---
title: "Enforcement & regulatory risk radar — World Payments Monitor"
canonical: https://payments.gi/radar
source_html: /radar.html
description: "Payments enforcement radar: fines, licence actions, public censures and supervisory interventions tracked across monitored jurisdictions and supervisory domains."
generated_at: 2026-11-15T08:17:58Z
content_sha256: e89a2e3dbc4541429c63fd35b8117bfeabac32ced718c4129abfc92fe561f423
generator: "fe-fleet/md-twin@1.0"
---
# Enforcement & regulatory risk radar — World Payments Monitor

W-all · Enforcement

# Enforcement & Regulatory Risk Radar

Real-time regulatory posture across 133 jurisdictions — risk level, trajectory, and primary pressure domains sourced from pipeline intelligence.

68
Elevated Risk

58
Monitored

7
Low Risk

133
JIDs tracked

133 jurisdictions

Risk Level

All (133)
Elevated (68)
Monitored (58)
Low (7)

Direction

All
⇄ fragmenting ↓ liberalising → stable ↑ tightening ~ uncertain

Module Domain

All
W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13 W1a W1b

[AE](/jurisdictions/united-arab-emirates/)

→
↑ tightening

Comprehensive FIT/NPSS infrastructure programme, PTSR stablecoin regime, Jaywan domestic scheme, Digital Dirham CBDC and an aggressive AML enforcement campaign post-FATF-grey-list exit.

W1a W2 W4 W9 W11

[AR](/jurisdictions/argentina/)

↘
↓ liberalising

April 2025 FX liberalisation, Open Finance Decree 353/2025, PSP-as-a-Service (May 2026) and CNDC->NCA transition mark a fast-moving but maturing payments regime.

W1a W2 W5 W9

[AT](/jurisdictions/austria/)

⬆
↑ tightening

FMA's remit expanded structurally via DORA, MiCAR CASP supervision, centralised conduct/IT-risk division, and 1-Jan-2026 transfer of sanctions and payment-systems oversight from the OeNB

W1a W1b W2 W3 W7 W11 W12

[BD](/jurisdictions/bangladesh/)

⬆
↑ tightening

Nagad governance crisis, PSSA 2024 statutory transition, and first sector-wide Cybersecurity Framework mark intensified regulatory tightening across licensing, resilience, and AML enforcement.

W1a W3 W7 W11

[BE](/jurisdictions/belgium/)

⬆
↑ tightening

Worldline prosecutorial exposure and NBB 2026 name-and-shame AML policy shift concurrent with MiCA/CASP regime bedding in.

W7 W8 W11 W2

[BG](/jurisdictions/bulgaria/)

→
↓ liberalising

FATF grey-list remediation nearing completion alongside euro-area accession and full MiCA transposition.

W1a W2 W3 W5 W11 W12

[BR](/jurisdictions/brazil/)

⬆

C&M Pix supply-chain breach drove 2025-26 cybersecurity package; MED 2.0 and VASP/eFX rules tighten the perimeter.

[CA-AB](/jurisdictions/canada-alberta/)

⬆
↑ tightening

RPAA full phase-in, FINTRAC AMP escalation, RTR/CDBA phased rollout ongoing.

W1a W1b W2 W3 W5 W7 W11 W12

[CA-BC](/jurisdictions/canada-british-columbia/)

⬆
↑ tightening

Layered federal/provincial AML and licensing tightening (Bill C-12, BCFSA MSB mandate, Gaming Control Act) alongside major digital-money modernization (Stablecoin Act, RTR, CDBA), with a persistent cannabis-sector de-ris…

W1a W2 W3 W9 W10 W11 W12

[CA-ON](/jurisdictions/canada-ontario/)

⬆
↑ tightening

New Stablecoin Act, raised AML penalties (Bill C-12), and Bank Act fraud-duties (Bill C-15) increase regulatory load, while RTR/open-banking and PE-backed acquiring consolidation expand market structure.

W1a W1b W2 W11 W13

[CA-QC](/jurisdictions/canada-quebec/)

⬆
⇄ fragmenting

Dual federal/provincial licensing regime maturing; stablecoin and open-banking frameworks advancing; FINTRAC enforcement escalating.

W1a W1b W2 W5 W9 W11 W12

[CI](/jurisdictions/ivory-coast-uemoa-bloc/)

→
↑ tightening

FATF June 2026 Plenary found CI substantially completed its grey-list action plan, warranting an on-site assessment; licensing reform consolidating the sector.

W1a W1b W7 W11 W12

[CM](/jurisdictions/cameroon/)

⬆
↑ tightening

2025 licensing enforcement, January 2026 capital increase, continued FATF grey-list status, and correspondent-banking FX friction combine to raise structural risk.

