Cryptoassets Regulatory Intelligence · Cross-Jurisdiction Domain Hub
Stablecoin & EMT/ART regime
Jurisdiction Readings (170 markets)
26 clear/open
91 conditional/active
53 restricted/elevated
| Jurisdiction | Region | Status | Regulatory Summary | Actions |
|---|---|---|---|---|
| African bloc (AFR) | Africa | Amber | No continental stablecoin issuance-authorisation, reserve-requirement, redemption-right, disclosure, or systemic-designation regime exists. The AfCFTA Protocol on Digital Trade requires State Parties… | Profile →Brief |
| Alabama, USA (US-AL) | Americas | Amber | There is no Alabama-specific stablecoin statute. The controlling instrument is the federal GENIUS Act, signed into law on July 18, 2025, which establishes reserve, redemption, disclosure, licensing… | Profile →Brief |
| Alaska, USA (US-AK) | Americas | Amber | Stablecoin issuance, reserve, redemption, and disclosure requirements applicable to Alaska are governed by the federal GENIUS Act (signed into law July 18, 2025), not by any bespoke Alaska stablecoin… | Profile →Brief |
| Alberta, Canada (CA-AB) | Americas | Amber | Canada is mid-transition on stablecoin regulation. Budget 2025 committed to a federal Stablecoins Act with the Bank of Canada as regulator, requiring 1:1 reserves in high-quality liquid assets… | Profile →Brief |
| Algeria (DZ) | Africa | Red | Algeria has no stablecoin-specific issuance authorisation, reserve, redemption, disclosure, or systemic-designation regime. Stablecoins fall within the general 'monnaie virtuelle' prohibition rather… | Profile →Brief |
| Antigua and Barbuda (AG) | Caribbean | Red | No dedicated stablecoin-specific statutory framework (distinct issuance authorisation, reserve/backing-asset rules, redemption rights, systemic designation) was located for Antigua and Barbuda. A… | Profile →Brief |
| Argentina (AR) | Americas | Red | Argentina has no dedicated stablecoin issuance-authorisation, reserve-requirement, or redemption-right framework. USD-pegged stablecoins (e.g., USDT, USDC, DAI) are widely used by residents as an… | Profile →Brief |
| Arizona, USA (US-AZ) | Americas | Amber | Arizona has no state-specific stablecoin issuance regime. Issuance, reserve, and redemption requirements for payment stablecoins are governed federally under the GENIUS Act, with OCC, Federal… | Profile →Brief |
| Arkansas, USA (US-AR) | Americas | Amber | Arkansas has no state-specific stablecoin issuance-authorisation, reserve, redemption-right, disclosure, or systemic-designation regime. Federal-level developments govern bank issuance and custody of… | Profile →Brief |
| Asia-Pacific bloc (APAC) | Asia-Pacific | Amber | No unified APAC stablecoin regime exists. Hong Kong enacted a dedicated fiat-referenced stablecoin licensing law in 2025; China reinforced its prohibition to explicitly cover stablecoins, including… | Profile →Brief |
| Australia (AU) | Asia-Pacific | Amber | Stablecoins are currently regulated in Australia indirectly through ASIC's financial-product classification (typically as a non-cash payment facility), requiring issuers to hold an AFSL, with class… | Profile →Brief |
| Austria (AT) | Europe | Green | MiCA Titles III (ARTs) and IV (EMTs) directly impose issuance authorisation, reserve-asset, redemption-right and disclosure obligations on stablecoin issuers operating in or into Austria, with the… | Profile →Brief |
| Bangladesh (BD) | Asia-Pacific | Red | No stablecoin-specific legal category exists in Bangladesh — hence no issuance authorisation, reserve requirement, redemption right or systemic designation regime. Despite the general FX prohibition… | Profile →Brief |
| Belgium (BE) | Europe | Green | MiCA Titles III and IV directly apply in Belgium as an EU Regulation, imposing authorisation, reserve, redemption and disclosure requirements on issuers of asset-referenced tokens (ARTs) and e-money… | Profile →Brief |
| Belize (BZ) | Americas | Red | Belize has no crypto-stablecoin issuance, reserve, redemption, disclosure, or systemic-designation regime. The only electronic-money product regulated domestically is CBB-approved, bank-issued… | Profile →Brief |
| Brazil (BR) | Americas | Amber | Brazil has not enacted a dedicated stablecoin issuance-authorization, reserve-requirement or redemption-right statute analogous to MiCA's e-money-token regime. Instead, fiat-referenced virtual asset… | Profile →Brief |
| British Columbia, Canada (CA-BC) | Americas | Amber | Canada is establishing a federal stablecoin framework under Bank of Canada oversight. Budget 2025 committed to a Stablecoins Act requiring issuer registration, 1:1 reserves, redemption policies and… | Profile →Brief |
| Bulgaria (BG) | Europe | Green | MiCA Titles III and IV impose a comprehensive stablecoin regime directly applicable in Bulgaria. Asset-referenced token (ART) issuers require FSC authorisation; e-money token (EMT) issuance is… | Profile →Brief |
| Cambodia (KH) | Asia-Pacific | Amber | Cambodia has no statute governing private stablecoin issuance, reserve requirements, redemption rights, disclosure, or systemic designation. The NBC operates Bakong, a permissioned blockchain-based… | Profile →Brief |
| Cameroon (CM) | Africa | Red | No stablecoin-specific issuance authorisation, reserve, redemption, disclosure, or systemic-designation regime has been identified for Cameroon or the CEMAC zone. Any such framework would most… | Profile →Brief |
