Stablecoins are legal in the UAE and tightly regulated. The central bank lets licensed issuers create dirham stablecoins for everyday payments, while foreign stablecoins (from issuers registered with the central bank) may be used as payment only to buy other virtual assets, not to pay for goods or services. Use a platform licensed by the CMA, VARA, ADGM FSRA or DFSA, and check that the token is accepted by that regulator. Individuals pay no income tax on gains.
Regulators
Central Bank of the UAE (CBUAE), Capital Market Authority (CMA, federal), Virtual Assets Regulatory Authority (VARA, Dubai), ADGM Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA, DIFC)
Licensing
Onshore: CBUAE licenses payment token issuance, conversion and custody/transfer; no person may issue or provide services relating to algorithmic stablecoins or privacy tokens in or directed to the UAE. Virtual asset platforms are licensed by the Capital Market Authority (CMA, successor to the SCA since 1 Jan 2026) federally and VARA in Dubai; free-zone firms are licensed by FSRA (ADGM) or DFSA (DIFC). The DFSA keeps regulator-led recognition for fiat tokens (recognised list reported as USDC, EURC and RLUSD as of Jan 2026). Federal Decree-Law 6 of 2025 extended central-bank licensing to payment services using virtual assets, with a one-year transition to 16 Sep 2026 that the CBUAE may extend.
Payments
restricted: a merchant in the UAE may accept a virtual asset as payment only if it is a dirham payment token of a licensed issuer, or a foreign payment token of a registered foreign issuer used to purchase a virtual asset or virtual-asset derivative; foreign stablecoins cannot be used for general goods and services.
Tax
No personal income or capital gains tax; transfers and conversions of virtual assets are VAT-exempt (Cabinet Decision 100/2024). Corporate tax applies to business profits.
Timeline
Jan 1, 2026Federal Decree-Laws 32 and 33 of 2025 in force; the SCA becomes the Capital Market Authority and virtual assets are regulated as financial products outside the financial free zones.
Jan 12, 2026Updated DFSA crypto token rules take effect in the DIFC (firm-led suitability for most tokens; privacy tokens banned; fiat tokens still need DFSA recognition).
Sep 16, 2026 (Expected)End of the one-year transition under Federal Decree-Law 6 of 2025 (the CBUAE may extend it).
Jan 1, 2027 (Expected)Deadline for existing entities to regularise under the new capital markets laws.
European Union
RegulatedYour country
In the EU a stablecoin tied to one currency is an e-money token: it may be offered only if its issuer is an EU-authorised bank or e-money institution, reserves are protected and you can redeem at face value. Licensed platforms cannot sell you stablecoins whose issuer lacks EU authorisation; between December 2024 and March 2025 major exchanges delisted such tokens, including USDT, for EEA users. Holding them in custody or your own wallet and transferring them is not prohibited, but liquidity and consumer protection are weaker. Check the ESMA register for authorised issuers and providers; tax depends on your Member State.
Regulators
European Banking Authority (EBA), ESMA, National competent authorities, European Central Bank (monetary policy role)
Licensing
Titles III and IV apply since 30 Jun 2024: an EMT may be offered to the public or admitted to trading only if its issuer is authorised in the EU as a credit institution or electronic money institution and has published a white paper (other offerors need the issuer's written consent); significant EMTs face additional EBA oversight. CASP authorisation applies since 30 Dec 2024 and all national transitional periods ended on 1 Jul 2026. For ARTs/EMTs whose issuer is not authorised in the EU, ESMA (17 Jan 2025, following a Commission Q&A) expected CASPs to restrict services facilitating their acquisition by end-January 2025 and to stop making them available for trading and comply no later than end of Q1 2025, with sell-only services allowed until then; ESMA noted that mere custody and transfer of such tokens should remain possible.
Payments
allowed: authorised EMTs are a MiCA payment-type instrument; no MiCA ban on paying with crypto. Tokens whose issuer is not authorised in the EU cannot be bought through EU-licensed platforms, but self-custody and transfers are not prohibited.
Tax
Set by each Member State (rules differ on whether swapping or spending stablecoins is taxable). DAC8 obliges CASPs to report user crypto transactions, including stablecoins, from 1 Jan 2026.
Timeline
Jan 1, 2026DAC8 crypto-asset tax reporting obligations start.
Jul 1, 2026All MiCA transitional (grandfathering) periods for CASPs end.
2027 (for 2026 transactions) (Expected)First DAC8 reports to tax authorities.
unknown (legislative proposal of Dec 2025) (Expected)Possible transfer of CASP supervision to ESMA under the Market Integration Package.
United States
RegulatedYour country
Holding and using dollar stablecoins is legal in the US. The GENIUS Act creates federal and state licences for issuers, requires full reserves and bars issuers from paying interest to holders; it takes effect no later than 18 January 2027, and regulators are still finalising the rules. From 18 July 2028 US platforms may only offer stablecoins from permitted issuers or from foreign issuers that meet US conditions (comparable home regulation, registration and US reserves). Offshore-issued tokens such as USDT do not yet have that status: Tether launched a separate US token (USA₮, issued by Anchorage Digital Bank) in January 2026 and says USDT is progressing towards compliance, so USDT's future availability on US platforms depends on the final rules. Gains and losses are taxed as property.
Regulators
OCC, Federal Reserve, FDIC, NCUA, U.S. Treasury (incl. OFAC, FinCEN), State regulators (e.g. NYDFS), IRS
Licensing
Issuance: from the Act's effective date (the earlier of 18 Jan 2027 or 120 days after final implementing regulations) only permitted payment stablecoin issuers may issue payment stablecoins in the US (section 3(a)). Implementing rules are still proposals as of Sep 2026: OCC proposal (25 Feb 2026), FDIC proposed rule (Federal Register, 10 Apr 2026), Treasury proposed rule on issuance, offer and sale (announced 17 Aug 2026, published 18 Aug 2026, comments due 19 Oct 2026); no final GENIUS Act implementing rule found in the Federal Register. Offering: from 18 Jul 2028 a digital asset service provider may not offer or sell a payment stablecoin to a person in the US unless it is issued by a permitted issuer (section 3(b)(1)); a foreign issuer can qualify only if Treasury finds its home regime comparable, it registers with the OCC and holds reserves in a US financial institution sufficient for US customers unless a reciprocal arrangement allows otherwise (section 18), and service providers may not make a foreign issuer's stablecoin available unless the issuer can and will comply with lawful orders (section 3(b)(2)). Treasury's proposal adds a safe harbour for foreign issuers that do not target US persons and lets service providers rely on a foreign issuer's representations after reasonable due diligence. Issuers may not pay holders interest or yield solely in connection with holding, use or retention of the stablecoin (section 4(a)(11)).
Payments
Allowed: stablecoins may be used for payments; the Act's issuance and offer rules do not apply to direct transfers between two individuals acting for their own lawful purposes without an intermediary, or to transactions through self-custody wallets (section 3(h)(1)). Not legal tender.
Tax
Treated as property (IRS: digital assets, including stablecoins, are property, not currency): each sale, exchange or spending can trigger gain or loss, even if usually near zero. The GENIUS Act does not set income-tax rules for stablecoins.
Timeline
Oct 19, 2026 (Expected)Comment period on the Treasury proposed rule closes; final rules from Treasury, OCC, FDIC and the Federal Reserve to follow.