W1a W7 W11 W12

[CO](/jurisdictions/colombia/)

→
↓ liberalising

Decreto 0368 de 2026 (open finance) and Bre-B (instant rail) reshape the regime; live SIC scheme action.

W1a W3 W5 W7 W9

[DE](/jurisdictions/germany/)

⬆
↑ tightening

AMLA Frankfurt go-live + first DORA fine + MiCAR grandfathering close concentrate regulatory intensity in 2025-26.

W1a W2 W3 W11

[DO](/jurisdictions/dominican-republic/)

→
↑ tightening

August 2025 SIPARD overhaul + March 2026 consumer-protection reglamento reform consultation mark the most significant regulatory developments this baseline.

W1a W1b W4 W11 W12

[DZ](/jurisdictions/algeria/)

→
↑ tightening

Simultaneous market-access liberalisation (PSP licensing, foreign-card acceptance, PAPSS) and tightening (crypto ban, AML/CFT strengthening, cybersecurity CII mandates) define the 2025-2026 regulatory posture.

W1a W2 W3 W11

[EC](/jurisdictions/ecuador/)

⬆
↑ tightening

New SEDPES reserve requirement, Digital Credit Concession category, mandatory Defensor del Cliente, FATF-aligned AML/CFT law in force, JPRFM institutional merger.

W1a W1b W2 W7 W10 W11 W12

[EE](/jurisdictions/estonia/)

→
→ stable

Continued post-Danske Bank AML litigation activity (2024 LHV court annulment) alongside full MiCA/DORA implementation and an unresolved CASP-authorisation cliff-edge.

W1a W2 W3 W7 W11 W12

[EEA](/jurisdictions/european-economic-area/)

⬆

Regulatory perimeter consolidating (PSD3/PSR, MiCA, DORA, AMLA, non-bank TARGET access) amid rising enforcement.

[EG](/jurisdictions/egypt/)

⬆
↑ tightening

CBE PSO/PSP licensing regime in force June 2025 (transition June 2026); record remittances; prohibitive crypto stance.

W1a W1b W5 W9 W12

[GH](/jurisdictions/ghana/)

→
↑ tightening

Dual-track digital-money regime (in-force cedi e-money under Act 987 + enacting crypto regime under Act 1154); active PSP enforcement; rising mobile-money fraud; tightening resilience and data-localisation.

W1a W1b W2 W3 W6

[GI](/jurisdictions/gibraltar/)

→

Grey-list removal and 2025 NRA improve standing, but small crypto/iGaming-weighted centre faces structural de-risking and no central bank; correspondent-access dependency persists.

[IN](/jurisdictions/india/)

→
↑ tightening

RBI consolidating PA/PPI authorisation, APP-fraud compensation, Ombudsman liability shift, and CBDC/cross-border rail expansion concurrently.

W1a W1b W4 W10 W6

[IS](/jurisdictions/iceland/)

→
↓ liberalising

Post-2020-21 foreign-ownership consolidation of acquiring has stabilised under Competition Authority oversight; DORA/TIPS integration advancing operational resilience, though the card-network concentration risk flagged b…

W3 W5 W6 W9 W12

[KE](/jurisdictions/kenya/)

⬆

FATF grey-list (retained Jun 2026) + EU high-risk listing drive correspondent-banking de-risking; offset by AML Amendment Act 2025 remediation and PAPSS integration.

[KH](/jurisdictions/cambodia/)

↘
⇄ fragmenting

OFAC TCO designation of Prince Bank/Prince Group and FinCEN Section 311 action against Huione Group triggered visible deposit-run and heightened correspondent-bank scrutiny of Cambodian counterparties generally.

W1a W2 W5 W7 W11 W12

[KR](/jurisdictions/south-korea/)

→
⇄ fragmenting

Stablecoin framework delayed past June 2026 elections; FETA crypto-transfer regime in force Dec 2026; KoFIU AML overhaul; no-fault APP-fraud reform; Naver–Dunamu mega-merger.

W2 W5 W7 W10 W11 W13

[KZ](/jurisdictions/kazakhstan/)

⬆
⇄ fragmenting

New Banking Law signed and in force (two-tier licensing, DFA/stablecoin framework); concurrent EU sanctions transaction ban on VTB Bank Kazakhstan and Nov 2025 AML reform package.

W1a W2 W7 W11 W12

[LA](/jurisdictions/laos/)

⬆
↑ tightening

FATF grey-listing (Feb 2025) plus tightened FX/offshore-account rules elevate correspondent-banking de-risking exposure, even as cross-border QR corridors expand market access.

