{ "name": "Global cryptocurrency regulation register", "url": "https://cryptocurrencyregulations.com/", "reviewed": "2026-08-12", "maintainer": { "name": "Stephen Bowles", "url": "https://agencyechelon.com" }, "license": "CC BY 4.0", "jurisdictions": [ { "slug": "argentina", "name": "Argentina", "iso": "AR", "region": "Americas", "status": "comprehensive", "status_label": "Comprehensive", "headline": "From registry to rulebook in eighteen months", "regulator": "Comisión Nacional de Valores (CNV); UIF (AML); BCRA (payments restrictions)", "url": "https://cryptocurrencyregulations.com/argentina.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ar-psav", "name": "PSAV registry and CNV regulatory framework", "citation": "Law 27,739 (2024); CNV General Resolution 1058/2025", "year": "2024–2025", "legal_force": "In force", "summary": "Mandatory registration of virtual asset service providers with the CNV, followed by a full framework: minimum net worth by activity, segregation and custody standards, local establishment for firms serving Argentines, cybersecurity, disclosure, and AML alignment, with phased compliance deadlines and blocking of non-registrants.", "source": { "label": "CNV Argentina", "url": "https://www.argentina.gob.ar/cnv" }, "penalties": "Unregistered operation is barred, with platform blocking and administrative sanctions; AML violations run through the UIF." } ] }, { "slug": "australia", "name": "Australia", "iso": "AU", "region": "Asia-Pacific", "status": "transition", "status_label": "In transition", "headline": "From AML registration toward platform licensing", "regulator": "ASIC; AUSTRAC; Treasury; RBA (payments)", "url": "https://cryptocurrencyregulations.com/australia.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "au-draft", "name": "Digital asset platforms and payment stablecoins draft legislation", "citation": "Treasury exposure draft, September 2025", "year": "2025–2026", "legal_force": "Proposed", "summary": "Creates 'digital asset platform' and 'tokenised custody platform' as financial products under the Corporations Act: AFSL licensing for operators holding client crypto above thresholds, minimum custody and settlement standards, and disclosure obligations, with payment stablecoins treated as stored-value facilities. Introduction to Parliament has been the government's stated next step.", "source": { "label": "Australian Treasury", "url": "https://treasury.gov.au" }, "penalties": "Once enacted, unlicensed operation would breach the Corporations Act's licensing provisions." }, { "id": "au-austrac", "name": "AUSTRAC digital currency exchange registration", "citation": "AML/CTF Act 2006, Part 6A (2017 amendments)", "year": "2018", "legal_force": "In force", "summary": "Exchanges converting between digital and fiat currency must enrol and register with AUSTRAC, run AML/CTF programs, and report suspicious matters and threshold transactions; 2024 reform legislation broadens covered services from 2026.", "source": { "label": "AUSTRAC", "url": "https://www.austrac.gov.au" }, "penalties": "Civil penalties and criminal liability for unregistered exchange; AUSTRAC has cancelled registrations and pursued remediation." }, { "id": "au-info225", "name": "ASIC Information Sheet 225 and enforcement practice", "citation": "INFO 225, updated 2024–2025", "year": "guidance", "legal_force": "Guidance / regulatory", "summary": "ASIC's map of when tokens, staking, yield products, and platforms constitute financial products under existing law, refined by Federal Court decisions in cases against yield and token-scheme providers.", "source": { "label": "ASIC crypto assets", "url": "https://asic.gov.au/regulatory-resources/digital-transformation/crypto-assets/" }, "penalties": "Unlicensed financial services carry civil and criminal penalties under the Corporations Act." } ] }, { "slug": "brazil", "name": "Brazil", "iso": "BR", "region": "Americas", "status": "comprehensive", "status_label": "Comprehensive", "headline": "The framework law found its teeth in February 2026", "regulator": "Banco Central do Brasil; CVM (securities tokens); Receita Federal (tax)", "url": "https://cryptocurrencyregulations.com/brazil.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "br-14478", "name": "Legal Framework for Virtual Assets", "citation": "Law No. 14,478/2022, effective June 2023; Decree 11,563/2023", "year": "2022–2023", "legal_force": "In force", "summary": "Defines virtual assets and VASPs, sets principles of governance, segregation, and consumer protection, criminalizes fraud with virtual assets, and delegates authorization and supervision of non-securities crypto activity to the Banco Central do Brasil.", "source": { "label": "Planalto, Lei 14.478/2022", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/L14478.htm" }, "penalties": "Fraud involving virtual assets carries imprisonment of four to eight years plus fines; unauthorized operation draws financial-system sanctions." }, { "id": "br-bcb", "name": "BCB authorization regime for VASPs", "citation": "BCB resolutions of November 2025, in force February 2, 2026", "year": "2026", "legal_force": "In force", "summary": "Requires central bank authorization for virtual asset service providers, sets capital, governance, custody, and segregation standards, integrates stablecoin and FX-linked crypto transactions into the foreign-exchange framework, and provides transition periods for firms already operating.", "source": { "label": "Banco Central do Brasil", "url": "https://www.bcb.gov.br/en" }, "penalties": "Operating without authorization after transition subjects firms to BCB administrative sanctions and closure." } ] }, { "slug": "canada", "name": "Canada", "iso": "CA", "region": "Americas", "status": "partial", "status_label": "Partial", "headline": "Securities law stretched over crypto, with stablecoin legislation promised", "regulator": "CSA members (OSC, AMF, BCSC and counterparts); FINTRAC; OSFI; Department of Finance", "url": "https://cryptocurrencyregulations.com/canada.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ca-csa", "name": "CSA platform registration and PRU regime", "citation": "CSA Staff Notices 21-327, 21-329, 21-332; 2023 pre-registration undertakings", "year": "2019–2023", "legal_force": "In force", "summary": "Crypto trading platforms serving Canadians must register with securities regulators, typically as restricted dealers, under conditions covering custody with qualified custodians, segregation, no retail margin, and listing controls; value-referenced crypto assets trade only under CSA-accepted undertakings.", "source": { "label": "Canadian Securities Administrators", "url": "https://www.securities-administrators.ca" }, "penalties": "Operating unregistered breaches provincial securities acts: administrative penalties, bans, and prosecution." }, { "id": "ca-fintrac", "name": "MSB registration for virtual currency dealers", "citation": "PCMLTFA amendments, in force June 2020", "year": "2020", "legal_force": "In force", "summary": "Dealing in virtual currency is a money services business activity: FINTRAC registration, KYC, travel rule, large transaction reporting, and record-keeping, enforced with administrative monetary penalties.", "source": { "label": "FINTRAC", "url": "https://fintrac-canafe.canada.ca/intro-eng" }, "penalties": "Administrative monetary penalties (FINTRAC has levied multi-million-dollar penalties on crypto platforms) and criminal exposure for unregistered MSBs." }, { "id": "ca-stablecoin", "name": "Announced federal stablecoin framework", "citation": "Budget 2025 commitment (November 2025)", "year": "pending", "legal_force": "Pending", "summary": "The federal government committed to legislation regulating fiat-backed stablecoin issuers: reserve quality, redemption at par, and risk-management requirements, filling the issuer-side gap the CSA's market-side undertakings cannot reach.", "source": { "label": "Department of Finance Canada", "url": "https://www.canada.ca/en/department-finance.html" }, "penalties": "Not yet law." } ] }, { "slug": "chile", "name": "Chile", "iso": "CL", "region": "Americas", "status": "comprehensive", "status_label": "Comprehensive", "headline": "The Fintech Law folded crypto into financial regulation", "regulator": "Comisión para el Mercado Financiero (CMF); Banco Central de Chile", "url": "https://cryptocurrencyregulations.com/chile.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "cl-fintech", "name": "Fintech Law", "citation": "Law No. 21,521 (2023) and CMF implementing regulations", "year": "2023–2025", "legal_force": "In force", "summary": "Requires registration and CMF supervision of crypto asset service providers alongside other fintech services, with proportionate capital, governance, custody, and information obligations phased through secondary regulation.", "source": { "label": "CMF Chile", "url": "https://www.cmfchile.cl" }, "penalties": "Providing regulated fintech services without registration draws CMF sanctions under the financial-market sanctioning regime." } ] }, { "slug": "china", "name": "China", "iso": "CN", "region": "Asia-Pacific", "status": "prohibited", "status_label": "Prohibited", "headline": "A comprehensive ban beside the world's largest CBDC pilot", "regulator": "People's Bank of China; CAC; NDRC; public security organs", "url": "https://cryptocurrencyregulations.com/china.