Crypto regulation changes by country
Laws, licenses and deadlines across 122 jurisdictions, with dates and official sources.
- changes in the last 12 months
- 287
- jurisdictions with changes
- 112
Kenya
Brazil
Florida
IllinoisUpcoming milestones
- Kenya
Transition period ends
The one-year section 47 period ends for providers operating when the Act commenced.
Source: Kenya Law · VASP Act, section 47
- Brazil
Restriction on unauthorized counterparties
From this date, operating with virtual asset service providers not authorized by the BCB is prohibited, except in the forms expressly authorized; a pending application is no longer enough.
Source: BCB · Resolution 520/2025
- Florida
Kiosk law applies
Limits, disclosures, receipts and refunds; registration application within thirty days.
Source: Florida · Chapter 2026-178
- Illinois
DACPA protection duties and tax
The transition period ends for DACPA customer disclosure, custody, customer service and exchange duties; the digital asset tax begins to apply.
- Louisiana
Unclaimed digital assets
Act 891 begins to apply: digital asset accounts are presumed abandoned after three years and delivered to the administrator in native form, with liquidation in specified cases.
Source: Act 891 of 2026
- South Korea
Travel rule without threshold
The removal of the KRW1 million travel rule threshold and the other virtual asset transfer controls apply, six months after the decree was promulgated on 18 August 2026.
- Florida
Kiosk registration required
Non-exempt operators may not operate without registration.
Source: Florida · Chapter 2026-178
- Virginia
Deadline for the SCC to accept kiosk license applications
The third enactment clause of 2026 Chapter 654 requires applications to be accepted by this date for licenses from 1 July 2027.
- Japan
Securities offering reforms
The higher exemption threshold for the securities registration statement and the wider range of recipients in placements to professional investors take effect on a fixed date.
- Illinois
End of DACPA registration transition
From this date, operating without DACPA registration, unless exempt, is a violation of Sections 15-5 and 5-25.
- Virginia
Scheduled kiosk framework effective date
The 2026 law provides for specific licensing and limits; this date was still in the future as of this guide’s review.
Source: Chapter 22.2
- Ohio
UCC transition adjustment date
Date set by Chapter 1316: security interests perfected before the reform must meet the new requirements to remain perfected.
Source: ORC 1316 · UCC transition
- United Kingdom
General application scheduled by legislation
Future general application date for the new regime, subject to saving and transitional provisions.
Latest changes
October 202618 changes
- United States
CFTC advance notice on retail crypto asset transactions
The CFTC previews rules for leveraged, margined or financed retail crypto asset transactions and a purpose-built registered market. No rule text; comments due by 14 December 2026.
- Washington
Consent order with Coinme
The DFI and 34 other regulators agree with Coinme that it will shut down its kiosks by year-end and pay $2.5 million.
- Spain
Publication of the anti-money laundering regulatory amendment
Royal Decree 813/2026 amends, among other rules, the anti-money-laundering implementing regulations, including identification at crypto ATMs without an amount threshold and adjustments to remote identification. It generally enters into force on 28 October 2026; changes concerning electronic identification means will apply eighteen months after publication.
Source: BOE · Royal Decree 813/2026
- Georgia
Coinme consent order
Coinme, licensed in Georgia, must cease kiosk operations in the state before 1 January 2027 and may continue other money transmission services.
Source: DBF · Coinme consent order
- Cayman Islands
Tokenized funds approval policy
CIMA publishes in the Gazette its policy for assessing registration or license applications from tokenized funds, effective upon publication.
Source: Gazette · Regulatory Policy – Approval of Tokenised Funds
- United States
SEC crypto custody proposal
The SEC proposes that registered investment advisers and regulated funds may hold crypto assets with state trust companies or through adviser self-custody, subject to conditions. Comments due by 7 December 2026.
Source: SEC · crypto custody proposal
- Ohio
Controllable-record framework applies
The code sets this date for the new framework; its control, rights and transition conditions require assessment.
- Wyoming
Memorandum with New York
The Division of Banking and NYDFS agree to coordinate applications, examinations and information on digital asset entities; it does not create a common authorization.
Source: NYDFS · Wyoming MOU
- Virginia
Regulation 10VAC5-120 conformed to Chapter 19.1 applies
SCC order of 9 September 2026; applications are filed through NMLS.
Source: Virginia Register, 5 October 2026 · Regulation 10VAC5-120
- Spain
Updated anti-money laundering scope
The amendment of Law 10/2010 by Royal Decree-Law 25/2026 enters into force. It replaces the former scope covering exchange and custodian wallet providers with crypto-asset service providers, subject to the definition and advice exclusion in Article 1(6).
Source: BOE · Royal Decree-Law 25/2026
- South Korea
DLT system implementing consultation
The FSC announces a 2 October to 11 November consultation for principal implementation in February 2027.
- Montana
Commercial law adjustment date
Date set under 30-12A-202. From that day, outside the priority rules of Chapter 30-9A, priorities predating 1 October 2025 that the reform modifies cease to apply (30-12A-209).
Source: Montana · adjustment date
- Latvia
CASP procedure update
Update date published by Latvijas Banka on its authorization guidance.
- Hungary
MNB conduct expectations
Announced supervisory application date for recommendations on client assessment and transfers.
Source: MNB · Conduct expectations
- Hawaii
Kiosk purchase restriction applies
Receiving customer dollars for digital assets through kiosks covered by Act 224 becomes prohibited.
Source: Hawaii · HB1642 CD1
- Florida
Main issuer provisions apply
The main stablecoin requirements apply; regulatory implementation and federal coordination require confirmation.
Source: Florida · Chapter 2026-176
- Brazil
Counterparty rule amended
Resolution 589 amends Article 91 of Resolution 520: it sets 6 November 2026 for the restriction and no longer excepts entities in the process of obtaining authorization, except in the forms expressly authorized. Other amendments apply from January 2027.
Source: Resolution 589
- Brazil
COAF reporting of self-custody transfers
Resolution 591 takes effect, replacing Resolution 588 and requiring reporting of virtual asset transfers with self-custodied wallets from the equivalent of USD 10,000; transactions through 31 December are reported in January 2027.
Source: BCB · Resolution 591/2026
September 202631 changes
- United States
Treasury procedure for state framework certification
Interim procedural rule under GENIUS. Acceptance of certifications depends on administrative approval; the text anticipates general application of the Act in January 2027.
Source: Official source · Text and date
- United Kingdom
FCA application gateway opens
The initial authorization window begins, with its closing date set for 28 February 2027.
Source: FCA · Applications open
- Jamaica
Passage in the House of Representatives
JIS reports progress of the bill, without establishing enactment or operational implementation.