W1a W7 W11 W12

[LATAM](/jurisdictions/latin-america/)

→

Advanced VASP/stablecoin and consumer-redress regimes alongside major operational-resilience breaches and enforcement actions.

[LT](/jurisdictions/lithuania/)

→
↑ tightening

Mature EU-largest EMI/PI hub; AML enforcement intensity high but supervisory framework strengthening (info-sharing reform, Resolution 03-33, DORA).

W1a W1b W2 W7 W11 W12

[MT](/jurisdictions/malta/)

→
→ stable

Baselined as a major EU EMI/PI and MiCA hub; FATF grey-list exit (2023) under enhanced follow-up; correspondent-banking de-risking residual.

W1a W2 W11 W12

[MX](/jurisdictions/mexico/)

⬆

Correspondent-banking de-risking from FinCEN Section 311 designations + pending interchange-cap reform + unpublished open-finance regulation create concurrent regulatory and access pressure.

[NP](/jurisdictions/nepal/)

⬆
↑ tightening

FATF grey-list status confirmed as of the June 2026 plenary with a 6-point action plan outstanding.

W11 W12 W1a

[PK](/jurisdictions/pakistan/)

⬆
↓ liberalising

Simultaneous virtual-asset liberalisation and continued FATF/correspondent-banking vulnerability define a two-track risk profile.

W1a W2 W9 W11 W12

[PL](/jurisdictions/poland/)

→
→ stable

Mature, EU-aligned single-supervisor (KNF) market; high BLIK/A2A adoption; unresolved MiCA transposition and heightened hybrid-warfare cyber threat are the principal uncertainties.

W1a W2 W3 W9 W12

[RO](/jurisdictions/romania/)

→
↑ tightening

MiCA in force, DORA nationalised, Law 239/2025 e-payment mandate, record ROBOR fine, AML Law 86/2025 modernisation — broad regulatory activity across the spine.

W1a W2 W3 W4 W7 W11

[RU](/jurisdictions/russia/)

⬆
↑ tightening

OFAC Gazprombank+50-bank designation; digital ruble mandatory rollout from Sept 2026; FATF virtual-asset compliance downgrade.

W2 W5 W7 W11 W12

[TN](/jurisdictions/tunisia/)

→
↓ liberalising

16th PSP licensed (OFT Tunisie); draft Code des Changes proposes first crypto-asset definition; PAPSS accession live since 2024.

W1a W1b W2 W4 W5 W9 W11 W12

[TR](/jurisdictions/turkey/)

⬆
↑ tightening

2025 AML-driven licence-suspension wave targeting payment companies ahead of late-2025 FATF on-site, alongside rising minimum-capital thresholds and residual correspondent-banking de-risking.

W1a W1b W7 W11 W12

[TW](/jurisdictions/taiwan/)

⬆
↑ tightening

VASA passage reshapes crypto oversight; fraud-penalty escalation bill advancing; Banking Act criminal-penalty amendments in force.

W1a W2 W7 W10 W11

[UA](/jurisdictions/ukraine/)

⬆
↓ liberalising

NBU FX liberalisation (Resolution No. 95, Jan-2026 loan-limit mechanism) continues alongside intensified PSP enforcement actions; correspondent banking access remains war-risk constrained

W1a W2 W5 W7 W9 W12

[UK](/jurisdictions/united-kingdom/)

⬆
↓ liberalising

Two-part stablecoin regime advanced to final FCA rules + BoE draft Code in June 2026, with material easing across capital, holding caps and backing.

W1a W1b W2

[US-AL](/jurisdictions/united-states-alabama/)

⬆
⇄ fragmenting

Enactment of HB259 (stablecoin licensing) and HB303 (crypto-kiosk consumer protection) alongside pending HB585 (wire-transfer fee) mark the most active Alabama payments-legislative cycle since 2017.

W1a W1b W2 W5 W12 W13

[US-AZ](/jurisdictions/united-states-arizona/)

⬆
→ stable

First-in-nation regulatory sandbox and CSBS-aligned MT licensing regime provide a stable structural base; the emergence of a nationally significant stablecoin product (ZLUSD) from an AZ-headquartered payments consortium,…

W1a W1b W2 W4 W5 W6 W7 W9 W10 W12 W13

[US-CA](/jurisdictions/united-states-california/)

⬆
↑ tightening

DFAL 1 July 2026 crypto licensing deadline + active DFPI enforcement; federal cross-border AML pressure on US-Mexico corridor.

W1a W2 W5 W7 W12

[US-DC](/jurisdictions/united-states-district-of-columbia/)

→
↑ tightening

Active OAG litigation against Athena Bitcoin (corrected basis) and EarnIn, a pending unverified swipe-fee bill, and the Fed's Payment Account proposal are the dominant risk vectors.

