Stablecoin regulation tracker
As of November 2026, stablecoin rules are in force in the EU, Hong Kong, Brazil, Japan and Dubai. The US, UK and Canada have set or expect dates in 2027, and Singapore has consulted on legislation. This table shows where each stands, with a primary source on every row we could read.
As of 6 November 2026
| Jurisdiction | Rule | What it covers | Status | Key date | Who it affects | Primary source | As of |
|---|---|---|---|---|---|---|---|
| United StatesOffice of the Comptroller of the Currency (OCC) | GENIUS Act and the OCC's final rule (12 CFR 15) | A federal framework for payment stablecoins. The OCC's rule covers reserve assets, redemption, risk management, audits, custody, applications and oversight of foreign issuers. Anti-money laundering and sanctions rules are left to a separate rulemaking with the Treasury. | Enacted, not yet effective | 18 January 2027: the Act and the OCC's rule take effect. The Act was enacted on 18 July 2025 and the rule issued on 21 October 2026. | National banks and federal savings associations and their subsidiaries, federal branches and agencies, foreign payment stablecoin issuers, and nonbank and state qualified issuers under the OCC. | 6 November 2026 | |
| European UnionESMA, EBA and national authorities | MiCA, Regulation (EU) 2023/1114 | Uniform EU rules for crypto-assets, including e-money tokens and asset-referenced tokens: authorisation, disclosure and supervision. ESMA's 8 October 2026 opinion says authorised providers shouldn't offer services in tokens that don't comply. | In force | 30 June 2024: token rules applied. 30 December 2024: full application. 1 July 2026: the last date for transitional provider services. 12 November 2026: USDC moves to EBA supervision of reserves and liquidity. | Issuers of e-money and asset-referenced tokens, and crypto-asset service providers serving EU clients. | 6 November 2026 | |
| United KingdomFCA | FCA regime for qualifying stablecoins | Issuing a qualifying stablecoin from an establishment in the UK, in any currency, and safeguarding qualifying cryptoassets. The FCA won't directly regulate overseas issuance. | Scheduled | 25 October 2027: stablecoin issuance joins the FCA's remit. | Issuers working from a UK establishment, and firms carrying out regulated activities in a qualifying stablecoin. They need FCA authorisation. | Taken from the joint paper on the Bank of England's site. The FCA's own site couldn't be read for this update, so its policy statements aren't summarised here. | 6 November 2026 |
| United KingdomBank of England, with the FCA | Regime for sterling-denominated systemic stablecoins | Systemic stablecoins, once HM Treasury recognises them. The Bank dropped proposed holding limits. It set a temporary issuance guardrail starting at £40 billion per coin, and backing of up to 70% in short-term UK government debt, with the rest in central bank deposits. | Draft rules | 22 June 2026: policy statement and draft Code of Practice. End of 2026: the Bank intends to finalise the Code. | Issuers recognised as systemic. The FCA and the Bank regulate them jointly; the Bank leads on backing assets, capital and the guardrail. | 6 November 2026 | |
| United Arab EmiratesCentral Bank of the UAE (CBUAE) | Not stated | Not stated. The CBUAE rulebook couldn't be read for this update, so this tracker makes no claim about it. | Not stated | Not stated | Not stated | See the UAE section of our country guide, which uses secondary sources, and check the CBUAE rulebook directly. | Not read |
| United Arab Emirates (Dubai)VARA | Virtual Asset Issuance Rulebook, Annex 1 (fiat-referenced virtual assets) | Issuing fiat-referenced virtual assets as Category 1 issuance. These tokens can't have legal tender status and can't be issued as a means of payment for goods or services in the UAE. Tokens pegged to the dirham aren't approved under these rules. | In force | 19 June 2025: effective date of the current rulebook version. | Issuers, which need a VARA licence and VARA's approval of the whitepaper for each Category 1 token. | 6 November 2026 | |
| SingaporeMonetary Authority of Singapore (MAS) | Proposed amendments to the Payment Services Act 2019 for single-currency stablecoins | How issuers of stablecoins pegged to the Singapore dollar or a G10 currency qualify as MAS-regulated: value stability, capital, redemption at par and disclosure. No interest on these coins. A limited number of foreign coins could be recognised for cross-border wholesale use. | Consulted on | 1 September 2026: consultation opened. 16 October 2026: consultation closed. | Issuers. Only licensed issuers could use the label "MAS-regulated stablecoin"; other stablecoins would be treated as digital payment tokens. | 6 November 2026 | |
| Hong KongHong Kong Monetary Authority (HKMA) | Stablecoins Ordinance (Cap. 656) | Issuing fiat-referenced stablecoins is a regulated activity that needs a licence. The HKMA keeps a public register of licensed issuers. | In force | 1 August 2025: the regime took effect. 10 April 2026: first licences, to Anchorpoint Financial and The Hongkong and Shanghai Banking Corporation. | Issuers of fiat-referenced stablecoins. | 6 November 2026 | |