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "pboc-2021", "name": "Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading and Speculation", "citation": "PBOC and nine agencies, September 2021", "year": "2021", "legal_force": "In force", "summary": "Declares virtual-currency business activity illegal financial activity, bars financial institutions and payment companies from servicing it, extends jurisdiction to offshore exchanges serving mainland users, and directs criminal referral of violators.", "source": { "label": "People's Bank of China", "url": "http://www.pbc.gov.cn/en/" }, "penalties": "Administrative shutdown and criminal prosecution for illegal fundraising, illegal business operations, and related offences." }, { "id": "ndrc-mining", "name": "Mining prohibition and industrial policy exclusion", "citation": "NDRC notice, September 2021; catalogue of eliminated industries", "year": "2021", "legal_force": "In force", "summary": "Bans new virtual-currency mining projects, orders existing ones wound down, and classifies mining as an eliminated industry, with electricity-pricing penalties for holdouts.", "source": { "label": "National Development and Reform Commission", "url": "https://en.ndrc.gov.cn" }, "penalties": "Power cutoffs, punitive tariffs, and administrative sanction." } ] }, { "slug": "colombia", "name": "Colombia", "iso": "CO", "region": "Americas", "status": "unregulated", "status_label": "No dedicated regime", "headline": "High adoption, repeated bills, no law", "regulator": "Superintendencia Financiera (perimeter statements); UIAF (AML); DIAN (tax)", "url": "https://cryptocurrencyregulations.com/colombia.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "co-uiaf", "name": "AML reporting for virtual asset operations", "citation": "UIAF resolutions on virtual asset reporting", "year": "2022–", "legal_force": "In force", "summary": "Exchanges and virtual asset businesses serving Colombia report transactions and suspicious operations to the UIAF; no licensing or prudential regime attaches.", "source": { "label": "UIAF Colombia", "url": "https://www.uiaf.gov.co" }, "penalties": "Administrative sanctions for reporting failures; laundering offences under the criminal code." } ] }, { "slug": "egypt", "name": "Egypt", "iso": "EG", "region": "Africa", "status": "prohibited", "status_label": "Prohibited", "headline": "A statutory ban with a license clause no one has used", "regulator": "Central Bank of Egypt; Financial Regulatory Authority", "url": "https://cryptocurrencyregulations.com/egypt.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "eg-206", "name": "Central Bank and Banking System Law, Article 206", "citation": "Law No. 194 of 2020", "year": "2020", "legal_force": "In force", "summary": "Prohibits issuing, trading, or promoting cryptocurrencies or operating related platforms without a CBE board license; none has been issued. Violations carry criminal fines and imprisonment.", "source": { "label": "Central Bank of Egypt", "url": "https://www.cbe.org.eg/en" }, "penalties": "Imprisonment and fines under the banking law's penalty provisions." } ] }, { "slug": "el-salvador", "name": "El Salvador", "iso": "SV", "region": "Americas", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Legal tender walked back, the issuance framework kept", "regulator": "Comisión Nacional de Activos Digitales (CNAD); Banco Central de Reserva", "url": "https://cryptocurrencyregulations.com/el-salvador.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "sv-bitcoin", "name": "Bitcoin Law, as amended", "citation": "Legislative Decree 57 (2021); amendments of January 29, 2025", "year": "2021–2025", "legal_force": "In force", "summary": "Originally mandated bitcoin acceptance as legal tender; the 2025 amendments make acceptance voluntary, require tax payment in US dollars, and limit public-sector bitcoin activity, aligning the law with El Salvador's IMF program.", "source": { "label": "Asamblea Legislativa de El Salvador", "url": "https://www.asamblea.gob.sv" }, "penalties": "No acceptance obligation remains; general commercial law applies." }, { "id": "sv-dail", "name": "Digital Assets Issuance Law", "citation": "2023", "year": "2023", "legal_force": "In force", "summary": "Creates CNAD as regulator, licenses digital asset service providers, registers public digital asset offerings, and grants tax exemptions on digital asset issuance and transfers to attract issuers, including the sovereign tokenized-bond program.", "source": { "label": "CNAD / Government of El Salvador", "url": "https://cnad.gob.sv" }, "penalties": "Unlicensed provision of digital asset services draws CNAD sanctions." } ] }, { "slug": "european-union", "name": "European Union", "iso": "EU", "region": "Europe", "status": "comprehensive", "status_label": "Comprehensive", "headline": "MiCA is fully in force, and the grace period is over", "regulator": "ESMA and EBA (EU level); national competent authorities (AMF, BaFin, CBI, MFSA, AFM and counterparts); AMLA from 2028", "url": "https://cryptocurrencyregulations.com/european-union.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "mica", "name": "Markets in Crypto-Assets Regulation (MiCA)", "citation": "Regulation (EU) 2023/1114", "year": "2023", "legal_force": "In force", "summary": "The comprehensive framework: white-paper disclosure for public offers, authorization and conduct rules for ten categories of crypto-asset services, reserve-backed and redeemable stablecoins (ARTs and EMTs) issuable only by authorized entities, market abuse prohibitions, and EU-wide passporting. Stablecoin titles applied June 30, 2024; the balance December 30, 2024; the Article 143(3) transitional period for pre-existing national-regime firms ended July 1, 2026.", "source": { "label": "EUR-Lex, Regulation (EU) 2023/1114", "url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114" }, "penalties": "National administrative fines under Article 111: maximums of at least €5 million for legal persons or a share of annual turnover, up to 12.5% for the most serious stablecoin infringements; unauthorized CASP activity is unlawful in every member state." }, { "id": "tfr", "name": "Transfer of Funds Regulation (recast): the EU travel rule", "citation": "Regulation (EU) 2023/1113", "year": "2023", "legal_force": "In force", "summary": "Applies FATF's travel rule to crypto: CASPs must attach verified originator and beneficiary information to crypto-asset transfers, with no de minimis threshold between CASPs, and apply verification measures to transfers involving self-hosted addresses above €1,000. Applicable since December 30, 2024.", "source": { "label": "EUR-Lex, Regulation (EU) 2023/1113", "url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1113" }, "penalties": "Enforced by national AML supervisors with administrative fines; systematic failures can cost a CASP its authorization." }, { "id": "dora", "name": "Digital Operational Resilience Act (DORA)", "citation": "Regulation (EU) 2022/2554", "year": "2022", "legal_force": "In force", "summary": "Applies since January 17, 2025 to financial entities including MiCA-authorized CASPs and stablecoin issuers: ICT risk management frameworks, incident classification and reporting, resilience testing, and oversight of critical third-party technology providers.", "source": { "label": "EUR-Lex, Regulation (EU) 2022/2554", "url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R2554" }, "penalties": "Administrative sanctions set nationally; critical third-party providers face EU-level oversight fees and penalties." }, { "id": "dac8", "name": "DAC8: crypto tax reporting directive", "citation": "Council Directive (EU) 2023/2226", "year": "2023", "legal_force": "In force", "summary": "Extends EU administrative cooperation to crypto. Reporting crypto-asset service providers must perform due diligence and report user and transaction information to tax authorities from January 1, 2026, with automatic exchange between member states from 2027, implementing the OECD Crypto-Asset Reporting Framework.", "source": { "label": "EUR-Lex, Directive (EU) 2023/2226", "url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023L2226" }, "penalties": "Penalties for non-reporting are set in national implementing law." }, { "id": "amla", "name": "AML package and the new EU Anti-Money Laundering Authority", "citation": "Regulation (EU) 2024/1620 and the 2024 AML Regulation/Directive", "year": "2024", "legal_force": "Partially in force", "summary": "The 2024 AML package creates a single EU rulebook applying fully from 2027 and establishes AMLA in Frankfurt, which will directly supervise the highest-risk cross-border financial entities, expected to include major crypto-asset service providers, from 2028.", "source": { "label": "EUR-Lex, Regulation (EU) 2024/1620", "url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32024R1620" }, "penalties": "AMLA will hold direct sanctioning powers over selected obliged entities." }, { "id": "dlt-pilot", "name": "DLT Pilot Regime", "citation": "Regulation (EU) 2022/858", "year": "2022", "legal_force": "In force", "summary": "A sandbox-style regime, applicable since March 2023, permitting authorized operators to run DLT-based trading and settlement infrastructure for tokenized securities under calibrated exemptions from MiFIR and CSDR. Uptake has been modest; the regime feeds the EU's wider tokenization review.", "source": { "label": "EUR-Lex, Regulation (EU) 2022/858", "url": "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32022R858" }, "penalties": "Operating outside permission limits triggers withdrawal and standard market-infrastructure sanctions." } ] }, { "slug": "hong-kong", "name": "Hong Kong", "iso": "HK", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Licensed exchanges, licensed stablecoins, and a tokenization push", "regulator": "Securities and Futures Commission (SFC); Hong Kong Monetary Authority (HKMA)", "url": "https://cryptocurrencyregulations.com/hong-kong.