2027-01-18 (latest) (Expected)GENIUS Act takes effect: issuing payment stablecoins in the US requires permitted-issuer status.
Jul 18, 2028 (Expected)US service providers may only offer payment stablecoins of permitted issuers or qualifying foreign issuers.
Date to be announced (Expected)Treasury comparability determinations for foreign stablecoin regimes; possible IRS guidance on stablecoin tax treatment.
United Kingdom
RegulatedYour country
Buying and holding stablecoins is legal in the UK through FCA-registered firms. A dedicated regime is coming: from 25 October 2027 stablecoin issuers in the UK need FCA authorisation, and systemic stablecoins will also be supervised by the Bank of England with strict backing rules and a temporary issuance cap (the earlier idea of per-coin holding limits was dropped). Offshore dollar stablecoins are not banned, but they are not covered by the new UK issuer protections. Disposals are currently subject to Capital Gains Tax; HMRC has drafted rules that would exempt disposals of eligible stablecoins from April 2027.
Regulators
Financial Conduct Authority (FCA), Bank of England, HM Treasury, HMRC
Licensing
Now: FCA AML registration and financial promotions rules. New regime: FCA policy statements of 30 Jun 2026 (incl. PS26/10 on stablecoin issuance), with the authorisation gateway 30 Sep 2026 to 28 Feb 2027; regime in force 25 Oct 2027; UK stablecoin issuers need FCA authorisation. Bank of England policy statement (22 Jun 2026) for systemic stablecoins: backing 70% short-term gilts / 30% unremunerated BoE deposits and a temporary £40bn issuance limit per product; the BoE replaced its earlier proposal of per-coin holding limits with this issuance guardrail; draft code out for consultation to 22 Sep 2026, finalisation expected by end-2026. The regime focuses on UK issuance; overseas-issued stablecoins are not banned.
Payments
allowed: not legal tender. HM Treasury consultation (14 Jul 2026, closes 6 Oct 2026) proposes bringing UK-issued qualifying stablecoins used for payments into the payments perimeter, with stablecoins from recognised overseas jurisdictions to be considered later.
Tax
Capital Gains Tax on disposals under current cryptoasset rules. HMRC draft legislation (13 Jul 2026) would exempt disposals of eligible stablecoins from Capital Gains Tax for individuals and trustees and tax certain interest-like returns as savings income, from 6 Apr 2027 (companies: accounts-based treatment from 1 Apr 2027). Draft, not yet enacted.
end-2026 (Expected)Bank of England finalises systemic stablecoin code; further FCA–BoE consultation on systemic stablecoin issuers.
Apr 6, 2027 (Expected)Proposed stablecoin tax rules for individuals take effect (draft).
Oct 25, 2027 (Expected)New FCA cryptoasset and stablecoin regime comes into force.
Bangladesh
BannedYour country
Bangladesh has no stablecoin framework, and dollar-linked stablecoins fall under the central bank prohibition on virtual assets. Bangladesh Bank views crypto exchanged for foreign currency as an unapproved form of foreign exchange dealing under the Foreign Exchange Regulation Act, 1947. Banks and mobile money providers may not facilitate stablecoin transfers.
Regulators
Bangladesh Bank (BB)
Licensing
There is no licensing regime. Bangladesh Bank FE Circular No. 24 of 15 September 2022 states that any transactions made in, from or to Bangladesh for obtaining virtual assets or virtual currencies are not permitted, and that providing any kind of facilitation for business associated with their exchange, transfer or trading is not permitted. The circular treats a violation as a contravention of Section 5(1)(e) of the Foreign Exchange Regulation Act, 1947, subject to cognizance under Section 23(1) of that Act. Local press reports the punishment as up to 7 years of imprisonment, a fine, or both. The circular is addressed to banks, authorised dealers, mobile financial service providers, financial institutions and other concerns. The circular also says that unregulated virtual currencies exchanged for foreign currencies are treated as an alternative form of foreign exchange transaction, which contravenes the Act. This reasoning applies directly to foreign-currency stablecoins. No stablecoin issuer framework exists.
Payments
Not allowed. Stablecoins are not approved foreign exchange or an approved form of payment. The circular also treats keeping export proceeds abroad in virtual assets or crypto accounts as a contravention of the Foreign Exchange Regulation Act, 1947.
Timeline
May 18, 2021In a letter to the Criminal Investigation Department, Bangladesh Bank says that owning, holding or transacting cryptocurrency is not recognised but does not appear to be a crime in itself.
Jul 29, 2021Bangladesh Bank public notice (DCP(PR)1/2021-7/5) states that transactions in cryptocurrencies and their promotion are illegal, citing the Foreign Exchange Regulation Act, 1947, the Anti-Terrorism Act, 2009 and the Money Laundering Prevention Act, 2012.
Sep 15, 2022Bangladesh Bank FE Circular No. 24 prohibits transactions to obtain virtual assets or virtual currencies and any facilitation of their exchange, transfer or trading.
Date to be announced (Expected)No draft law or licensing framework for virtual assets was identified in this review, and no change to the 2022 circular was found.
Bahrain
RegulatedYour country
Stablecoins are legal in Bahrain and regulated by the central bank. Since July 2025 only CBB-licensed issuers may issue stablecoins backed one-to-one by dinar, dollar or other approved currencies, and exchanges must hold a CBB crypto-asset licence. Use CBB-licensed platforms. There is no personal tax on gains.
Regulators
Central Bank of Bahrain (CBB)
Licensing
Since Jul 2025 no person may issue and offer stablecoins, or actively market their issuance to the public, within or from Bahrain without a CBB licence (SIO-1.1.3). Licensed issuers may issue single-currency stablecoins backed by BHD, USD or another fiat currency approved by the CBB, with reserve assets at least equal to the par value in circulation. The module also allows yield-bearing approved stablecoins that pay returns only from the interest or rewards (for Shariah-compliant stablecoins) earned on reserve assets. Exchanges, brokers and custodians need a CBB crypto-asset licence. Rules for offering foreign-issued stablecoins to retail through crypto-asset licensees were not verified.
Payments
uncertain: no general ban identified; the SIO framework does not set rules on retail payment use; not legal tender.
Tax
No personal income or capital gains tax in Bahrain.
Timeline
Jul 4, 2025CBB issues the Stablecoin Issuance and Offering (SIO) Module for licensed single-currency stablecoin issuers.
Date to be announced (Expected)First CBB-licensed stablecoin issuances; no other major pending change identified.
Switzerland
RegulatedYour country
Switzerland regulates stablecoin issuers under existing banking and anti-money-laundering law: issuers need a banking or fintech licence, or a bank default guarantee that meets FINMA requirements together with membership of a self-regulatory organisation. A dedicated regime is on the way. The Federal Council proposed in October 2025 that only licensed payment instrument institutions may issue Swiss stablecoins pegged to a single currency, with segregated funds, a redemption right and a white paper. It is not expected to apply before 2027.