W1a W1b W4 W7 W9 W12

[US-DE](/jurisdictions/united-states-delaware/)

⬆
↓ liberalising

The 2026 SB16/SB18/SB19 package modernizes banking, money transmission, and stablecoin licensing for the first time since 1981, positioning Delaware as a GENIUS Act-aligned regulatory home.

W1a W1b W2 W6 W9 W11 W12 W13

[US-FL](/jurisdictions/united-states-florida/)

→
↓ liberalising

Enactment of the first US state stablecoin-issuer law and a VC-kiosk consumer-protection regime, alongside continued MSB and correspondent-banking enforcement activity.

W1a W2 W9 W10 W11 W13

[US-HI](/jurisdictions/united-states-hawaii/)

→
→ stable

Correspondent-banking de-risking pressure on Pacific corridor access, alongside continued bank-sector consolidation (Hope Bancorp-Territorial; pending Bank of Hope-SMBC deal).

W1a W5 W6 W12 W13

[US-IA](/jurisdictions/united-states-iowa/)

⬆
⇄ fragmenting

OCC IL 1192 preemption ruling concurrent with SF449 kiosk enforcement and the Dwolla acquisition/litigation.

W1a W2 W7 W13

[US-ID](/jurisdictions/united-states-idaho/)

→
~ uncertain

Repeated stablecoin bills failed to enact; bipartisan crypto-kiosk consumer-fraud bill passed both chambers but was vetoed.

W1a W2 W7 W10

[US-IL](/jurisdictions/united-states-illinois/)

⬆
↑ tightening

DACPA + Digital Asset Kiosk Act enactment, IFPA/OCC preemption fight, and Seventh Circuit BIPA retroactivity ruling.

W1a W1b W2 W4 W7

[US-KS](/jurisdictions/united-states-kansas/)

⬆
↑ tightening

2025 KMTA recodification, 2026 crypto-kiosk licensing extension, and continued BSA/AML enforcement scrutiny of a Kansas-domiciled correspondent bank collectively tighten the state's payments regulatory/risk posture.

W1a W1b W2 W7 W11 W12

[US-MA](/jurisdictions/united-states-massachusetts/)

⬆
↑ tightening

Full MTA licensing overhaul (c.169B) plus active AG crypto-kiosk enforcement and unresolved swipe-fee legislative contest.

W1a W1b W2 W4 W7 W10

[US-MD](/jurisdictions/united-states-maryland/)

⬆
↓ liberalising

New stablecoin/digital-asset framework and EWA consumer-protection overhaul, layered on an active OFR enforcement posture.

W1a W1b W2 W6 W9 W10

[US-MT](/jurisdictions/united-states-montana/)

→
↓ liberalising

SB265 Financial Freedom and Innovation Act enacted; crypto ATM fraud restitution fund and 2027 legislative push underway.

W1a W2 W9 W10

[US-ND](/jurisdictions/united-states-north-dakota/)

→
↑ tightening

Baseline established across all 13 modules: Corner Post/Regulation II vacatur, Roughrider Coin stablecoin pilot, HB1127/HB1447 conduct-cybersecurity laws, and continued community-bank consolidation.

W1a W1b W2 W3 W4 W5 W6 W7 W8 W9 W10 W11 W12 W13

[US-NH](/jurisdictions/united-states-new-hampshire/)

↗
⇄ fragmenting

Two 2025-2026 unlicensed-transmission consent orders alongside a contested crypto-legislation status (HB639) create mixed enforcement/liberalisation signals.

W1a W2 W7 W9

[US-NJ](/jurisdictions/united-states-new-jersey/)

⬆
↑ tightening

Record federal AML enforcement against NJ-headquartered TD Bank plus an aggressive state AG conduct-enforcement posture materially raise the state's payments-compliance risk profile.

W7 W11 W12 W1b W10

[US-NY](/jurisdictions/united-states-new-york/)

→
↑ tightening

Dual MTL/BitLicense regime with stricter-than-CSBS standards, aggressive NYDFS enforcement ($177M+), recent custody/resilience upgrades, and a federal charter-migration wave drawing NY firms toward OCC national trusts.

W1a W1b W2 W3 W7 W12

[US-RI](/jurisdictions/united-states-rhode-island/)

⬆
↑ tightening

Crypto-kiosk consumer-protection tightening, new nonbank cybersecurity law, a live interchange-fee legislative threat, and escalating multi-front prediction-market litigation.

W1a W2 W3 W4 W7 W10 W11

[US-WA](/jurisdictions/united-states-washington/)

⬆
↑ tightening

Concentrated DFI enforcement sweep (Coinme, CoinZoom) plus co-led $80m multistate Block/Cash App BSA/AML settlement.