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "hk-vatp", "name": "AMLO virtual asset trading platform licensing", "citation": "Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615), as amended 2022; in force June 1, 2023", "year": "2023", "legal_force": "In force", "summary": "Mandatory SFC licensing for centralized virtual asset exchanges operating in Hong Kong or marketing to Hong Kong investors: fit-and-proper management, 98% cold storage through associated entities, insurance, listing due diligence, and retail-access safeguards.", "source": { "label": "SFC: virtual asset trading platform operators", "url": "https://www.sfc.hk/en/Regulatory-functions/Intermediaries/Licensing/Virtual-asset-trading-platforms-operators" }, "penalties": "Unlicensed operation is a criminal offence punishable by fines and imprisonment of up to seven years." }, { "id": "hk-stablecoins", "name": "Stablecoins Ordinance", "citation": "Cap. 656, in force August 1, 2025", "year": "2025", "legal_force": "In force", "summary": "HKMA licensing for issuers of fiat-referenced stablecoins issued in Hong Kong, and of HKD-referenced stablecoins wherever issued: full backing in high-quality liquid assets, redemption at par, segregation, disclosure, and fit-and-proper requirements. Only licensed stablecoins may be offered to Hong Kong retail investors. Application cutoff for pre-existing issuers: October 31, 2025.", "source": { "label": "Hong Kong e-Legislation, Cap. 656", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "penalties": "Conducting regulated stablecoin activity without a licence is a criminal offence carrying substantial fines and imprisonment." }, { "id": "hk-tokenization", "name": "Tokenization and market-expansion measures", "citation": "SFC circulars 2023–2026; ASPIRe roadmap (February 2025)", "year": "2023–2026", "legal_force": "Guidance / regulatory", "summary": "SFC circulars authorize tokenized securities and tokenized SFC-authorized funds; November 2025 measures permit shared order books with qualifying overseas affiliates and broaden products for professional investors; the April 2026 framework pilots secondary-market trading of tokenized authorized products. Consultations on custody and dealing licensing continue.", "source": { "label": "Securities and Futures Commission", "url": "https://www.sfc.hk" }, "penalties": "Conditions attach to licences; breaches draw SFC disciplinary action." } ] }, { "slug": "india", "name": "India", "iso": "IN", "region": "Asia-Pacific", "status": "partial", "status_label": "Partial", "headline": "Taxed and surveilled, but still no framework", "regulator": "FIU-IND (AML); Income Tax Department; RBI (payments hostility, e-rupee); SEBI (undefined)", "url": "https://cryptocurrencyregulations.com/india.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "in-tax", "name": "Virtual digital asset taxation", "citation": "Income-tax Act §§ 115BBH and 194S (Finance Act 2022)", "year": "2022", "legal_force": "In force", "summary": "30% tax on VDA transfer income, no loss set-off or carry-forward, and 1% TDS on transfers. Gifts of VDAs are taxable to recipients. The regime applies regardless of where the exchange is located.", "source": { "label": "Income Tax Department of India", "url": "https://incometaxindia.gov.in" }, "penalties": "Standard assessment, interest, and penalty provisions; TDS failures create withholding liability for platforms and buyers." }, { "id": "in-pmla", "name": "PMLA coverage of virtual asset businesses", "citation": "Ministry of Finance notification, March 7, 2023", "year": "2023", "legal_force": "In force", "summary": "Exchange, transfer, safekeeping, and related VDA activities are 'designated businesses' under the Prevention of Money Laundering Act: FIU-IND registration, KYC, record-keeping, and suspicious transaction reporting. FIU-IND has directed blocking of non-compliant offshore platforms and imposed monetary penalties.", "source": { "label": "Financial Intelligence Unit – India", "url": "https://fiuindia.gov.in" }, "penalties": "Monetary penalties and access blocking; PMLA prosecution for laundering offences." } ] }, { "slug": "indonesia", "name": "Indonesia", "iso": "ID", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Supervision moved from the commodities agency to the OJK", "regulator": "Otoritas Jasa Keuangan (OJK); Bank Indonesia (payments)", "url": "https://cryptocurrencyregulations.com/indonesia.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "id-p2sk", "name": "Financial sector omnibus law and OJK handover", "citation": "Law No. 4 of 2023 (P2SK); OJK Regulation 27 of 2024", "year": "2023–2025", "legal_force": "In force", "summary": "Classifies crypto assets as digital financial assets under OJK supervision from January 2025, with licensing for exchanges, clearing institutions, custodians, and traders, listing standards, and consumer protection rules; Bappebti-era licenses transitioned to OJK oversight.", "source": { "label": "Otoritas Jasa Keuangan", "url": "https://www.ojk.go.id" }, "penalties": "Operating outside the licensed structure breaches financial-sector law, with administrative sanctions and criminal exposure." }, { "id": "id-tax", "name": "Crypto transaction taxation", "citation": "Ministry of Finance regulations, 2022, revised 2025", "year": "2022–2025", "legal_force": "In force", "summary": "Final income tax applies to crypto sales, with 2025 revisions adjusting rates for domestic licensed platforms, removing VAT on purchases, and penalizing use of unlicensed foreign venues with higher rates.", "source": { "label": "Ministry of Finance of Indonesia", "url": "https://www.kemenkeu.go.id" }, "penalties": "Standard tax administration penalties; platforms withhold at source." } ] }, { "slug": "israel", "name": "Israel", "iso": "IL", "region": "Middle East", "status": "partial", "status_label": "Partial", "headline": "Licensed service providers, taxed gains, framework still assembling", "regulator": "Capital Market, Insurance and Savings Authority; Israel Securities Authority; Bank of Israel; Tax Authority", "url": "https://cryptocurrencyregulations.com/israel.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "il-cmisa", "name": "Financial services licensing for crypto providers", "citation": "Supervision of Financial Services Law (2016), as applied", "year": "2016–", "legal_force": "In force", "summary": "Providing services in financial assets, defined to include virtual currencies, requires a CMISA license covering exchanges, brokers, and custodians, with fitness, capital, and AML obligations under the Prohibition on Money Laundering Order for financial asset service providers.", "source": { "label": "Capital Market, Insurance and Savings Authority", "url": "https://www.gov.il/en/departments/capital_market_insurance_and_savings_authority/govil-landing-page" }, "penalties": "Unlicensed provision of financial asset services is a criminal offence." }, { "id": "il-tax", "name": "Crypto taxation and reporting", "citation": "Israel Tax Authority circulars (2018–)", "year": "2018–", "legal_force": "In force", "summary": "Crypto is an asset, not currency: 25% capital gains for individuals, business income rates for traders and miners, with disclosure tracks for unreported holdings and rules easing banks' acceptance of tax payments from crypto proceeds.", "source": { "label": "Israel Tax Authority", "url": "https://www.gov.il/en/departments/israel_tax_authority/govil-landing-page" }, "penalties": "Standard tax penalties; unexplained crypto wealth draws assessment and criminal exposure." } ] }, { "slug": "japan", "name": "Japan", "iso": "JP", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "The oldest licensing regime, now migrating to securities law", "regulator": "Financial Services Agency (FSA); JVCEA (self-regulatory)", "url": "https://cryptocurrencyregulations.com/japan.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "jp-psa", "name": "Payment Services Act: crypto-asset exchange registration", "citation": "Act No. 59 of 2009, as amended 2016/2019", "year": "2017–", "legal_force": "In force", "summary": "Crypto-asset exchange service providers must register with the FSA: segregation of customer assets, majority cold storage, listing review, AML program, and annual audit. The 2019 amendments added custody-only services and moved crypto derivatives under the FIEA.", "source": { "label": "Financial Services Agency", "url": "https://www.fsa.go.jp/en/" }, "penalties": "Unregistered exchange service is a criminal offence punishable by imprisonment and fines; the FSA issues business improvement and suspension orders." }, { "id": "jp-stablecoin", "name": "Stablecoin regime (electronic payment instruments)", "citation": "PSA amendments, Act No. 61 of 2022, in force June 2023", "year": "2023", "legal_force": "In force", "summary": "Fiat-referenced stablecoins are 'electronic payment instruments' issuable only by banks, trust companies, and registered money transfer agents, with redemption at par guaranteed; intermediaries handling them require their own registration.", "source": { "label": "Financial Services Agency", "url": "https://www.fsa.go.jp/en/" }, "penalties": "Unlicensed issuance or intermediation carries criminal penalties under the PSA." }, { "id": "jp-fiea-shift", "name": "Proposed migration of crypto assets to the FIEA", "citation": "FSA legislative program, 2025–2026", "year": "2026", "legal_force": "Proposed", "summary": "Would classify crypto assets as financial products under the Financial Instruments and Exchange Act, importing disclosure, insider trading, and market manipulation rules, and enabling the planned move to approximately 20% separate taxation of gains.", "source": { "label": "Financial Services Agency", "url": "https://www.fsa.go.jp/en/" }, "penalties": "Not yet law; obligations would attach on enactment." } ] }, { "slug": "kenya", "name": "Kenya", "iso": "KE", "region": "Africa", "status": "transition", "status_label": "In transition", "headline": "A new VASP statute splits the field between central bank and markets authority", "regulator": "Central Bank of Kenya; Capital Markets Authority", "url": "https://cryptocurrencyregulations.com/kenya.