Where the major stablecoin frameworks stand around the world — and how Haidrun is built for compatibility with each. Select a jurisdiction to see the framework, its status and what it requires.
As of August 2026 · informational, subject to changeSelect a jurisdiction
Click a marker on the map — or pick from the list below — to see the applicable framework, its current status and key requirements, as of August 2026.
A snapshot as of August 2026. Frameworks and timelines evolve — confirm current status with the relevant regulator.
E-money tokens (EMTs) and asset-referenced tokens (ARTs) are regulated: only authorised credit or e-money institutions may issue, under reserve, custody, redemption-at-par and white-paper requirements.
Haidrun — built for compatibility: on-chain reserve attestation, HSM key custody, complaints workflow (Art. 71).
Payment stablecoins must be fully backed 1:1 with cash or high-quality liquid assets, with monthly reserve attestation, redemption at par and a permitted-issuer regime.
Haidrun — built for compatibility: 1:1 reserves with real-time tracking and attestation.
Fiat-backed stablecoin issuance will require FCA authorisation, with systemic issuers jointly overseen by the Bank of England and safeguards on backing and redemption.
Haidrun — built for compatibility.
Single-currency stablecoins must hold 1:1 reserves in low-risk assets, redeem at par within a set window, and issue under MAS licensing.
Haidrun — built for compatibility.
Fiat-referenced stablecoin issuers need an HKMA licence, local incorporation, minimum paid-up capital, and full reserve backing with redemption rights.
Haidrun — built for compatibility.
Payment-token issuance requires 1:1 backing and segregation of customer reserves, under the central bank regime plus the VARA and ADGM virtual-asset frameworks.
Haidrun — built for compatibility (VARA is named in our compliance framework).
Stablecoins are treated as electronic payment instruments; issuance is limited to licensed banks, trust companies and fund-transfer providers, with reserve rules evolving.
Haidrun — built for compatibility.
Virtual-asset and token-offering services are licensed across VASP classes with capital thresholds and FATF-aligned AML/CFT. The FSC issued stablecoin guidance in 2025 and is developing a broader stablecoin framework.
Haidrun — built for compatibility.
Crypto asset service providers must be licensed; a regulatory working group is developing stablecoin and tokenization policy.
Haidrun — built for compatibility.
Crypto assets are formally recognised as securities and virtual-asset service providers are regulated under the SEC's digital-asset rules.
Haidrun — built for compatibility.
A dedicated stablecoin regime: CBB licensing, ≥100% reserve backing audited monthly, single-currency stablecoins (BHD, USD or approved fiat), and redemption at par within five business days.
Haidrun — built for compatibility.
Tiered licences (Test / Modified / Full) cover digital-asset issuance, custody and exchange; 2025 BMA guidance explicitly addresses stablecoins and client-asset safeguards.
Haidrun — built for compatibility.
One of the earliest bespoke regimes: DLT providers are licensed under regulatory principles covering token issuance, custody and market integrity.
Haidrun — built for compatibility.
VASPs register and are licensed by CIMA; the regime covers issuance, custody and exchange of virtual assets.
Haidrun — built for compatibility.
A dedicated digital-asset issuance framework with digital-asset service-provider (DASP) licensing overseen by the CNAD.
Haidrun — built for compatibility.
Digital assets are licensed and supervised by the SEC; stablecoin use is being extended through a regulatory sandbox.
Haidrun — built for compatibility.
Supervision of crypto assets moved to the OJK (from Bappebti) in 2025, with licensing and tightening conduct rules.
Haidrun — built for compatibility.
Virtual asset service providers are licensed by the central bank under AML/CFT and conduct requirements.
Haidrun — built for compatibility.
Issuer registration and reserve expectations for value-referenced crypto assets are being developed and refined as of August 2026.
A virtual-asset service-provider framework covering stablecoins is progressing through consultation, with attention to foreign-currency stablecoin use.
Digital-asset legislation, including proposals for won-denominated stablecoins, is progressing through 2026.
Payment-stablecoin and digital-asset platform reforms are under consultation as of August 2026.
No dedicated stablecoin statute; FINMA applies existing banking, AML and financial-market rules to stablecoin issuance.
The VASP Act was signed into law in late 2025; implementing regulations are being drafted by the Central Bank of Kenya and the Capital Markets Authority.
A digital-asset legal basis took effect in 2026, but local fiat-backed stablecoin issuance is restricted; foreign stablecoins may trade on licensed platforms under evolving guidance.
Crypto assets are taxed and subject to AML rules, but a comprehensive stablecoin/crypto framework is still under discussion as of August 2026.
No bespoke crypto law: tokens are assessed case-by-case under the Financial Markets Conduct Act, with VASP AML/CFT supervision (DIA) and CARF tax reporting. In a stablecoin-friendly signal, the FMA ruled in 2026 that the NZDD stablecoin is not a financial product, treating it as payment infrastructure.
KYB, KYC/AML, reserves and audit are native to Haidrun — engineered for the frameworks above. Talk to us about your markets.