| BrazilBanco Central do Brasil | Resoluções BCB 519, 520 and 521, with later changes in 574 and 589 | Defines stablecoins, sets up virtual asset service provider companies and their authorisation, and brings buying, selling or exchanging stablecoins into the foreign exchange market, along with international payments in virtual assets. It regulates service providers. It isn't an issuer regime. | In force | 2 February 2026: rules took effect, with parts of 521 from 4 May 2026. Existing providers had 270 days to request authorisation, which we count as 30 October 2026. 3 November 2026: reporting of virtual asset operations in the foreign exchange market began (Resolução BCB 574 moved it from 4 May). 6 November 2026: regulated institutions can't deal with virtual asset providers that aren't authorised, except as Resolução 520 allows (Resolução BCB 589 moved this from 30 October). | Virtual asset service providers, other institutions authorised by the central bank, and foreign entities active in Brazil. Domestic providers and eligible institutions that missed the deadline must stop within 30 days. Foreign entities had to move their operations and clients within the 270 days, or stop when that period ended. | 6 November 2026 | |
| CanadaBank of Canada, with the Department of Finance | Stablecoin Act (S.C. 2026, c. 3, s. 600) | Fiat-backed stablecoins: 1:1 reserves in high-quality liquid assets, redemption at par, separate custody and no interest or yield. Issuers must be on a public list kept by the Bank of Canada. Applies equally to Canadian dollar and foreign-currency coins. | Passed, not in force | 26 March 2026: Royal Assent. Draft regulations are to follow in the Canada Gazette, with the framework expected in force in 2027. | Non-financial-institution issuers, Canadian or foreign, making stablecoins available to Canadians. Prudentially regulated institutions such as banks and credit unions are outside it. | 6 November 2026 | |
| JapanFinancial Services Agency (FSA) | Payment Services Act, 2022 revision and 2025 amendment | Treats stablecoins as electronic payment instruments. Selling or exchanging them as a business needs registration. Travel rule obligations apply to transfers. The 2025 amendment added a lighter intermediary registration and a power to order assets kept in Japan. | In force | 1 June 2023: 2022 revision enforced. 22 May 2026: implementing orders for the 2025 amendment promulgated. 1 June 2026: intermediary system launched. | Electronic payment instruments service providers, and intermediaries that work for them under contract. | 6 November 2026 |
Dates to watch
These are the next dates in the table, soonest first. Brazil's date is our own count from the 270-day and 30-day periods in Resolução BCB 520.
- 12 November 2026, EU. USDC becomes subject to dual supervision as a significant e-money token: reserves, own funds and liquidity move from the ACPR to the EBA. Source
- 29 November 2026, Brazil. By our count, the last day for domestic providers that didn't request authorisation in time to stop services. Source
- End of 2026, UK. The Bank of England intends to finalise its Code of Practice for systemic issuers. Source
- January 2027, EU. ESMA's opinion asks national authorities to require remediation of legacy exposures no later than three months after 8 October 2026. Source
- 18 January 2027, US. The GENIUS Act and the OCC's final rule take effect. Source
- 2027, Canada. The Department of Finance expects the framework to come into force, after draft regulations are published for consultation. Source
- 25 October 2027, UK. Stablecoin issuance from a UK establishment joins the FCA's remit. Source
How to read the table
- In force. The rules apply now, though parts may still be phasing in.
- Enacted, Passed or Scheduled. The law or start date exists, and the rules don't apply yet.
- Draft rules or Consulted on. The regulator has published its plans, and they aren't final.
- Not stated. We couldn't read a primary source, so we make no claim. It doesn't mean there's no rule.
Status describes the rule, not any token or company. Brazil stands out: its rules treat stablecoin trades as foreign exchange through service providers, and they don't license issuers.
Where to go next
- What each regime means for your company. Read stablecoin regulation by country.
- Who is authorized to issue in the EU. Use the MiCA stablecoin register, which reads ESMA's register daily.
- The US rules, for a company outside the US. See the GENIUS Act for non-US businesses.
- Whether your company can open an account. Run the eligibility check.
Method and updates
Each row summarizes the regulator's own publications or the law itself, and the date shows when we read them. We don't use law firm summaries or news reports in this table. We recheck every month, and the data is kept in a structured file so a change can be traced.
Common questions
- Do these rules apply to a company that only holds stablecoins?
- Every sourced row here is aimed at issuers, service providers or intermediaries, not at a company holding stablecoins for its own business. You feel the rules through your providers: which tokens they may offer and what they must ask you. Check your own position with an adviser, because each country has other rules too.
- How is this different from your guide and the MiCA register?
- This page holds status and dates, and we recheck it monthly. The country guide explains what the main regimes mean for a business. The MiCA register lists every e-money token issuer on ESMA's interim register.
- Why is the Central Bank of the UAE row empty?
- Its rulebook couldn't be read when we built this update, and we only fill a cell from a primary source we've read. VARA's rulebook could be read, so Dubai has a row. Our country guide covers the central bank's rules from secondary sources.
- Is Align regulated under these rules?
- Align Payments Ltd. is registered with FINTRAC in Canada as a money services business. It isn't a bank, isn't authorized under MiCA and doesn't issue stablecoins.
For information, not legal advice. Rules change, so check the linked source. Align isn't a bank. Align Payments Ltd. is registered with FINTRAC in Canada as a money services business.
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