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ke-vasp", "name": "Virtual Asset Service Providers Act 2025", "citation": "Assented 2025", "year": "2025", "legal_force": "Partially in force", "summary": "First Kenyan crypto framework: CBK licenses stablecoin issuance, wallets, and payment services; the CMA licenses exchanges, brokers, and investment-related services; both apply fit-and-proper, local presence, and AML/CFT requirements, with licensing phasing in through implementing regulations.", "source": { "label": "Kenya Law", "url": "http://kenyalaw.org" }, "penalties": "Operating as an unlicensed VASP once licensing windows close is an offence carrying fines and imprisonment." }, { "id": "ke-tax", "name": "Digital asset taxation", "citation": "Finance Act 2023, revised Finance Act 2025", "year": "2023–2025", "legal_force": "In force", "summary": "The 3% digital asset tax on gross transfer value was replaced with a 10% excise duty on platform transaction fees, moving the burden from turnover to intermediation charges.", "source": { "label": "Kenya Revenue Authority", "url": "https://www.kra.go.ke" }, "penalties": "Standard tax collection and penalty provisions; platforms remit." } ] }, { "slug": "malaysia", "name": "Malaysia", "iso": "MY", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Digital assets as securities, exchanges as recognized markets", "regulator": "Securities Commission Malaysia; Bank Negara Malaysia", "url": "https://cryptocurrencyregulations.com/malaysia.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "my-prescription", "name": "Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019", "citation": "P.U.(A) 12/2019", "year": "2019", "legal_force": "In force", "summary": "Prescribes qualifying digital currencies and tokens as securities, activating the CMSA's licensing, offering, and market-conduct machinery; SC guidelines govern exchanges (RMOs), IEO platforms, and digital asset custodians.", "source": { "label": "Securities Commission Malaysia", "url": "https://www.sc.com.my" }, "penalties": "Operating an unlicensed market or making unauthorized offers carries criminal penalties under the CMSA, including imprisonment and substantial fines." } ] }, { "slug": "mexico", "name": "Mexico", "iso": "MX", "region": "Americas", "status": "partial", "status_label": "Partial", "headline": "A fintech law that fenced crypto out of the regulated system", "regulator": "CNBV; Banco de México; SHCP/UIF (AML)", "url": "https://cryptocurrencyregulations.com/mexico.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "mx-fintech", "name": "Fintech Law and Banxico Circular 4/2019", "citation": "Ley Fintech (2018); Banco de México Circular 4/2019", "year": "2018–2019", "legal_force": "In force", "summary": "Defines virtual assets and conditions their use by banks and fintech institutions on central bank authorization; the circular restricts authorized use to internal operations, keeping customer-facing crypto services outside the regulated financial system.", "source": { "label": "Banco de México", "url": "https://www.banxico.org.mx/indexen.html" }, "penalties": "Regulated institutions operating with virtual assets without authorization face CNBV and Banxico sanctions." }, { "id": "mx-aml", "name": "AML vulnerable-activities coverage", "citation": "Federal AML Law (LFPIORPI), virtual asset provisions", "year": "2019–", "legal_force": "In force", "summary": "Exchange and custody of virtual assets are vulnerable activities: registration with the tax administration, KYC, and threshold reporting to the financial intelligence unit apply to platforms serving Mexican users.", "source": { "label": "UIF Mexico", "url": "https://www.gob.mx/uif" }, "penalties": "Administrative fines and criminal liability for AML failures." } ] }, { "slug": "new-zealand", "name": "New Zealand", "iso": "NZ", "region": "Asia-Pacific", "status": "partial", "status_label": "Partial", "headline": "Fair-dealing law, AML coverage, and a crypto-ATM ban", "regulator": "Financial Markets Authority; Department of Internal Affairs (AML); Inland Revenue", "url": "https://cryptocurrencyregulations.com/new-zealand.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "nz-fmca", "name": "Financial Markets Conduct Act application", "citation": "FMC Act 2013; FMA guidance", "year": "2017–", "legal_force": "In force", "summary": "Fair-dealing prohibitions apply to all crypto offers to New Zealanders; tokens that are debt, equity, or managed-investment interests carry full disclosure and licensing obligations.", "source": { "label": "Financial Markets Authority", "url": "https://www.fma.govt.nz" }, "penalties": "Civil pecuniary penalties and criminal liability for misleading conduct and unlicensed regulated offers." }, { "id": "nz-aml", "name": "AML/CFT coverage and the 2025 crypto-ATM ban", "citation": "AML/CFT Act 2009; reform package announced July 2025", "year": "2013–2025", "legal_force": "In force", "summary": "Virtual asset service providers are reporting entities under DIA supervision. The July 2025 reform package bans crypto ATMs and strengthens powers against cash-to-crypto laundering channels.", "source": { "label": "New Zealand Ministry of Justice", "url": "https://www.justice.govt.nz" }, "penalties": "Civil and criminal penalties for AML failures; operating banned kiosks is unlawful once provisions commence." } ] }, { "slug": "nigeria", "name": "Nigeria", "iso": "NG", "region": "Africa", "status": "partial", "status_label": "Partial", "headline": "From banking ban to securities statute, with enforcement whiplash", "regulator": "Securities and Exchange Commission Nigeria; Central Bank of Nigeria; EFCC", "url": "https://cryptocurrencyregulations.com/nigeria.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ng-isa", "name": "Investments and Securities Act 2025", "citation": "Signed March 29, 2025", "year": "2025", "legal_force": "In force", "summary": "Recognizes digital and virtual assets as securities, brings VASPs, digital asset operators, and exchanges under SEC jurisdiction, and criminalizes ponzi and unregistered investment schemes with substantial penalties; SEC licensing proceeds through its accelerated incubation program.", "source": { "label": "SEC Nigeria", "url": "https://sec.gov.ng" }, "penalties": "Unregistered virtual asset business and investment schemes carry fines and imprisonment under the Act." }, { "id": "ng-cbn", "name": "CBN guidelines on bank accounts for VASPs", "citation": "CBN circular, December 2023", "year": "2023", "legal_force": "In force", "summary": "Lifts the 2021 ban on banking crypto businesses: banks may open designated accounts for SEC-licensed VASPs under enhanced due diligence, while banks themselves remain barred from holding or trading crypto.", "source": { "label": "Central Bank of Nigeria", "url": "https://www.cbn.gov.ng" }, "penalties": "Banks face supervisory sanction for servicing unlicensed operators." } ] }, { "slug": "philippines", "name": "Philippines", "iso": "PH", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Two regulators, one perimeter: BSP for VASPs, SEC for offerings", "regulator": "Bangko Sentral ng Pilipinas (BSP); Securities and Exchange Commission", "url": "https://cryptocurrencyregulations.com/philippines.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ph-bsp", "name": "BSP virtual asset service provider framework", "citation": "BSP Circular No. 1108 (2021)", "year": "2021", "legal_force": "In force", "summary": "Licenses VASPs performing exchange, transfer, and custody: minimum capital, AML program, travel rule, cybersecurity, and consumer redress requirements under central bank supervision.", "source": { "label": "Bangko Sentral ng Pilipinas", "url": "https://www.bsp.gov.ph" }, "penalties": "Unlicensed VASP operation triggers administrative sanctions and criminal referral under banking and AML law." }, { "id": "ph-sec-casp", "name": "SEC crypto-asset service provider rules", "citation": "SEC rules, 2025", "year": "2025", "legal_force": "In force", "summary": "Registration and conduct rules for firms offering crypto-asset services or marketing to persons in the Philippines, including disclosure standards and advertising restrictions, with blocking orders available against non-compliant offshore platforms.", "source": { "label": "SEC Philippines", "url": "https://www.sec.gov.ph" }, "penalties": "Unregistered solicitation draws cease-and-desist orders, fines, and platform blocking." } ] }, { "slug": "russia", "name": "Russia", "iso": "RU", "region": "Europe", "status": "restrictive", "status_label": "Restrictive", "headline": "Banned for domestic payments, licensed for mining, deployed for sanctions workarounds", "regulator": "Bank of Russia; Federal Tax Service (mining registry); Rosfinmonitoring", "url": "https://cryptocurrencyregulations.com/russia.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ru-dfa", "name": "Digital Financial Assets law", "citation": "Federal Law No. 259-FZ (2020), in force January 2021", "year": "2021", "legal_force": "In force", "summary": "Defines digital financial assets and digital currency, permits holding and trading, prohibits accepting digital currency as payment for goods and services in Russia, and conditions judicial protection of holdings on tax declaration.", "source": { "label": "Bank of Russia", "url": "https://www.cbr.ru/eng/" }, "penalties": "Administrative liability for payments violations; undeclared holdings lose judicial protection." }, { "id": "ru-mining", "name": "Mining legalization and registration", "citation": "Federal laws of August 2024, in force November 1, 2024", "year": "2024", "legal_force": "In force", "summary": "Legalizes industrial mining by registered entities and entrepreneurs, sets reporting to the tax authority, permits sale of mined coins through the experimental regime, and allows the government to ban mining regionally, which it has done in energy-stressed regions.", "source": { "label": "Government of Russia", "url": "http://government.ru/en/" }, "penalties": "Unregistered industrial mining and regional-ban violations draw administrative and tax liability." }, { "id": "ru-epr", "name": "Experimental legal regime for cross-border crypto settlements", "citation": "Federal law of 2024; Bank of Russia administration", "year": "2024", "legal_force": "In force", "summary": "Permits authorized use of digital currency in foreign-trade settlements under Bank of Russia supervision, created to route around payment sanctions; scope and participants are controlled by the central bank.", "source": { "label": "Bank of Russia", "url": "https://www.cbr.ru/eng/" }, "penalties": "Activity outside the regime remains subject to the domestic payments ban." } ] }, { "slug": "saudi-arabia", "name": "Saudi Arabia", "iso": "SA", "region": "Middle East", "status": "restrictive", "status_label": "Restrictive", "headline": "Official discouragement, sandbox experimentation, quiet retail adoption", "regulator": "Saudi Central Bank (SAMA); Capital Market Authority", "url": "https://cryptocurrencyregulations.com/saudi-arabia.