Source: JIS · passage in the House
- Croatia
PutNaTržište program presented (educational initiative, not a regulatory change)
Hanfa describes its educational and simulation scope for access to capital markets.
Source: Hanfa · PutNaTržište
- Puerto Rico
Circular CIF-CC-2026-01
OCIF introduces the FIRE reporting system, with phased onboarding of institutions.
- Costa Rica
VASP rules under consultation
CONASSIF puts the amendment of SUGEF Agreement 13-19 for VASPs to public consultation; proposal pending approval.
Source: CONASSIF · CNS-2053/09, amendment of SUGEF Agreement 13-19
- California
AB 2409 on meme coins
From 2027, listing meme coins of public officials is prohibited.
- Mexico
New AML reporting formats
The FIU amends reporting formats, including the virtual asset format. They apply from 1 June 2027, including for 24-hour reports.
- Florida
Stablecoin rule development
Notice of development for forms, capital, liquidity and risk; no rule adopted.
- Denmark
Technology agenda through 2030
The supervisor includes tokenization and infrastructure in its work plan. This is not a general authorization.
Source: Finanstilsynet · Agenda 2030
- Seychelles
Supervisory notice on rejected application
The FSA publishes the Bitfinity case and explains limits to transitional continuity.
Source: FSA Bitfinity notice
- Costa Rica
Reform takes effect
The statutory reform becomes effective; operational implementation requires separate verification.
Source: SINALEVI · commencement record
- Cayman Islands
Compliance and sanctions rules
The effective compliance program rule and the sanctions rule begin to apply.
Source: CIMA · section 14, commencement
- United States
Temporary tokenized stock trading exemption
Order 34-106402 provides conditional TSV and specified liquidity-provider relief until September 2031, without a general primary issuance exemption.
Source: Official source · Text and date
- Ohio
Payment modernization at the Secretary of State
The office announces new payment options for its services; the announcement establishes neither permission for private providers nor universal tax acceptance.
- Guatemala
New framework takes effect
VASPs become obliged persons; implementation and procedures require verification.
Source: Legislative register
- Delaware
Virtual currency in the criminal code
HB 465 (85 Del. Laws c. 510) brings virtual currency within the money laundering offense and property seizure rules.
Source: General Assembly · HB 465 record
- India
Demat 2.0 pilot announced
SEBI announces the tokenized corporate bond trial, with three issues completed between 7 and 9 September.
- Georgia
Reserve and reporting amendments
Orders 214/04 and 215/04 apply, changing transition arrangements for existing issuers.
Source: Order 214/04 · Stablecoin reform
- Poland
New legislative initiative
The Presidency announced another proposal. As of 16 October 2026 the Sejm records no presidential crypto-asset market bill after the veto, and an announcement is not law in force.
- Germany
Hybrid bond issuance through a central register
Linklaters reports advising on a Deutsche Börse issuance through D7 under eWpG. This records the announcement date and distinguishes a central register from a crypto-securities register.
- Poland
Parliament fails to override the veto
The required majority to pass the legislation again is not reached.
- Turkey
Remote identification of foreign nationals
Communiqué III-42.1.b allows providers to identify foreign individuals remotely using an electronic passport.
- Thailand
Travel rule announcement
The SEC announces rules effective on 27 February 2027.
- Illinois
Monetary exemptions defined
The Part 207 amendment excludes digital assets from monetary value and exempts specified flows of DACPA registrants.
Source: IDFPR · adoption and proposals
- Vietnam
Sanctions framework takes effect
Decree 284/2026 does not itself trigger the domestic transition.
- Uruguay
VASP applications open
Circular 2507 allows authorization applications from this date and distinguishes new from existing operators.
Source: Circular 2507
- Singapore
Stablecoin legislative consultation
Legislative amendments are proposed; comments close on 16 October.
- Mongolia
Operating provisions take effect
Date set by Resolution 258 for provisions 2.16.1 to 2.16.9.
Source: Resolution 258, paragraph 2
- Liechtenstein
Amendment of TVTG and MiCA penalty provisions
The amendment of 12 June 2026 to the penalty provisions of the TVTG and the MiCA implementing Act enters into force: providing crypto-asset services without authorization is punishable by up to three years' imprisonment.
- Indonesia
General commencement of PADK 3/2026
Reporting requirements are developed with specific transitional provisions.
August 202619 changes
- Georgia
Minimum capital and risk framework
Order 207/04 takes effect on publication, setting minimum supervisory capital by service and a risk management framework, with adaptation periods for registered providers until 2027.
Source: Order 207/04 · Capital and risk
- Ghana
Coordinating committee inaugurated
The committee required by Act 1154 is constituted with the BoG, SEC, Finance Ministry, cybersecurity authority and FIC.
- South Korea
Strengthened VASP registration
New entry requirements apply; transfer measures are deferred to 19 February 2027.
- Ghana
Pilot activity list
SEC publishes sandbox participants and their specific activities.
- United States
Treasury proposal on stablecoin issuance, offer and sale
Treasury proposes rules under section 3 of GENIUS, after proposing in April the principles on the similarity of state regimes. Both remain proposals.
- Mauritius
VAITOS amendment: ban on unlicensed solicitation
The Economic and Financial Measures (Miscellaneous Provisions) Act 2026, published on 13 August, adds section 34A to VAITOS, prohibiting the solicitation of investors in Mauritius without a license or registration.
- Mauritius
FSC stablecoin guidance
The FSC publishes its guidance notes on stablecoins, covering issuance, reserves, redemption, governance, custody, disclosure and regulatory coordination. It is guidance, not an amendment to VAITOS.
- Nigeria
Further conditional ARIP admissions
The notice signed on 12 August and published on 13 August distinguishes approval in principle from final licensing.
Source: ARIP notice signed on 12 August
- Colorado
Division of Securities continued
HB26-1188 continues the Division of Securities until 2037 and allows preliminary cease-and-desist orders.
Source: Colorado · HB26-1188
- Uruguay
Transfer rules corrected
Circular 2508 adds the omitted deadline of 31 December 2027 for adapting incoming-transfer systems.
Source: Circular 2508
- Mexico
Agreement 115/2026 published
General entry into force is scheduled for 30 November 2026; controls, mechanisms and audit requirements have separate later deadlines.
Source: SHCP · Agreement 115/2026
- Hungary
Validation regime repealed
Act XXXVIII removes the additional obligation and associated specific offenses.
Source: Hungary · Act VII, consolidated
- Cyprus
Custody resilience supervision
C794 communicates EU supervisory action on the digital resilience of CASPs providing custody.