| Canada (CA) | Americas | Amber | Canada is mid-transition on stablecoins: the CSA already requires exchange-level VRCA authorization for stablecoin listings; separately, per industry reporting, the Federal government has enacted a… | Profile →Brief |
| Canada — Kahnawake (CA-KAH) | Americas | Amber | Canada is mid-transition on stablecoins. Pending enactment, fiat-referenced stablecoins remain informally captured as securities/derivatives under CSA guidance (see token_classification). <cite… | Profile →Brief |
| Canada — Tobique First Nation (CA-TFN) | Americas | Amber | Canada has no in-force stablecoin-issuer authorisation statute. Budget 2025 (tabled November 2025) commits the federal government to legislation placing fiat-backed stablecoin oversight with the Bank… | Profile →Brief |
| Chile (CL) | Americas | Amber | No Chile-specific stablecoin authorization, reserve, redemption, disclosure, or systemic-designation regime (analogous to MiCA Titles III/IV) was identified. Stablecoins appear to be treated, if at… | Profile →Brief |
| China (CN) | Asia-Pacific | Red | Mainland China has no domestic issuance-authorization pathway for stablecoins; the regime is prohibitive rather than facilitative. The February 2026 joint notice explicitly bars any entity or… | Profile →Brief |
| Colombia (CO) | Americas | Amber | Colombia has not enacted stablecoin-specific legislation addressing issuance authorisation, reserve requirements, redemption rights, disclosure, or systemic designation. Stablecoins circulating in… | Profile →Brief |
| Colorado, USA (US-CO) | Americas | Amber | Colorado has no identified state-specific stablecoin issuance, reserve, or redemption regime. Payment stablecoins circulating in Colorado are governed at the federal level under the GENIUS Act… | Profile →Brief |
| Comoros (KM) | Africa | Red | No issuance-authorisation, reserve, redemption-right, disclosure or systemic-designation regime for stablecoins, e-money tokens or asset-referenced tokens exists in Comorian law. No evidence of any… | Profile →Brief |
| Comoros — Anjouan (KM-A) | Africa | Red | No stablecoin or e-money-token specific issuance, reserve, redemption, or systemic-designation framework exists in Comoros law. No evidence of any stablecoin issuer operating under Comoros/Anjouan… | Profile →Brief |
| Comoros — Mohéli (KM-M) | Africa | Red | No stablecoin-specific issuance authorisation, reserve requirement, redemption right, disclosure, systemic designation, or prudential capital regime has been identified for the Union of the Comoros… | Profile →Brief |
| Connecticut, USA (US-CT) | Americas | Amber | Connecticut has no independent stablecoin statute. The federal GENIUS Act (signed July 18, 2025) establishes the first comprehensive U.S. stablecoin framework, covering issuer permitting, 1:1 reserve… | Profile →Brief |
| Costa Rica (CR) | Americas | Red | Costa Rica has no stablecoin-specific legislation covering issuance authorisation, reserve requirements, redemption rights, disclosure, or systemic designation. Stablecoins are treated, if at all… | Profile →Brief |
| Croatia (HR) | Europe | Amber | Stablecoin-equivalent instruments (asset-referenced tokens and e-money tokens) are regulated under MiCA Titles III and IV, directly applicable in Croatia since 30 June 2024. The Croatian National… | Profile →Brief |
| Curaçao (CW) | Caribbean | Red | No bespoke Cayman Islands stablecoin-specific issuance authorisation, reserve requirement, redemption right, disclosure, or systemic designation framework was identified in this research pass.… | Profile →Brief |
| Cyprus (CY) | Europe | Amber | The Central Bank of Cyprus (CBC) is designated alongside CySEC for MiCA Title IV (ART/EMT issuance) responsibilities, with CySEC handling non-credit-institution authorisation and CBC handling credit… | Profile →Brief |
| Czech Republic (CZ) | Europe | Green | Stablecoin issuance (as ART/EMT) in the Czech Republic is governed directly by MiCA Titles III-IV, with CNB as the competent authorising and supervisory authority. No Czech-domiciled significant… | Profile →Brief |
| Delaware, USA (US-DE) | Americas | Amber | Stablecoin regulation for this JID is currently driven almost entirely at the federal level. The GENIUS Act (signed July 18, 2025) is the first comprehensive federal payment-stablecoin statute… | Profile →Brief |
| Denmark (DK) | Europe | Green | Denmark's stablecoin regime is entirely MiCA-derived: asset-referenced tokens and e-money tokens require authorisation, carry reserve/disclosure obligations, and EMT holders have a statutory… | Profile →Brief |
| District of Columbia, USA (US-DC) | Americas | Amber | The federal GENIUS Act (signed July 18, 2025) is the first comprehensive U.S. stablecoin framework, governing issuance authorization, reserves, redemption and disclosure for payment stablecoins… | Profile →Brief |
| Dominican Republic (DO) | Americas | Red | No stablecoin-specific issuance authorisation, reserve requirement, redemption right, disclosure, or systemic designation regime exists in the Dominican Republic. Stablecoins are not distinguished… | Profile →Brief |
| Ecuador (EC) | Americas | Amber | MiCA Titles III (ARTs) and IV (EMTs) impose issuance authorisation, reserve-of-assets, redemption-right, disclosure (white paper) and 'significant token' designation requirements on stablecoin… | Profile →Brief |
