesale (Nov 2022) and retail (Dec 2022) pilots and by 2026 carries ~7-8 million retail users with… Full module →

SCS framework finalised 15 Aug 2023 (SGD/G10-pegged, issued in Singapore); enabling PS Act amendments expected mid-2026, enactment unverified as of June 2026 cycle.

Ireland applies the EU Markets in Crypto-Assets Regulation (MiCA), transposed nationally via the European Union (Markets in Crypto-Assets) Regulations 2024 (S.I. 607/2024), designating the CBI as national competent authority under MiCA Articles 60–62… Full module →

The Isle of Man has no bespoke stablecoin/ART-EMT licensing regime akin to MiCA. Convertible virtual currency (CVC) activity, including stablecoins, is captured as a 'designated business' under the Designated Businesses (Registration and Oversight) Act 2015… Full module →

Italy implements MiCA via D.Lgs. 129/2024, splitting supervision between CONSOB (lead NCA for CASP Title V authorisation) and Banca d'Italia (EMT/ART issuer authorisation under Title III and AML supervision). Italy's national MiCA transitional regime for… Full module →

There is no MiCA-equivalent stablecoin framework in UEMOA. Digital money in Côte d'Ivoire is governed by the regulated e-money (monnaie électronique) regime under Instruction n°008-05-2015, dominated by mobile money. On crypto-assets/stablecoins specifically… Full module →

Fiat-pegged par-redeemable stablecoins are EPIs under PSA Art 2(5) (effective June 2023); issuance limited to banks, trust companies and registered FTSPs. Act No. 66 of 2025 (June 2026 implementation) relaxes trust-type reserves to JGB/US bonds and… Full module →

Kazakhstan runs a bifurcated digital-asset regime: unsecured digital assets (crypto) are generally confined to the AIFC under the Law on Digital Assets (No.193-VII, in force since April 2023), while a 2025 amendment opened nationwide crypto circulation, and a… Full module →

VASP Act 2025 in force 4 Nov 2025; dual-regulator model (CBK payment-related virtual assets/stablecoins; CMA exchanges/tokenisation). Implementing VASP Regulations 2026 in draft (consultation closed 10 Apr 2026), not confirmed gazetted as of 24 Jun 2026… Full module →

Laos operates a ministerial-level pilot regime for digital assets rather than a finalised statutory framework: MOTC Decision 888/MOTC (2021) and BOL Decision 777/BOL (2021) govern trial cryptocurrency trading platforms and mining, while Decree 52 defines… Full module →

Brazil is LATAM's most advanced stablecoin/VASP regime (Res. 519/520/521 eff. 2 Feb 2026; full fiat/public-debt backing; algorithmic prohibition; FX integration). Res. 561 (May 2026) imposes a partial ban on stablecoins as eFX backend settlement from Oct… Full module →

Law on Crypto-asset Services in force 30 June 2024, Latvijas Banka sole CASP supervisor; VASP-to-CASP application deadline 30 June 2025 (six-month transition per challenge-verified sources, NOT the 12-month/Dec-2025 extension in prior draft); three CASP… Full module →

Liechtenstein's digital-money regime combines its pioneering national Token and Trusted Technology Service Provider Act (TVTG, in force since 1 January 2020) with the EEA-incorporated MiCAR regime (EWR-MiCA-DG, effective February 2025). Stablecoins classified… Full module →

BoL is MiCA NCA for ART/EMT issuers and CASPs; ART/EMT requirements from 30 June 2024, MiCAR full from 30 Dec 2024; LT Law on Markets in Crypto-Assets in force 25 July 2024; EMT issuance restricted to authorised EMIs/credit institutions; CASP transition… Full module →

MiCAR governs ART/EMT; CSSF national competent authority under law of 6 Feb 2025; ART/EMT provisions from 30 Jun 2024, CASP from 30 Dec 2024; VASP transition ends 1 Jul 2026; Banking Circle issues EURI EMT from Luxembourg.