Source: CySEC · Circular C794
- Bahamas
DARE implementation consultations
Between 6 August and 25 September, the SCB consults on a wallet information and screening policy and draft DARE anti-money-laundering and fees rules; these are not presented as final instruments.
- Dominican Republic
Criminal reform 44-26 published
The official copy identifies Gazette 11254 dated 5 August; the application of Articles 8–11 is deferred by three months from that date.
Source: Gazette · Law 44-26
- Sri Lanka
Act 17 of 2026 certified
The financial reporting amendment includes virtual asset services.
Source: Act 17 of 2026, certification
- Serbia
Investor information guide
The Commission announces guidance on white papers, rights and risks; this is not new legislation.
Source: Commission · Investor guide
- South Africa
Cross-border manual consultation
National Treasury and the SARB publish a draft, inviting comments until 30 September.
Source: National Treasury and SARB: cross-border manual consultation
- Louisiana
VCBA continuity and kiosk refunds
Act 923 removes the scheduled sunset and Act 482 expands refund rights and procedures.
Source: OFI · Act 923
July 202660 changes
- Nigeria
NRS tax guidance on virtual assets
Circular 2026/21 addresses classification, valuation, VAT on services, stamp duty and VASP obligations.
- Monaco
Bill 1131 dated 28 July
Proposed limited service regime, received on 6 August and distinct from operative legislation.
Source: National Council · Bill 1131
- Israel
Coin listing consultation
CMISA publishes draft listing and monitoring policies.
- Estonia
Knowledge and competence guidelines
The announced application of guidelines for staff informing or advising on crypto-assets begins.
Source: Finantsinspektsioon · Competence
- Belize
Digital Assets Bill consultation
Draft with comments closing on 8 September; enactment has not been verified.
Source: Bill consultation announcement
- Oman
Securities regulations apply
Decision E/11/2026 enters into force and the general six-month adjustment period begins, ending on 27 January 2027.
- Panama
SBP Rule No. 1-2026 takes effect
Published in the Official Gazette on 23 January 2026, it applies six months later to banks, trust companies and banking groups; adaptation of Articles 14 and 25 runs into 2027.
Source: SBP · Rule No. 1-2026
- Japan
FIEA reform promulgated
Act 64 moves crypto-assets to FIEA, removes them from the Payment Services Act and introduces information disclosure and insider trading rules, with commencement deferred to a Cabinet Order.
- Taiwan
Act promulgated
Article 56 leaves commencement to the Executive Yuan.
Source: Promulgated act, Article 56
- Peru
Travel Rule postponed to 2029
SBS Resolution 01917-2026, published on this date and in force from the following day, postpones Chapter VIII of the VASP rule until 1 January 2029; other preventive obligations continue to apply.
Source: SBS · Resolution 01917-2026
- New York
Proposed stablecoin regulation
NYDFS publishes proposed Part 202 to align its regime with the GENIUS Act; it would withdraw the 2022 guidance once the federal law takes effect. Pending adoption.
Source: NYDFS · proposed Part 202
- Kenya
Final regulations published
Legal Notice 134 in the 22 July Gazette; distinct from the March draft.
- Israel
CMISA custody and capital circulars
Signed on 19 July 2026 (circulars 2026-10-2 and 2025-69); they apply six months after publication.
- Nigeria
Executive order on virtual asset coordination
The Presidency announces its signing with immediate effect: it creates a council chaired by the CBN and allocates registration between the SEC and the CBN by activity and asset.
- Uruguay
VASP framework adopted
Through Circular 2507, the BCU communicates Financial Services Superintendence resolution 2026-444, which incorporates the full VASP framework into the Compilation of Securities Market Regulations.
Source: Circular 2507
- Ukraine
Sanctions amendment approved
Resolution 4930-IX approves the National Security and Defense Council decision amending sectoral sanctions against financial institutions of the Russian Federation; it takes effect on the day of its adoption.
Source: Rada · Resolution 4930-IX
- Iceland
Orderly wind-down clarification
The Central Bank clarifies the scope of its instructions after the end of the transitional period.
Source: Central Bank · Orderly wind-down
- Hawaii
Act 224 approved
Act 224 (HB1642 CD1) is approved and enters into force; its kiosk prohibition applies from 1 October 2026.
- Ohio
HB195 signed
The Governor signs the UCC revision adding Article 12 on controllable electronic records and transition rules.
Source: Ohio Legislature · HB195 status
- North Carolina
Kiosk law enacted with deferred application
S.L.2026-45, signed on 7 July 2026, provides for general application from 1 January 2027 and requires the Commissioner to adopt the fraud procedure and implementing rules before that date.
Source: North Carolina · S.L.2026-45
- Romania
Tax form F8000 published
Order 750/2026 establishes the form for providers subject to tax reporting.
Source: ANAF · Order 750/2026
- Georgia
Final kiosk implementing rules take effect
Location reporting, fiat refunds and monitoring requirements are specified.
Source: DBF · final rules of June 2026
- Delaware
SB18 on money transmission and virtual currency enacted
SB18 (85 Del. Laws c. 338) replaces Chapter 23 of Title 5 and brings virtual currency activity within its scope. It is effective on signature and is implemented one year later or earlier upon the commissioner’s notice of final regulations.
Source: General Assembly · SB18 record
- Delaware
Payment Stablecoins Act enacted
SS2 for SB19 (85 Del. Laws c. 339) creates the issuer license and voluntary DASP registration; implementation follows one year later or earlier upon notice of final regulations.
- Malta
Virtual Financial Assets Act repealed
The repeal provided by Article 64 of the 2024 national act takes effect.
Source: Malta · Act XXXVI 2024
- Belgium
Third-country solicitation
Through Communication FSMA_2026_16, the FSMA incorporates ESMA's guidelines on when a third-country firm is deemed to solicit clients in the European Union and on detecting circumvention of the reverse solicitation exemption.
- Nigeria
Nine conditional ARIP admissions
The SEC admits seven entities and two additional VASPs with approval in principle, which is not a final license.
- Nicaragua
Reporting obligations and penalties amendment
The BCN text incorporates GG-14-JULIO-2026-LASMF-DO concerning Articles 26 and 30.
Source: BCN regulation
- Liechtenstein
Transitional registrations for MiCA activities expire
Liechtenstein extended its transitional period to the European maximum. Expiry concerns activities within MiCA, without removing the entire TVTG regime.
- Colombia
New Supersociedades Basic Legal Circular
Brings virtual asset service providers above its thresholds into the anti-money-laundering self-control system.