W2 W7 W11

[US-WY](/jurisdictions/united-states-wyoming/)

→
↓ liberalising

Bifurcated master-account outcomes (Kraken granted, Custodia denied) create ongoing uncertainty despite WY's otherwise liberalising regulatory posture.

W1a W2 W5 W7 W9 W12

[VE](/jurisdictions/venezuela/)

→
~ uncertain

Sanctions-driven correspondent-banking collapse, FATF grey-list status, disputed SUNACRIP operative status, and a landmark crypto-corruption trial combine to keep VE a high-scrutiny jurisdiction for payments operators.

W1a W2 W7 W11 W12

[VN](/jurisdictions/vietnam/)

⬆
↑ tightening

FATF grey-list status persists (Oct 2025); Decree 340/2025 sanctions in force Feb 2026; restrictive stablecoin/crypto regime under Resolution 05.

W1a W2 W7 W11

[ZA](/jurisdictions/south-africa/)

→

FATF grey-list exit (Oct 2025) reduces correspondent-banking and cross-border friction; activity-based reform and PEM/NPU restructuring underway; unresolved crypto exchange-control litigation and no APP-fraud reimburseme…

[AFR](/jurisdictions/africa/)

→

FATF delisting Oct 2025; activity-based authorisation framework in final pre-implementation; AML reforms completed.

[AU](/jurisdictions/australia/)

⬆
↑ tightening

Treasury Tranche 1 payments licensing reform, Digital Assets Framework Act, and RBA card-surcharge ban together mark a significant expansion of the AU payments-regulatory perimeter.

W1a W1b W8

[CA](/jurisdictions/canada/)

⬆
↑ tightening

Concurrent build-out: RPAA supervision live, federal Stablecoin Act + new CDBA enacted, RTR nearing launch, and sharply toughened FINTRAC AML enforcement.

W1a W2 W9 W11 W12

[CL](/jurisdictions/chile/)

→
↑ tightening

Interchange caps, NCG 541/559, Open Finance postponement, LBTR non-bank access consultation, Law 21.663 cyber regime.

W1a W4 W9 W12

[CN](/jurisdictions/china-mainland/)

⬆
⇄ fragmenting

Licence contraction and HQ-level AML supervision of Alipay/Tenpay run alongside loosened CIPS access rules and new foreign-JV clearing licences.

W1a W1b W7 W11 W5 W12

[CR](/jurisdictions/costa-rica/)

→
~ uncertain

VASP AML reform passed but not enacted; Fintech Framework Bill stalled 14+ months; active scheme litigation over fee caps; escalating instant-payment fraud.

W1a W2 W4 W7 W11

[CY](/jurisdictions/cyprus/)

⬆
↑ tightening

EU-harmonised PI/EMI/MiCA/DORA framework with intensifying CBC governance directives and sanctions-criminalisation; MiCA-driven crypto re-domiciliation inflow (Revolut). Bank-led acquiring concentration in JCC.

W1a W1b W2 W3 W7

[CZ](/jurisdictions/czech-republic/)

↗
→ stable

First MiCA CASP authorisations issued; DORA/Critical Infrastructure Act fully in force; CERTIS opened to nonbank PIs/EMIs; GOPAY EMI licence revoked.

W1a W2 W3 W5 W7 W11

[ES](/jurisdictions/spain/)

⬆
↑ tightening

CNMC June-2026 antitrust probe into six largest banks; Supreme Court APP-fraud burden-of-proof reversal; MiCA transitional friction.

W1a W1b W2 W6 W7 W11

[FI](/jurisdictions/finland/)

⬆
↑ tightening

PSD3/PSR advancing toward adoption; IPR PI/EMI deadlines loom 2027; FIN-FSA flags sanctions-monitoring gap at PSPs ahead of FATF evaluation.

W1a W1b W2 W11 W12

[GR](/jurisdictions/greece/)

⬆
↑ tightening

Overlapping 2025-2026 compliance deadlines (MiCA grandfathering close, DORA maturity gap, IRIS mandate, CCD2 enforcement) raise near-term compliance load

W1a W2 W3 W4 W5 W9

[HK](/jurisdictions/hong-kong/)

↘
↓ liberalising

In-force Stablecoins Ordinance with first FRS licences (Apr 2026); Payment Connect; e-HKD wholesale pivot; OR-2 31 May 2026 deadline.

W1a W2 W3 W5 W9

[ID](/jurisdictions/indonesia/)

→
↑ tightening

Mature, pro-innovation MAS regime with rising AML/CFT enforcement intensity; stablecoin legislation pending mid-2026.