| Egypt (EG) | Africa | Red | There is no operative private stablecoin issuance/authorisation framework in Egypt. The 2020 banking law reserves to the CBE the exclusive power to regulate, and potentially establish, an Egyptian… | Profile →Brief |
| Estonia (EE) | Europe | Green | Stablecoin issuance in Estonia is governed directly by MiCA Titles III (ARTs) and IV (EMTs): issuer authorisation, mandatory reserve of assets (Art. 36), redemption rights at par/market value, and… | Profile →Brief |
| European Economic Area (EEA) | Europe | Green | MiCA Titles III and IV impose a comprehensive EEA-wide stablecoin regime covering asset-referenced tokens (ARTs) and e-money tokens (EMTs): mandatory issuer authorisation, a segregated reserve of… | Profile →Brief |
| Finland (FI) | Europe | Green | Stablecoins in Finland are regulated exclusively as MiCA asset-referenced tokens (ARTs) or e-money tokens (EMTs). Issuers must be authorised (as a credit institution, licensed ART issuer, or e-money… | Profile →Brief |
| Florida, USA (US-FL) | Americas | Amber | Florida became one of the first U.S. states to enact a comprehensive payment-stablecoin framework via SB 314/HB 175, passed by both chambers in March 2026 and aligned with the federal GENIUS Act… | Profile →Brief |
| France (FR) | Europe | Green | MiCA Titles III/IV govern ART and EMT issuance in France, supervised by the ACPR for prudential/e-money authorisation and the AMF for CASP-side distribution. Société Générale-FORGE's EURCV/USDCV and… | Profile →Brief |
| Georgia, USA (US-GA) | Americas | Amber | Stablecoin regulation touching Georgia is governed by the federal GENIUS Act framework rather than a bespoke Georgia stablecoin statute. Issuance authorisation, reserve, and disclosure requirements… | Profile →Brief |
| Germany (DE) | Europe | Green | Germany actively supervises stablecoin (EMT/ART) issuance under MiCA Titles III/IV, with BaFin having granted an e-money licence enabling AllUnity's EURAU, described as Germany's first… | Profile →Brief |
| Ghana (GH) | Africa | Amber | Act 1154 designates 'Stablecoin Issuance' as a licensable VASP activity co-regulated by BoG and SEC. Separately, the Bank of Ghana has signalled 2026 plans to pilot asset-backed/gold-backed digital… | Profile →Brief |
| Gibraltar (GI) | Europe | Confirmed | Gibraltar has not enacted a standalone MiCA-style stablecoin issuance, reserve-composition or redemption-right statute; stablecoin issuance or custodial/arrangement activity conducted in or from… | Profile →Brief |
| Greece (GR) | Europe | Green | Stablecoin (ART/EMT) issuance in Greece is governed by MiCAR Titles III and IV, in force since 30 June 2024, with the Bank of Greece as the competent prudential authority for authorising and… | Profile →Brief |
| Guernsey (GG) | Europe | Red | No Guernsey-specific stablecoin, e-money-token, or asset-referenced-token issuance/reserve/redemption/prudential regime was located in this research pass. | Profile →Brief |
| Guernsey — Alderney (GG-ALD) | Europe | Red | No Guernsey/Alderney-specific statutory stablecoin or e-money-token regime comparable to MiCA Title III/IV or EMD2 was identified. The Bailiwick is outside both the EU (MiCA) and UK statutory… | Profile →Brief |
| Hawaii, USA (US-HI) | Americas | Amber | Hawaii has no state-specific stablecoin statute. The controlling framework is the federal GENIUS Act, signed into law July 18, 2025, which establishes issuance authorization, 1:1… | Profile →Brief |
| Hong Kong (HK) | Asia-Pacific | Green | The Stablecoins Ordinance (Cap. 656) passed LegCo on 21 May 2025 and took effect 1 August 2025, establishing an HKMA licensing regime for fiat-referenced stablecoin (FRS) issuers, mandating full… | Profile →Brief |
| Hungary (HU) | Europe | Amber | Hungary applies MiCA Titles III and IV (ARTs and EMTs) directly, with MNB as competent authority for issuance authorisation, reserve, redemption-right and disclosure obligations since these titles… | Profile →Brief |
| Iceland (IS) | Europe | Amber | Iceland has no domestically transposed MiCA asset-referenced-token/e-money-token issuance-authorisation regime as of this research pass. The closest operative analog is the pre-MiCA e-money… | Profile →Brief |
| Idaho, USA (US-ID) | Americas | Amber | Payment stablecoin issuance and reserve/disclosure requirements are governed federally by the GENIUS Act, with FinCEN's implementing AML/CFT rule for Permitted Payment Stablecoin Issuers (PPSIs)… | Profile →Brief |
| Illinois, USA (US-IL) | Americas | Amber | Illinois has not enacted a separate state-level stablecoin issuance regime. Payment stablecoin issuance, reserve, redemption, and disclosure obligations for issuers serving Illinois customers are… | Profile →Brief |
| India (IN) | Asia-Pacific | Red | India has no stablecoin-specific issuance-authorisation, reserve, or redemption framework. RBI opposes bank exposure to both foreign-currency-pegged and rupee-pegged private stablecoins, citing… | Profile →Brief |
| Indiana, USA (US-IN) | Americas | Red | Indiana has no bespoke state-level stablecoin issuance, reserve, redemption or disclosure regime; issuance authorisation for payment stablecoins is governed at the federal level (see US JID), and… | Profile →Brief |
| Indonesia (ID) | Asia-Pacific | Red | Indonesia has no comprehensive, dedicated stablecoin regulatory framework analogous to the EU's MiCA e-money-token/asset-referenced-token regime. Stablecoins are treated as an undifferentiated subset… | Profile →Brief |