Macau maintains a prohibitive stance on private crypto-assets/stablecoins as payment rails -- AMCM treats virtual assets as non-legal-tender and views crypto-fiat exchange as a breach of the Financial System Act, while DICJ separately bans gaming-related… Full module →

Malaysia has NO finalised payment-stablecoin framework in force as of mid-2026. Crypto/digital assets that exhibit investment characteristics are classified as securities and regulated by the Securities Commission Malaysia (SC) under the Capital Markets and… Full module →

MiCA implemented via Markets in Crypto-Assets Act (Cap. 647) and Act XIV of 2024 (Titles III/IV); Title III/IV effective 30 Jun 2024, full CASP regime from 30 Dec 2024; MFSA supervises live EMT issuer StablR (EURR); BVNK obtained MiCA CASP licence Feb 2026.

Mexico has no dedicated stablecoin framework; e-money is governed by the IFPE regime under the Fintech Law. Virtual assets are narrowly defined (Fintech Law Art. 30 + Banxico Circular 4/2019) and are NOT legal tender. A 2021 joint Banxico/SHCP/CNBV press… Full module →

Morocco has an e-money framework (EMIs under Law 103-12, MAD 3m capital, BAM-licensed) but cryptocurrencies remain banned domestically; a draft crypto/digital-asset law with AML/CFT requirements has been in preparation. BAM is separately developing a CBDC… Full module →

Mozambique has no dedicated stablecoin or crypto-asset law. Cryptocurrency use is legal but unregulated in substance: BdM warned against Bitcoin in 2018, does not currently regulate or monitor crypto transactions in a comprehensive way, but since 2023… Full module →

Myanmar has no licensing or legislative framework for cryptocurrency or stablecoins; the CBM maintains a blanket prohibition (Directive 9/2020, reiterated in a May 2024 public notice) enforced via account freezes and prosecutions under the AML Law, Financial… Full module →

Nepal maintains a comprehensive, judicially-upheld ban on all private cryptocurrency and stablecoin activity, grounded in the Foreign Exchange (Regulation) Act 1962/2019 and NRB Act 2058 Sections 4, 5(d) and 113. NRB is separately exploring a CBDC but has no… Full module →

MiCAR governs NL stablecoins; DNB supervises EMT/ART issuers, AFM is CASP authority. NL chose a shortened transitional window ending 1 Jul 2025 (~12 months enforced as of mid-2026). Quantoz Payments authorised (EURQ/USDQ); bank-consortium euro stablecoin… Full module →

NZ has NO stablecoin-specific legislation. Stablecoins are assessed case-by-case under the FMC Act (potential debt-security characterisation). RBNZ adopted a 'increased vigilance, not regulation' posture from June 2023 following the Future of Money… Full module →

Nigeria's digital-money regime is bifurcated. E-money/payment digital balances sit under the CBN (MMO/PSB framework and the eNaira CBDC), while crypto and stablecoins fall to the SEC under the Investments and Securities Act (ISA) 2025, enacted 31 March 2025… Full module →

Norway has moved from an AML-registration-only crypto regime to full MiCA/TFR II implementation via the EEA Agreement, with the national Crypto Assets Act in force since July 2025; e-money that qualifies as an EMT under MiCA remains subject to the E-Money… Full module →

Virtual Assets Act 2026 (successor to July 2025 Ordinance) grants PVARA permanent statutory status; algorithmic stablecoins prohibited, fiat/asset-backed tokens permitted under licensing/reserve rules; SBP authorises bank accounts for licensed VASPs (Apr… Full module →

Panama has no comprehensive crypto/stablecoin law in force. A 2021-22 crypto bill (Bill 697) was partially vetoed by President Cortizo in June 2022 over AML concerns and was struck down as unconstitutional by the Supreme Court in July 2023, leaving digital… Full module →

Peru has no comprehensive cryptoasset or stablecoin statute. Supreme Decree 006-2023-JUS requires VASPs to run AML/CFT programmes reporting to UIF-Peru, with a GAFI-aligned travel-rule obligation phasing in for VASPs (effective date/instrument number requires… Full module →

