Stablecoins & Digital Money

South Africa's National Treasury/SARB withdrew their draft Capital Flow Management Regulations 2026 approach to cross-border crypto/stablecoin transfers (Gazette No. 7375, 17 April 2026) after public backlash, and will redraft with no fixed timetable; this… 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 stablecoin-specific statute; fiat-referenced tokens are addressed indirectly via the CNV PSAV registry (Law 27.739), which was substituted by CNV General Resolution 1172/2026 on 14 October 2026, tightening the registration threshold and… Full module →

HKMA granted stablecoin issuer licences to only 2 of 36 applicants (Anchorpoint Financial, HSBC) by 10 April 2026 under the Stablecoins Ordinance (Cap. 656); remaining 34 applicants under further engagement with no definitive timetable.

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's MiCA transitional period for pre-existing VASPs/CASPs expired 1 July 2026; FSMA confirms zero FSMA-granted MiCA authorisations and has added six unauthorised firms to its fraudulent-CASP list since 6 July 2026.

Resolução BCB nº 520/2025 (in force 2 Feb 2026) establishes authorisation requirements for virtual-asset service providers, with a 30 October 2026 application deadline for existing providers; Resolução BCB nº 561/2026 (in force 1 Oct 2026) bans use of virtual… 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's stablecoin oversight, previously exercised only indirectly through provincial securities regulators via CSA Staff Notice 21-333, is being operationalised federally: on 24 Oct 2026 the Department of Finance published draft Stablecoin Regulations under… 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 federal stablecoin framework via the Stablecoin Act (Bill C-15), Royal Assent 2026-03-26, designating the Bank of Canada as supervisor of stablecoin issuers serving Canadians including New Brunswick residents. The regime is enacted… 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 stablecoin/digital-money perimeter remains split between the CMF (crypto-assets as financial instruments, Fintech Law) and the Banco Central de Chile (BCCh), which under amended art. 35 No.8 of its Organic Law is empowered to set general-rule… 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 →

Cyprus applies MiCA directly as an EU member state; CySEC is the designated competent authority for CASPs and ART issuers, with the Central Bank of Cyprus handling e-money-token issuers. The Article 143(3) national transitional regime for pre-MiCA registered… Full module →

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 →

BCRD bars regulated financial institutions from cryptocurrency engagement; no legal-tender status or dedicated VASP framework exists; an unconfirmed VASP-licensing bill is logged as an unverified horizon item.

Ecuador maintains a bank-facing prohibition on crypto payments pending enabling legislation, with a draft VASP registry chapter and a possible BCE tokenised-dollar pilot on the horizon.

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 (Regulation (EU) 2023/1114) governs EEA stablecoins — applying directly across the EU-27 (Titles III and IV for ARTs and EMTs since 30 June 2024; CASP regime since 30 December 2024, with Art 143(3) grandfathering windows ended 1 July 2026) and… 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 enact a dedicated DLT framework via the Financial Services (Distributed Ledger Technology Providers) Regulations 2020 (LN 2020/014, subsidiary to the Financial Services Act 2019 Part 2 and Schedule 2), built on nine… 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's Stablecoins Ordinance (Cap. 656) has been in force since 1 August 2025; HKMA moved from framework to execution, granting its first two issuer licences (HSBC; Anchorpoint Financial) on 10 April 2026 out of 36 applicants.

Hungary has reversed its 2025-vintage crypto-asset exchange validation/criminalisation overlay. Act 2026 évi XXXVIII, effective 7 August 2026, repeals the mandatory validator-certification regime for crypto-to-fiat and crypto-to-crypto exchanges that had… 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 →

Ireland's national MiCA transitional period for pre-existing VASPs ended 30 December 2025 under S.I. No. 607/2024, Regulation 20; this national date governs for Ireland, distinct from the EU-wide Article 143(3) outer limit of 1 July 2026. Separately, the… 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 →

Kenya's Virtual Asset Service Providers Regulations, 2026 (L.N. 134/2026) give the CBK a gatekeeping role over fiat-referenced stablecoin issuance and listing, with a KES 300 million minimum capital requirement for stablecoin issuers and a prohibition on… 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 has pulled stablecoin activity fully inside its foreign-exchange and VASP-licensing perimeter (BCB Resolutions 519-521, effective 2 February 2026); a further restriction (Resolution 561) bars regulated electronic-FX providers from using stablecoins to… 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 →

MiCAR is fully pre-implemented in Liechtenstein via the EWR-MiCA-Durchfuhrungsgesetz, in force since 1 February 2025. The 1 July 2026 TVTG-to-CASP conversion deadline has passed; FMA-LI has granted Article 63 CASP authorisations to Damoon Technology (Europe)… 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 →

MiCA's national VASP-to-CASP transitional regime for Luxembourg-registered entities ended 1 July 2026; the CSSF is now the licensing/supervisory authority for full CASP authorisation, with first full authorisations (e.g., Ripple) already granted, positioning… Full module →

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 →

Malta's domestic cryptoasset framework is now exclusively MiCA (Cap. 647); the VFA Act (Cap. 590) was repealed 3 July 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 →

Aviso No. 4/GBM/2026 establishes new limits on outbound payments abroad made via bank cards, revoking Aviso No. 9/GBM/2025 of 9 December 2025. The specific new limit value has not been resolved from indexed source text this cycle.

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 is mid-transition from AML-registration-only VASP status to full MiCA authorisation via the domestic Crypto Assets Act; the transitional period for existing VASPs was extended to the maximum permitted window of 30 June 2026.

