PAX Gold

United Arab Emirates

Regulated

In the UAE, gold tokens and other asset-backed tokens are regulated virtual assets: Dubai's regulator requires a licence and token-by-token approval to issue them, and platforms must admit each asset before offering it. The central bank bans algorithmic stablecoins across the country, and synthetic dollar tokens that are not backed one-to-one by fiat cannot be used as payment tokens. Use a platform licensed by the CMA, VARA, ADGM FSRA or DFSA and check that the token is admitted there. 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)Read moreShow less

Licensing

Platforms: CMA onshore (under CMA Decision No. 4/R.M/2026, licensed firms must assess and register virtual assets with the CMA before offering them, and algorithmic and privacy tokens are prohibited), VARA in Dubai, FSRA in ADGM, DFSA in the DIFC (since 12 Jan 2026 licensed firms assess token suitability themselves instead of relying on a DFSA-approved list). Issuance in Dubai: fiat-referenced tokens and ARVAs are Category 1 issuances, so the issuer needs a VARA licence and VARA's prior approval for each token. Whether a specific gold token (e.g. PAXG, XAUT) or crypto-backed dollar token is available therefore depends on the platform's regulator and its asset admission; this research did not verify which of them are admitted.Read moreShow less

Payments

restricted: only licensed dirham payment tokens, or registered foreign fiat payment tokens used to buy virtual assets, may be accepted as payment; gold tokens and synthetic dollars are not payment tokens and cannot be used for general payments.Read moreShow less

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.Read moreShow less

European Union

Regulated

In the EU a gold token counts as an asset-referenced token, and a dollar token with an identifiable issuer is an e-money or asset-referenced token under MiCA, however its peg is maintained. Licensed EU platforms may only offer such tokens if the issuer is authorised in the EU; otherwise they had to stop trading them by the end of March 2025. Germany's BaFin, for example, stopped Ethena's USDe business there in 2025 and ordered the tokens to be redeemed. Fully decentralised tokens without an issuer sit in a grey zone. Holding and self-custody are not banned. Check the ESMA register before buying; tax depends on your Member State.

Regulators

ESMA, European Banking Authority (EBA), National competent authorities (e.g. BaFin, AMF, AFM)

Licensing

Offering an ART to the public or seeking its admission to trading requires authorisation of the issuer in the EU (a credit institution or a legal person authorised under Article 21) and an approved white paper (Article 16); EMTs require an EU credit institution or e-money institution. Issuers and CASPs may not grant interest on ARTs (Article 40). ESMA's statement of 17 Jan 2025, following a Commission Q&A, covers both non-compliant ARTs and EMTs: CASPs had to stop making them available for trading by end of Q1 2025, while custody and transfer may continue. Enforcement example: on 21 Mar 2025 BaFin, citing serious shortcomings found in the authorisation procedure, prohibited Ethena GmbH, issuer of USDe in Germany, from continuing to offer USDe to the public and had its reserve assets frozen; after Ethena GmbH withdrew its authorisation application on 3 Apr 2025, BaFin ordered it to wind up the business and reverse the issuance of USDe through a redemption process under BaFin supervision. CASP authorisation applies since 30 Dec 2024 and all transitional periods ended on 1 Jul 2026. This research did not verify which gold-backed tokens (e.g. PAXG, XAUT) have an EU-authorised ART issuer; check the ESMA register.Read moreShow less

Payments

Allowed in principle: MiCA does not ban paying with crypto-assets, but ARTs are not a payment instrument category and Article 23 lets authorities restrict ARTs used widely as a means of exchange within a single currency area. Tokens without an EU-authorised issuer cannot be bought through EU-licensed platforms; self-custody and transfers are not prohibited.Read moreShow less

Tax

Set by each Member State; the treatment of gold-backed and synthetic-dollar tokens follows national crypto-asset rules. DAC8 obliges CASPs to report users' crypto-asset transactions from 1 Jan 2026.Read moreShow less

United States

Regulated

Buying and holding gold tokens and crypto-backed dollar tokens is legal in the US, but the new stablecoin law (GENIUS Act) protects only 'payment stablecoins' redeemable by a licensed issuer for a fixed amount of dollars. Gold tokens such as PAXG and synthetic dollars such as DAI or USDe sit outside that regime: they get none of its reserve, redemption or insolvency protections, and the SEC has said its 2025 view that plain dollar stablecoins are not securities does not cover them. Treasury was asked to study such tokens. Gains are taxed as property. Rules may change as regulators finish GENIUS Act rules and Congress revisits market structure.