Digital money spans the EMI e-money regime, a BSP regulatory-sandbox peso stablecoin (PHPC by Coins.ph), VASP rules (Circular 1108) and the wholesale CBDC programme (Project Agila / CBDCPh). PHPC completed its sandbox phase in mid-2025; the wholesale CBDC PoC… Full module →

UUP e-money regime stable (EMI EUR350k; KIP e-money up to EUR5m/month, PL territory only). Crypto-Asset Market Act (MiCA transposition) vetoed 1 Dec 2025, re-passed by Sejm 19 Dec 2025 to Senate — national CASP authorisation pathway UNCERTAIN through… Full module →

Portugal completed MiCA implementation via Law 69/2025 (published 22 December 2025), establishing a twin-peaks CASP supervisory model splitting duties between Banco de Portugal (prudential, ARTs/EMTs) and CMVM (conduct, other crypto-assets). A transitional… Full module →

Conservative split posture: e-money regulated onshore under PSR; QFC Digital Assets Framework (in force 1 Sept 2024) classes cryptocurrencies/stablecoins/CBDCs as Excluded Tokens, preserving the 2019 ban; wholesale CBDC in development.

Romania transposed MiCA (Regulation EU 2023/1114) via Emergency Ordinance 10/2025, in force 13 March 2025. ASF authorises CASPs, ARTs and other-crypto white papers; BNR supervises EMT issuance by credit institutions and EMIs. The MiCA transitional regime ends… Full module →

The digital ruble is Russia's CBDC, piloted since August 2023 and mandated for mass rollout from 1 September 2026 for systemically important banks and large retailers, with staged deadlines out to 2028 for smaller institutions. It is designed as a third form… Full module →

No private-stablecoin framework; e-money regime (Reg 54/2022) + e-FRW CBDC. PoC complete (Oct 2025), 12-month pilot from Feb 2026, no issuance decision.

E-money is regulated and licensed (EMI regime under the Law of Payments and Payment Services), but private cryptocurrencies and stablecoins remain outside the formal regulatory perimeter. Since a 2018 standing-committee declaration, virtual currencies are not… Full module →

No bespoke stablecoin regime; e-CFA CBDC in development, launch date unconfirmed (corrected from prior conflation with 30 Sept 2025 PI-SPI launch).

Digital assets (virtual currencies and digital tokens) are governed by the Law on Digital Assets (RS Official Gazette 153/2020), in force since 29 June 2021, with dual supervision split between the NBS (virtual currencies) and the Securities Commission… Full module →

MAS finalised its single-currency stablecoin (SCS) regulatory framework on 15 August 2023, applying to SCS pegged to SGD or a G10 currency and issued in Singapore. Qualifying issuers may earn the 'MAS-regulated stablecoin' label subject to 100% high-quality… Full module →

Crypto-asset services in Slovakia transitioned from an unregulated/AML-registration-only regime to full MiCA-based CASP authorisation by NBS, which became the exclusive route from 31 December 2025 (Act No 248/2024 Coll.). Confidence held at High pending… Full module →

MiCA is fully in force in Slovenia via the Act Implementing the Regulation on Markets in Crypto-Assets (Official Gazette No. 95/2024). Competence is split: Banka Slovenije authorises and supervises e-money-token (EMT) issuers (as EMI or bank), while ATVP… Full module →

South Africa has no dedicated stablecoin/e-money issuance framework in force: under the long-standing SARB 2009 Electronic Money position paper only registered banks may issue e-money, so a non-bank stablecoin falls outside the domestic e-money definition. On… Full module →

As of mid-2026 Korea has NO enacted stablecoin framework — this is a pending/horizon item, not in force. The Digital Asset Basic Act (which would define stablecoins and authorise won-pegged issuance) was repeatedly delayed from late 2025 due to a BOK/FSC… Full module →

CNMV/BdE split MiCA authority; transitional period extended from an initial 30-Dec-2025 deadline to the 18-month maximum ending 30-Jun-2026; CASP authorised-entity counts require verification.