Regulators
Swiss Financial Market Supervisory Authority (FINMA), State Secretariat for International Finance (SIF), Federal Department of Finance, Swiss National Bank (SNB), Self-regulatory organisations (SROs) under the Anti-Money Laundering Act
Licensing
A stablecoin issuer in Switzerland today needs a banking licence, or a fintech licence within the CHF 100 million limit, unless it uses an exemption. FINMA notes that various Swiss issuers use a default guarantee from a bank, which means they need no banking licence and only have to join a self-regulatory organisation as a financial intermediary under AMLA. Guidance 06/2024 sets minimum requirements for such guarantees and warns of higher risks of money laundering, terrorist financing and sanctions evasion, including through anonymous transfers between self-managed wallets. The Federal Council consultation of 22 October 2025 proposes a dedicated regime: "stable crypto-based payment instruments" are crypto assets issued in Switzerland that are meant to keep a stable value against a single state currency and carry a right to reimbursement. Only payment instrument institutions could issue them. These institutions would replace the fintech licence, could accept client funds without the CHF 100 million limit, could not lend or pay interest, would have to keep client funds segregated in case of failure and would have to publish a white paper. Secondary trading in such stablecoins would not be further regulated apart from custody and AML rules. Stablecoins issued abroad would count as "cryptoassets for trading" and fall under the proposed crypto-institution licence. The consultation closed on 6 February 2026, and a dispatch to Parliament is planned for the second half of 2026 at the earliest.
Payments
Permitted. FINMA describes stablecoins as a means of payment with low price volatility, and the proposed law treats Swiss-issued single-currency stablecoins as payment instruments. No legal tender status.
Tax
Capital gains on tokens held as private assets by individuals are generally tax-free. Year-end holdings are subject to the annual wealth tax. Income from staking, lending and similar activities is taxable, and companies are taxed under the normal rules. Switzerland extended the automatic exchange of information to crypto assets from 1 January 2026, with the first exchange planned for 2027.
Timeline
Jan 1, 2026Automatic exchange of information is extended to crypto assets.
Feb 6, 2026Consultation on the Financial Institutions Act amendment closes.
second half of 2026 at the earliest (Expected)Federal Council dispatch to Parliament on the new licences for payment instrument institutions and crypto-institutions. Application is not expected before 2027.
2027 (Expected)First automatic exchange of information on crypto assets with partner countries.
Algeria
BannedYour country
Algeria has no stablecoin regime. Law No. 25-10 of 24 July 2025 bans buying, selling, holding, using and promoting virtual assets, and reports on the law treat fiat-backed stablecoins such as Tether as covered. The legal definition leaves out operations in digital values of fiat currencies, but nothing found in this review shows that private stablecoins benefit from that exclusion. Treat stablecoins as banned unless an official text says otherwise.
Regulators
Bank of Algeria (Banque d'Algérie), Banking Commission (Commission bancaire), Judicial authorities (enforcement of Law No. 05-01)
Licensing
No licensing route for stablecoin issuers or service providers was identified. Article 6 bis of Law No. 05-01, added by Law No. 25-10 of 24 July 2025, prohibits issuing, buying, selling, using or holding virtual assets, trading in them, promoting them, and creating or operating exchange platforms for them, whether as a means of payment or recognised currency or as an investment instrument. The ban also covers activities linked to cryptocurrency mining. Article 31 bis sets the penalty: imprisonment from two months to one year and a fine of DZD 200,000 to DZD 1,000,000, or one of these two penalties, without prejudice to heavier penalties under other laws. No framework for stablecoin issuance or for electronic money tokens on public blockchains was found.
Payments
Not allowed. Article 6 bis bans the use of virtual assets as a means of payment or recognised currency. Press reports list Tether among the banned assets. The position of the Bank of Algeria on fiat-backed stablecoins was not found in a primary source.
Timeline
Dec 27, 2017Finance Law No. 11-17 (finance law for 2018) appears in the official gazette of 27 December 2017. Its Article 117 prohibits all use of private cryptocurrencies (as recorded by the Law Library of Congress). Press reports describe enforcement as weak, with peer-to-peer trading continuing.
Jul 24, 2025Law No. 25-10 is signed and published in Official Journal No. 48. It adds Article 6 bis (ban on issuing, buying, selling, using, holding, trading and promoting virtual assets, on exchange platforms and on mining) and Article 31 bis (criminal penalties) to Law No. 05-01.
Date to be announced (Expected)No plan to lift the ban or to license virtual asset services was identified in this review.
Egypt
BannedYour country
Egypt has no stablecoin framework. Fiat-backed stablecoins are treated as virtual currencies, so issuing or dealing in them without Central Bank of Egypt approval is prohibited under Article 206 of Law No. 194 of 2020, and no approval has been reported. The specific treatment of foreign-currency stablecoins under exchange control rules was not confirmed in this review.
Regulators
Central Bank of Egypt (CBE), Financial Regulatory Authority (FRA)
Licensing
Article 206 of the Central Bank and Banking System Law (Law No. 194 of 2020) prohibits issuing, trading or promoting cryptocurrencies, and setting up or operating platforms for them, without prior approval from the Central Bank of Egypt (CBE). A 2025 overview reports that the CBE has not issued any such licence, so in practice there is no lawful local route. A law firm review says the Law sets severe penalties, including fines and imprisonment; a secondary overview puts the fines at up to EGP 10 million. The penalty provision itself was not read in this review. No stablecoin issuer licence or reserve framework was identified.
Payments
Not allowed. Stablecoins are not legal tender and are not an approved payment instrument. No CBE approval covering stablecoin payments was identified.
Timeline
2020Central Bank and Banking System Law (Law No. 194 of 2020) enacted. Article 206 bans issuing, trading or promoting cryptocurrencies and operating platforms for them without CBE approval.
Mar 2021CBE publicly warns bank customers against dealing in cryptocurrencies and cites Article 206 of Law No. 194 of 2020.
Mar 8, 2023CBE issues its fourth warning statement on cryptocurrencies, after reports that a digital platform had illegally taken funds from Egyptian citizens.
Date to be announced (Expected)No draft law or licensing framework for virtual assets was identified in this review. A change would need the CBE to start granting approvals under Article 206 or new legislation.
Hong Kong
RegulatedYour country
Hong Kong has a dedicated stablecoin law. Since 1 August 2025 issuers of fiat-referenced stablecoins need an HKMA licence, with full reserve backing, redemption within one business day and HK$25 million minimum capital. The first two licences were granted on 10 April 2026 to Anchorpoint Financial and HSBC. Stablecoins such as USDT are not issued by a Hong Kong licensee and are handled as virtual assets. Check the HKMA register of licensed stablecoin issuers.
Regulators
Securities and Futures Commission (SFC), Hong Kong Monetary Authority (HKMA), Financial Services and the Treasury Bureau (FSTB), Inland Revenue Department (IRD)
Licensing
The Stablecoins Ordinance (Cap. 656) took effect on 1 August 2025. Since then the business of issuing fiat-referenced stablecoins is a regulated activity in Hong Kong and needs a licence from the Hong Kong Monetary Authority (HKMA). Licensed issuers need minimum paid-up capital of HK$25 million, must back the stablecoin in full with reserve assets and must honour redemption within one business day. The HKMA has published a supervision guideline and an AML guideline for licensed issuers. Issuers already operating had to apply by 31 October 2025 or wind down. On 10 April 2026 the HKMA granted the first two licences, out of 36 applications in the first batch, to Anchorpoint Financial Limited (a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands) and The Hongkong and Shanghai Banking Corporation Limited. The HKMA keeps a public register of licensed stablecoin issuers. Licensed stablecoin issuers are to be exempt from the planned virtual asset dealing licence. Trading of stablecoins on platforms falls under the SFC platform regime. A law-firm note says the two licensees plan to reach retail users through distributors and their own payment and banking apps. The legal rules on who may offer stablecoins to retail customers were not confirmed in the sources reviewed.