Source: Superintendence of Companies · External Circular 100-000020 of 2026
- Wyoming
SPDI Act and DUNA reforms
SF0055 (SPDI capital, expenses and commencement period), SF0054 (conversions between SPDIs and state banks) and SF0022 (DUNAs) take effect.
- Virginia
Chapter 19.1 on money transmission takes effect
It replaces Chapter 19; licenses in force on 30 June 2026 are deemed issued under the new chapter.
- Tennessee
Kiosk channel prohibition
PC 766 makes knowingly installing, permitting or operating virtual currency kiosks a Class A misdemeanor from 1 July.
Source: TDFI bulletin
- Tennessee
UCC Article 12 in Tennessee
PC 704 takes effect: Chapter 47-6 governs controllable electronic records, control and the position of a qualifying purchaser.
Source: PC 704 of 2026 · enacted text
- Sweden
FI confirms the end of the general transitional period
The supervisor requires firms without authorization to wind down in an orderly manner and distinguishes the situation of individual operators with pending court proceedings.
- Spain
End of operations under the transitional regime
The former Bank of Spain registration ceases to provide a sufficient basis for continuing services subject to MiCA.
Source: CNMV · MiCA
- Romania
End of the MiCA transition
The MiCA Article 143(3) period ends without Romania having designated a competent authority; ESMA asks unauthorized providers to wind down in an orderly manner.
Source: ESMA · Statement on the end of the transitional period
- Portugal
End of former registration transition
The Article 30 maximum period for continuing activities under former registration expires.
Source: Portugal · Law 69/2025
- Poland
End of the transitional period
The MiCA Article 143(3) period ends; entry in the virtual currency register no longer permits operating.
- Norway
Transitional continuity ends
Former registration no longer permits ordinary operations without the required authorization.
- New Zealand
DIA becomes sole AML/CFT supervisor
The reform concentrating AML/CFT supervision of all reporting entities in DIA, previously shared with the FMA and the Reserve Bank, takes effect.
- Massachusetts
Application deadline
The deadline under Section 4 of Chapter 312 expires for newly covered persons to apply for a license and continue operating while the application is pending.
- Malta
End of VFA transition
The transitional deadline for services under the former regime, set at the European maximum, expires.
Source: Malta · Act XXXVI 2024
- Luxembourg
End of the VASP transitional period
The CSSF confirms the end of the transitional regime and reiterates the need to verify entitlements in its registers and ESMA’s.
Source: CSSF · Official communication
- Louisiana
New money transmission statute
The LMTA takes effect, with a transition period for new requirements applicable to existing licensees.
Source: OFI · LMTA implementation
- Latvia
Maximum EU transitional limit
Former-regime continuity cannot be extended indefinitely by a pending application.
Source: European Union · MiCA
- Kenya
VASP tax information return
Finance Act 2026 inserts section 6C into the Tax Procedures Act.
Source: Kenya Law · Finance Act 2026
- Iceland
End of the transitional period
The maximum European period ends for providers registered under the former law. From that date virtual asset services may not be provided without authorization; the Central Bank had granted the first on 25 June.
- Georgia
Kiosk law takes effect
HB 945 includes virtual currency kiosks among the means of money transmission and sets daily limits, an 18% charge cap, disclosures and fraud refunds.
- France
End of the PSAN transitional regime
The former national entitlement ceases to be sufficient for continuing services subject to MiCA.
Source: AMF · End of transition
- Estonia
FIU transition closes
Historical licenses cease to be sufficient and, as announced by Finantsinspektsioon, the Financial Intelligence Unit cancels the register data for virtual currency licenses; certain pending applications are subject to Section 48(5) of the national act and supervisory restrictions.
Source: Finantsinspektsioon · Transition
- Czechia
Transitional period ends
The former regime no longer permits firms to continue operating without the required MiCA authorization.
- Cyprus
Transitional regime ends
The former registration does not, by itself, permit continued operation. CySEC confirms this in C790 and, in an announcement of 10 July, reminds investors that since 1 July crypto-asset services may only be provided in accordance with MiCA and invites them to check in the ESMA register whether their provider is authorized.
Source: CySEC · Circular C790
- Croatia
End of the transitional regime
VASP registration is no longer sufficient to continue the affected services. Only a minority of registered providers obtained a license within the deadline.
Source: Hanfa · Close of the transition
- California
DFAL licensing applies
A license, pending completed application or exemption is required to serve residents.
Source: DFPI · DFAL program
- Bulgaria
End of the transitional regime
Prior registration no longer permits continued activity without the required authorization.
Source: FSC · Close of the transition
- Belgium
Operations after transition
Transitional continuity no longer replaces the required authorization. On 25 June 2026 the FSMA had warned that no CASP yet held an authorization granted by it in Belgium.
- Austria
End of the EU transitional period
The maximum period under Article 143(3) MiCA ends. The FMA relays ESMA's guidance on orderly wind-down for unauthorized providers; in Austria, the transitional period had already ended on 31 December 2025.
- Australia
Duties for new VASP categories
Deferral of specified AML duties for new virtual asset services ends.
- Argentina
VASP preventive information through the AIF
CNV General Resolution 1139/2026, published on 14 May, starts applying to VASPs: beneficial owners, compliance officers, reciprocity agreements and the prevention manual must be filed through the AIF, with a first deadline of 31 July 2026.
Source: CNV · RG 1139/2026
June 202630 changes
- Tennessee
Interim relief against PC 766 denied
The U.S. District Court for the Eastern District of Tennessee denies the temporary restraining order sought by kiosk operators; the case remains open.
Source: U.S. District Court, E.D. Tenn. · order of 30 June 2026
- Taiwan
Act passed by the Legislative Yuan
The Legislative Yuan passes the Virtual Asset Service Act on third reading. The FSC announces that it will prepare implementing rules; commencement remains pending.
- Italy
Final limit of OAM transition
Transitional continuity under Article 45 of Legislative Decree 129/2024, as amended by Decree-Law 95/2025, ends. CONSOB and Banca d’Italia publish that day their account of the entities authorized in Italy.
Source: CONSOB · Transition
- Greece
Extended transition ends
The continuity period established by the December 2025 amendment ends.
- Greece
First CASP authorization in Greece
HCMC grants the first crypto-asset service provider authorization on the day the transitional period expires; it grants two more in July.
- Denmark
Transitional regime ends
The eighteen months under section 17(6) of Act No. 481 of 2024 expire. From that date only entities with a valid authorization or notification may provide services.
Source: Denmark · Act No. 481 of 2024
- California
SB97 immediately amends DFAL
Chapter 52 addresses completed applications, scope and repeal of the dedicated stablecoin chapter.