| Iowa, USA (US-IA) | Americas | Amber | Iowa has no state-level stablecoin issuance, reserve, or redemption framework. Stablecoin regulation in the U.S. is now anchored federally by the GENIUS Act (Guiding and Establishing National… | Profile →Brief |
| Ireland (IE) | Europe | Green | Stablecoin (e-money token and asset-referenced token) issuance in Ireland is governed by MiCA Titles III and IV, which entered into application ahead of the CASP regime (30 June 2024). Issuers… | Profile →Brief |
| Isle of Man (IM) | Europe | Red | The Isle of Man has not enacted a dedicated stablecoin statute covering issuance authorisation, reserve requirements, redemption rights, disclosure, or systemic designation. A fiat-referenced… | Profile →Brief |
| Italy (IT) | Europe | Amber | Stablecoins (EMT/ART) are regulated directly under MiCA Titles III/IV. Banca d'Italia is the Italian competent authority for e-money token issuer authorisation in most cases, in consultation with… | Profile →Brief |
| Ivory Coast (CI) | Africa | Red | No issuance-authorisation, reserve-requirement, redemption-right, disclosure or systemic-designation regime for stablecoins has been identified for Côte d'Ivoire or the UMOA zone. BCEAO instruments… | Profile →Brief |
| Japan (JP) | Asia-Pacific | Amber | Since the 2023 PSA amendment, stablecoins ('Electronic Payment Instruments') may be issued by banks, trust companies, or registered fund-transfer service providers, each subject to redemption-at-par… | Profile →Brief |
| Jersey (JE) | Europe | Amber | No dedicated e-money or stablecoin issuance-authorisation, reserve, disclosure, systemic-designation, or prudential-capital regime analogous to MiCA Title III/IV or the UK's prospective… | Profile →Brief |
| Kansas, USA (US-KS) | Americas | Amber | Kansas has no state-level stablecoin statute. The controlling framework is federal: the GENIUS Act (signed July 18, 2025) establishes the first comprehensive U.S. federal payment-stablecoin regime… | Profile →Brief |
| Kazakhstan (KZ) | Asia-Pacific | Red | Kazakhstan has not enacted a dedicated stablecoin-specific issuance, reserve, redemption, or systemic-designation framework comparable to MiCA's ART/EMT regime. The AIFC/AFSA DATF framework governs… | Profile →Brief |
| Kentucky, USA (US-KY) | Americas | Amber | Kentucky has no bespoke state stablecoin-issuance statute. Stablecoin issuance is governed at the federal level by the GENIUS Act (2025), which, prior to full implementation, recognizes… | Profile →Brief |
| Kenya (KE) | Africa | Amber | The most developed component of Kenya's forthcoming VASP framework concerns stablecoins. Draft 2026 Regulations (CAUTION: pre-final, subject to public-comment revision) would impose… | Profile →Brief |
| Laos (LA) | Asia-Pacific | Green | No stablecoin-specific issuance, reserve, redemption or systemic-designation regime has been identified in Lao PDR. BoL policy under the pilot treats crypto generally as not to be used as a means of… | Profile →Brief |
| Latin America bloc (LATAM) | Americas | Red | CEMLA's stablecoin research finds low but growing stablecoin adoption across the Latin America and Caribbean region, and reports that most participating jurisdictions currently lack a specific legal… | Profile →Brief |
| Latvia (LV) | Europe | Amber | MiCA Titles III (ART) and IV (EMT), applied directly by Latvijas Banka, govern stablecoin issuance in Latvia: ART issuers require authorisation (subject to small-issuance/qualified-investor… | Profile →Brief |
| Liechtenstein (LI) | Europe | Green | MiCA Titles III (ARTs) and IV (EMTs) apply in Liechtenstein via EEA incorporation, with FMA as competent authority. Issuance requires authorisation, issuers face reserve/reporting obligations, and… | Profile →Brief |
| Lithuania (LT) | Europe | Green | MiCA Titles III and IV apply directly to ART and EMT issuance in Lithuania. <cite index="71-14">The EBA is the main EU authority for issuers of ARTs and EMTs, while ESMA/national competent… | Profile →Brief |
| Louisiana, USA (US-LA) | Americas | Amber | Louisiana has no identified state-level stablecoin-specific statute governing issuance authorization, reserve requirements, redemption rights, disclosure, or systemic designation for stablecoins.… | Profile →Brief |
| Luxembourg (LU) | Europe | Amber | Luxembourg applies MiCA's asset-referenced-token (ART) and e-money-token (EMT) regime, under which issuers must hold relevant EU authorisation. The CSSF has actively licensed stablecoin-adjacent… | Profile →Brief |
| Macau SAR, China (MO) | Asia-Pacific | Red | AMCM has not established a stablecoin issuance-authorisation, reserve, redemption, disclosure, or systemic-designation regime comparable to MiCA's ART/EMT framework or Hong Kong's stablecoin… | Profile →Brief |
| Maine, USA (US-ME) | Americas | Amber | Maine has not enacted a state-specific stablecoin statute. The controlling framework is the federal GENIUS Act, signed into law July 18, 2025, which establishes reserve, redemption, disclosure, and… | Profile →Brief |
| Malaysia (MY) | Asia-Pacific | Red | Malaysia has no finalised statutory stablecoin-issuance authorisation regime. BNM's Digital Asset Innovation Hub (DAIH) is onboarding a B2B ringgit stablecoin settlement pilot (Standard Chartered… | Profile →Brief |
| Malta (MT) | Europe | Green | Stablecoins in Malta are governed exclusively through MiCA's Title III (asset-referenced tokens) and Title IV (e-money tokens) regimes, supervised by MFSA as competent authority (with EBA supervisory… | Profile →Brief |