W1a W2 W7 W10 W11

[IE](/jurisdictions/ireland/)

→

Ireland is a unitary EEA/euro-area state with the CBI as single competent authority; high-bar MiCA/AML supervision (Coinbase fine) alongside strong post-Brexit hub attraction. No federalised sub-national nesting applies.

[IM](/jurisdictions/isle-of-man/)

⬆
↑ tightening

AML/CFT enforcement upswing and MONEYVAL revisit ahead in Sept 2026; structural gaps vs DORA/MiCA persist but are stable, not deteriorating.

W1a W1b W2 W7 W11 W12

[IT](/jurisdictions/italy/)

⬆
↑ tightening

MiCA CASP transitional regime closed 1 July 2026; DORA transposition finalised Feb 2026; FATF ME found beneficial-ownership gaps; Nexi take-private reporting and PagoPA state-linked consolidation reshape market structure…

W1a W1b W2 W3 W7 W11

[JP](/jurisdictions/japan/)

→
↑ tightening

2025 PSA stablecoin reform + June 2026 EPI/crypto-intermediary rules + PSA-to-FIEA crypto migration proposal.

W1a W2 W7 W11

[LI](/jurisdictions/liechtenstein/)

⬆
↑ tightening

MiCAR transitional deadline (1 July 2026) triggered a shift from TVTG-only registration to full CASP authorisation across the crypto-banking cluster

W1a W1b W2 W3 W7 W11 W12

[LU](/jurisdictions/luxembourg/)

⬆
↑ tightening

CSSF Circular 26/906 safeguarding overhaul and MiCAR VASP cliff sit alongside strong inbound digital-asset licensing momentum.

W1a W1b W2 W13

[MA](/jurisdictions/morocco/)

↘
↓ liberalising

Competition Council demonopolisation of CMI acquiring plus interchange cap and first VC-backed PI licence open a historically concentrated, bank-centric market.

W1a W4 W7 W8 W13

[MM](/jurisdictions/myanmar/)

→
⇄ fragmenting

FATF blacklist (since Oct 2022) + OFAC sanctions on MICB/MFTB (Jun 2023) have severely constricted correspondent banking access; CBM CBDC pilot vs NUG's rival DMMK stablecoin reflect a bifurcated digital-currency landsca…

W2 W7 W11 W12

[MY](/jurisdictions/malaysia/)

⬆

Single-regulator (BNM) regime tightening op-res (RMiT 2025) and safeguarding (e-money PD 2025) while expanding cross-border QR; active sanctions/RMiT enforcement.

[MZ](/jurisdictions/mozambique/)

→
↓ liberalising

FATF grey-list delisting, new instant-payment rail launch, and new Cybersecurity Law collectively signal a liberalising, formalising trajectory, tempered by an unresolved EMI safeguarding gap and residual scheme-migratio…

W1a W3 W5 W9 W11

[NL](/jurisdictions/netherlands/)

⬆
↑ tightening

Mature twin-peaks regime with escalating DNB enforcement, MiCA first-mover enforcement, and active digital-euro/Wero/PSD3 forward agenda.

W1a W2 W7 W11

[NZ](/jurisdictions/new-zealand/)

→
↑ tightening

Multiple concurrent reforms; one stalled (surcharge ban) and one open consultation (MBIE payments licensing).

W1a W4 W9 W11 W12

[PA](/jurisdictions/panama/)

⬆
↑ tightening

FATF/EU delisting completed 2023-2024; SBP Rule 1-2026 and Acuerdo 3-2026 reflect ongoing tightening of AML/CFT supervisory architecture amid still-absent dedicated fintech licensing regime.

W1a W1b W2 W11 W12

[PE](/jurisdictions/peru/)

⬆
↓ liberalising

New BCRP PSP taxonomy (Circular 0022-2025-BCRP) opens a non-bank PSP tier while SBS enforcement and cybersecurity-infraction regimes intensify in parallel.

W1a W1b W3 W5 W9 W12

[PH](/jurisdictions/philippines/)

→
↓ liberalising

FATF grey-list exit Feb 2025 + EMI-NBFI moratorium lift reopen market; AFASA strengthens scam-fraud regime; wallet duopoly heading to IPO.

W1a W2 W10 W11 W13

[PT](/jurisdictions/portugal/)

⬆
↑ tightening

MiCA/DORA/AML frameworks maturing; major bank M&A completed; SIBS scheme-access dominance under appeal-stage competition scrutiny.

W1a W1b W2 W3 W4 W6 W7 W9 W11 W13

[RS](/jurisdictions/serbia/)

↘
↓ liberalising

PSD2-aligned open banking, SEPA accession, and NIS2-aligned cyber law mark accelerating regulatory harmonisation with EU frameworks.