Regulators

SEC, CFTC, OCC, U.S. Treasury (incl. OFAC, FinCEN), State regulators (e.g. NYDFS), IRS

Licensing

No dedicated licence regime for commodity-backed or synthetic dollar tokens. Platforms operate under FinCEN money-services registration and state money-transmitter licences (e.g. New York BitLicense); a federal market-structure law (CLARITY Act) failed a Senate cloture vote on 15 Sep 2026 (as reported). Gold token example: PAX Gold (PAXG) is issued by Paxos Trust Company, N.A., which states it is a trust company and custodian regulated by the OCC, with each token backed by one fine troy ounce of LBMA gold. Because these tokens are not payment stablecoins, the GENIUS Act rules that from 18 Jul 2028 restrict US service providers to stablecoins of permitted or qualifying foreign issuers do not by their terms reach them. Section 14 of the Act required Treasury, with the Fed, OCC, FDIC, SEC and CFTC, to study non-payment stablecoins, including endogenously collateralised stablecoins, within a year of enactment; publication of that study was not verified in this research. Yield-bearing designs (e.g. staked USDe) may raise securities-law questions that no official guidance found here resolves.Read moreShow less

Payments

Allowed: crypto-assets are not legal tender but may be used for payments; gold and synthetic-dollar tokens are not 'payment stablecoins' under the GENIUS Act and do not get its reserve and redemption protections.Read moreShow less

Tax

Digital assets are property (IRS): every sale, swap or spend of these tokens can produce a capital gain or loss, and rewards or yield received are generally income. No IRS guidance specific to gold-backed tokens (for example, whether they are taxed like collectibles) was identified in this research.Read moreShow less

United Kingdom

Regulated

Gold tokens and crypto-backed dollar tokens are legal to buy and hold in the UK through FCA-registered firms. Under the new law, only tokens pegged to a fiat currency can be 'stablecoins', so gold tokens are treated as ordinary cryptoassets, while dollar tokens backed by other crypto may count as stablecoins. From 25 October 2027 the full FCA licensing regime applies to platforms and UK stablecoin issuers. Gains are subject to Capital Gains Tax; a planned stablecoin exemption would not cover gold tokens.

Regulators

Financial Conduct Authority (FCA), Bank of England, HM Treasury, HMRC

Licensing

Now: FCA registration under the money laundering regulations and the cryptoasset financial promotions regime. New FSMA regime: FCA final rules published 30 Jun 2026 (including stablecoin issuance); authorisation gateway 30 Sep 2026 to 28 Feb 2027; regime in force 25 Oct 2027. Issuing a qualifying stablecoin in the UK will need FCA authorisation; the regime focuses on UK issuance and does not ban overseas-issued tokens. Gold-backed tokens are covered by the general rules for trading platforms, intermediaries and custodians rather than the stablecoin issuer rules. Retail cryptoasset derivatives remain banned.Read moreShow less

Payments

allowed: not legal tender and no ban on paying with cryptoassets. HM Treasury's consultation of 14 Jul 2026 on bringing stablecoins used for payments into the payments perimeter concerns UK-issued qualifying stablecoins, not gold tokens.Read moreShow less

Tax

Capital Gains Tax on disposals (selling, swapping or spending), 18% or 24% depending on the income band, with a £3,000 annual allowance; some receipts such as rewards can be income. HMRC draft legislation (13 Jul 2026) would exempt disposals of 'eligible stablecoins' from CGT from 6 Apr 2027; whether crypto-collateralised dollar tokens would be eligible was not verified, and gold tokens are not fiat-referenced.Read moreShow less

Bangladesh

Banned

Crypto-backed and algorithmic stablecoins and other tokens are virtual assets under the Bangladesh Bank circular of September 2022, so transactions to obtain them and any facilitation of their trading are not permitted. There are no rules written for these token types and no licence that would make dealing in them lawful.