Source: Governor · SB97 signing
- California
DFAL rules take effect
Application rules and Money Transmission Act exemptions take effect.
- Florida
Stablecoin issuer law enacted
Chapter 2026-176 is signed; its provisions distinguish enactment from the main requirements applying from October.
Source: Florida · Chapter 2026-176
- UAE
Central bank licensees may access CMA activities
The CMA allows CBUAE-licensed entities, except insurers, to carry out CMA-regulated virtual asset activities, subject to the license the CMA requires.
- Nicaragua
Amendment of Law 977
Law 1282 is published and takes effect on publication: it keeps VASPs as obliged entities supervised by the UAF and rewrites Article 32.8 on relationships with foreign VASPs.
Source: La Gaceta · Law 1282
- Monaco
FATF action plan progress
Preliminary finding of substantial completion; on-site verification warranted.
Source: FATF · June 2026
- Costa Rica
Publication in La Gaceta
Supplement 78 publishes the Act with commencement deferred by three months.
Source: SINALEVI · publication record
- Dominican Republic
Law 30-26 promulgated
The tax reform includes digital goods and crypto-assets in the capital-asset definition, subject to exclusions.
- Guatemala
Publication in Diario de Centro América
The legislative record identifies publication and commencement deferred three months.
Source: Legislative register
- Canada
Webull Canada Crypto decision
The OSC grants Webull Canada Crypto Limited, registered as an investment dealer and a CIRO member, time-limited relief that expires after four years and is not a precedent for other filers.
- Australia
High Court judgment on Earner
The product is held to be financial according to its contractual characteristics.
- Illinois
Digital asset tax law
The Governor signs Public Act 104-0468, whose Article 3 creates a 0.2% tax applicable from 1 January 2027 and tax registration of brokers with IDOR.
Source: Illinois General Assembly · SB 3019, Public Act 104-0468
- Finland
Marketing supervision findings
FIN-FSA publishes deficiencies in authorized providers’ marketing and customer information.
Source: FIN-FSA · Advertising
- Colorado
Money transmitter rule MO9
3 CCR 701-7 allows excluding assets from tangible net worth, examining parent companies and rejecting deficient audits.
- Ghana
Directive on USD wallets
Regulated institutions must stop supporting foreign-currency wallets of unauthorized crypto platforms.
- Chile
Position on self-custody software
Opinion 101082 clarifies that merely providing the software, without receiving or controlling private keys, does not in itself amount to custody, and lists the additional services that would fall within the perimeter.
- Argentina
Tokenization expansion and sandbox extension
General Resolution 1150/2026, published on 11 June, takes effect: it expands instruments and automatic offering cases and extends the sandbox to 31 December 2027.
Source: RG 1150/2026
- Poland
Veto of the May legislation
The parliamentary record documents the presidential veto of the crypto-asset market legislation.
- Jamaica
VASP requirements consultation
Proposed licensing, conduct and AML requirements, with the main closing date of 10 July.
Source: FSC · VASP consultation
- Costa Rica
Law 10961 signed
The official text dates the order to execute and publish the VASP preventive-framework reform to 9 June.
- Philippines
BSP token listing guidelines
Memorandum M-2026-023 sets token listing and delisting criteria for VASPs and prohibits listing anonymity-enhancing virtual assets.
Source: BSP · Memorandum M-2026-023
- Turkey
First authorized custodians
The SPK approves crypto-asset custody operating permissions for three banks.
Source: SPK · Bulletin 2026/34
- Guatemala
Decree 15-2026 passed
Congress passes the new comprehensive AML and counter-terrorism-financing framework.
Source: Legislative register
- Japan
New limited intermediation route
Registration for brokerage entrusted by entitled providers begins.
Source: FSA · commencement 1 June 2026
May 202611 changes
- Hong Kong
Services involving authorized stablecoins
The SFC clarifies Relevant Stablecoin treatment and intermediary conditions.
Source: SFC · circular 27 May 2026
- United States
Federal Reserve payment account proposal
The Board proposes a limited account for clearing and settling payments, without interest or credit, that does not expand legal eligibility, and asks for decisions on Tier 3 institutions to be paused.
- Costa Rica
Law 10961 passed
The Legislative Assembly passes the amendment to Law 7786 bringing VASPs within its scope (file 25.340).
- Malaysia
DAX framework reformed
Entry, asset listing and custody requirements change, with financial transition.
Source: DAX reform of 20 May 2026
- Chile
Custody of digitally represented assets
Opinion 87237 confirms that the Central Securities Depository is responsible for the authenticity and integrity of the virtual financial assets it holds in custody, not for the underlying assets backing the issuance.
- Belize
FSC and AML amendments published
Acts 7 and 8 require commencement orders; their application is not presumed from publication.
Source: Act 8/2026, publication and conditional commencement
- Wyoming
Daily FRNT reserve attestations
The state commission announces independent reserve attestations; these do not guarantee absence of loss.
Source: Stable Token Commission
- Israel
Digital shekel preparation report
Bank of Israel distinguishes technical preparation from an issuance decision.
- Cuba
Terrorist-financing prevention rules
Resolution 45/2026, also covering virtual asset operations by residents and legal entities, is published.
- Georgia
Stablecoin issuer law signed
HB 1272 creates a payment stablecoin issuer license; it will apply on 18 January 2027 or 120 days after final federal GENIUS regulations, if earlier, subject to appropriations.
- Sweden
Duty to inform the authorities
SFS 2026:336 enters into force, adding to Act 2024:1159 a duty to provide client data to the police, the Tax Agency, the Security Service and Customs in the cases provided.
Source: Sweden · SFS 2026:336
April 202620 changes
- Denmark
Further refusals for lack of presence
Finanstilsynet refuses two more applications for lack of effective presence: management functions or most of the management outside Denmark, decision-making capacity not established in the country and, in one case, dependence on the group.
- UAE
FSRA announces final staking framework
The FSRA announces specific rules for virtual asset staking services within its remit.
- Panama
SMV Opinion 01-2026
The SMV places the examined prediction markets, which neither operated in nor targeted residents of Panama, outside securities regulation.
Source: SMV · Opinion 01-2026
- Ecuador
Updated suspicious transaction report (ROS) instructions
UAFE indicates that Resolution 2026-0007 applies and sets out the five-day term under Article 57.
Source: UAFE guidance
- Bolivia
FTC regulation amended
Resolution ASFI/373/2026, issued through Circular ASFI/945/2026, incorporates BCB payment rules, clarifies risk management and extends the letter-of-intent deadline.
- Abu Dhabi
Virtual asset staking framework
The FSRA announces the final framework, including eligible entity categories and conditions for rewards, disclosures and client reporting.