Sri Lanka has no dedicated stablecoin/virtual-asset statute in force; crypto exists in a legal grey zone. The FIU is running a mandatory VASP survey and CBSL has proposed FTRA amendments to bring VASPs under AML/CFT registration, with a licensing bill still… Full module →

Sweden implements MiCA in full via FI as the single national competent authority, having amended the Currency Exchange and Other Financial Activities Act so crypto-asset services fall exclusively under MiCA/FI. FI granted Sweden's first full CASP licence to… Full module →

Switzerland has no dedicated stablecoin statute; FINMA applies existing law function-by-function. Most stablecoins are payment tokens and almost always fall under AMLA; depending on features they may constitute bank deposits (requiring a banking/fintech… Full module →

Taiwan passed a comprehensive Virtual Asset Service Act on 30 June 2026, moving crypto oversight from bare AML registration to full FSC licensing across seven VASP categories, with a dual FSC/central-bank approval gate, 100% reserve backing, and segregated… Full module →

Tanzania has no enacted stablecoin or virtual-asset framework; cryptocurrency remains under a de facto ban with the Tanzanian Shilling the sole legal tender. The BoT's 12 November 2019 public notice cautioned against virtual-currency use as contrary to FX… Full module →

USDT/USDC approved for regulated trading (16 Mar 2025); BOT THB-stablecoin Programmable Payment sandbox expanding; means-of-payment prohibition retained; dedicated statute pending.

Tunisia maintains one of the strictest crypto-asset postures in the region: a 2018 BCT directive under currency-control law criminalises unauthorised virtual-currency trading, mining and payments (up to five years' imprisonment), while a draft Code des… Full module →

Crypto-as-payment banned since Apr 2021; CASPs regulated under Law No. 7518 (Jul 2024); no MiCA-equivalent stablecoin category; Digital TL CBDC pilot phase one complete.

Uganda has no licensed stablecoin regime and treats crypto-assets as illegal payment instruments following a 2022 BoU circular and a confirmatory 2023 High Court ruling; the central bank is instead advancing a permissioned-blockchain CBDC ('digital shilling')… Full module →

Virtual assets remain in a transitional legal state: the 2022 Law On Virtual Assets is adopted but not yet in force pending Tax Code amendments, while a new draft Bill No. 10225-d (April 2025) proposes a two-regulator, MiCA-aligned regime with the NBU… Full module →

PTSR (Circular 2/2024) governs onshore stablecoins via three activities; Dirham Payment Tokens require a licence (AE Coin first, Dec 2024), Foreign Payment Tokens require registration (USDU first, Jan 2026); 100% HQLA reserves, par redemption, no yield… Full module →

On 22 June 2026 the BoE published its policy statement 'Sterling-denominated systemic stablecoins' and a draft Code of Practice, with consultation to 22 September 2026 and the Code to be finalised by end-2026 (regulated stablecoins from 2027). Per-holder… Full module →

The GENIUS Act (enacted July 18, 2025) established the first US federal framework for payment stablecoins, generally prohibiting issuance by anyone other than a 'permitted payment stablecoin issuer' (PPSI). It creates a dual federal/state track: issuers under… Full module →

Alabama enacted the Financial Innovation Market Expansion Act (HB259, signed April 9, 2026) creating a new Chapter 7B licensing regime for 'Alabama qualified payment stablecoin issuers' implementing the federal GENIUS Act, administered by the ASC. This sits… Full module →

Alaska has no bespoke stablecoin statute; virtual currency is folded into the existing money-transmission licensing perimeter. A November 2022 DBS rule change (3 AAC 13.810/13.990, effective Jan 1, 2023) brought virtual currency transactions squarely within… Full module →

Arizona has no dedicated state stablecoin-issuer licensing regime; digital/stored value is captured within the money transmission definitions of ARS 6-1201. The state's most substantive digital-money-adjacent regulatory action is the 2025 Cryptocurrency Kiosk… Full module →

Arkansas has no dedicated state stablecoin or digital-asset-payment issuer regime; digital-asset activity touching money transmission would fall under the existing Money Services Act. State legislative attention since 2023 has concentrated on crypto-mining… Full module →