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. No rules written for decentralised finance or for specific token types were identified.Read moreShow less

Payments

Not allowed. These tokens are not recognised as currency, and banks and mobile financial service providers may not facilitate their exchange, transfer or trading.Read moreShow less

Bahrain

Regulated

In Bahrain, gold tokens and crypto-backed dollar tokens are treated as ordinary crypto-assets. The central bank's 2025 stablecoin rules cover only coins backed one-to-one by the dinar, the dollar or other approved fiat currencies, so these tokens get no stablecoin-specific protection. Use only CBB-licensed platforms, and check whether they offer the token you want. Individuals pay no tax on gains.

Regulators

Central Bank of Bahrain (CBB)

Licensing

Exchanges, brokers, custodians and other crypto-asset service providers need a CBB crypto-asset licence under the CRA Module. Only fiat-backed single-currency stablecoins can be issued under the SIO Module by CBB-licensed issuers; there is no licensing route for issuing gold-backed or crypto-collateralised stablecoins in or from Bahrain identified in the sources. Whether CBB licensees list foreign gold tokens (e.g. PAXG, XAUT) or synthetic dollars (e.g. DAI, USDe) was not verified.Read moreShow less

Payments

uncertain: no general ban identified; not legal tender; these tokens are outside the fiat stablecoin framework.

Tax

No personal income or capital gains tax in Bahrain (general rule; no crypto-specific tax guidance identified).

Switzerland

Regulated

Switzerland has no single rule for tokens outside the main classes. FINMA classifies each token by its function as a payment, utility or asset token, and existing banking, securities and anti-money-laundering laws apply accordingly. Crypto-backed and algorithmic stablecoins are assessed case by case. A proposed crypto-institution licence would cover services in such tokens, but 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 ActRead moreShow less

Licensing

Switzerland has no single crypto licence yet. Existing financial market laws apply by activity. A business that handles client assets, payment transactions or exchange is a financial intermediary under the Anti-Money Laundering Act (AMLA) and must join a self-regulatory organisation (SRO). A banking licence is needed to accept deposits from more than 20 clients or to take client assets into own accounts. The fintech licence allows accepting client deposits up to CHF 100 million, or collective custody of crypto-based assets, without lending and without paying interest. Custody on a separate blockchain address for each client can be done without a banking licence, but AMLA still applies. Supervised institutions must make sure that token transfers to or from external wallets involve only their own clients, with verified ownership of the wallet. Under the October 2025 proposal, stablecoins that are not Swiss-issued single-currency payment instruments, as well as other tokens that are neither utility tokens nor financial instruments, would be "cryptoassets for trading" handled by licensed crypto-institutions. A white paper would be required for public offers of crypto assets with trading characteristics. On 22 October 2025 the Federal Council opened a consultation on amending the Financial Institutions Act. It proposes two new licence categories: payment instrument institutions, which would replace the fintech licence, and crypto-institutions, which would need a licence to provide services such as custody, brokerage, trading and exchange in "cryptoassets for trading". These are crypto assets that are not utility tokens, financial instruments, stable crypto-based payment instruments or bank deposits, and they include stablecoins issued abroad. The requirements would be based largely on those for securities firms. The consultation ran until 6 February 2026, and the Federal Council plans to send a dispatch to Parliament in the second half of 2026 at the earliest. Law firms do not expect the rules to apply before 2027.Read moreShow less

Payments

Permitted by agreement where the token works as a payment token. 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.Read moreShow less

Algeria

Banned

Tokens outside the main classes, such as crypto-backed or algorithmic stablecoins and commodity tokens, have no special treatment in Algeria. They fall under the general ban in Law No. 25-10 of 24 July 2025: buying, selling, holding, using, promoting and mining virtual assets and running exchange platforms are criminal offences. No licence or exemption exists.