- Netherlands
AML and sanctions supervisory documentation
The AFM, which under MiCA took over supervision of compliance with the anti-money laundering and sanctions acts by CASPs other than banks and electronic money institutions, updates its information on the periodic CASP questionnaire.
Source: AFM · AML and sanctions
- Saudi Arabia
FinTech instructions consultation
Proposals on applications and controls, open for consultation until 27 May 2026; no approval announced by 16 October 2026.
- Fiji
RBF confidential disclosure platform
The RBF opens a channel to report VASP activity in Fiji and the marketing of virtual asset products.
- Hong Kong
Conditions for tokenized products
The SFC updates tokenization and secondary trading requirements for authorized products.
Source: SFC · circular 20 April 2026
- Venezuela
OFAC publishes General License 57
Authorizes specified financial services involving covered banks and persons, subject to limits. This is a US sanctions authorization, not a local digital asset license.
Source: General License 57
- UAE
New federal virtual asset framework announced
The CMA presents a regime comprising five modules and eight regulated activities, based on CMA Chairman Resolution No. 04 of 2026, in force since 28 February 2026, which replaces the former SCA regime. The announcement does not replace examination of each module’s conditions and transitional provisions.
Source: CMA · News of 13 April 2026
- Hong Kong
First stablecoin issuer licenses
HKMA grants the first two licenses, to Anchorpoint Financial and HSBC, out of 36 applications filed in the initial period. A license does not by itself enable operations: each issuer must complete its preparation before launch.
- Croatia
Hanfa's first MiCA authorizations
Hanfa's Board grants the first crypto-asset service provider license to ELECTROCOIN, followed by WHITE TECH on 23 April and DIGITAL ASSETS on 1 June. The entities are entered in the register of authorized providers.
- Bermuda
Tokenization consultation
Coordination and cross-regime exemptions are proposed; final implementation is not established.
Source: BMA consultation of 9 April 2026
- Australia
Royal Assent for DAP/TCP reform
The Act provides deferred commencement and transitional arrangements.
- Romania
First reading of the draft MiCA ordinance
The government considers at first reading a draft emergency ordinance that would designate ASF and BNR; it is not enacted law.
- Ireland
CASP application portal
The CBI requires CASP application documentation through its portal.
Source: CBI · CASP portal
- Thailand
Tokenized fund rules
Sales and redemptions of tokenized fund units are adapted.
Source: SEC: tokenized fund unit rules
- New Zealand
First CARF period begins
Covered providers begin collecting information for reporting in 2027.
Source: Inland Revenue CARF timetable
March 202629 changes
- Michigan
Sterling Heights municipal deadline
Initial deadline for existing kiosk businesses and operators to obtain local permissions.
- Indonesia
New payment system framework
PBI 10/2025 maintains specific virtual currency restrictions.
- Belize
CFDs classified as securities
The FSC clarifies SIA, notification and scope after expiry of the temporary restriction.
Source: FSC policy of 31 March 2026
- Spain
Bank of Spain reminder on EMT payments
The authority recalls PSD2 requirements and the scenarios in opinion EBA/OP/2026/01 following the 2 March application deadline.
Source: Bank of Spain · EMT payments
- South Africa
Final PCC 61 guidance
FIC publishes guidance on applying Directive 9.
Source: PCC 61 publication date
- Mexico
AML Regulations amended
Implements the 2025 amendment. Where a virtual asset transaction meets both reporting thresholds, only the transaction-amount report is filed.
- Turkey
Transitional obligations deferred
Decision 18/617 links new deadlines to widespread provision of authorized custody.
Source: SPK · Decision 18/617
- Canada
Stablecoin Act receives royal assent
The Act provides a federal issuer framework. Section 97 leaves commencement to subsequent orders; royal assent and commencement are distinct dates.
Source: Justice Canada · Stablecoin Act
- Bahamas
Decentralized Autonomous Organisations Act
Assented to on 23 March and published on 25 March, establishing registration, governance and responsible persons.
Source: DAO Act: assent and publication
- Ireland
Consumer Protection Code 2025
The Consumer Protection Code 2025 starts applying, covering MiCA activities under its conditions.
Source: CBI · Code coverage
- Cayman Islands
Tokenized-fund amendments
Acts 4, 5 and 6 of 2026, passed by Parliament on 5 March and assented to on 19 March, are published in the Gazette; they define issuance boundaries and add record, transfer and supervisory requirements.
- United States
SEC digital asset interpretation becomes effective
The release issued on 17 March is published and becomes effective on 23 March. It distinguishes assets, digital securities and investment contracts.
Source: Official source · Text and date
- Cuba
Business payment permissions published
Resolution 4/2026 authorizes ten entities; it takes effect seven business days after publication.
Source: Gazette copy: business payments
- Poland
DAC8 transposition
The Act of 13 February 2026 on tax reporting of crypto-asset users enters into force; the first period is 2026.
Source: Journal of Laws · 2026 item 347
- Nigeria
Revised capital guidelines
SEC details function-specific amounts and transitional arrangements.
Source: SEC guidelines of 18 March 2026
- Kenya
Draft regulations consultation
The National Treasury, with CBK and CMA, opens the draft to public comment until 10 April 2026.
- Estonia
Applications through the supervisory portal
Finantsinspektsioon requires use of its portal for CASP and ART applications identified in its procedures.
- India
New IFSCA FinTech sandbox framework
IFSCA replaces its sandbox rules with a framework of limited use authorizations subject to conditions on duration, customers, transactions and geographic scope.
- Romania
Domestic DORA supplement published
Emergency Ordinance 14/2026 is published, distinct from the EU application timetable.
Source: Romania · Ordinance 14/2026
- New Zealand
Specific NZDD designation
The FMA declares that NZDD tokens issued from 11 March 2026 are not financial products while ECDD complies with its backing, publication and verification duties.
- Paraguay
Crypto-asset information return established
DNIT issues General Resolution 47/2026, with differentiated reporting persons and applicable tax years; it does not constitute a financial license.
Source: DNIT Resolution 47/2026
- Ghana
SEC sandbox guidelines
Sandbox license limited in scope and duration; not a full license.
Source: SEC · Securities Industry (Regulatory Sandbox Licensing) Guidelines 2026
- Georgia
Stablecoin regime published
Order 52/04 takes effect upon publication.
Source: Order 52/04 · Stablecoins
- California
DFAL applications open in NMLS
DFPI opens DFAL license applications.
- Wyoming
License required for virtual currency kiosks
HB0075 (Chapter 60 of 2026) requires a money-transmission license or bank charter to operate virtual currency kiosks, with immediate effect.