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "sa-warning", "name": "Standing committee warning on virtual currencies", "citation": "Joint statement of financial regulators, 2018 (maintained)", "year": "2018", "legal_force": "Guidance / regulatory", "summary": "Declares virtual currency trading unauthorized within the Kingdom, bars licensed financial institutions from dealing in or facilitating crypto, and warns the public that participation is at their own risk.", "source": { "label": "Saudi Central Bank", "url": "https://www.sama.gov.sa/en-US" }, "penalties": "Licensed institutions face supervisory action for facilitation; no criminal penalty attaches to individual holding." }, { "id": "sa-sandbox", "name": "SAMA sandbox and CMA tokenization pilots", "citation": "Regulatory sandbox frameworks, 2019–", "year": "2019–", "legal_force": "Guidance / regulatory", "summary": "Fintech testing environments through which distributed-ledger, tokenized-securities, and payments experiments are licensed case by case, alongside participation in cross-border CBDC work.", "source": { "label": "Capital Market Authority", "url": "https://cma.org.sa/en" }, "penalties": "Activity outside sandbox permission remains unauthorized." } ] }, { "slug": "singapore", "name": "Singapore", "iso": "SG", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Full licensing at home, and since 2025 a hard line on offshore-only firms", "regulator": "Monetary Authority of Singapore (MAS)", "url": "https://cryptocurrencyregulations.com/singapore.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "sg-psa", "name": "Payment Services Act 2019", "citation": "No. 2 of 2019, in force January 2020", "year": "2020", "legal_force": "In force", "summary": "Licenses digital payment token services: exchange, transfer, and custody. Amendments and MAS guidelines added consumer-access restrictions (no leverage or credit for retail, no incentives), trust-based safeguarding of customer assets, and travel-rule compliance.", "source": { "label": "Singapore Statutes Online, PSA 2019", "url": "https://sso.agc.gov.sg/Act/PSA2019" }, "penalties": "Carrying on a licensable payment service without a licence is a criminal offence punishable by fines and imprisonment." }, { "id": "sg-fsma", "name": "Financial Services and Markets Act 2022: DTSP regime", "citation": "No. 18 of 2022, Part 9 in force June 30, 2025", "year": "2025", "legal_force": "In force", "summary": "Requires Singapore-based digital token service providers serving customers wholly outside Singapore to be licensed. MAS stated licences would be granted only in extremely limited circumstances, ending the practice of using Singapore as an unregulated offshore base.", "source": { "label": "Singapore Statutes Online, FSM Act 2022", "url": "https://sso.agc.gov.sg/Act/FSMA2022" }, "penalties": "Unlicensed provision after June 30, 2025 is a criminal offence." }, { "id": "sg-stablecoin", "name": "MAS stablecoin regulatory framework", "citation": "MAS framework, finalised August 2023", "year": "2023", "legal_force": "Guidance / regulatory", "summary": "Single-currency stablecoins pegged to SGD or G10 currencies: full backing in low-risk reserve assets, redemption at par within five business days, issuer capital and disclosure requirements. Legislative amendments to hard-wire the framework into the PSA are in progress; only compliant issuers may use the regulated-stablecoin label.", "source": { "label": "Monetary Authority of Singapore", "url": "https://www.mas.gov.sg" }, "penalties": "Misusing the regulated label or breaching conditions triggers MAS enforcement." } ] }, { "slug": "south-africa", "name": "South Africa", "iso": "ZA", "region": "Africa", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Crypto declared a financial product; hundreds of firms licensed", "regulator": "Financial Sector Conduct Authority (FSCA); Financial Intelligence Centre; SARB", "url": "https://cryptocurrencyregulations.com/south-africa.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "za-fais", "name": "Declaration of crypto assets as a financial product", "citation": "FSCA declaration under the FAIS Act, October 2022", "year": "2022", "legal_force": "In force", "summary": "Brings advice and intermediary services in crypto assets under FAIS licensing: fit-and-proper standards, conduct rules, and FSCA supervision, with a licensing round that has authorized hundreds of CASPs and produced public warnings against unlicensed operators.", "source": { "label": "FSCA", "url": "https://www.fsca.co.za" }, "penalties": "Rendering financial services without a licence is an offence under the FAIS Act, with fines, debarment, and enforcement action." }, { "id": "za-fic", "name": "FIC Act coverage and the travel rule", "citation": "Schedule amendments 2022; FIC Directive on crypto transfers, effective 2025", "year": "2022–2025", "legal_force": "In force", "summary": "Crypto asset service providers are accountable institutions: registration with the FIC, customer due diligence, reporting, and, from 2025, travel-rule transmission of originator and beneficiary information.", "source": { "label": "Financial Intelligence Centre", "url": "https://www.fic.gov.za" }, "penalties": "Administrative sanctions and criminal liability for AML failures." } ] }, { "slug": "south-korea", "name": "South Korea", "iso": "KR", "region": "Asia-Pacific", "status": "partial", "status_label": "Partial", "headline": "Phase one protects users; phase two is stuck on stablecoins", "regulator": "Financial Services Commission (FSC); Financial Supervisory Service; Bank of Korea (stablecoin debate)", "url": "https://cryptocurrencyregulations.com/south-korea.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "kr-vaupa", "name": "Virtual Asset User Protection Act", "citation": "Act No. 19563 of 2023, in force July 19, 2024", "year": "2024", "legal_force": "In force", "summary": "Custody standards (80% cold storage, insurance or reserve funds), segregation and interest on customer cash, exchange obligations to monitor abnormal trading, and criminal prohibitions on manipulation and use of undisclosed information.", "source": { "label": "Financial Services Commission", "url": "https://www.fsc.go.kr/eng/" }, "penalties": "Unfair trading: minimum one year's imprisonment or fines of 3–5× the gain; life imprisonment possible where gains exceed ₩5 billion." }, { "id": "kr-sftr", "name": "Specific Financial Transactions Act (VASP registration)", "citation": "As amended 2020, in force March 2021", "year": "2021", "legal_force": "In force", "summary": "Virtual asset service providers must register with the Financial Intelligence Unit, hold ISMS certification, and partner with banks for real-name deposit accounts; the requirements forced most smaller exchanges out of the won market.", "source": { "label": "Korea Financial Intelligence Unit", "url": "https://www.kofiu.go.kr/eng/main.do" }, "penalties": "Operating unregistered is a criminal offence punishable by imprisonment and fines." }, { "id": "kr-phase2", "name": "Phase-two framework and won-stablecoin legislation", "citation": "Digital Asset Basic Act proposals, 2025–2026", "year": "pending", "legal_force": "Pending", "summary": "Would establish issuance and listing rules, self-regulatory structure, and licensing for won-denominated stablecoin issuers. Deadlocked over the Bank of Korea's demand for 51% bank ownership of issuers; passage has slipped, with implementation now expected no earlier than 2027.", "source": { "label": "Financial Services Commission", "url": "https://www.fsc.go.kr/eng/" }, "penalties": "Not yet law." } ] }, { "slug": "switzerland", "name": "Switzerland", "iso": "CH", "region": "Europe", "status": "comprehensive", "status_label": "Comprehensive", "headline": "The DLT Act model: integrate, don't quarantine", "regulator": "FINMA; Federal Council/SIF (framework)", "url": "https://cryptocurrencyregulations.com/switzerland.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ch-dlt", "name": "DLT Act (Federal Act on the Adaptation of Federal Law to Developments in DLT)", "citation": "In force February/August 2021", "year": "2021", "legal_force": "In force", "summary": "Amends ten federal statutes: creates uncertificated ledger-based securities, a DLT trading facility authorization under FMIA, and bankruptcy segregation of crypto-based assets held for customers.", "source": { "label": "Swiss Federal Council / Fedlex", "url": "https://www.fedlex.admin.ch" }, "penalties": "Operating a trading facility or bank-like business without authorization breaches FINMA-supervised statutes, with enforcement and criminal referral." }, { "id": "ch-finma-stable", "name": "FINMA stablecoin guidance", "citation": "FINMA Guidance 06/2024", "year": "2024", "legal_force": "Guidance / regulatory", "summary": "Stablecoin issuers generally accept deposits: they need a banking license or default guarantees from a bank for each holder, with FINMA flagging the guarantee model's risks to holders and to the guaranteeing banks, plus full AML obligations on issuers.", "source": { "label": "FINMA", "url": "https://www.finma.ch/en/" }, "penalties": "Unauthorized deposit-taking is subject to FINMA enforcement and criminal provisions of the Banking Act." }, { "id": "ch-carf", "name": "Crypto-Asset Reporting Framework implementation", "citation": "Federal legislation, collection from 2026", "year": "2026", "legal_force": "In force", "summary": "Implements the OECD CARF standard for automatic exchange of crypto tax information, with Swiss providers collecting data ahead of exchanges with partner jurisdictions.", "source": { "label": "State Secretariat for International Finance", "url": "https://www.sif.admin.ch" }, "penalties": "Reporting failures carry administrative fines under AEOI law." } ] }, { "slug": "taiwan", "name": "Taiwan", "iso": "TW", "region": "Asia-Pacific", "status": "transition", "status_label": "In transition", "headline": "AML registration now, a full VASP statute in the legislature", "regulator": "Financial Supervisory Commission (FSC)", "url": "https://cryptocurrencyregulations.com/taiwan.