Stablecoins Ordinance (Cap. 656), passed 21 May 2025, in force 1 August 2025, licensed by the HKMA. Covers single-fiat and multi-fiat referenced designs including offshore CNH.

Payment Services Act amendments creating the electronic payment instrument category, effective 1 June 2023, supervised by the FSA. Issuance restricted to banks, fund-transfer service providers, and trust banks or trust companies. source_url is the FSA primer (FSA Japan, Vice Minister Tomoko Amaya) whose third-legal-reform section states the Banking Act, Payment Services Act and Trust Business Act amendment enforced by June 2023, naming banks, fund-transfer service providers and trust companies as stablecoin issuers.

MAS Single-Currency Stablecoin framework, operative through the Major Payment Institution licence under the Payment Services Act rather than a standalone statute. Restricted to single G10-currency designs. source_url unresolved as of 2026-06-15: the canonical primary is the MAS media release 'MAS Finalises Stablecoin Regulatory Framework' (mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework) plus the MAS stablecoin regulatory-framework page, both surfaced in search, but every mas.gov.sg URL, the homepage included, returns an anti-bot 'service currently unavailable' interstitial to automated fetching, so an HTTP-200 content match could not be confirmed. Holding the URL out until it verifies rather than recording an unverified link.

Corporations Amendment (Digital Assets Framework) Bill 2025, reported passed 1 April 2026 with Royal Assent 8 April 2026. Treats stablecoins inside the digital-asset platform licensing perimeter under the AFSL regime rather than as a standalone stablecoin statute; commencement of substantive obligations is staged.

VAUPA (in force 19 July 2024) covers user protection only. The Digital Asset Basic Act, which would set the stablecoin issuance perimeter, remains in working drafts, stalled over issuer eligibility as of December 2025 coverage.

No dedicated stablecoin issuance regime in the corpus as of 12 June 2026. Bank of Thailand activity centres on the Programmable Payment Sandbox and the mBridge lineage. source_url is the Bank of Thailand Programmable Payment sandbox page, the programmable-payment stance and not a stablecoin statute; it describes DLT and smart-contract settlement of baht-backed electronic data units under the Enhanced Regulatory Sandbox, confirming no standalone stablecoin instrument.

GENIUS Act (Public Law 119-27), signed 18 July 2025, fixed the federal permitted-payment-stablecoin-issuer perimeter with three issuer routes: insured depository institution subsidiaries, OCC-supervised federally qualified non-banks, and state-qualified issuers below a USD 10 billion outstanding-issuance threshold. The statute takes effect on the earlier of 18 months after enactment or 120 days after final implementing regulations; OCC, Federal Reserve, and FDIC proposed rules were published in late 2025.

MiCA (Regulation (EU) 2023/1114): the EMT and ART chapters became applicable 30 June 2024 and the CASP regime 30 December 2024. Any single-fiat stablecoin marketed in the EU must come through the e-money token route, confining issuance to credit institutions and authorised electronic-money institutions. The European Commission opened a formal MiCA review in May 2026.

Stablecoin and custody regime still being built under FSMA 2023 powers. FCA CP24/20 (November 2024) on regulating stablecoin issuance and custody is the central reference, with final policy statement timing unresolved as of the April 2026 revision; the 18 May 2026 Bank of England and FCA joint wholesale tokenisation vision invites wholesale stablecoin issuance from banks while ring-fencing retail coins.

CBUAE Payment Token Services Regulation is the operative perimeter for dirham-denominated fiat-referenced stablecoins, with the first licensed AED stablecoins coming to market under it as of the April 2026 revision. The corpus records no enactment date for the regulation, and its reserve and redemption mechanics in practice remain an open question in the corpus. source_url unresolved as of 2026-06-15: the primary instrument is the CBUAE Rulebook Payment Token Services Regulation (rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation), confirmed by search to require dirham payment tokens to be denominated only in dirham, but the rulebook.centralbank.ae host returns HTTP 403 Forbidden to automated fetching, so the page could not be verified. Holding the URL out until it verifies rather than recording an unverified link.