Payments
Not legal tender. Licensed stablecoins come with full reserve backing and redemption within one business day. The first licensed issuers planned to launch in the second half of 2026.
Tax
Under Inland Revenue Department guidance of March 2020, gains on digital assets held as long-term investments are not subject to profits tax, while profits from crypto business activities are taxable. The guidance text itself was not opened in this review.
Timeline
Dec 2025SFC and FSTB publish consultation conclusions on licensing regimes for virtual asset dealing and custodian services and open a further consultation on advisory and management services.
Apr 10, 2026HKMA grants the first stablecoin issuer licences, to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. The HKMA had received 36 applications in the first batch.
2026 (Expected)Bill in the Legislative Council to license virtual asset dealing, custody, advisory and management services under the AMLO, with no transitional period once in force.
second half of 2026 (Expected)Launch of the first licensed stablecoins by Anchorpoint and HSBC. In April 2026 the HKMA said both intended to launch within a few months. Whether they have launched was not confirmed in this review.
Indonesia
RegulatedYour country
In Indonesia stablecoins are treated like other crypto assets: you may buy and sell them on OJK-licensed platforms, but you may not use them to pay for goods or services, because the rupiah is the only legal means of payment. Each trade carries a small final income tax (0.21% on local platforms, 1% on foreign ones). There is no dedicated stablecoin law yet.
Regulators
Otoritas Jasa Keuangan (OJK), Bank Indonesia (BI), Directorate General of Taxes
Licensing
OJK licenses exchanges, clearing, custodians and traders under POJK 27/2024 (as amended by POJK 23/2025); supervision moved from Bappebti to OJK on 10 Jan 2025. Exchange reporting rules (PADK OJK 3/2026) effective 1 Sep 2026. No stablecoin issuer regime identified.
Payments
banned: Bank Indonesia does not recognise virtual currency as a payment instrument and bars payment system operators and fintechs from processing virtual-currency transactions (PBI 18/40/2016, 19/12/2017).
Tax
PMK 50/2025 (from 1 Aug 2025): final income tax of 0.21% of transaction value via domestic platforms, 1% via foreign platforms; crypto transfers VAT-exempt.
Timeline
Jan 10, 2025Crypto supervision transfers from Bappebti to OJK (POJK 27/2024).
Aug 1, 2025PMK 50/2025 crypto tax rules take effect.
Sep 1, 2026PADK OJK 3/2026 exchange reporting rules take effect.
Date to be announced (Expected)No stablecoin-specific framework announced (not verified in this pass).
India
RegulatedYour country
India has no stablecoin regime. Fiat-backed stablecoins are treated as virtual digital assets: they can be held and traded on FIU-IND registered platforms and gains are taxed at a flat 30%. The status is regulated only in a limited sense, because no issuer framework or licence exists. The RBI is firmly cautious and promotes its own digital rupee, while the government has been reported to consider a stablecoin framework. Rules could change in either direction.
Regulators
Financial Intelligence Unit India (FIU-IND), Ministry of Finance, Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Indian Computer Emergency Response Team (CERT-In)
Licensing
No licence or framework for stablecoin issuers exists. Platforms that trade or hold stablecoins for customers fall under the general VDA rules. India has no dedicated crypto law and no licensing regime. Since a Ministry of Finance notification of 7 March 2023, VDA service providers are reporting entities under the Prevention of Money Laundering Act, 2002 (PMLA). The notification covers five activities carried out for or on behalf of another person: exchange between VDAs and fiat currencies, exchange between VDAs, transfer of VDAs, safekeeping or administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA. Providers must register with the Financial Intelligence Unit India (FIU-IND), carry out customer due diligence, keep records for five years and report suspicious transactions. FIU-IND issued consolidated AML and CFT guidelines on 8 January 2026 with stricter onboarding checks (live selfie with liveness detection, location capture, bank account verification), a prohibition on facilitating mixers and tumblers, and a statement that discourages initial coin and token offerings. The details of the January 2026 guidelines come from secondary summaries, because the FIU-IND text could not be opened in this review. On 28 December 2023 FIU-IND issued show-cause notices to nine offshore exchanges for operating without complying with the PMLA, and the Ministry of Finance asked for their websites to be blocked. The RBI is openly cautious: on 20 November 2025 Governor Sanjay Malhotra said the bank has a very cautious approach to crypto and that India does not need stablecoins because of its domestic payment systems (UPI, NEFT, RTGS). Reports at the same time said the government may address stablecoin regulation in the Economic Survey 2025-2026, which shows a difference of view between the Finance Ministry and the RBI. How foreign exchange rules apply to foreign-currency stablecoins was not covered in the sources reviewed.
Payments
Not legal tender and no regime for stablecoin payments. The RBI says domestic payment systems make stablecoins unnecessary and promotes its own digital rupee.
Tax
Income from the transfer of VDAs is taxed at a flat 30% (section 115BBH of the Income Tax Act, in effect since 2022). No deduction is allowed other than the cost of acquisition, and losses cannot be set off against other income or carried forward. A 1% tax is deducted at source on VDA transfers (section 194S, from 1 July 2022), above INR 10,000 a year, or INR 50,000 for specified persons. GST of 18% applies to the fees of crypto service providers. Section 285BAA, in effect from 1 April 2026, requires prescribed reporting entities to file statements of crypto asset transactions with the tax authority. Data sharing under the OECD Crypto-Asset Reporting Framework is reported to start in 2027. These tax points are confirmed by a law-firm guide and press reports. The Income Tax Department pages could not be opened in this review.
Timeline
Jan 8, 2026FIU-IND issues consolidated AML and CFT guidelines for VDA service providers with stricter onboarding checks and a prohibition on facilitating mixers and tumblers.
Apr 1, 2026Wider VDA definition from the Finance Act 2025 and the crypto asset transaction reporting duty in section 285BAA of the Income Tax Act take effect.
2027 (Expected)Start of reporting and data sharing under the OECD Crypto-Asset Reporting Framework (as reported in the press: first filings by 31 May 2027 for calendar year 2026, cross-border sharing from April 2027).
Date to be announced (Expected)Consultations on a regulatory framework for crypto assets are under way, and the RBI Governor said in November 2025 that a government working group will decide. The timeline is uncertain. Two earlier cryptocurrency bills (2019 and 2021) were never tabled in Parliament.
Iraq
BannedYour country
Iraq has no stablecoin regime. Fiat-backed stablecoins fall under the general central bank prohibition on dealing in crypto assets, and the Kurdistan Region directive of 2026 names USDT directly. No issuer or platform is licensed, and banks are reported to be barred from such transactions.