W1a W1b W2 W3 W4 W5 W9 W11 W12

[RW](/jurisdictions/rwanda/)

→
↓ liberalising

Mature unified BNR payments regime, active CBDC/interoperability build-out, first African fintech passport; residual AML implementation/capacity gap (ESAAMLG MER).

W1a W1b W2 W9 W13

[SA](/jurisdictions/saudi-arabia/)

↘
↓ liberalising

Comprehensive SAMA-supervised unitary payments regime baseline established across all 13 modules; concentrated bank-acquiring layer with fast-growing licensed fintech segment.

W1a W4 W9 W13

[SE](/jurisdictions/sweden/)

⬆
↑ tightening

Criminalisation Act 2026:56 and the gambling credit-payment ban both confirmed in force this cycle, alongside FI's escalating AML/conduct enforcement.

W1a W1b W3 W7 W11

[SI](/jurisdictions/slovenia/)

→
↑ tightening

OTP/NLB banking consolidation continues; MiCA and DORA regimes now largely in force but the national DORA implementing act remains pending and APP-fraud reimbursement coverage is absent.

W1a W2 W3 W11

[SN](/jurisdictions/senegal/)

⬆
↑ tightening

Licensing enforcement gap post-Sept-2025 deadline; new mobile money taxes; PI-SPI/e-CFA infrastructure build-out (e-CFA launch unconfirmed)

W1a W1b W2 W5 W9 W11

[TH](/jurisdictions/thailand/)

⬆
↑ tightening

Virtual-bank licences (Jun 2025), anti-scam shared liability (Apr 2025), USDT/USDC approval (Mar 2025).

W1a W2 W6 W10 W11 W13

[TZ](/jurisdictions/tanzania/)

→
↑ tightening

FATF grey-list exit (June 2025) reduces de-risking pressure; robust BoT-operated rails (TIPS/TISS); crypto legal ambiguity and FX-market uncertainty are residual constraints.

W1a W4 W9 W11 W12

[UG](/jurisdictions/uganda/)

→
↑ tightening

National Payments Switch procurement remains stalled; Jan-2026 election-driven mobile-money blackout exposed corridor/critical-infrastructure fragility; national-ID verification and cyber guidelines tightening conduct/re…

W1a W1b W3 W4 W5 W9 W10 W11 W12

[US](/jurisdictions/united-states/)

→

GENIUS Act + FinCEN AML NPRM + Reg II vacatur converging in 2025-2026.

[US-AK](/jurisdictions/united-states-alaska/)

⬆
↑ tightening

DBS license-renewal denials (Coinme, Binance.US) plus SB249/HB324 crypto-ATM consumer-protection bills.

W1a W1b W2 W9 W10

[US-AR](/jurisdictions/united-states-arkansas/)

→
→ stable

Stable UMSA-based licensing perimeter; active enforcement (ASD C&D, Jones Eagle litigation) and continuing bank-sector consolidation; GENIUS Act federal stablecoin framework pending effect.

W1a W1b W7 W13

[US-GA](/jurisdictions/united-states-georgia/)

→
↑ tightening

Completion of the Global Payments/Worldpay/FIS restructuring and enactment of SB 111 mark the most consequential 2025-2026 developments.

W1a W1b W2 W6 W7 W13

[US-IN](/jurisdictions/united-states-indiana/)

→
↑ tightening

Concurrent entry into force of MTMA-derived licensing, EWAA, and ICDPA regimes raises compliance load for non-bank payments/EWA providers.

W1a W1b W2 W9 W10

[US-KY](/jurisdictions/united-states-kentucky/)

↘
↓ liberalising

HB701 (2025) narrowed the money-transmission licensing perimeter for self-custody/blockchain activity; federal stablecoin issuer framework remains in rulemaking.

W1a W2 W9

[US-LA](/jurisdictions/united-states-louisiana/)

→
↑ tightening

HB1230 Money Transmission Act replacement + SB254/Act751 debit surcharge ban.

W1a W1b W2 W4 W7

[US-MI](/jurisdictions/united-states-michigan/)

→
↑ tightening

Pending MTMA safeguarding upgrade, breach-notification reform (SB360-364), and active prediction-markets litigation

W1a W1b W3 W7 W13

[US-MS](/jurisdictions/united-states-mississippi/)

⬆
↑ tightening

New MTMA regime, kiosk licensing, and data-security duties enacted across the 2025-2026 sessions.

W1a W1b W2 W9 W10

[US-NE](/jurisdictions/united-states-nebraska/)

→
↓ liberalising

Dual-track 2025 reform: nonbank standards raised (LB474/LB609) while the NFIA bank-charter route is actively used for stablecoin innovation (Telcoin).