Regulators

Bank of Algeria (Banque d'Algérie), Banking Commission (Commission bancaire), Judicial authorities (enforcement of Law No. 05-01)

Licensing

No licensing route exists. 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 rule specific to crypto-backed stablecoins, commodity tokens or other token types was identified.Read moreShow less

Payments

Not allowed. Article 6 bis bans the use of virtual assets as a means of payment or recognised currency.

Egypt

Banned

Crypto-backed and algorithmic stablecoins and other tokens that work as virtual currencies fall under the general Egyptian prohibition: issuing, trading or promoting them needs Central Bank of Egypt approval, and none has been reported. There are no rules written for these token types, and decentralised finance has no separate regime.

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. There is no dedicated regime for decentralised finance; the Chambers Fintech 2026 guide notes that decentralisation does not remove liability. Offering staking to the public is described as prohibited.Read moreShow less

Payments

Not allowed. These tokens are not legal tender and are not an approved payment instrument.

Hong Kong

Regulated

Hong Kong has no single rule for tokens outside the main classes. They are virtual assets that can be traded on SFC-licensed platforms if the platform admits them, and retail access is limited to pre-approved large-cap tokens. Tokens that act like securities fall under securities law. The stablecoin licensing law is aimed at fiat-referenced stablecoins.

Regulators

Securities and Futures Commission (SFC), Hong Kong Monetary Authority (HKMA), Financial Services and the Treasury Bureau (FSTB), Inland Revenue Department (IRD)Read moreShow less

Licensing

Centralised virtual asset trading platforms (VATPs) must be licensed by the Securities and Futures Commission (SFC). Since 1 June 2023 platforms that trade non-security tokens need a licence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615, AMLO). Platforms that trade security tokens need Type 1 (dealing in securities) and Type 7 (automated trading services) licences under the Securities and Futures Ordinance (Cap. 571, SFO). The SFC advises applying under both, because a token can change classification. The SFC public list, last updated on 29 May 2026, shows at least 12 licensed platforms. Retail customers may trade on licensed platforms, with safeguards that include pre-approved large-cap tokens, a knowledge assessment and a suitability check. Over-the-counter dealing and stand-alone custody are not yet licensed activities. In December 2025 the SFC and the Financial Services and the Treasury Bureau (FSTB) published consultation conclusions on new licensing regimes for virtual asset dealing and virtual asset custodian services, and consulted until 26 January 2026 on regimes for virtual asset advisory and management services. The government intends to introduce a bill in the Legislative Council in 2026. The regimes are planned to start on a fixed date with no transitional period. Reported proposals include minimum paid-up capital of HK$5 million for dealers and HK$10 million for custodians. No rule specific to crypto-backed or algorithmic stablecoins, commodity tokens or governance tokens was identified. Whether a given design falls inside the Stablecoins Ordinance depends on what it references, and this was not confirmed for such tokens in the sources reviewed.Read moreShow less

Payments

Not legal tender. No regime for paying with these tokens was identified.

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.Read moreShow less

Indonesia

Regulated

In Indonesia, gold tokens and crypto-backed dollar tokens are treated like any other crypto asset: you may trade them only on OJK-licensed platforms, and only if OJK rules admit them, and you may not use them to pay for goods or services. Each trade carries a small final income tax (0.21% on local platforms, 1% on foreign ones). There are no special rules for these token types.

Regulators

Otoritas Jasa Keuangan (OJK), Bank Indonesia (BI), Directorate General of Taxes

Licensing

OJK licenses exchanges, clearing, custodians and crypto asset traders under POJK 27/2024 (as amended); supervision moved from Bappebti to OJK on 10 Jan 2025, and PADK OJK No. 3 of 2026 on reporting by digital financial asset trading operators took effect on 1 Sep 2026. Only crypto assets admitted for trading under OJK rules may be traded by licensed traders; this research did not verify whether specific gold tokens (e.g. PAXG, XAUT) or synthetic dollars (e.g. DAI, USDe) are on the admitted list. No issuer regime for commodity-backed or synthetic stablecoins was identified.Read moreShow less

Payments

banned: Bank Indonesia does not recognise virtual currency as a payment instrument and bars payment system operators from processing virtual-currency transactions.Read moreShow less