| Marshall Islands (MH) | Asia-Pacific | Amber | No general stablecoin statute exists. Two distinct instruments are relevant: (1) the Declaration and Issuance of the Sovereign Currency Act 2018, which remains in force authorizing the Ministry of… | Profile →Brief |
| Maryland, USA (US-MD) | Americas | Amber | Maryland has no state-level stablecoin issuance-authorisation, reserve, or redemption regime. The federal GENIUS Act establishes the primary payment-stablecoin framework applicable nationwide… | Profile →Brief |
| Massachusetts, USA (US-MA) | Americas | Amber | Massachusetts has not enacted a state-specific stablecoin issuance, reserve, or redemption regime. Stablecoin regulation in the U.S. is now anchored at the federal level under the GENIUS Act… | Profile →Brief |
| Mexico (MX) | Americas | Red | Mexico has no dedicated stablecoin statute governing issuance authorization, reserve requirements, redemption rights, disclosure, or systemic designation. Banxico's December 2025 year-end report… | Profile →Brief |
| Michigan, USA (US-MI) | Americas | Amber | Michigan has no independent state stablecoin statute. Stablecoin issuance in the U.S. is now governed by the federal GENIUS Act (signed into law July 18, 2025), which establishes issuance, reserve… | Profile →Brief |
| Minnesota, USA (US-MN) | Americas | Amber | Minnesota has not established a state-level stablecoin issuance, reserve, or redemption regime. The new bank/credit-union custody law (HF 3709) permits Minnesota-chartered institutions to custody… | Profile →Brief |
| Mississippi, USA (US-MS) | Americas | Amber | Mississippi has not enacted its own stablecoin-specific statute. The federal GENIUS Act, signed into law in 2025, establishes the primary national framework for payment-stablecoin issuance, reserve… | Profile →Brief |
| Missouri, USA (US-MO) | Americas | Amber | Missouri has not enacted a state-specific stablecoin issuance-authorisation, reserve, redemption, disclosure or systemic-designation regime. Payment stablecoin issuance nationally, including for… | Profile →Brief |
| Montana, USA (US-MT) | Americas | Amber | Montana has no state-specific stablecoin issuance, reserve, redemption, disclosure, or systemic-designation regime. Payment stablecoin issuance is governed at the federal level (e.g., the GENIUS Act… | Profile →Brief |
| Morocco (MA) | Africa | Red | No local stablecoin issuance-authorisation, reserve, redemption or disclosure regime is currently in force. Draft Law 42.25 (pending) proposes that BAM will regulate issuers of asset-backed… | Profile →Brief |
| Mozambique (MZ) | Africa | Red | No stablecoin-specific issuance authorisation, reserve requirement, redemption right, disclosure, or systemic-designation regime exists under Mozambican law. Bank of Mozambique's cautionary… | Profile →Brief |
| Myanmar (MM) | Asia-Pacific | Red | CBM has not authorised, and has no framework for, stablecoin issuance, reserve requirements, redemption rights, disclosure, or systemic designation. Politically notable but legally distinct… | Profile →Brief |
| Nebraska, USA (US-NE) | Americas | Amber | Nebraska's principal stablecoin-adjacent instrument is the Financial Innovation Act (LB649, 2021), which permits state-chartered digital-asset banks to custody/issue digital assets under a… | Profile →Brief |
| Nepal (NP) | Asia-Pacific | Red | Nepal has no stablecoin-specific authorisation, reserve, redemption or disclosure regime. Stablecoins are a form of virtual currency and therefore fall within NRB's blanket prohibition on… | Profile →Brief |
| Netherlands (NL) | Europe | Green | DNB acts as the prudential authority for e-money token (EMT) issuers established in the Netherlands under MiCA Title IV, requiring EMI/credit-institution authorisation, full reserve backing, and… | Profile →Brief |
| Nevada, USA (US-NV) | Americas | Amber | Nevada has no bespoke state-level stablecoin issuance, reserve, redemption, disclosure, or systemic-designation regime. Stablecoin-adjacent custody activity has historically been conducted in Nevada… | Profile →Brief |
| New Brunswick, Canada (CA-NB) | Americas | Red | Canada does not yet have finalized, enacted stablecoin legislation applicable in New Brunswick. Budget 2025 committed to a federal Stablecoins Act, with the Bank of Canada named as administering… | Profile →Brief |
| New Hampshire, USA (US-NH) | Americas | Green | New Hampshire has no state-level stablecoin issuance, reserve, redemption, disclosure, or systemic-designation regime. Stablecoin issuance in the US is addressed at the federal level (e.g., the… | Profile →Brief |
| New Jersey, USA (US-NJ) | Americas | Amber | New Jersey has no state-specific stablecoin issuance, reserve, redemption, disclosure, or systemic-designation framework. Payment stablecoins are governed federally by the GENIUS Act (signed July… | Profile →Brief |
| New Mexico, USA (US-NM) | Americas | Amber | New Mexico has no bespoke state stablecoin regime. Stablecoin issuance is governed by the federal GENIUS Act (signed July 18, 2025), which establishes permitted-issuer categories, 1:1 reserve… | Profile →Brief |
| New Zealand (NZ) | Asia-Pacific | Red | New Zealand has no legislated authorisation, reserve, or redemption regime for privately-issued stablecoins. The Reserve Bank of New Zealand (RBNZ) has run a public 'digital cash' (retail CBDC)… | Profile →Brief |