California regulates digital money primarily through the Digital Financial Assets Law (DFAL — AB 39 + SB 401, codified at Cal. Fin. Code §3101 et seq.), signed 13 Oct 2023, a BitLicense-style regime whose core licensing requirement takes effect 1 July 2026… Full module →

Colorado has no dedicated stablecoin issuance/reserve/redemption statute. Its principal digital-asset instrument is the 2019 Digital Token Act securities exemption; the 2025 MTMA separately expands money-transmission scope to "digital money movement," pulling… Full module →

Connecticut treats virtual currency as within scope of money transmission (2017/2018 amendments), operates a distinct kiosk licensing/disclosure regime (Digital Assets Act) with 15% fee cap and daily limits actively enforced (Bulletin 3238, Mar 2026), and PA… Full module →

Delaware is building a comprehensive payment stablecoin regime via SB19 (Delaware Payment Stablecoin Act) and SB16 (Delaware Banking Modernization Act of 2026), designed to be "substantially similar" to the federal GENIUS Act so Delaware-licensed issuers can… Full module →

DC has no bespoke stablecoin statute; digital-asset activity is captured under the existing Money Transmitters Act (per the 2022 DISB bulletin and the Harmon precedent), overlaid by the new federal GENIUS Act framework and pending FinCEN/OFAC AML rulemaking… Full module →

Florida became the first US state to enact a comprehensive payment-stablecoin issuer framework (HB175/SB314), aligned to the federal GENIUS Act and effective October 1, 2026, paired with a Stablecoin Pilot Program letting the Department of Financial Services… Full module →

Georgia has no standalone stablecoin/digital-asset statute; virtual currency money transmission is folded into the general MTL regime under O.C.G.A. § 7-1-690, which directs DBF to enact virtual-currency-specific rules balancing innovation and consumer… Full module →

Hawaii has no bespoke stablecoin-issuance or reserve/redemption statute. Instead, following a four-year regulatory sandbox (the Digital Currency Innovation Lab, DCIL), DFI determined digital-currency activity does not fit the HRS 489D money-transmission… Full module →

Idaho has no enacted stablecoin-specific statute as of the baseline date. A GENIUS Act-aligned framework was introduced repeatedly in the 2026 session (HB586/821/901, SB1423) but none enacted. A separate Bitcoin/digital-asset rights framework (SB1296, 2024)… Full module →

Illinois has moved from a 2023 legislative proposal to an enacted, IDFPR-supervised digital-asset regime under DACPA (2025), which restricts stablecoin storage/trading to FDIC-insured-issuer or fully-reserved-issuer tokens, opens a Special Purpose Trust… Full module →

Indiana has no standalone stablecoin-issuer regime; governed by the federal GENIUS Act; no state certification filing identified.

Iowa treats virtual currency/stablecoins as monetary value under Chapter 533C; SF449 and IDOB guidance govern kiosks; GENIUS Act (July 2025) establishes the overarching federal stablecoin framework.

Kansas does not treat cryptocurrency as "money" under the KMTA, so pure crypto-to-crypto transfers fall outside state money-transmission licensing, while crypto-fiat exchange through a third party generally does trigger it; a dedicated Kansas fiduciary… Full module →

Kentucky enacted the Blockchain Digital Asset Act (HB701) in March 2025, giving the state one of the more permissive sub-national blockchain/digital-asset frameworks in the US, with statutory definitions for stablecoins, digital assets, and wallets folded… Full module →

Louisiana operates a stand-alone virtual currency licensing regime under the Virtual Currency Business Act (VCBA, Act 341 of 2020, as amended by Act 331 of 2023), the second such state-level regime in the US after New York's BitLicense and the first based on… Full module →

Maine has no dedicated stablecoin-issuer statute; digital-money regulation runs through MMTMA's virtual-currency-business-activity licensing limb and the 2025 kiosk law (transaction limits, fee caps, fraud refunds).

Maryland enacted the Maryland Stablecoin Act (SB662/HB1355) on May 12, 2026, effective January 1, 2027, establishing OFR as stablecoin regulator and a state-issuer/nondepository-trust-company route; a Blockchain Task Force reports by Oct 1, 2027.