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "tw-aml", "name": "AML registration regime for VASPs", "citation": "Money Laundering Control Act amendments, effective January 2025", "year": "2025", "legal_force": "In force", "summary": "Mandatory FSC registration for virtual asset service providers, replacing the prior declaration system, with criminal liability for unregistered operation and ongoing AML program obligations.", "source": { "label": "Financial Supervisory Commission", "url": "https://www.fsc.gov.tw/en/" }, "penalties": "Unregistered operation is a criminal offence punishable by imprisonment and fines." }, { "id": "tw-vasp-act", "name": "Draft virtual asset service provider statute", "citation": "FSC draft submitted 2025", "year": "pending", "legal_force": "Pending", "summary": "Would establish full licensing, segregation and trust custody of customer assets, stablecoin issuance rules developed with the central bank, and market-conduct standards, converting the AML-only regime into a comprehensive framework.", "source": { "label": "Financial Supervisory Commission", "url": "https://www.fsc.gov.tw/en/" }, "penalties": "Not yet law." } ] }, { "slug": "thailand", "name": "Thailand", "iso": "TH", "region": "Asia-Pacific", "status": "comprehensive", "status_label": "Comprehensive", "headline": "A 2018 code, tightened for fraud and sweetened for tax", "regulator": "Securities and Exchange Commission (Thailand); Bank of Thailand", "url": "https://cryptocurrencyregulations.com/thailand.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "th-decree", "name": "Emergency Decree on Digital Asset Businesses B.E. 2561", "citation": "2018, as amended through 2025", "year": "2018", "legal_force": "In force", "summary": "Licensing for digital asset exchanges, brokers, dealers, advisers, fund managers, and custodians; ICO offerings through approved portals; SEC supervision of listing, custody, and conduct. 2025 amendments add blocking powers over foreign platforms soliciting Thai users and liability for mule-account facilitation.", "source": { "label": "SEC Thailand", "url": "https://www.sec.or.th/EN" }, "penalties": "Unlicensed digital asset business is a criminal offence punishable by imprisonment and fines, with platform blocking available." }, { "id": "th-tax", "name": "Capital gains exemption for licensed-platform sales", "citation": "Cabinet resolution, June 2025 (2025–2029)", "year": "2025", "legal_force": "In force", "summary": "Exempts personal capital gains on crypto sold through SEC-licensed operators for five years, pairing tax advantage with the licensing perimeter to repatriate trading volume.", "source": { "label": "Royal Thai Government", "url": "https://www.thaigov.go.th" }, "penalties": "Gains outside licensed channels remain taxable." } ] }, { "slug": "turkiye", "name": "Türkiye", "iso": "TR", "region": "Europe", "status": "comprehensive", "status_label": "Comprehensive", "headline": "A licensing regime built fast, atop a payments ban", "regulator": "Capital Markets Board (CMB/SPK); MASAK (AML); CBRT (payments ban)", "url": "https://cryptocurrencyregulations.com/turkiye.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "tr-7518", "name": "Law No. 7518 amending the Capital Markets Law", "citation": "Official Gazette, July 2, 2024; secondary regulations March 13, 2025", "year": "2024–2025", "legal_force": "In force", "summary": "Defines crypto assets and crypto asset service providers, requires CMB licensing for exchanges, custodians, and wallet providers, mandates segregation and custody of customer assets predominantly at licensed custodians, and sets minimum capital, governance, and listing standards through two implementing communiqués.", "source": { "label": "Capital Markets Board of Türkiye", "url": "https://spk.gov.tr/en" }, "penalties": "Operating without a licence is a criminal offence carrying multi-year imprisonment and judicial fines; the CMB blocks unauthorized platforms' access." }, { "id": "tr-payments", "name": "Regulation on the disuse of crypto assets in payments", "citation": "CBRT regulation, April 2021", "year": "2021", "legal_force": "In force", "summary": "Prohibits using crypto assets directly or indirectly in payments and bars payment institutions from crypto-related fund flows; holding and trading remain lawful.", "source": { "label": "Central Bank of the Republic of Türkiye", "url": "https://www.tcmb.gov.tr/wps/wcm/connect/EN/TCMB+EN" }, "penalties": "Administrative sanction under payments law." } ] }, { "slug": "united-arab-emirates", "name": "United Arab Emirates", "iso": "AE", "region": "Middle East", "status": "comprehensive", "status_label": "Comprehensive", "headline": "Four regulators, one strategy: license everything, attract everyone", "regulator": "VARA (Dubai); SCA (federal); FSRA (ADGM); DFSA (DIFC); CBUAE (payment tokens)", "url": "https://cryptocurrencyregulations.com/united-arab-emirates.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ae-vara", "name": "Dubai Law No. 4 of 2022 and VARA rulebooks", "citation": "Dubai VA Law (2022); VARA Regulations 2023, as updated", "year": "2022–2023", "legal_force": "In force", "summary": "Establishes VARA and mandatory licensing for virtual asset activities in Dubai outside the DIFC: exchange, broker-dealer, custody, advisory, lending, and issuance, each under an activity rulebook with marketing regulations covering promotion to Dubai audiences.", "source": { "label": "Virtual Assets Regulatory Authority", "url": "https://www.vara.ae" }, "penalties": "Unlicensed activity and unlawful marketing draw fines, cease orders, and referral; VARA has fined and shut unlicensed operators." }, { "id": "ae-ptsr", "name": "CBUAE Payment Token Services Regulation", "citation": "Central Bank regulation, 2024", "year": "2024", "legal_force": "In force", "summary": "Licenses issuance of dirham-referenced payment tokens with full reserve backing and restricts payment use in the UAE to licensed dirham tokens, while foreign-currency tokens face registration and use limitations; the first licensed dirham stablecoins were approved from late 2024.", "source": { "label": "Central Bank of the UAE", "url": "https://www.centralbank.ae" }, "penalties": "Unlicensed issuance or prohibited payment-token use violates central bank law, with administrative sanctions." }, { "id": "ae-adgm", "name": "ADGM FSRA virtual asset framework", "citation": "FSMR amendments, 2018 as updated", "year": "2018", "legal_force": "In force", "summary": "The region's first comprehensive regime: FSP permissions for operating multilateral trading facilities, custody, and dealing in virtual assets within ADGM, with capital, custody, and market-abuse requirements.", "source": { "label": "ADGM FSRA", "url": "https://www.adgm.com" }, "penalties": "Unauthorized regulated activity in ADGM carries FSRA enforcement and financial penalties." } ] }, { "slug": "united-kingdom", "name": "United Kingdom", "iso": "UK", "region": "Europe", "status": "transition", "status_label": "In transition", "headline": "The rulebook is written; the regime switches on October 25, 2027", "regulator": "Financial Conduct Authority; Bank of England (systemic stablecoins); HM Treasury (framework)", "url": "https://cryptocurrencyregulations.com/united-kingdom.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "uk-cryptoassets-regs", "name": "Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026", "citation": "UK statutory instrument, made February 4, 2026", "year": "2026", "legal_force": "Enacted, not yet in force", "summary": "The perimeter instrument. Creates new regulated activities for cryptoassets under FSMA, including operating a trading platform, dealing, arranging, custody, and stablecoin issuance, requiring firms serving UK customers to be FCA-authorised. Made by Parliament on February 4, 2026; commences October 25, 2027. Built on the powers of the Financial Services and Markets Act 2023, which first brought cryptoassets within the definition of specified investments.", "source": { "label": "FCA: a new regime for cryptoasset regulation", "url": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation" }, "penalties": "From commencement, unauthorised regulated activity breaches the FSMA general prohibition: up to two years' imprisonment and an unlimited fine, with agreements potentially unenforceable." }, { "id": "fca-ps26", "name": "FCA final rules for the cryptoasset regime (PS26/9–PS26/13)", "citation": "FCA policy statements, June 30, 2026", "year": "2026", "legal_force": "Enacted, not yet in force", "summary": "Five policy statements finalise the rulebook: PS26/9 on admissions and disclosures and the market abuse regime for cryptoassets (MARC); PS26/10 on stablecoin issuance, including backing-asset and redemption rules; PS26/11 on regulated cryptoasset activities including trading platforms, intermediaries, custody, and staking; PS26/12 establishing the prudential regime (COREPRU/CRYPTOPRU) with K-factor capital and wind-down planning; and PS26/13 applying the wider FCA Handbook. Finalised guidance covers the consumer duty, international firms and branches, and operational resilience; two prudential guidance consultations closed July 30, 2026.", "source": { "label": "FCA policy statements: cryptoasset regime", "url": "https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime" }, "penalties": "Enforced through the full FSMA toolkit from commencement: fines, restitution, prohibition, and criminal referral." }, { "id": "boe-systemic", "name": "Bank of England regime for systemic sterling