Regulators
Central Bank of Iraq (CBI), Anti-Money Laundering and Counter-Financing of Terrorism Office, Ministry of Interior of the Kurdistan Regional Government (Kurdistan Region only)
Licensing
No framework for stablecoin issuers was identified. Iraq has no law written for crypto assets and no licensing regime. The Central Bank of Iraq (CBI) issued a statement on Bitcoin on 3 December 2017, which the Law Library of Congress records as an absolute ban: the penalties of the anti-money-laundering law (Law No. 39 of 2015) apply to anyone dealing in cryptocurrencies. On 14 November 2021 the CBI warned against the use of digital, encrypted and virtual currencies and said it gives no guarantee or legal protection to those dealing with them and has granted no licence for any encrypted digital currency. In December 2024 the CBI repeated that it does not issue licences for companies dealing in cryptocurrencies. A secondary review describes CBI Circular No. 125/5/9 of 2021, which forbids banks, electronic payment providers and other financial intermediaries from engaging in virtual asset transactions. The circular itself was not opened in this review. In February 2025 the state banks Al-Rafidain and Al-Rasheed told customers not to use cards or e-wallets for cryptocurrency or Forex transactions, in line with CBI directives. In the Kurdistan Region, the Ministry of Interior issued a directive, reported on 3 May 2026, that prohibits citizens and businesses from digital currency transactions, including stablecoins such as USDT, with offices to be closed and those responsible referred to the judiciary.
Payments
Not allowed. Stablecoins are not legal tender. Banks and electronic payment providers are reported to be barred from virtual asset transactions, and state banks tell customers not to use cards or e-wallets for crypto. The CBI position on dollar stablecoins specifically was not found in a primary source.
Timeline
Dec 16, 2024CBI is reported as stating that it does not issue licences for companies dealing in stocks, metals or cryptocurrencies, and warns of fake trading firms.
Feb 28, 2025Al-Rafidain Bank, a day after Al-Rasheed Bank, warns customers not to use cards or e-wallets for cryptocurrency or Forex transactions.
May 3, 2026Kurdistan Region Ministry of Interior directive banning digital currency transactions, including USDT, is reported. Offices are to be closed and those responsible referred to the judiciary.
Date to be announced (Expected)No plan to license crypto assets or to change the central bank position was identified in this review.
Jordan
RegulatedYour country
Jordan has no separate stablecoin law. Fiat-backed stablecoins fall under the general virtual asset regime of Law No. 14 of 2025, so platforms handling them need a Jordan Securities Commission licence, while their use for payments is reported to depend on Central Bank of Jordan approval. Rules on issuers and reserves were not found in this review.
Regulators
Jordan Securities Commission (JSC), Central Bank of Jordan (CBJ)
Licensing
No dedicated stablecoin issuer regime or reserve rules were identified in this review. Platforms that exchange stablecoins for Jordanian or foreign currency, transfer them or hold them in custody need a JSC licence. Law No. 14 of 2025 on Regulating Dealing in Virtual Assets makes the Jordan Securities Commission (JSC) the licensing authority. No virtual assets activity may be carried out without a JSC licence. The Virtual Assets Service Providers Licensing Regulation No. 94 for the year 2025 sets minimum paid-up capital of JOD 3,000,000 for operating a virtual assets platform, JOD 2,000,000 for custody, JOD 1,000,000 for brokerage and JOD 500,000 for services related to an issuer's offering or sale of virtual assets; the amounts add up when several activities are combined. An applicant must be a Jordanian company or a branch of a foreign company licensed in its home jurisdiction, with a purpose limited to virtual assets activities. The JSC decides on preliminary approval within 60 days. Licence fees range from JOD 30,000 to JOD 100,000. Providers need prior written JSC approval to finance clients' trading or to trade through contracts for difference on virtual assets. Unlicensed activity is reported to be a criminal offence punished by imprisonment and fines of JOD 50,000 to 100,000, with closure of premises and confiscation of equipment; this comes from a press summary, and the text of the Law was not read in this review. Banks and other entities supervised by the Central Bank of Jordan may carry out exchange and custody with prior CBJ approval.
Payments
Restricted. As reported, the use of virtual assets for payment in Jordan needs explicit approval from the Central Bank of Jordan, and no approval covering stablecoin payments was identified.
Timeline
Jun 16, 2025Law No. 14 of 2025 on Regulating Dealing in Virtual Assets is enacted.
Sep 14, 2025Law No. 14 of 2025 takes effect, 90 days after publication.
2026-2027 (Expected)First JSC licences for virtual asset service providers and further JSC instructions. No licensed provider was confirmed in this review.
Kuwait
BannedYour country
Kuwait has no stablecoin framework. Dollar-linked stablecoins are virtual assets under the July 2023 circulars, so using them for payment or investment is prohibited and no issuer or platform can be licensed. The circulars carve out instruments regulated by the central bank or the CMA, but no stablecoin was found to benefit from that carve-out.
Regulators
Capital Markets Authority (CMA), Central Bank of Kuwait (CBK), Ministry of Commerce and Industry, Insurance Regulatory Unit
Licensing
No licence is available. On 18 July 2023 the Capital Markets Authority (CMA) issued a circular confirming an absolute prohibition on using virtual assets for payment or for investment and on mining them. The circular also bars the regulators from issuing licences to provide virtual asset services as a commercial business. Similar circulars were reported from the Central Bank of Kuwait, the Ministry of Commerce and Industry and the Insurance Regulatory Unit. The circular refers to penalties under Article 15 of Law No. 106 of 2013 on anti-money laundering and combating the financing of terrorism. Securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are excluded from the prohibition. No stablecoin issuer framework was identified.
Payments
Not allowed. Using virtual assets as a means of payment is prohibited, and stablecoins are not an approved payment instrument.
Timeline
Jul 18, 2023CMA circular confirms an absolute prohibition on virtual assets for payment and investment, on mining, and on licensing virtual asset service providers. Parallel circulars are reported from the CBK, the Ministry of Commerce and Industry and the Insurance Regulatory Unit.
Apr 2025The Ministry of Interior launches a wide-ranging security operation against homes used for crypto mining, which it calls illegal, during a power crisis.
Date to be announced (Expected)No plan to lift the prohibition or to introduce licensing was identified in this review.
Kazakhstan
RegulatedYour country
Kazakhstan's new digital assets law (in force 1 May 2026) treats money-backed stablecoins as digital financial assets and brings trading platforms under the National Bank, alongside the AIFC regime. A July 2026 presidential decree plans stablecoin use in cross-border trade settlements and an income-tax exemption for individuals trading on regulated platforms. Use licensed platforms; detailed stablecoin rules are still emerging.
Regulators
National Bank of Kazakhstan (NBK), Agency for Regulation and Development of the Financial Market (ARDFM), Astana Financial Services Authority (AFSA, AIFC)
Licensing
Outside the AIFC, NBK licenses unsecured digital asset exchanges and registers trading-platform and DFA-platform operators from 1 May 2026; within the AIFC, AFSA licenses providers. Whether foreign stablecoins such as USDT/USDC may be offered by national licensees was not confirmed in sources.
Payments
restricted: not legal tender; a presidential decree of 7 Jul 2026 envisages mechanisms for using digital assets and stablecoins in cross-border settlements.
Tax
Under the decree of 7 Jul 2026, individuals' income from digital asset transactions through Kazakhstan's regulated infrastructure is planned to be exempt from income tax (not yet enacted per the sources).
Timeline
May 1, 2026Law on Digital Assets in force; stablecoins classed as digital financial assets; NBK licensing and registration begins.
Jul 7, 2026Presidential decree: planned income-tax exemption for individuals on regulated infrastructure; mechanisms for stablecoins in cross-border settlements.
Date to be announced (Expected)Implementing rules for stablecoins, cross-border stablecoin settlements and the planned income-tax exemption.