Tax

PMK 50/2025 (from 1 Aug 2025): final income tax of 0.21% of transaction value via domestic platforms and 1% via foreign platforms; crypto asset transfers are VAT-exempt.Read moreShow less

India

Regulated

Tokens outside the main classes are treated in India as virtual digital assets: they may be held and traded through FIU-IND registered platforms, are not legal tender, and are taxed at a flat 30% with a 1% tax deducted at source. The status is regulated only in a limited sense, because there is no licence or product rule, only anti-money-laundering registration and tax. There are no rules written for crypto-backed stablecoins or commodity tokens, and a framework is still under consultation.

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)Read moreShow less

Licensing

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. No rule specific to crypto-backed stablecoins, commodity tokens or other token types was identified. The January 2026 guidelines are reported to prohibit registered providers from facilitating mixers and tumblers.Read moreShow less

Payments

Not legal tender. No regime exists for paying for goods and services with these tokens.

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.Read moreShow less

Iraq

Banned

Tokens outside the main classes have no special treatment in Iraq. They fall under the general central bank prohibition on dealing in crypto assets: no provider is licensed, anti-money-laundering penalties are said to apply, and banks are reported to be barred from such transactions. The Kurdistan Region has also banned digital currency transactions by directive.

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)Read moreShow less

Licensing

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. No rule specific to crypto-backed stablecoins, commodity tokens or other token types was identified.Read moreShow less

Payments

Not allowed. These tokens are not legal tender, and banks and electronic payment providers are reported to be barred from virtual asset transactions.

Jordan

Regulated

Crypto-backed and algorithmic stablecoins and other tokens have no rules of their own in Jordan. They fall under the general virtual asset regime of Law No. 14 of 2025, so platforms that trade or hold them need a Jordan Securities Commission licence. Which tokens licensed platforms may list is left to platform policy under JSC oversight.

Regulators

Jordan Securities Commission (JSC), Central Bank of Jordan (CBJ)

Licensing

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. No rules written for decentralised finance or for specific token types were identified. Each platform decides which virtual assets it lists within the policy submitted to the JSC.Read moreShow less

Payments

Restricted. As reported, payment use of virtual assets needs Central Bank of Jordan approval.

Kuwait

Banned

Crypto-backed and algorithmic stablecoins and other tokens fall under the Kuwaiti prohibition on virtual assets for payment and investment. There are no rules written for these token types and no licence that would make dealing in them lawful.

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 rules written for decentralised finance or for specific token types were identified.Read moreShow less

Payments

Not allowed. Using virtual assets as a means of payment is prohibited.

Kazakhstan

Restricted

Kazakhstan lets national licensed platforms trade only crypto assets on the National Bank's approved list. DAI and USDe are on that list, but newer synthetic dollars (USDS, GHO, USDD, USDf) and gold tokens (PAXG, XAUT) are not, so they cannot be traded through national licensees outside the AIFC. The AIFC financial centre has its own licensing regime. Crypto is not legal tender; a planned income-tax exemption for trades on licensed platforms still needs implementing law.

Regulators

National Bank of Kazakhstan (NBK), Agency for Regulation and Development of the Financial Market (ARDFM), Astana Financial Services Authority (AFSA, AIFC)Read moreShow less

Licensing

Outside the AIFC, NBK licenses unsecured digital asset exchange operators and registers trading-platform and DFA-platform operators from 1 May 2026; within the AIFC, AFSA licenses providers under its own rules (the AIFC's permitted token list was not verified in this research). No issuer regime for commodity-backed or synthetic stablecoins was identified.Read moreShow less

Payments

restricted: not legal tender and no general regime for paying for goods with crypto; a presidential decree of July 2026 envisages stablecoins in cross-border settlements, without reference to gold or synthetic tokens in the sources.Read moreShow less

Tax

A presidential decree of July 2026 provides for exempting individuals' income from digital-asset transactions through Kazakh licensed providers from personal income tax; implementation in tax legislation was not verified.Read moreShow less

Morocco

Banned

Crypto-backed and algorithmic stablecoins and other tokens have no legal status in Morocco and fall under the 2017 prohibition based on exchange rules. The draft crypto-assets law of November 2025 would regulate utility tokens and asset-referenced tokens and leave NFTs out, but it is still under government review.