| Nigeria (NG) | Africa | Red | Nigeria has no in-force domestic stablecoin issuance, reserve, or redemption regime. SEC Nigeria's still-draft Rules on Digital and Virtual Assets Operations, Custody and Markets introduce only a… | Profile →Brief |
| North Carolina, USA (US-NC) | Americas | Amber | North Carolina has no state-level stablecoin issuance, reserve, redemption, disclosure, or systemic-designation regime. Stablecoin policy relevant to NC currently plays out at the federal level… | Profile →Brief |
| North Dakota, USA (US-ND) | Americas | Amber | Stablecoin issuance in the U.S., including North Dakota, is governed by the federal GENIUS Act (signed July 18, 2025), which sets reserve, redemption, disclosure and licensing/supervisory… | Profile →Brief |
| Norway (NO) | Europe | Amber | MiCA Titles III and IV, as implemented via the kryptoeiendelsloven and kryptoeiendelsforskriften, govern issuance of e-money tokens (EMTs) and asset-referenced tokens (ARTs) in Norway, requiring… | Profile →Brief |
| Ohio, USA (US-OH) | Americas | Amber | Ohio has no state-specific stablecoin issuance, reserve, or redemption statute. The field is governed by the federal GENIUS Act, signed into law July 18, 2025, which establishes reserve-backing… | Profile →Brief |
| Oklahoma, USA (US-OK) | Americas | Amber | Oklahoma has no state-specific stablecoin statute; payment stablecoins are governed by the federal GENIUS Act (signed July 18, 2025), which sets issuance, reserve, redemption, disclosure and… | Profile →Brief |
| Ontario, Canada (CA-ON) | Americas | Amber | The federal government committed in Budget 2025 to a Stablecoins Act placing the Bank of Canada as regulator of fiat-backed stablecoin issuers, requiring 1:1 reserves, redemption policies… | Profile →Brief |
| Oregon, USA (US-OR) | Americas | Amber | Oregon has not enacted a state-level stablecoin issuance, reserve, or redemption-right statute. Stablecoin regulation in the US now runs primarily through the federal GENIUS Act, which established… | Profile →Brief |
| Pakistan (PK) | Asia-Pacific | Red | Pakistan has no enacted stablecoin-specific statute. PVARA and the Finance Ministry have announced intent to launch a sovereign/national stablecoin and have signed an MoU with an affiliate of World… | Profile →Brief |
| Palau (PW) | Asia-Pacific | Amber | Palau has piloted a government-linked USD-pegged stablecoin ('PSC', nicknamed 'Kluk') on the XRP Ledger in partnership with Ripple, distributed to government employees from July 2023 with the trial… | Profile →Brief |
| Panama (PA) | Americas | Red | Panama has no statute or regulatory framework authorising, licensing, or imposing reserve/redemption requirements on stablecoin issuers. Stablecoins such as USDC and USDT circulate informally… | Profile →Brief |
| Pennsylvania, USA (US-PA) | Americas | Amber | Pennsylvania has no state-specific stablecoin-issuance, reserve, redemption, disclosure, or systemic-designation regime. Stablecoin issuance authorisation and reserve/redemption standards are… | Profile →Brief |
| Peru (PE) | Americas | Red | No Peruvian statute or regulator issuance addresses stablecoins specifically (issuance authorisation, reserve requirements, redemption rights, disclosure, or systemic designation). Stablecoins would… | Profile →Brief |
| Philippines (PH) | Asia-Pacific | Amber | The Philippines has no comprehensive stablecoin statute. The only confirmed authorization is BSP's approval, under its Regulatory Sandbox Framework, for Coins.ph to pilot a peso-referenced stablecoin… | Profile →Brief |
| Poland (PL) | Europe | Amber | EMT issuance already falls under Poland's existing e-money supervisory framework administered by KNF, per KNF's own confirmation. Asset-referenced token (ART) issuance authorisation, reserve… | Profile →Brief |
| Portugal (PT) | Europe | Green | Stablecoins are regulated in Portugal exclusively through MiCA Titles III (asset-referenced tokens) and IV (e-money tokens), with Banco de Portugal as the national authorising and prudential… | Profile →Brief |
| Qatar (QA) | Middle East | Red | The QFC's Permitted Tokens taxonomy appears to encompass fiat-referenced/e-money-type tokens, implying stablecoin-like instruments fall within the Digital Assets Framework's licensing perimeter, but… | Profile →Brief |
| Quebec, Canada (CA-QC) | Americas | Amber | Following Budget 2025's commitment, Canada's federal Stablecoin Act was enacted in 2026, requiring issuers to hold adequate reserves, establish redemption policies, and implement risk-management… | Profile →Brief |
| Rhode Island, USA (US-RI) | Americas | Amber | Rhode Island has no bespoke state stablecoin-issuance regime. Federal law now governs payment stablecoins via the GENIUS Act (signed July 18, 2025), which sets reserve, redemption, disclosure… | Profile →Brief |
| Romania (RO) | Europe | Amber | MiCA Titles III and IV — governing asset-referenced tokens (ARTs) and e-money tokens (EMTs) — apply directly and have applied EU-wide, including in Romania, since 30 June 2024, ahead of the general… | Profile →Brief |
| Russia (RU) | Europe | Amber | Russia has no dedicated stablecoin statute. The Bank of Russia opened a public consultation (through 1 September 2026) on whether bespoke stablecoin rules — par redemption, redemption periods… | Profile →Brief |