- Ireland
DLT and tokenization discussion
The CBI publishes Discussion Paper 12, which covers, among other topics, tokenization of funds and reviews trials of primary bond issuance on DLT. It is a consultation, closed to responses on 5 June 2026, not a general authorization of tokenized models.
Source: CBI · DP12 launch
- Wyoming
Limited Federal Reserve account for an SPDI
The Kansas City Fed approves a limited-purpose account for Kraken Financial for an initial one-year term; this does not imply automatic access for other SPDIs.
Source: Kansas City Fed
- Sri Lanka
Mandatory provider survey
The FIU requests information on virtual asset services.
Source: FIU March 2026 survey
- Slovakia
Domestic requirements amended
Act 30/2026 introduces the external cybersecurity audit into the application and replaces domestic rules on advice with the European guidelines on knowledge and competence, subject to transitional provisions.
February 202617 changes
- UAE
Federal VASP regulation takes effect
CMA Chairman Resolution No. 04 of 2026 takes effect, replacing the former SCA regime and giving licensed entities one year to adapt.
- Cyprus
Application deadline
CySEC requires providers under the national regime to submit their MiCA application by that date; those that do not must submit a wind-down plan and may not provide services after 1 July.
Source: CySEC · Transitional deadline
- Slovenia
European financial information amendment
The amendment adds data collection responsibilities for the European access point.
Source: Slovenia · 2026 reform
- Ghana
Restrictions on public campaigns
BoG and SEC require express authorization, including for sandbox participants.
- France
ACPR publishes expectations for EMT payment services
The authority explains the interaction of MiCA and PSD2 and the application route limited to EMT payments. The consulted document includes a September 2026 update.
Source: ACPR · EMT payment services
- Dubai
VARA clarifies Phase II scope
The authority confirms that controlled testing and evaluation continue and warns against claims of unauthorized participation.
Source: VARA · Consumer and Marketplace Alert on the Real Estate Tokenisation Pilot
- Massachusetts
Local kiosk ban
The Attorney General approves South Hadley’s Chapter 236, banning the installation or operation of cryptocurrency kiosks in the town.
- Cyprus
Circular on EMT and payment services
C756 refers to CBC requirements for certain payment services.
Source: CySEC · Circular C756
- Bulgaria
Practical application deadline
The FSC asks registered entities to submit their applications by that date, estimating the review at four to five months, and stops holding preliminary meetings with new companies. Those not continuing had to submit a cessation plan by 1 March 2026.
- Poland
Second veto
The President vetoes the act of 18 December 2025; on 17 April 2026 the Sejm fails to override the veto.
Source: Sejm · Bill file 2064
- Lithuania
EBA Opinion on EMTs and payments
The EBA clarifies supervisory conditions at the end of its PSD2/MiCA No-Action Letter transition.
Source: EBA · 2026 PSD2/MiCA opinion
- Czechia
First CASP authorizations announced
The CNB announces its first MiCA authorizations.
Source: ČNB · First authorizations
- Chile
Notification by traditional entities
General Rule 559 adds Chapter X and requires notification of covered services for specified already-supervised entities.
Source: NCG 559
- United Kingdom
Cryptoassets Regulations made
The instrument sets general application for October 2027 and permits earlier preparatory steps.
- Norway
First permitted entity in Norway
Finanstilsynet confirms that AK Jensen Norway AS may provide crypto-asset services through the MiCA Article 60 notification route, limited to reception and transmission of orders and portfolio management.
- Cayman Islands
VASP market-conduct rules
CIMA publishes the market-conduct instrument and updates custodian and platform rules.
Source: CIMA · market conduct
- Brazil
Provider operating framework begins
BCB Resolutions 519 and 520 and part of Resolution 521 take effect; existing operators are subject to adaptation conditions and deadlines.
Source: Banco Central
January 202627 changes
- Philippines
BSP rules on dealings with VASPs
Memorandum M-2026-003 limits supervised institutions' dealings to authorized VASPs and CASPs and does not allow direct access by resident retail customers to offshore VASPs not registered with the BSP or the SEC.
Source: BSP · Memorandum M-2026-003
- Malaysia
Note for specified CMSL brokers
Additional digital asset broking conditions are specified.
Source: Practice Note 1/2026
- San Marino
Updated BCSM regulation
Consolidated version II of Regulation 2024-03.
- Belgium
White paper procedure
The FSMA publishes instructions for notifying documentation for Title II offers.
Source: FSMA · White papers 2026/02
- United States
SEC staff statement on tokenized securities
Staff distinguish issuer and third-party tokenization models, including intermediated rights and synthetic exposures. The statement has no independent legal force.
Source: SEC · Staff statement
- Cuba
Renewed EBIORO license takes effect
Resolution 134/2025 sets this date; it is published on 26 February 2026.
Source: Gazette copy: EBIORO renewal
- Greece
Document completion provision amended
Decision 9/1079 removes the domestic twenty-day limit in the amended provision.
- Ghana
Bank of Ghana sandbox
Six entities admitted for one year to validate the virtual asset framework.
Source: BoG · Regulatory sandbox participants, 22 January 2026
- Vietnam
Licensing procedures
Decision 96 establishes granting, amendment and revocation procedures.
Source: Decision 96/QD-BTC
- Georgia
Crypto Dispensers cease-and-desist order becomes final
DBF applies money transmission rules to an unlicensed, non-exempt virtual platform.
- South Korea
Securities reform passed
The National Assembly passes electronic registration and capital markets amendments.
Source: FSC · Securities reform passed
- UAE
Updated DIFC Crypto Token rules apply
The DFSA updates its framework, including documented suitability assessments by firms and specific treatment of Fiat Crypto Tokens.
- Switzerland
FINMA custody guidance
FINMA specifies custody risks and expectations, including the conditions for sub-custody abroad and their effect on capital requirements and portfolio management.
Source: FINMA · Guidance 01/2026
- Dubai
DFSA Crypto Token amendments
DIFC’s updated framework applies, including firm-level suitability assessments according to token type.
Source: DFSA · Crypto Tokens
- India
Updated FIU-IND guidelines
The guidelines set out registration, controls and operational obligations.
- Bulgaria
The FSC announces the first MiCA license
The announcement confirms assessment of operating capacity and control requirements. The decision is dated 22 December 2025, according to the FSC register, and further grants have followed during 2026.
Source: FSC · First license
- Belgium
National law takes effect
The implementing law takes effect without changing MiCA’s European direct-application timetable.
- Vietnam
Law 71/2025 takes effect
Digital asset categories gain statutory recognition and regulation.