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. 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. How the draft would treat crypto-backed or algorithmic stablecoins and decentralised finance was not confirmed in this review.Read moreShow less

Payments

Not allowed. These tokens are not legal tender, and transactions in them are treated as a breach of exchange regulations.

Malaysia

Regulated

Gold tokens and crypto-backed dollar tokens have no special status in Malaysia: like other crypto, they may be traded only on exchanges registered with the Securities Commission, and only if that exchange has admitted them. Using unregistered exchanges that target Malaysians is not permitted. There is no stablecoin law yet; the central bank is testing ringgit stablecoins only. Individual investors generally pay no capital gains tax.

Regulators

Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM), Inland Revenue Board (LHDN)

Licensing

Digital asset exchanges (DAX) must be registered with the SC as Recognized Market Operators (five as at 20 Jul 2026); the SC issued revised Guidelines on Recognized Markets for DAX on 20 May 2026. Which tokens can be traded depends on each DAX's admission under SC rules; this research did not verify whether any registered DAX lists gold tokens (e.g. PAXG, XAUT) or synthetic dollars (e.g. DAI, USDe). No issuer regime for such tokens was identified.Read moreShow less

Payments

restricted: not legal tender and no general crypto payment regime; BNM pilots cover ringgit stablecoins and tokenised deposits for wholesale use.

Tax

No capital gains tax for individual investors; gains from trading that amounts to a business can be taxed under the Income Tax Act 1967.

Nigeria

Regulated

Crypto-backed and algorithmic stablecoins and other tokens have no rules of their own in Nigeria. They fall under the general digital asset regime of the Investments and Securities Act 2025 when traded on platforms, which need an SEC licence. Decentralised finance sits outside the licensing perimeter and carries enforcement risk if it targets Nigerian users. Gains are taxable.

Regulators

Securities and Exchange Commission, Nigeria (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), Nigeria Revenue Service (NRS)Read moreShow less

Licensing

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. The reported SEC reserve rules allow stablecoin reserves only in cash, bank deposits and short-term government securities and prohibit exposure to other cryptocurrencies, so a crypto-backed or algorithmic stablecoin could not qualify as a locally issued fiat-backed stablecoin. Decentralised finance is not formally regulated; legal commentary warns that a protocol actively targeting Nigerians risks being treated as an unauthorised exchange, and that a licensed firm that uses a DeFi protocol remains the primary guarantor of user funds.Read moreShow less

Payments

Restricted. Banks may serve only SEC-licensed providers through designated accounts.

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.Read moreShow less

Oman

Uncertain

Crypto-backed and algorithmic stablecoins and other tokens have no rules of their own in Oman. Holding them is not prohibited, and service providers that handle them must register with the Financial Services Authority and apply anti-money-laundering rules. Assets that conceal the originator or the nature of a transaction are not allowed. The status is uncertain because the only confirmed rule is anti-money-laundering registration, not a licensing regime.

Regulators

Financial Services Authority (FSA, formerly the Capital Market Authority), Central Bank of Oman (CBO)

Licensing

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. No rules written for decentralised finance or algorithmic stablecoins were identified.Read moreShow less

Payments

Restricted. These tokens are not legal tender, and the Central Bank of Oman has not approved crypto for payments.

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.Read moreShow less

Pakistan

Regulated

Pakistan regulates all virtual assets, including gold tokens and crypto-backed dollar tokens, under the Virtual Assets Act 2026, but the regime is brand new: full licences, token rules and stablecoin rules are still pending, and licences carry a Shariah-compliance requirement. Use only platforms that applied to PVARA, and expect the rules to change.