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 →

Poland has no operational domestic CASP/MiCA authorisation route. The national Crypto-Asset Market Act has been vetoed three times (Dec 2025, Feb 2026, 11 June 2026) and a Sejm override attempt failed 2026-09-04. The Art 143(3) MiCA transitional period ended… 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.

SAMA's Rules for Electronic Wallets (in force from 11 February 2025) require electronic money companies to classify customers and ensure no customer holds e-money or performs payment transactions exceeding SAMA-set financial limits per calendar month, and to… 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 →

Slovakia implements MiCA via national Act No. 248/2024 Z.z., with NBS as the sole national competent authority for crypto-asset and e-money-token matters; Act No. 30/2026 Z.z. (effective 1 March 2026) amended the national MiCA law to remove a bespoke national… 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 →

Bank of Korea announced (24 Oct 2026) it is building an international cooperation framework to monitor and combat illegal cross-border digital-asset/stablecoin flows, including a planned Foreign Exchange Transactions Act revision; FSC confirmed the initiative… 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 →

SNB continues to treat stablecoins as a monetary-policy-relevant but currently niche phenomenon in Switzerland, with Governing Board member Petra Tschudin (Sept 2026) framing large stablecoins as a burden on monetary-policy transmission, while running the… Full module →

Taiwan's Virtual Asset Service Act (VASA), passed 30 June 2026 and promulgated 22 July 2026, creates the jurisdiction's first dedicated stablecoin framework: issuance requires both Central Bank consent and FSC permission, full reserve assets held in trust… 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 →

The CBUAE Payment Token Services Regulation remains the federal stablecoin/payment-token framework, now sitting alongside VARA's Virtual Asset Issuance Rulebook and the CMA's new Decision No. 4/R.M/2026 virtual-asset framework, creating an overlapping… Full module →

On 22 June 2026 the Bank of England published its policy statement 'Sterling-denominated systemic stablecoins' and a draft Systemic Stablecoin Issuer Code of Practice (consultation closed 22 September 2026; final Code due by end-2026 ahead of 2027… 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's SB249 (Ch. 50 SLA 26, signed 2026-06-30, effective 2026-10-01) creates a dedicated virtual-currency kiosk (crypto-ATM) licensing and conduct regime under AS 06.55, with transaction caps, fee caps, mandatory fraud warnings and reporting; Alaska DBS… 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's Digital Financial Assets Law (DFAL) licensing requirement became operative July 1, 2026, administered by DFPI; SB 97 (signed June 30, 2026) made clean-up amendments including removal of the statute's stablecoin-specific provisions immediately… 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 enacted Senate Bill 19, the Delaware Payment Stablecoins Act (signed 2026-07-06/07), creating a state licensing and supervisory framework for payment stablecoin issuers, designed to be substantially similar to the federal GENIUS Act. Licensure is not… 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's state-qualified payment-stablecoin issuer regime (Ch. 2026-176 / CS/CS/HB 175, companion SB 314), aligned to the federal GENIUS Act, took its core licensing, prudential and activity-limit provisions into effect October 1, 2026; annual… 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's DACPA/DAKA implementing rules (38 Ill. Adm. Code 1031/1032) advanced to Second Notice, with a JCAR hearing scheduled for 2026-10-20.

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

Iowa regulates digital-asset-transaction kiosks (crypto ATMs) and virtual-currency money transmission under Iowa Code ch. 533C (IDOB-administered). The October 30, 2026 Iowa Supreme Court ruling clarifies that the kiosk-specific consumer-protection provision… Full module →

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's Virtual Currency Businesses Act (VCBA) had its July 1, 2027 sunset repealed by Act 923 (SB163), effective Aug 1, 2026, replaced with a conditional federal-preemption clause; the Louisiana Money Transmission Act (Act 888) also treats certain… 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.

NYDFS's proposed 23 NYCRR Part 202 (Authorized Payment Stablecoin Issuers), published July 22, 2026, remains at the proposed/consultation stage; a16z's September 21, 2026 letter (reported October 20-21, 2026) presses NYDFS to delay or rewrite the rule pending… Full module →

North Carolina has no bespoke stablecoin or crypto-asset statute; virtual-currency activity (including crypto 'kiosk'/ATM conversion) is regulated through the general Money Transmitters Act (Article 16B, Chapter 53), administered by the Commissioner of Banks… Full module →

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 →

South Carolina enacted S.163 (Ch. 47, Title 34), effective May 19, 2026, exempting digital-asset mining, node operation, blockchain software development, and crypto-to-crypto exchange (no fiat/bank-deposit leg) from the state money transmitter licence… 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 has no bespoke stablecoin/digital-money statute; virtual-currency business activity is explicitly drawn into the general money-transmission regime under 8 V.S.A. ch. 79, and as of Act 142 (H.648, signed 16 Jun 2026, effective 1 Jul 2026) the state has… Full module →

Virginia Chapter 19.1 excludes virtual currency from statutory 'money'; a not-yet-effective Virtual Currency Kiosk License (Chapter 22.2, eff. 1 Jul 2027) will licence kiosk operators specifically. No stablecoin-specific regime exists; token characterisation… Full module →

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 →

Federal GENIUS Act stablecoin framework (Public Law 119-27) applies as a national overlay to Wisconsin-serving payment stablecoin issuers; final rules due July 2026, enforcement January 2027.

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.