stablecoins", "citation": "BoE policy statement, June 22, 2026; joint BoE-FCA approach, June 30, 2026", "year": "2026", "legal_force": "Enacted, not yet in force", "summary": "Where a sterling-denominated stablecoin reaches systemic scale, the Bank of England becomes supervisor under the Banking Act 2009 recognition framework as amended by FSMA 2023, with a draft Code of Practice consulted alongside the policy statement. The joint approach paper allocates responsibilities between the Bank and FCA and describes when dual supervision applies.", "source": { "label": "Bank of England", "url": "https://www.bankofengland.co.uk" }, "penalties": "Recognised systemic issuers face Bank of England directions and enforcement under the Banking Act framework." }, { "id": "fsma-2023", "name": "Financial Services and Markets Act 2023 (cryptoasset provisions)", "citation": "c. 29, ss. 22, 65–71 and Sch. 6", "year": "2023", "legal_force": "In force", "summary": "The enabling statute: brought cryptoassets within the scope of regulated financial services activity, created the framework for regulating fiat-backed stablecoins and payment systems, and gave Treasury the powers used to make the 2026 Regulations.", "source": { "label": "legislation.gov.uk, FSMA 2023", "url": "https://www.legislation.gov.uk/ukpga/2023/29" }, "penalties": "Framework act; obligations flow through instruments made under it." }, { "id": "uk-mlr", "name": "Money Laundering Regulations 2017: cryptoasset registration", "citation": "SI 2017/692, as amended (reg. 14A)", "year": "2020–", "legal_force": "In force", "summary": "The current gateway: cryptoasset exchange and custodian wallet providers must register with the FCA for AML supervision before operating in the UK. The FCA has rejected or seen withdrawn a large majority of applications since 2020. Registration continues until the 2027 regime supersedes it for authorised firms.", "source": { "label": "FCA cryptoasset AML registration", "url": "https://www.fca.org.uk/firms/financial-crime/cryptoassets-aml-ctf-regime" }, "penalties": "Operating unregistered is a criminal offence; the FCA maintains a public list of unregistered firms." }, { "id": "uk-finprom", "name": "Financial promotions regime for cryptoassets", "citation": "Financial Services and Markets Act 2000 (Financial Promotion) (Amendment) Order 2023", "year": "2023", "legal_force": "In force", "summary": "Since October 8, 2023, marketing qualifying cryptoassets to UK consumers requires approval by an authorised person, an FCA-registered firm's own communication, or an exemption, with mandatory risk warnings, a 24-hour cooling-off period for first-time investors, and a ban on incentives to invest.", "source": { "label": "FCA cryptoasset financial promotions", "url": "https://www.fca.org.uk/firms/cryptoassets-financial-promotions" }, "penalties": "Communicating an unlawful promotion is a criminal offence punishable by up to two years' imprisonment and a fine." } ] }, { "slug": "united-states", "name": "United States", "iso": "US", "region": "Americas", "status": "partial", "status_label": "Partial", "headline": "One federal crypto statute in force, a second one floor vote away", "regulator": "SEC, CFTC, FinCEN, OCC, Federal Reserve, FDIC, IRS; state regulators (NYDFS, DFPI, and counterparts)", "url": "https://cryptocurrencyregulations.com/united-states.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "genius-act", "name": "GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act)", "citation": "Pub. L. 119-27; S. 1582, 119th Cong.", "year": "2025", "legal_force": "In force", "summary": "Signed July 18, 2025. Creates a federal licensing regime for payment stablecoin issuers, with a dual track through federal banking regulators or certified state regimes. Requires 1:1 reserves in cash, Treasuries, and other high-quality liquid assets, monthly reserve disclosure, redemption rights, and Bank Secrecy Act compliance, and prohibits paying interest or yield on the stablecoin itself. Effective on the earlier of 120 days after final implementing rules or January 18, 2027; OCC and FDIC proposed rules and Federal Reserve capital FAQs followed in late 2025 and 2026.", "source": { "label": "Congress.gov, S. 1582", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582" }, "penalties": "Issuing a payment stablecoin without approval becomes unlawful at effectiveness; regulators hold cease-and-desist and civil money penalty authority, with escalated penalties for knowing violations." }, { "id": "clarity-act", "name": "CLARITY Act (Digital Asset Market Clarity Act)", "citation": "H.R. 3633, 119th Cong.", "year": "2025–2026", "legal_force": "Pending", "summary": "The market structure bill. Creates a 'digital commodity' category with CFTC jurisdiction over spot markets, preserves SEC authority over digital securities and investment-contract offerings, and establishes registration for digital commodity exchanges, brokers, dealers, and custodians with segregation and bankruptcy-priority protections for customers and statutory protection for self-custody. Passed the House 294–134 on July 17, 2025. The Senate Banking Committee advanced a 309-page version 15–9 on May 14, 2026, adding a DeFi trading protocol framework, an insolvency safe harbor, a bar on yield for idle stablecoin balances, and illicit-finance provisions; Senate Agriculture advanced its companion Digital Commodity Intermediaries Act 12–11 on January 29, 2026. Placed on the Senate calendar June 1, 2026 (No. 423); cloture on the motion to proceed was filed August 8, 2026, setting up floor action in September.", "source": { "label": "Congress.gov, H.R. 3633", "url": "https://www.congress.gov/bill/119th-congress/house-bill/3633" }, "penalties": "If enacted, operating an unregistered digital commodity intermediary would violate the Commodity Exchange Act, with most CFTC rulemakings due within 360 days." }, { "id": "sec-cftc-release", "name": "Joint SEC-CFTC Interpretive Release on crypto asset classification", "citation": "Interpretive release, March 17, 2026", "year": "2026", "legal_force": "Guidance / regulatory", "summary": "The agencies' shared taxonomy: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities, with sixteen named assets (including ether, XRP, solana, cardano, and dogecoin) classified as digital commodities. Issued under the March 11, 2026 SEC-CFTC memorandum of understanding committing both agencies to harmonized crypto policy. Guidance rather than statute: it governs staff practice today but can be revised by a future Commission.", "source": { "label": "SEC.gov", "url": "https://www.sec.gov" }, "penalties": "Interpretive only; enforcement continues under existing securities and commodities law." }, { "id": "project-crypto", "name": "SEC Project Crypto rulemaking agenda", "citation": "SEC regulatory agenda, 2025–2026", "year": "2025–", "legal_force": "Guidance / regulatory", "summary": "Announced July 31, 2025 and elaborated through 2026: a formal test for when a crypto asset ceases to be an investment contract, a temporary 'innovation exemption' permitting limited trading of tokenized securities on novel platforms, new capital-raising pathways for crypto offerings, a custody rule allowing broker-dealers to hold non-security crypto including payment stablecoins, and transfer-agent modernization for blockchain recordkeeping. The SEC and CFTC are also jointly advancing extended and 24-hour trading initiatives.", "source": { "label": "SEC Crypto Task Force", "url": "https://www.sec.gov/about/crypto-task-force" }, "penalties": "Rulemaking agenda; obligations attach as individual rules are finalized." }, { "id": "eo-14178", "name": "Executive Order 14178: Strengthening American Leadership in Digital Financial Technology", "citation": "E.O. 14178", "year": "2025", "legal_force": "In force", "summary": "Signed January 23, 2025. Set the administration's policy of supporting lawful dollar-backed stablecoins and self-custody, prohibited agencies from establishing a central bank digital currency, revoked the prior administration's digital asset order, and created the President's Working Group on Digital Asset Markets, whose July 2025 report set the legislative roadmap the GENIUS and CLARITY Acts followed.", "source": { "label": "Federal Register", "url": "https://www.federalregister.gov/executive-order/14178" }, "penalties": "Directive to agencies; no direct private obligations." }, { "id": "sbr-eo", "name": "Executive Order establishing the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile", "citation": "Executive order of March 6, 2025", "year": "2025", "legal_force": "In force", "summary": "Directs Treasury to hold bitcoin forfeited to the federal government as a strategic reserve, not to be sold, with a separate stockpile for other forfeited digital assets, and authorizes budget-neutral strategies for acquiring additional bitcoin. Several states followed with their own reserve statutes (see the state tracker: Texas, New Hampshire, Arizona).", "source": { "label": "The White House", "url": "https://www.whitehouse.gov/presidential-actions/" }, "penalties": "Government asset-management directive; no private obligations." }, { "id": "anti-cbdc", "name": "Anti-CBDC Surveillance State Act", "citation": "H.R. 1919, 119th Cong.", "year": "2025", "legal_force": "Pending", "summary": "Passed the House in July 2025 during 'Crypto Week' alongside the GENIUS and CLARITY Acts. Would prohibit the Federal Reserve from issuing a retail central bank digital currency or using one to implement monetary policy. Awaits Senate action; the substance is partially covered in the interim by E.O. 14178's CBDC prohibition.", "source": { "label": "Congress.gov, H.R. 1919", "url": "https://www.congress.gov/bill/119th-congress/house-bill/1919" }, "penalties": "Would bind the Federal Reserve; no private obligations." }, { "id": "bsa-fincen", "name": "Bank Secrecy Act coverage of virtual currency", "citation": "31 U.S.C. § 5311 et seq.; FinCEN Guidance FIN-2013-G001 and FIN-2019-G001", "year": "2013–", "legal_force": "In