| Rwanda (RW) | Africa | Amber | Law N° 023/2026 provides Rwanda's first stablecoin-specific rules: issuers must segregate reserve assets from company funds, publicly disclose proof of reserves, and stablecoin holders rank ahead of… | Profile →Brief |
| Saudi Arabia (SA) | Middle East | Amber | No published stablecoin issuance-authorisation, reserve-requirement, redemption-right, disclosure, or systemic-designation framework exists. The CMA-Saudi Central Bank partnership is developing… | Profile →Brief |
| Senegal (SN) | Africa | Red | No WAEMU or Senegal-specific stablecoin issuance, reserve, redemption, disclosure or systemic-designation regime exists. BCEAO acknowledged stablecoins conceptually in July 2026 remarks but has not… | Profile →Brief |
| Serbia (RS) | Europe | Red | Serbia has no MiCA-style dedicated stablecoin regime (no ART/EMT distinctions, reserve-asset rules, redemption-right provisions, or systemic-designation mechanism). The closest operative instrument… | Profile →Brief |
| Seychelles (SC) | Africa | Red | No Seychelles statute or FSA framework analogous to an asset-referenced-token/e-money-token regime (e.g. MiCA Title III/IV) was identified. No evidence of a domestic stablecoin… | Profile →Brief |
| Singapore (SG) | Asia-Pacific | Amber | MAS finalised the policy design of its single-currency stablecoin (SCS) regulatory framework in August 2023, covering reserve, redemption, disclosure, prudential and systemic-arrangement… | Profile →Brief |
| Slovakia (SK) | Europe | Green | ARTs and EMTs offered to the public or admitted to trading in Slovakia are subject to MiCA Titles III and IV, directly effective as EU law. NBS is the competent authority for authorising ART issuance… | Profile →Brief |
| Slovenia (SI) | Europe | Green | Stablecoin-equivalent instruments (ARTs and EMTs) are regulated directly under MiCA Titles III and IV, applicable in Slovenia since 30 June 2024. Issuers require prior authorisation, must maintain a… | Profile →Brief |
| South Africa (ZA) | Africa | Red | South Africa has no dedicated stablecoin issuance, reserve, or redemption regulatory framework in force. National Treasury signalled in its 2024 budget that stablecoins would be treated as a distinct… | Profile →Brief |
| South Carolina, USA (US-SC) | Americas | Amber | South Carolina has no independent state stablecoin-issuance regime. Payment stablecoins issued to South Carolina residents/businesses are governed by the federal GENIUS Act (signed into law July 18… | Profile →Brief |
| South Dakota, USA (US-SD) | Americas | Amber | South Dakota has no state-specific stablecoin issuance, reserve, or redemption regime. Stablecoin issuers operating in or from South Dakota would fall under the general… | Profile →Brief |
| South Korea (KR) | Asia-Pacific | Red | South Korea currently lacks an enacted stablecoin-specific law. KRW-pegged stablecoin pilots (e.g., BDACS's KRW1 on Avalanche) operate only as non-circulating proof-of-concept to avoid violating… | Profile →Brief |
| Spain (ES) | Europe | Green | Banco de España is the MiCA competent authority for ART/EMT issuance authorisation, reserve requirements, redemption rights, and disclosure (white paper) obligations under MiCA Titles III and IV… | Profile →Brief |
| Sri Lanka (LK) | Asia-Pacific | Red | No stablecoin-specific legal framework exists in Sri Lanka. There is no issuance authorisation regime, reserve requirement, redemption-right guarantee, disclosure regime, or systemic-designation… | Profile →Brief |
| Sweden (SE) | Europe | Green | Asset-referenced tokens (ARTs) and e-money tokens (EMTs) are regulated under MiCA Titles III/IV, in force since 30 June 2024, with FI acting as the competent NCA for issuance authorisation… | Profile →Brief |
| Switzerland (CH) | Europe | Amber | FINMA regulates stablecoins through its existing classification-based approach (see token_classification) rather than a bespoke stablecoin statute, and has issued specific guidance (2019, refreshed… | Profile →Brief |
| Taiwan (TW) | Asia-Pacific | Amber | The Virtual Asset Service Act establishes Taiwan's first dedicated stablecoin regime: domestic issuance requires prior consent from the Central Bank of the Republic of China (Taiwan) and permission… | Profile →Brief |
| Tanzania (TZ) | Africa | Red | Tanzania has not enacted any stablecoin-specific issuance, reserve, redemption, disclosure, or systemic-designation framework. BOT's central bank digital currency (CBDC) work remains at an… | Profile →Brief |
| Tennessee, USA (US-TN) | Americas | Amber | Tennessee has not enacted a state-specific stablecoin authorization, reserve, redemption, or systemic-designation regime. Stablecoin issuance and reserve requirements in this jurisdiction are… | Profile →Brief |
| Texas, USA (US-TX) | Americas | Green | Texas regulates fiat-backed stablecoins by treating them as money/monetary value under the MSMA when they are pegged to a sovereign currency, fully reserve-backed, and redeemable, thereby subjecting… | Profile →Brief |
| Thailand (TH) | Asia-Pacific | Amber | Thailand has no domestic authorized private-issuance regime for baht-denominated stablecoins: the Bank of Thailand (BOT) has deemed unauthorized baht-stablecoin issuance illegal under the Currency… | Profile →Brief |
| Trinidad and Tobago (TT) | Caribbean | Red | No stablecoin, e-money-token or asset-referenced-token issuance authorisation regime exists in TT law. No domestic entity is known to operate under a TT-specific stablecoin issuance licence, and… | Profile →Brief |