Morocco
BannedYour country
Morocco has no stablecoin regime in force, and stablecoin transactions fall under the 2017 position that virtual currency dealings breach exchange rules. The draft crypto-assets law of November 2025 would give Bank Al-Maghrib oversight of stablecoins, including backing and redemption, but it is not yet law. Bank Al-Maghrib is separately studying a central bank digital currency.
Regulators
Bank Al-Maghrib (BAM), Office des Changes (Foreign Exchange Office), Autorité Marocaine du Marché des Capitaux (AMMC), Ministry of Economy and Finance
Licensing
There is no licensing regime in force. In November 2017 the Ministry of Economy and Finance, Bank Al-Maghrib and the Office des Changes jointly declared that transactions in bitcoin and other virtual currencies violate Morocco's foreign exchange rules and expose users to penalties under the exchange regulations. That position still applies. The exchange-control basis of the prohibition applies directly to foreign-currency stablecoins. A draft law, Bill No. 42.25, was published in November 2025 by the Ministry of Economy and Finance, prepared with Bank Al-Maghrib and the AMMC. As reported, it would have the AMMC license crypto-asset service providers and oversee token offerings, Bank Al-Maghrib regulate stablecoins, and the National Financial Intelligence Authority (ANRF) supervise anti-money-laundering compliance. In April 2026 the draft was reported as under examination at the General Secretariat of the Government. It has not been adopted. As reported, the draft would have Bank Al-Maghrib set rules on stablecoin use, backing and redemption and monitor related financial flows. Central bank digital currency is outside the draft.
Payments
Not allowed. Stablecoins are not legal tender or an approved payment instrument, and the dirham is subject to exchange controls. The government says the planned law must prevent uncontrolled substitution of the dirham by digital assets.
Timeline
Sep 2025The Governor asks the General Secretariat of the Government to prioritise the crypto bill, which would create a licensing system for platforms.
Nov 2025Ministry of Economy and Finance publishes draft Bill No. 42.25 on crypto-assets, prepared with Bank Al-Maghrib and the AMMC.
Apr 2026Government reports that the draft law is under examination at the General Secretariat of the Government.
Date to be announced (Expected)Adoption of Bill No. 42.25 by the government and parliament. It would replace the 2017 prohibition with a licensing regime shared between the AMMC and Bank Al-Maghrib. No date announced.
Malaysia
RegulatedYour country
Stablecoins can be bought legally in Malaysia on exchanges registered with the Securities Commission, but there is no dedicated stablecoin law yet. Bank Negara Malaysia is testing ringgit stablecoins for wholesale payments in 2026 and plans to give clarity on their use by the end of 2026. Stablecoins are not legal tender. Individual investors generally pay no capital gains tax.
Regulators
Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM), Inland Revenue Board (LHDN)
Licensing
SC Recognized Market Operator registration for DAX (5 registered as at 20 Jul 2026); at least one lists USDT and USDC (per secondary source). No licensing regime for stablecoin issuers yet; ringgit stablecoin initiatives run in BNM sandbox for wholesale use in 2026.
Payments
restricted: not legal tender; no general stablecoin payment regime; BNM pilots focus on wholesale domestic and cross-border payments and settlement of tokenised assets.
Tax
No capital gains tax for individual investors; gains from trading as a business are taxable under the Income Tax Act 1967.
Timeline
Jun 2025BNM launches Digital Asset Innovation Hub.
Feb 11, 2026BNM onboards three initiatives to test ringgit stablecoins and tokenised deposits in 2026 (wholesale use, including Shariah considerations).
end-2026 (Expected)BNM to clarify the use of ringgit stablecoins and tokenised deposits.
Nigeria
RegulatedYour country
Nigeria regulates stablecoins through the SEC under the Investments and Securities Act 2025, with the central bank supervising payment flows. Commentary describes 100% reserve, attestation and no-interest requirements, and limits on offshore reserves. A naira stablecoin consortium, cNGN, takes part in a central bank supervision pilot. The detailed SEC stablecoin text was not read directly in this review, so treat the specifics as reported by law firms.
Regulators
Securities and Exchange Commission, Nigeria (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), Nigeria Revenue Service (NRS)
Licensing
Legal commentary reports that issuers may not pay interest to holders, and that holding reserves offshore is generally restricted unless the SEC specifically authorises it for coins pegged to foreign currency. A cNGN naira stablecoin consortium is reported to take part in the CBN supervision pilot scheme announced on 31 March 2026. Platforms that trade stablecoins need the same SEC licences as other exchanges: The SEC licenses virtual asset service providers under the Investments and Securities Act 2025 and its Rules on Issuance, Offering Platforms and Custody of Digital Assets (2022, amended in 2025). Licence categories include digital asset exchange, digital asset custodian, digital asset offering platform, digital asset intermediary and real-world asset tokenisation platform. SEC Circular No. 26-1 of 16 January 2026 raised minimum capital to NGN 2 billion for exchanges and custodians, NGN 1 billion for offering platforms and NGN 500 million for intermediaries, with a compliance deadline of 30 June 2027. Applicants need Nigerian incorporation and a resident chief executive, and new entrants pass through the Accelerated Regulatory Incubation Program (ARIP) launched in June 2024. Foreign platforms that target Nigerian investors are expected to register with the SEC.
Payments
Restricted. The CBN controls the link between crypto and the banking system: banks may serve SEC-licensed providers through designated accounts with no cash withdrawals. The eNaira is the central bank digital currency and is separate from private stablecoins.
Tax
The Nigeria Tax Act 2025 took effect on 1 January 2026 and treats digital assets as chargeable assets. Legal commentary reports that gains of individuals are taxed at progressive rates of up to 25%, replacing the earlier 10% flat rate, and that companies pay 30% income tax on profits from virtual asset business. In August 2026 the Nigeria Revenue Service (NRS) published Guidelines on the Taxation of Virtual Assets covering registration, reporting, record keeping and valuation. Legal commentary describes service providers as tax-reporting agents for the NRS.
Timeline
Mar 31, 2026CBN announces an anti-money-laundering supervision pilot scheme for a select group of virtual asset service providers.
Aug 2026Nigeria Revenue Service publishes Guidelines on the Taxation of Virtual Assets.
Jun 30, 2027 (Expected)Deadline to meet the revised SEC minimum capital. Operators that do not comply face suspension or loss of registration.
late 2026 (Expected)Legal commentary expects the CBN supervision pilot scheme, announced on 31 March 2026, to evolve into a permanent banking framework for virtual asset service providers by late 2026. No official date was found.
Oman
UncertainYour country
Oman has no confirmed stablecoin regime. Trading platforms must register with the Financial Services Authority, while payment and stored value activity stays under the central bank, which has not licensed any digital asset provider. Stablecoin rules were proposed in a 2023 consultation; whether they were finalised was not confirmed, so the status is uncertain.
Regulators
Financial Services Authority (FSA, formerly the Capital Market Authority), Central Bank of Oman (CBO)
Licensing
No stablecoin issuer licence was identified. Platforms that exchange or transfer stablecoins are virtual asset service providers: FSA Decision No. E/35/2023 requires virtual asset service providers, whether legal entities or natural persons operating in Oman, to register with the Financial Services Authority and to apply anti-money-laundering and counter-terrorism-financing requirements. Covered activities include exchange between virtual assets and fiat currency, exchange between virtual assets, transfer of virtual assets, custody and related financial services. The FSA decides on a complete application within one month. Providers may not deal in assets that conceal the identity of the originator or the nature of the transaction. This is a registration and anti-money-laundering regime, not a licensing regime with prudential and conduct rules. A full licensing framework has been in preparation since a consultation paper of 27 July 2023, which proposed licences, a local legal entity with a physical office, minimum capital, limits on hot wallet holdings, audits and proof of reserves. Whether that framework has been issued in final form was not confirmed in this review.