Source: Law 71/2025 and commencement
- UAE
New federal capital-market framework takes effect
Federal Decree-Laws 32 and 33 of 2025 take effect: the CMA replaces the SCA as its legal successor and virtual assets for investment purposes enter the federal capital-market perimeter. Existing entities have one year, which may be extended, to regularize their status.
Source: WAM · Government announcement
- Nigeria
Nigeria Tax Administration Act takes effect
The Act requires VASPs to register for tax and obtain an SEC license, and limits SEC oversight to virtual assets that are securities.
- Nevada
SB 44 applies
Money transmitters and trust companies must comply with the federal information safeguards rule, keep their security program and notify incidents to the Commissioner (Sections 671.400 and 669.235).
- Morocco
IGOC 2026 applies
The new foreign-exchange instruction applies from 1 January without constituting digital-asset licensing.
Source: Publication of IGOC 2026
- Massachusetts
New framework applies
Chapter 169B begins applying, with transition for categories of existing operators.
Source: Massachusetts General Court · Chapter 169B, Section 1
- Iceland
Domestic MiCA and DORA application
Acts 101/2025 and 78/2025 begin applying within their respective scopes.
Source: Althingi · Act 101/2025
- Colorado
Cryptocurrency kiosk law
SB25-079 requires disclosures, acknowledgment and receipts, sets daily limits of 2,000 and 10,500 dollars and a conditional fraud refund.
Source: Colorado · SB25-079
- California
Unclaimed digital assets
SB 822 takes effect: digital financial assets become subject to the Unclaimed Property Law.
- Abu Dhabi
Updated FRT framework applies
FSRA’s announced enhancements for Fiat-Referenced Tokens and their use in regulated activities begin to apply.
December 202516 changes
- Lithuania
End of the transitional period
Continuity under former VASP registration ends, following an extension of the initial June 2025 deadline.
Source: FNTT · End of transition
- Germany
Deadline for permissions continuing under Section 50 KMAG
National permissions covered by Section 50(1) expire no later than the end of this date. The provision also specifies earlier expiry events. From 1 January 2026, firms that operated under those permissions may provide crypto-asset services only with MiCA authorization or a valid notification.
Source: KMAG · Section 50(2)
- Austria
End of the transitional period
The maximum continuity period under Section 23 of the MiCA-VVG ends for formerly registered providers.
Source: Austria · MiCA-VVG
- Slovakia
Statutory transitional deadline
Section 12 sets the former regime’s limit, subject to an earlier final decision, shortening the European maximum to twelve months. The NBS warns that continuing without a license is unauthorized activity and that client crypto-assets must be returned.
Source: NBS · Market and risk
- Ireland
Statutory VASP transition deadline
Regulation 20 of S.I. 607/2024 shortens the European maximum of eighteen months to twelve and sets 30 December 2025, or an earlier authorization or refusal decision. References to the end of December in explanatory materials do not extend that statutory deadline.
Source: S.I. 607/2024 · Regulation 20
- Belize
Temporary licensing regulations
SI 162/2025 is published with conditions, expiry and transition provisions.
- Colombia
DIAN Resolution 000240/2025 (CARF)
Implements CARF for tax years 2026 onwards; first report due in May 2027.
- Belgium
National law published
The Law of 11 December 2025 allocating supervisory responsibilities and powers is published.
- Portugal
Publication of Laws 69/2025 and 70/2025
National measures on MiCA and on anti-money laundering and transfer information are published.
Source: Portugal · Law 69/2025
- Ghana
Parliament passes Act 1154
Parliament passes the VASP Act; the BoG states that its effective date will be announced.
- Norway
Transitional extension adopted
Finanstilsynet adopts a regulation under section 19 of the Act extending continuity for eligible providers, due to expire in December 2025, to June 2026, owing to the volume and complexity of pending applications.
- Maldives
S-VASP comment deadline
Draft comment deadline, not commencement of final rules.
Source: CMDA public consultation
- Romania
DAC8 transposition
Emergency Ordinance 71/2025 enters into force, imposing tax reporting and due diligence on crypto-asset service providers; the first period is 2026.
- Abu Dhabi
Virtual asset framework enhancements
The FSRA presents the 2025 changes to its virtual asset framework: acceptance now relies on the firm's own assessment with prior notification to the regulator, capital and fees are adjusted and a product intervention power is introduced.
Source: FSRA · Digital assets framework enhancements (December 2025)
- United Kingdom
Digital property legislation
The Act clarifies eligibility as an object of personal property rights in England, Wales and Northern Ireland.
- Poland
First veto
The President vetoes the act of 7 November 2025; on 5 December the Sejm fails to reach the three-fifths majority to override it.
Source: Sejm · Bill file 1424
November 20259 changes
- Spain
CNMV announces the first DLT trading and settlement system
The CNMV announces the authorization of SECURITIZE, the first DLT trading and settlement system authorized by the Spanish supervisor, operated by Securitize Europe Brokerage and Markets, S.V., S.A. The CNMV describes it as one of the first systems authorized under the EU DLT Pilot Regime. It combines trading and settlement of financial instruments under that regime; this is not a CASP license.
- Peru
Sandbox expansion resolution issued
SBS issues Resolution 04142-2025 extending authorized tests to specified non-supervised businesses; participation does not grant general authorization.
Source: Resolution 04142-2025
- Singapore
Capital markets tokenization guide
MAS details assessment of products, activities, rights and risks.
Source: MAS guide, 14 November update
- Hong Kong
Project Ensemble enters pilot phase
The monetary authority launches EnsembleTX for real-value transactions in tokenized deposits within a controlled pilot environment during 2026, with initial interbank settlement through the real-time gross settlement system and planned progression towards settlement in tokenized central bank money.
- Indonesia
POJK 23/2025 takes effect
The digital asset and derivatives framework expands.
Source: OJK · POJK23/2025 commencement
- Brazil
Provider framework published
The BCB approves Resolutions 519, 520 and 521, governing access, operation and foreign-exchange transactions of virtual asset service providers.
Source: BCB · Resolution 519/2025
- Paraguay
Law 7572/2025 on Securities and Products Markets
The law is promulgated and published, enters into force the following day, recognizes securities issued or recorded through distributed ledgers and repeals Laws 5810/2017 and 7162/2023.
Source: BACN · Law 7572/2025
- Massachusetts
209 CMR 44 regulation
The Division of Banks’ final regulation on licensing and supervision of money transmitters takes effect.
Source: Division of Banks · 209 CMR 44
- Kenya
VASP Act commences
Act 20 of 2025; existing operators must comply within one year, by 4 November 2026.