Massachusetts has no bespoke stablecoin statute; the DOB treats convertible virtual currency (including stablecoins such as USDC) as "monetary value" under c.169B, requiring money transmitter licensure for issuance/exchange, while closed-loop tokens are… Full module →

Michigan has no dedicated state-level stablecoin issuance statute; the operative framework is the federal GENIUS Act (signed 2025-07-18), being implemented through OCC, FDIC and joint FinCEN/OFAC rulemakings during 2026, applicable nationwide including to… Full module →

Minnesota has no dedicated stablecoin-issuer/reserve statute; digital-asset activity is folded into the money-transmission regime via a Virtual Currency subchapter of Ch. 53B (definitions, business-activity conditions, property-interest treatment, and… Full module →

Mississippi has no enacted state stablecoin-issuance statute. State-level activity is limited to defeated CBDC-restriction/"Blockchain Basics" bills and the 2026 virtual-currency-kiosk licensing laws; the operative framework for any MS-touching stablecoin… Full module →

Missouri has no standalone state stablecoin-issuer chartering regime; digital-money activity is governed by the federal GENIUS Act framework and the state's kiosk-licensing extension.

Montana enacted the Financial Freedom and Innovation Act (SB 265) in October 2025, creating a network-token regulatory framework, CBDC prohibition, and self-custody protections, building on SB 178 (2023).

Nebraska is the first US state to charter a bank-issued stablecoin programme under the Nebraska Financial Innovation Act: Telcoin Digital Asset Bank (TDAB) received final NDBF charter approval Nov 12 2025 and began onchain bank-account/eUSD operations June 23… Full module →

Nevada has no dedicated stablecoin/virtual-currency licensing statute; digital-asset custody is routed through the NRS 669 trust-company regime or NRS 671 money-transmitter regime. The Prime Trust receivership (2023) is the standing-state anchor event for… Full module →

New Hampshire has no bespoke stablecoin statute; convertible-virtual-currency activity is exempt from money-transmitter licensure under RSA 399-G:3 (2017, reenacted 2024) but subject to RSA 358-A consumer protection. HB 639 ('Blockchain Basic Law'), which… Full module →

New Jersey has no enacted state-level stablecoin/virtual-currency licensing statute; the federal GENIUS Act is the operative framework, while a state Digital Asset and Blockchain Technology Act remains pending.

No dedicated NM stablecoin statute; federal GENIUS Act permitted-issuer regime governs, implementing rulemaking due 2026-07-18, no NM state-qualified-issuer program identified.

NY was the first US state to issue stablecoin guidance. USD-backed stablecoins issued by NYDFS-regulated VC entities (BitLicensees / limited purpose trust companies) must be fully backed by reserves, redeemable 1:1 at par under DFS-approved policies, and… Full module →

NC has no enacted stablecoin-issuer licensing regime; HB1029 passed the House 115-0 and is pending in the Senate as of July 2026 (not enacted); NC enacted a state-level CBDC prohibition (SL2024-48/HB690).

North Dakota has no dedicated stablecoin-issuer licensing statute; digital-money activity is governed instead through the general money-transmitter chapter (13-09.1) plus the federal GENIUS Act framework. The headline development is Bank of North Dakota's… Full module →

Ohio has no bespoke stablecoin-issuer licensing regime; digital assets are addressed indirectly through money-transmitter interpretive guidance and a cluster of pending legislation (HB 116 Blockchain Basics Act; SB 57/HB 18 Bitcoin Reserve bills) that would… Full module →

Oklahoma has no dedicated stablecoin-issuer licensing regime but has built adjacent digital-asset legal infrastructure: a 2024 statutory right to self-custody and use digital assets for payment, adoption of UCC Article 12 for controllable electronic records… Full module →

Oregon has no dedicated stablecoin or digital-asset issuer licensing statute; virtual currency is instead swept into the general Money Transmitters Act definition of 'money.' A narrow 2019 statute (HB 2488) restricts the state government's own acceptance of… Full module →