W1a W1b W2 W7 W9 W11 W12 W13

[US-NV](/jurisdictions/united-states-nevada/)

→
→ stable

Dual-track licensing plus custody-failure precedent (Prime Trust) and cannabis-sector de-risking define the jurisdiction's risk profile; no new material adverse developments this cycle.

W1a W1b W2 W7 W11 W12

[US-OK](/jurisdictions/united-states-oklahoma/)

→
↑ tightening

HB3521, OKCDPA, SB626, SB1083 and SB677 converge across 2025-2026 to substantially reshape licensing, privacy, breach-notification, kiosk and surcharge rules.

W1a W1b W3 W4 W8 W10

[US-OR](/jurisdictions/united-states-oregon/)

→
↑ tightening

Active AG securities-enforcement action against Coinbase layered on an otherwise stable single-MTL/AML licensing framework.

W1a W1b W2 W7 W11

[US-PA](/jurisdictions/united-states-pennsylvania/)

⬆
↑ tightening

Act 7 of 2025 statutory codification of virtual-currency licensing plus accelerating bank M&A define this cycle's PA risk posture.

W2 W6 W13

[US-SC](/jurisdictions/united-states-south-carolina/)

→
↓ liberalising

SC enacted a comprehensive pro-crypto/anti-CBDC framework (S.163) while modernizing money-transmitter licensing (MTMA) and confronting rural banking-access gaps.

W1a W2 W6 W12

[US-SD](/jurisdictions/united-states-south-dakota/)

⬆
↑ tightening

2024-2026 layering of BSA/AML mandate extension, anti-CBDC statutes, and enacted crypto-kiosk fraud/forfeiture laws atop an already CSBS-model-aligned, multistate-friendly licensing regime.

W1a W1b W2 W7 W11 W12

[US-UT](/jurisdictions/united-states-utah/)

↘
↓ liberalising

Permissive ILC charter and crypto regime paired with newly enacted HB72 consumer protections; true-lender litigation remains a residual risk factor.

W1a W2 W6 W7 W9 W12 W13

[US-VT](/jurisdictions/united-states-vermont/)

⬆
↑ tightening

Conduct/safeguarding tightening (statutory trust, kiosk fraud-refund mandate) alongside continued administrative enforcement against unlicensed transmission.

W1a W1b W2 W7 W10

[US-WI](/jurisdictions/united-states-wisconsin/)

⬆
↑ tightening

2025 Act 226 tightens virtual-currency-kiosk conduct/consumer protection while card surcharging remains permissive; Fiserv litigation/restructuring adds commercial-risk overlay.

W1a W1b W2 W10 W12

[UY](/jurisdictions/uruguay/)

↘
↓ liberalising

BCU is simultaneously advancing PSAV/stablecoin rules, Open Finance, a regulatory sandbox, and cyber-supervision reporting, while managing structural USD dollarization exposure.

W1a W2 W9 W12

[APAC](/jurisdictions/asia-pacific/)

→

Mature tiered PS Act regime + SRF; intensifying AML enforcement but deep market access.

[CH](/jurisdictions/switzerland/)

→
↓ liberalising

Mature, FATF-robust regime undergoing FinIA licensing reform (PI/EMI + crypto licences) and AML overhaul (LETA/BO register); wholesale-CBDC and open-banking innovation advancing.

W1a W1b W2 W9 W11

[DK](/jurisdictions/denmark/)

→
→ stable

Mature/settled regulatory regime; principal residual risk is the reputational/correspondent-banking legacy of the Danske Bank Estonia scandal.

W1a W1b W7 W11 W12

[FR](/jurisdictions/france/)

→

Mature EEA/EU regime under ACPR/AMF/Banque de France; full transposition of PSD2/EMD2/MiCA/DORA/IPR with active national innovation (wholesale CBDC, Wero).

[HR](/jurisdictions/croatia/)

→
→ stable

Settled EU-harmonised payments regime; MiCA CASP transition and improving MONEYVAL rating are the principal areas of movement this cycle.

W1a W1b W2 W11

[QA](/jurisdictions/qatar/)

↘
↓ liberalising

Single-regulator QCB regime with strong AML technical compliance; conservative stablecoin posture; active instant-payment and acquiring liberalisation alongside entrenched bank concentration.

W1a W2 W4 W9 W12

[SG](/jurisdictions/singapore/)

→

Mature, well-supervised PS Act regime with intensifying AML enforcement and an active stablecoin/tokenisation agenda. Unitary city-state — no sub-national nesting applicable.

No jurisdictions match these filters.

Data from pipeline intelligence cycle · Generated 2026-07-07T22:40:15.222339Z UTC