| Tunisia (TN) | Africa | Red | No Tunisian law authorises, licenses, or sets reserve/redemption/disclosure standards for stablecoins, e-money tokens, or asset-referenced tokens. Issuance of a stablecoin referencing the dinar or… | Profile →Brief |
| Turkey (TR) | Europe | Red | No Turkey-specific stablecoin issuance-authorisation, reserve-requirement, redemption-right or systemic-designation regime distinct from the general CMB crypto asset service provider licensing… | Profile →Brief |
| Uganda (UG) | Africa | Red | No Ugandan regulatory instrument addressing stablecoin issuance authorisation, reserve requirements, redemption rights, disclosure, or systemic designation was located. The six-pillar framework… | Profile →Brief |
| Ukraine (UA) | Europe | Red | There is no operative stablecoin-specific regime (issuance authorisation, reserve requirements, redemption rights, disclosure, or systemic designation) in Ukraine. The pending MiCA-aligned draft law… | Profile →Brief |
| United Arab Emirates (AE) | Middle East | Amber | Stablecoin (Fiat-Referenced Virtual Asset / Payment Token) issuance in AE is regulated under CBUAE's Payment Token Services Regulation (dirham-pegged tokens such as AE Coin and DDSC licensed by… | Profile →Brief |
| United Kingdom (UK) | Europe | Amber | PS26/10 (finalised 30 June 2026) requires UK establishment, full lifecycle control by issuers, core backing assets excluding electronic money, T+1 redemption, and disclosure obligations. A joint… | Profile →Brief |
| United States (US) | Americas | Amber | The GENIUS Act (signed July 18, 2025) creates the first comprehensive federal payment-stablecoin framework, covering permitted-issuer authorization, 1:1 high-quality-liquid-asset reserve backing… | Profile →Brief |
| United States — California (US-CA) | Americas | Amber | Stablecoin regulation applicable in California is set almost entirely at the federal level via the GENIUS Act, which restricts payment stablecoin issuance to permitted issuers, mandates 100% reserve… | Profile →Brief |
| United States — New York (US-NY) | Americas | Amber | NYDFS pioneered US stablecoin oversight via its June 2022 Industry Letter setting baseline reserve, redemption, segregation and monthly-attestation requirements for DFS-approved USD-backed stablecoin… | Profile →Brief |
| Uruguay (UY) | Americas | Amber | Ley N.º 20.345 explicitly brought 'emisores de activos virtuales estables' within the BCU/SSF regulatory perimeter (Article 37, literal C, as amended). BCU's non-binding conceptual framework further… | Profile →Brief |
| Utah, USA (US-UT) | Americas | Amber | Utah has no state stablecoin issuance regime. Stablecoins fall within the Title 7 Chapter 29 definition of digital asset, so the payment-acceptance and self-custody protections apply to them, but… | Profile →Brief |
| Vanuatu (VU) | Asia-Pacific | Red | No stablecoin-specific issuance-authorisation, reserve-requirement, redemption-right, or systemic-designation regime has been identified in Vanuatu law; no e-money-token or asset-referenced-token… | Profile →Brief |
| Venezuela (VE) | Americas | Red | Venezuela's only stablecoin-adjacent instrument was the Petro, a state-issued token nominally referenced to oil reserves and authorized directly by the executive/ANC rather than through an… | Profile →Brief |
| Vermont, USA (US-VT) | Americas | Amber | The federal GENIUS Act (signed into law 18 July 2025) establishes the first comprehensive U.S. framework for payment stablecoins, permitting issuance only by federally chartered banks, OCC-supervised… | Profile →Brief |
| Vietnam (VN) | Asia-Pacific | Red | No dedicated stablecoin issuance, reserve, redemption, disclosure, or systemic-designation framework was located for Vietnam. Officials have expressed qualitative concern that stablecoin usage could… | Profile →Brief |
| Virginia, USA (US-VA) | Americas | Amber | The federal GENIUS Act (signed July 18, 2025) is the first comprehensive U.S. federal stablecoin statute, establishing issuance, reserve, redemption, disclosure, and supervisory requirements for… | Profile →Brief |
| Washington State, USA (US-WA) | Americas | Amber | Washington has no state-level stablecoin issuance, reserve, redemption, disclosure, or systemic-designation regime. Stablecoin issuance in the U.S. is increasingly governed at the federal level… | Profile →Brief |
| West Virginia, USA (US-WV) | Americas | Amber | West Virginia has no state-specific stablecoin statute. The federal GENIUS Act (enacted 2025) establishes the applicable payment-stablecoin framework nationwide, including West Virginia, covering… | Profile →Brief |
| Wisconsin, USA (US-WI) | Americas | Amber | Wisconsin has no state-level stablecoin issuance, reserve, or redemption regime. Stablecoin treatment is governed federally by the GENIUS Act framework referenced in the SEC's 2026 crypto-asset… | Profile →Brief |
| Wyoming, USA (US-WY) | Americas | Green | The Wyoming Stable Token Act (enacted March 2023) created the Wyoming Stable Token Commission and authorized issuance of a state-backed, fiat-redeemable stablecoin. The resulting token — marketed… | Profile →Brief |
| Zambia (ZM) | Africa | Red | Zambia has no stablecoin-specific regulatory regime: there is no issuance authorisation process, reserve requirement, redemption-right guarantee, disclosure standard, or systemic-designation… | Profile →Brief |