Payments
Restricted. Stablecoins are not legal tender and are not an approved payment instrument. Payment and stored value services are regulated by the Central Bank of Oman, and no approval covering stablecoin payments was identified.
Tax
No crypto-specific tax rules were found. A secondary source notes that Oman does not levy personal income tax on individuals at present, so personal crypto gains are generally not taxed, while businesses dealing in virtual assets are subject to corporate tax law.
Timeline
2023Decision No. E/35/2023 introduces registration of virtual asset service providers and anti-money-laundering requirements.
Jul 27, 2023Capital Market Authority publishes a consultation paper on a virtual assets regulatory framework covering utility tokens, security tokens and fiat-backed and asset-backed stablecoins; comments were due by 17 August 2023.
Mar 25, 2024Royal Decree 20/2024 takes effect: the Financial Services Authority replaces the Capital Market Authority.
Date to be announced (Expected)Final comprehensive framework for virtual assets and licensing of service providers by the FSA, following the 2023 consultation. Its current status was not confirmed in this review.
Pakistan
RegulatedYour country
Pakistan now regulates virtual assets, including stablecoins, under the Virtual Assets Act 2026, and existing crypto firms had to apply to PVARA for a no-objection certificate by 5 September 2026 or stop operating. The regime is new: full licences and stablecoin-specific rules are still pending, and the government has only explored a dollar-linked stablecoin for cross-border payments. Use only platforms that applied to PVARA, and expect rules to change.
Regulators
Pakistan Virtual Assets Regulatory Authority (PVARA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP)
Licensing
Virtual Assets Act 2026 (passed by the Senate 27 Feb 2026, signed by the President in Mar 2026) gives PVARA licensing powers over 11 activity types (including custody, exchange, broker-dealer and derivatives). Existing firms had to apply for a no-objection certificate by 5 Sep 2026 or cease operations. No full licences reported yet; no stablecoin issuer framework published.
Payments
Restricted: since Apr 2026 banks may serve PVARA-licensed providers but may not invest in, trade or hold crypto themselves; consumer payment use of stablecoins is not addressed in the sources.
Sep 5, 2026Deadline for existing crypto firms to apply for PVARA no-objection certificate.
late 2026–2027 (Expected)First full PVARA licences; possible stablecoin rules.
Qatar
BannedYour country
Qatar does not permit stablecoin services: the QFC digital-asset rules expressly exclude stablecoins, virtual asset services may not be conducted in or from the QFC, and the central bank has declared crypto trading unlawful. No licensed provider can sell you a stablecoin in Qatar, and there is no legal protection if something goes wrong.
Regulators
Qatar Central Bank (QCB), Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Financial Markets Authority (QFMA)
Licensing
No licensing for stablecoin issuance or services. The QFC framework licenses tokenisation of real-world assets only; QCB and QFCRA prohibitions on virtual-asset services remain.
Payments
banned
Timeline
Dec 2019QFCRA states that virtual asset services may not be conducted in or from the QFC.
Sep 2, 2024QFCRA clarifies that cryptocurrencies, stablecoins and CBDCs are Excluded Tokens under the new Digital Assets Framework; earlier guidance remains in place for them.
Date to be announced (Expected)No announced plan to permit stablecoins.
Russia
RestrictedYour country
Since 1 September 2026 Russians can legally buy foreign stablecoins only through licensed intermediaries, under the same rules as other crypto: investors must pass a test, retail investors are capped at RUB 300,000 a year per intermediary, and Bank of Russia draft rules include USDT among the few assets retail investors may buy. Paying for goods and services inside Russia with stablecoins is banned. Russia-linked platforms are heavily sanctioned, and crypto controlled by them has been frozen in enforcement actions, so holders face a real freezing risk.
Regulators
Bank of Russia, Ministry of Finance, Federal Tax Service, Rosfinmonitoring
Licensing
From 1 Sep 2026 crypto trading goes through licensed intermediaries (exchanges, brokers, depositories), with a transition until 1 Jul 2027 for market participants to obtain licences. Investors must pass a test; non-qualified investors may buy only the most liquid cryptocurrencies, up to RUB 300,000 a year per intermediary. Bank of Russia draft rules (Aug 2026) would limit that list to BTC, ETH and USDT (final adoption not verified). Qualified investors have no cap.
Payments
banned for domestic payments; exporters and importers may use cryptocurrencies, including stablecoins, in cross-border payments without limitation, via intermediaries or directly using wallets.
Timeline
Aug 2026President signs the law (reported).
Sep 1, 2026Law in force: crypto trading via licensed intermediaries; foreign stablecoins treated like cryptocurrencies.
Jul 1, 2027 (Expected)End of transition: unregistered intermediaries must stop.
Date to be announced (Expected)Final Bank of Russia list of assets available to non-qualified investors.
Saudi Arabia
UncertainYour country
Saudi Arabia has no licensing regime for stablecoins, and regulators have warned since 2018 that virtual currencies are unregulated and no one is authorised to trade them. Holding a stablecoin is not expressly banned, but there is no local investor protection. Officials have spoken about a future regulated stablecoin framework, but it has not been published.
Regulators
Saudi Central Bank (SAMA), Capital Market Authority (CMA)
Licensing
None in force. No entity is licensed to deal in virtual currencies or stablecoins; a regulated stablecoin framework has been discussed by officials but no rulebook has been published.
Payments
Restricted: not legal tender; no licensed payment use; regulators warn against dealing with unlicensed parties.
Timeline
Aug 12, 2018Standing committee led by CMA with SAMA warns virtual currencies are not regulated and no parties are licensed.
Nov 2025Reports that Saudi Arabia plans nationally regulated stablecoins involving SAMA and the CMA; no framework published (secondary sources only).
Date to be announced (Expected)Possible SAMA/CMA stablecoin framework.
Singapore
RegulatedYour country
Singapore has a dedicated stablecoin framework. Stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore can be "MAS-regulated" if the issuer meets reserve, capital, disclosure and five-day par redemption rules. The framework is not yet written into the Payment Services Act: in September 2026 MAS began consulting on the amendments, including a new issuance licence and a ban on paying interest. Other stablecoins are treated as digital payment tokens and handled by licensed providers.
Regulators
Monetary Authority of Singapore (MAS), Inland Revenue Authority of Singapore (IRAS)
Licensing
MAS finalised a framework for single-currency stablecoins (SCS) on 15 August 2023. It applies to stablecoins pegged to the Singapore dollar or a G10 currency and issued in Singapore. Issuers must meet rules on reserve assets (composition, valuation, custody and audit), hold minimum base capital and liquid assets, redeem at par within five business days, and disclose the stabilising mechanism, holder rights and audit results. Only compliant issuers may use the label "MAS-regulated stablecoin", and misuse of the label is punishable. On 1 September 2026 MAS opened a consultation (closing 16 October 2026) on amendments to the PS Act to implement the framework: a new stablecoin issuance licence class, reserves at least equal to the par value of all stablecoins in circulation, a ban on paying interest or other benefits to holders, a regime for designated systemic stablecoins and a route for MAS recognition of foreign-issued stablecoins. Until the amendments are passed, stablecoins outside the framework stay under the DPT regime: intermediaries that deal in or hold them for customers in Singapore need a PS Act licence, and the consultation also proposes additional retail safeguards for stablecoins that are not MAS-regulated.