Regulators

Pakistan Virtual Assets Regulatory Authority (PVARA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP)

Licensing

The Virtual Assets Act 2026 makes PVARA the licensing authority for exchanges, custodians, token issuers and other service providers; unlicensed operation is punishable by a fine of up to PKR 50 million and up to five years' imprisonment. Licence applicants must, among other conditions, ensure Sharia compliance. Existing firms had to apply for a no-objection certificate by 5 Sep 2026 or cease operations; full licences had not been confirmed as of that date. Which tokens licensees may offer, including gold tokens and synthetic dollars, was not addressed in the sources.Read moreShow less

Payments

Restricted: banks may serve PVARA-licensed providers since Apr 2026 but may not invest in, trade or hold virtual assets themselves; consumer payment use is not addressed in the sources.Read moreShow less

Qatar

Restricted

Qatar does not permit services in crypto-backed or synthetic dollar tokens: its financial-centre rules treat them as excluded stablecoins, and the central bank bars banks from dealing in crypto. Tokenised commodities such as gold are allowed only within the Qatar Financial Centre's own tokenisation framework; no licensed provider of foreign gold tokens such as PAXG or XAUT was found. Residents have no local investor protection for these tokens.

Regulators

Qatar Central Bank (QCB), Qatar Financial Centre Regulatory Authority (QFCRA), Qatar Financial Markets Authority (QFMA)

Licensing

No licensing for services in Excluded Tokens; the QFCRA's 2019 restriction on virtual asset services remains in place for them. Onshore, the Qatar Central Bank's 2018 circular described bitcoin as illegal and barred banks operating in Qatar from dealing in it. The QFC framework licenses tokenisation of real-world assets, including commodities, within the QFC; whether any gold token is issued or offered under it was not verified.Read moreShow less

Payments

banned

Russia

Restricted

Since 1 September 2026 Russians may buy crypto legally only through intermediaries regulated by the Bank of Russia, after passing a test. Draft central bank rules would let ordinary investors buy only Bitcoin, Ethereum and USDT, so gold tokens and crypto-backed dollar tokens would be available only to qualified investors; check whether the final rules were adopted. Paying for goods and services in Russia with crypto is banned. Russia-linked platforms face heavy sanctions, and holders can face freezing risk.

Regulators

Bank of Russia, Ministry of Finance, Federal Tax Service, Rosfinmonitoring

Licensing

From 1 Sep 2026 crypto trading goes through intermediaries under Bank of Russia oversight, with a transition until 1 Jul 2027 to obtain licences; all investors must pass a test. Non-qualified investors may buy only the most liquid cryptocurrencies, up to RUB 300,000 a year per intermediary; a Bank of Russia draft instruction of 11 Aug 2026 names only Bitcoin, Ethereum and Tether USDT as eligible for them, so gold tokens (e.g. PAXG, XAUT) and synthetic dollars (e.g. DAI, USDe) would be open to qualified investors only. Adoption of the final instruction was not confirmed as of this research.Read moreShow less

Payments

banned for domestic payments; crypto is permitted for foreign-trade settlements between residents and non-residents.

Tax

Holdings of cryptocurrencies recorded abroad must be reported to the tax authorities; detailed personal income tax treatment of gains was not re-verified in this pass.Read moreShow less

Saudi Arabia

Uncertain

Saudi Arabia has no rules for gold tokens or crypto-backed dollar tokens, and regulators have warned since 2018 that virtual currencies are unregulated and nobody is licensed to offer them. Holding them is not expressly banned, but residents using foreign platforms have no local investor protection. No crypto or stablecoin licensing framework had been published as of this research.

Regulators

Saudi Central Bank (SAMA), Capital Market Authority (CMA)

Licensing

None in force: no licensing regime for crypto exchanges, brokers or token issuers, including issuers of commodity-backed or synthetic stablecoins, has been published.Read moreShow less

Payments

Restricted: not legal tender; no licensed payment use; regulators warn against dealing with unlicensed parties.

Singapore

Regulated

Singapore has no single rule for tokens outside the main classes. Crypto-backed and algorithmic stablecoins are treated as digital payment tokens, so platforms need a MAS licence and must apply the retail protection rules. They cannot use the "MAS-regulated stablecoin" label. Utility and governance tokens are outside the licensing requirement for digital token service providers, and tokens that act like securities fall under securities law.