Pennsylvania has reversed its position on virtual currency under the Money Transmitter Act: after a 2019 guidance excluding virtual currency (including Bitcoin) from the definition of "money," DoBS issued an April 2024 Statement of Policy (effective October… Full module →

Rhode Island treats virtual-currency business activity (including stablecoin transmission) as currency transmission requiring licensure under Ch. 19-14/19-14.3, with dedicated kiosk-operator licensing, disclosure, and reserve-sufficiency rules. A newly… Full module →

SC moved decisively on digital-asset policy in 2026: S.163 bans state-entity CBDC use, entrenches self-custody rights, and grants tax neutrality for crypto payments; a pending Bitcoin-reserve bill and kiosk-licensing bill remain in committee. No state-level… Full module →

South Dakota has no bespoke stablecoin-issuer licensing regime but treats virtual-currency transmission as money transmission requiring SDCL 51A-17 licensure, imposes like-kind reserve requirements on virtual-currency transmitters, and has taken an active… Full module →

Tennessee has no bespoke state stablecoin-issuer licensing regime; virtual currency is explicitly excluded from the MTL/bond framework. The operative digital-money layer for TN-domiciled activity is federal: the GENIUS Act (2025) and pending OCC implementing… Full module →

Texas regulates fiat-backed stablecoin under the existing money-transmission framework (MSMA) rather than a bespoke stablecoin statute, treating redeemable, reserve-backed stablecoin as 'money'/'monetary value' subject to licensing, while a dedicated Chapter… Full module →

Utah has taken a deliberately permissive, exemption-led approach: blockchain tokens/cryptocurrency were carved out of the Money Transmitter Act in 2019-2020, and the 2025 Blockchain and Digital Innovation Amendments (HB230) further shield self-custody… Full module →

Vermont regulates virtual currency as money transmission under Chapter 79 Subchapter 10, with a distinct, actively-evolving kiosk regime under §2577 including a moratorium extended to July 1, 2026.

Virginia has no bespoke stablecoin-issuer licensing regime; digital-asset activity is governed by the federal GENIUS Act framework and Virginia's HB 798 unclaimed-property update covering digital assets, effective July 1, 2026.

Washington treats virtual currency (including stablecoins) as money transmission under 2017 RCW 19.230 amendments, layering a state licensing/custody regime atop the federal GENIUS Act (enacted 18 Jul 2025 but NOT YET OPERATIVE pending final implementing… Full module →

West Virginia has no enacted stablecoin-issuer licensing regime of its own; instead, 2025-2026 state legislative activity has centered on authorizing state treasury/vendor use of stablecoins and Bitcoin rather than regulating private issuance. Two bills are… Full module →

Wisconsin has no dedicated stablecoin-issuer or e-money reserve/redemption statute; virtual currency is addressed solely through the money transmission lens.

Wyoming has moved from enabling legislation to live issuance: the Wyoming Stable Token Commission (created under the Wyoming Stable Token Act, W.S. 40-31-101 et seq.) launched the Frontier Stable Token (FRNT) for public purchase on 7 January 2026 — the first… Full module →

Uruguay treats e-money (dinero electrónico) as a mature, BCU-authorised category under Ley 19.210. Separately, Ley N° 20.345 (Sept 2024) created a Proveedores de Servicios de Activos Virtuales (PSAV) perimeter, splitting financial (PSAVF, including… Full module →

Venezuela's state-led digital-currency experiment (the oil-backed Petro) formally ended in January 2024. SUNACRIP continues to license VASPs and crypto-mining activity, while the market has organically shifted toward USD-pegged stablecoins (USDT/USDC) as an… Full module →

Bifurcated regime — regulated e-money (1:1 prepaid, escrow-safeguarded) plus crypto-as-property under Law 71/2025 with a restrictive five-year pilot under Resolution 05 that bars fiat-backed stablecoins; crypto is not legal tender. Da Nang Basal Pay is the… Full module →

No stablecoin-specific statute; crypto not legal tender; BoZ CBDC plan runs 2024-2026 including a pilot; Currency Directives 2025 reaffirm Kwacha as sole legal tender.