Payments
Permitted. MAS designs the framework so that regulated stablecoins can serve as a means of payment, and proposes to ban interest on them to keep them focused on payments. Stablecoins are not legal tender.
Tax
Under the IRAS e-Tax Guide on the income tax treatment of digital tokens (latest edition 30 January 2026), gains that are capital in nature are not taxable, so gains from holding crypto assets as a long-term investment are generally not taxed. Whether a gain is capital or revenue depends on the facts. Profits from trading in tokens as a business, and tokens received for goods or services, are subject to income tax. The supply of digital payment tokens has been exempt from GST since 1 January 2020. Singapore signed the multilateral agreement on the Crypto-Asset Reporting Framework on 26 November 2024, with exchanges of information expected to start in 2028.
Timeline
Jun 30, 2025DTSP licensing regime under the Financial Services and Markets Act takes effect. Singapore-based providers serving only overseas customers must be licensed or stop.
Sep 1, 2026MAS publishes a consultation paper on amendments to the Payment Services Act 2019 to implement the stablecoin framework, including a new stablecoin issuance licence. The consultation closes on 16 October 2026.
after 2026-10-16 (Expected)Amendments to the Payment Services Act 2019 to put the MAS stablecoin framework into law, following the consultation. No date for the bill was given in the sources reviewed.
2028 (Expected)First exchanges of information under the Crypto-Asset Reporting Framework (expected).
Tunisia
RestrictedYour country
Tunisia has no stablecoin rules. Fiat-backed stablecoins are treated like other crypto assets: no law, no licensed provider, prosecutions reported in 2022 and a listing as an absolute ban by the Law Library of Congress (2021). The status is restricted, not banned, because no statute that bans them was found. The central bank has said it is studying a digital currency of its own. A draft foreign exchange code would allow holding and exchanging crypto with prior authorisation, but its adoption was not confirmed and it has no stablecoin chapter in the reports reviewed.
Regulators
Central Bank of Tunisia (Banque Centrale de Tunisie, BCT), Ministry of Finance, Financial Market Council (Conseil du Marché Financier, CMF)
Licensing
No framework for stablecoin issuers or for electronic money tokens on public blockchains was identified. Tunisia has no law written for crypto assets. In March 2022 the Governor of the Central Bank of Tunisia (BCT) said that there was no regulatory text and that young people were being jailed for using cryptocurrencies. A secondary review describes a 2018 BCT directive under which virtual currency activity without authorisation is an offence, with fines and up to five years in prison, and says that banks must refuse crypto-related transfers. The Law Library of Congress (November 2021) lists Tunisia among countries with an absolute ban, citing an undated BCT press release under which the central bank does not recognise or deal in cryptocurrencies as a form of payment, and notes the 2021 arrest of a 17-year-old for using cryptocurrency online. This review could not open any BCT text itself, so the 2018 directive and the penalty are not confirmed by a primary source. A draft new foreign exchange code, announced by the Minister of Finance in March 2024, would for the first time let residents hold and exchange cryptocurrencies, subject to prior BCT authorisation, a financial threshold to be set later, mandatory conversion into fiat currency and repatriation of profits. In January 2025 the draft was still awaiting approval by Parliament. Its adoption was not confirmed in this review. The draft, as reported, does not set separate rules for stablecoins. The BCT Governor said in March 2022 that the bank was studying the issue of a central bank digital currency.
Payments
Not permitted in practice. Stablecoins are not legal tender, and a secondary review says banks must refuse crypto-related transfers. The draft exchange code, as reported, would require conversion of crypto assets into fiat currency and prior BCT authorisation.
Timeline
Feb 27, 2023A preliminary version of the draft exchange law is reported: crypto assets would not be legal currency, residents would have to declare holdings to the BCT, and acquiring crypto assets would need prior BCT authorisation.
Mar 18, 2024Minister of Finance Sihem Boughdiri Nemsia says the draft foreign exchange code would allow Tunisians to hold and exchange cryptocurrencies with prior BCT authorisation, a financial threshold, mandatory conversion into fiat currency and repatriation of profits.
Jan 5, 2025La Presse de Tunisie reports that the draft foreign exchange code published in March 2024 is still awaiting approval by Parliament.
Date to be announced (Expected)Adoption of the new foreign exchange code with its crypto asset provisions (holding and exchange with prior BCT authorisation). No date was confirmed.
Turkey
RegulatedYour country
Stablecoins are legal to buy and hold in Turkey through platforms licensed or listed by the Capital Markets Board, but they cannot be used to pay for goods or services. Stablecoins have no deposit protection. There is no specific crypto tax at the moment, although proposals have been made.
Regulators
Capital Markets Board (SPK/CMB), Central Bank of the Republic of Türkiye (CBRT), MASAK (Financial Crimes Investigation Board)
Licensing
SPK licence required for crypto asset service providers (Communiqués of 13 Mar 2025); platforms on the SPK operating list continue while applications are assessed. Unlicensed operation is a criminal offence. No stablecoin issuer regime identified.
Payments
Banned: under the CBRT Regulation on the Disuse of Crypto Assets in Payments (Official Gazette 31456, 16 Apr 2021, in force 30 Apr 2021), crypto assets may not be used directly or indirectly in payments, and payment and e-money institutions may not intermediate fund transfers to or from crypto platforms.
Tax
No specific crypto income tax enacted; a March 2026 proposal (10% withholding on gains and 0.03% transaction tax) was withdrawn from the omnibus bill later that month (reported).
Timeline
Jul 2, 2024Law No. 7518 brings crypto asset service providers under SPK licensing.
Mar 13, 2025SPK publishes two communiqués on crypto asset service providers.
Mar 2, 2026Ruling party proposes a crypto gains withholding tax and transaction levy (withdrawn from the bill later in March 2026, reported).
Date to be announced (Expected)Final SPK operating licences; possible new crypto tax bill.
Uzbekistan
RestrictedYour country
Uzbek residents may hold stablecoins but may buy and sell them only through locally licensed providers for soum, not on foreign exchanges, and may not issue their own. Stablecoin payments are allowed only in a supervised sandbox scheduled from 2026. Crypto transactions are reported to be tax-exempt.
Regulators
National Agency of Perspective Projects (NAPP), Central Bank of Uzbekistan (CBU)
Licensing
NAPP licenses crypto exchanges, depositories, crypto shops and mining pools. Since 1 Jan 2023 residents may buy and sell crypto only through domestic licensed providers for soum; foreign exchanges are off-limits.
Payments
Restricted: crypto is not a means of payment; a decree reported in Dec 2025 provides for a NAPP/CBU supervised sandbox from 1 Jan 2026 in which stablecoins may be used as a payment instrument.
Tax
Crypto transactions reported as exempt from tax for individuals and legal entities (Elliptic guide).
Timeline
Jan 1, 2023Residents restricted to domestic licensed crypto providers.
Dec 2025Decree reported to provide for a NAPP/CBU sandbox from 1 Jan 2026 allowing stablecoin payments.
Date to be announced (Expected)Launch and outcome of the stablecoin payment sandbox and possible permanent rules.