Regulators

Monetary Authority of Singapore (MAS), Inland Revenue Authority of Singapore (IRAS)

Licensing

A business that provides digital payment token (DPT) services to customers in Singapore, such as an exchange or a wallet provider, needs a licence from the Monetary Authority of Singapore (MAS) under the Payment Services Act 2019 (PS Act). Licensees must hold customer assets on statutory trust, segregate them, reconcile them daily, keep records and meet AML rules. Stablecoins that are not MAS-regulated continue to be treated as DPTs, and the September 2026 consultation proposes additional retail safeguards for them. MAS retail protection measures, announced on 23 November 2023 and phased in from mid-2024, require DPT service providers to assess a customer's risk awareness before giving access, and bar them from offering trading incentives, from providing financing, margin or leverage, and from accepting locally issued credit cards. They must also disclose conflicts of interest, publish token listing policies and handle complaints. Since 30 June 2025 the Financial Services and Markets Act regime for digital token service providers (DTSPs) also covers firms that operate from Singapore but serve only customers abroad. They need a licence, and MAS said on 6 June 2025 that it will generally not issue one. Providers of services for utility and governance tokens only are outside this licensing requirement.Read moreShow less

Payments

Permitted for tokens that are digital payment tokens. 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.Read moreShow less

Tunisia

Restricted

Tokens outside the main classes have no special treatment in Tunisia. They fall under the general position: no crypto 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 crypto was found. A draft foreign exchange code would allow holding and exchanging crypto with prior authorisation, but its adoption was not confirmed in this review.

Regulators

Central Bank of Tunisia (Banque Centrale de Tunisie, BCT), Ministry of Finance, Financial Market Council (Conseil du Marché Financier, CMF)

Licensing

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. No rule specific to crypto-backed stablecoins, commodity tokens or other token types was identified, and no licence exists for service providers. 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.Read moreShow less

Payments

Not permitted in practice. These tokens are not legal tender, and a secondary review says banks must refuse crypto-related transfers.

Turkey

Regulated

Gold tokens and crypto-backed dollar tokens are legal to hold and trade in Turkey through platforms on the Capital Markets Board's list, on the same terms as other crypto assets, but they cannot be used to pay for goods or services. There are no special rules for these token types and 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

An SPK licence is mandatory for crypto asset service providers (communiqués in force since March 2025); firms on SPK's provisional operating list continue while applications are assessed, and SPK states that being on the list is not an authorisation. Operating without authorisation is a criminal offence. No issuer regime for commodity-backed or synthetic stablecoins was identified, and which of these tokens each platform lists was not verified.Read moreShow less

Payments

Banned: under the CBRT Regulation on the Disuse of Crypto Assets in Payments (in force 30 Apr 2021), crypto assets may not be used directly or indirectly in payments.Read moreShow less

Tax

No specific income tax on crypto gains enacted as of this research; a March 2026 proposal (withholding tax on crypto gains and a transaction tax on crypto sales and transfers) was removed from the omnibus bill later that month, and officials signalled a revised version could return as a separate bill.Read moreShow less

Uzbekistan

Restricted

Uzbek residents may hold gold tokens and crypto-backed dollar tokens but may buy and sell them only through locally licensed providers for soum, not on foreign exchanges, and only if those providers list them. Crypto is not legal tender; a 2026 testing regime allows supervised stablecoin payments, but it is not clear whether these token types qualify. 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, crypto-depositories, crypto-shops and mining pools. Since 1 Jan 2023 residents may buy and sell crypto-assets only through domestic licensed providers for soum; foreign exchanges are off-limits. Residents may not issue stable tokens or unsecured tokens. Whether domestic providers list gold tokens (e.g. PAXG, XAUT) or synthetic dollars (e.g. DAI, USDe) was not verified.Read moreShow less

Payments

Restricted: crypto-assets are not legal tender; a testing regime run by NAPP and the Central Bank from 1 Jan 2026 lets stablecoins be used for payments under supervision, and the reporting does not say whether gold or synthetic tokens are eligible.Read moreShow less

Tax

Crypto-asset transactions of individuals and legal entities are reported to be exempt from tax (Elliptic country guide); not re-checked against the primary decree.Read moreShow less