force", "summary": "Exchangers and administrators of convertible virtual currency are money services businesses: FinCEN registration, AML programs, suspicious activity and currency transaction reporting, and the travel rule apply. This has been the enforceable floor of US crypto regulation for over a decade and remains the basis for major criminal resolutions.", "source": { "label": "FinCEN", "url": "https://www.fincen.gov/resources/statutes-and-regulations/guidance" }, "penalties": "Civil money penalties and criminal liability for unregistered money transmitting businesses under 18 U.S.C. § 1960." }, { "id": "tax-1099da", "name": "Digital asset tax treatment and broker reporting (Form 1099-DA)", "citation": "IRC § 6045; T.D. 10000 (2024); proposed regulations of March 5, 2026", "year": "2024–2026", "legal_force": "In force", "summary": "Crypto is property for federal tax purposes (Notice 2014-21). Custodial brokers report gross proceeds on Form 1099-DA beginning with 2025 transactions, with basis reporting phasing in for 2026; the March 2026 proposed regulations facilitate digital delivery of the form. Congress repealed the DeFi front-end broker rule in April 2025 under the Congressional Review Act.", "source": { "label": "IRS digital assets", "url": "https://www.irs.gov/filing/digital-assets" }, "penalties": "Standard information-reporting and accuracy-related penalties apply." } ] }, { "slug": "vietnam", "name": "Vietnam", "iso": "VN", "region": "Asia-Pacific", "status": "transition", "status_label": "In transition", "headline": "First legal recognition, and a five-year market pilot", "regulator": "Ministry of Finance (pilot); State Bank of Vietnam (payments)", "url": "https://cryptocurrencyregulations.com/vietnam.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "vn-dti", "name": "Law on Digital Technology Industry", "citation": "Passed June 14, 2025; effective January 1, 2026", "year": "2026", "legal_force": "In force", "summary": "Vietnam's first statute recognizing digital assets: defines virtual assets and crypto assets, excludes them from legal-tender status, and gives the government authority to set business conditions, cybersecurity, and AML standards for the sector.", "source": { "label": "Government of Vietnam", "url": "https://vietnam.gov.vn" }, "penalties": "Framework statute; obligations attach through implementing instruments." }, { "id": "vn-pilot", "name": "Resolution piloting the crypto asset market", "citation": "Government resolution, 2025 (five-year pilot)", "year": "2025", "legal_force": "In force", "summary": "Authorizes a supervised pilot in which licensed institutions may issue and operate trading in crypto assets under Ministry of Finance oversight, with high capital thresholds and phased scope.", "source": { "label": "Government of Vietnam", "url": "https://vietnam.gov.vn" }, "penalties": "Activity outside the pilot remains unlicensed; the payments ban continues to apply." } ] }, { "slug": "us-arizona", "name": "Arizona", "iso": "AZ", "region": "US State", "status": "partial", "status_label": "Partial", "headline": "A budget-neutral reserve from unclaimed property, after vetoes of the bolder bills", "regulator": "Arizona State Treasurer; Department of Revenue (unclaimed property)", "url": "https://cryptocurrencyregulations.com/us-arizona.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "az-hb2749", "name": "HB 2749: Bitcoin and Digital Assets Reserve Fund", "citation": "Signed May 2025", "year": "2025", "legal_force": "In force", "summary": "Modernizes unclaimed-property law so abandoned digital assets are delivered to the state in native form, creates a reserve fund holding them along with staking and airdrop proceeds, and sets treasurer custody duties, all without appropriating state money for purchases.", "source": { "label": "Arizona State Legislature", "url": "https://www.azleg.gov" }, "penalties": "Escheatment obligations bind holders of abandoned property under standard unclaimed-property penalties." } ] }, { "slug": "us-california", "name": "California", "iso": "CA", "region": "US State", "status": "comprehensive", "status_label": "Comprehensive", "headline": "DFAL is live: license, pending application, or exit", "regulator": "California Department of Financial Protection and Innovation (DFPI)", "url": "https://cryptocurrencyregulations.com/us-california.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ca-dfal", "name": "Digital Financial Assets Law", "citation": "Cal. Fin. Code §§ 3101–3601 (AB 39/SB 401, 2023; AB 1934, 2024; SB 97, 2026); operative July 1, 2026", "year": "2026", "legal_force": "In force", "summary": "Licensing, supervision, examination, and enforcement for digital financial asset business activity serving California residents, wherever the firm is located: net worth and bonding, custody and disclosure standards, kiosk limits including the $1,000 daily cap, and stablecoin provisions. Applications via NMLS since March 9, 2026; completed application by July 1, 2026 preserves operating ability during review.", "source": { "label": "California DFPI, Digital Financial Assets", "url": "https://dfpi.ca.gov/regulated-industries/digital-financial-assets/" }, "penalties": "Up to $100,000 per day for unlicensed activity and up to $20,000 per day per material violation for licensees (Fin. Code § 3407), accruing until the violation ceases." } ] }, { "slug": "us-connecticut", "name": "Connecticut", "iso": "CT", "region": "US State", "status": "partial", "status_label": "Partial", "headline": "The counter-model: no state crypto holdings, tighter transmission rules", "regulator": "Connecticut Department of Banking", "url": "https://cryptocurrencyregulations.com/us-connecticut.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ct-hb7082", "name": "HB 7082: state crypto prohibition and money transmission amendments", "citation": "Public Act 25-66, effective October 1, 2025", "year": "2025", "legal_force": "In force", "summary": "Bars state and municipal acceptance, holding, or investment of virtual currency; adds disclosure, receipt, and refund duties for virtual currency money transmitters; and imposes kiosk transaction limits and warnings targeting fraud against older customers.", "source": { "label": "Connecticut General Assembly", "url": "https://www.cga.ct.gov" }, "penalties": "Enforced through Banking Department authority over money transmitters; unlicensed transmission remains a criminal offence." } ] }, { "slug": "us-florida", "name": "Florida", "iso": "FL", "region": "US State", "status": "partial", "status_label": "Partial", "headline": "Money transmission with a virtual currency definition, and not much more, by choice", "regulator": "Florida Office of Financial Regulation; CFO/Treasury (policy)", "url": "https://cryptocurrencyregulations.com/us-florida.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "fl-ch560", "name": "Money services coverage of virtual currency", "citation": "Fla. Stat. ch. 560, as amended by HB 273 (2022), effective January 2023", "year": "2023", "legal_force": "In force", "summary": "Defines virtual currency and requires a money transmitter license for intermediaries transmitting it; two-party transactions without an intermediary fall outside, and licensing, net worth, and reporting run through the OFR.", "source": { "label": "Florida Office of Financial Regulation", "url": "https://flofr.gov" }, "penalties": "Unlicensed money transmission is a felony under Florida law, alongside administrative fines." } ] }, { "slug": "us-illinois", "name": "Illinois", "iso": "IL", "region": "US State", "status": "transition", "status_label": "In transition", "headline": "A Midwest BitLicense, enacted and phasing in", "regulator": "Illinois Department of Financial and Professional Regulation (IDFPR); Secretary of State (securities)", "url": "https://cryptocurrencyregulations.com/us-illinois.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "il-dacpa", "name": "Digital Assets and Consumer Protection Act", "citation": "Enacted August 2025; licensing phasing in through 2027", "year": "2025", "legal_force": "Enacted, not yet in force", "summary": "IDFPR licensing for digital asset business activity with Illinois residents: registration, financial responsibility, custody and segregation of customer assets, disclosures, and examination authority, with a kiosk registration regime alongside. Obligations attach as rulemaking completes, with core licensing effective in 2027.", "source": { "label": "IDFPR", "url": "https://idfpr.illinois.gov" }, "penalties": "Once effective, unlicensed activity draws civil penalties and orders under the Act; existing money-transmitter and securities law applies in the interim." } ] }, { "slug": "us-louisiana", "name": "Louisiana", "iso": "LA", "region": "US State", "status": "comprehensive", "status_label": "Comprehensive", "headline": "A dedicated virtual currency license, quietly in force since 2023", "regulator": "Louisiana Office of Financial Institutions (OFI)", "url": "https://cryptocurrencyregulations.com/us-louisiana.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "la-vcba", "name": "Virtual Currency Businesses Act", "citation": "La. R.S. 6:1381 et seq. (2020); licensing from January 2023", "year": "2023", "legal_force": "In force", "summary": "License or registration required for virtual currency business activity with residents: exchange, transfer, storage, and administration, with tangible net worth, surety bond, examination, and annual reporting requirements administered by the OFI.", "source": { "label": "Louisiana OFI", "url": "https://ofi.la.gov" }, "penalties": "Unlicensed activity draws civil money penalties and cease-and-desist orders under the Act." }, { "id": "la-blockchain", "name": "Blockchain Basics Act", "citation": "HB 488 (2024)", "year": "2024", "legal_force": "In force", "summary": "Protects self-custody, node operation, and home mining within zoning limits, exempts miners and stakers from money-transmitter licensing for those activities, and bars state participation in CBDC pilots.", "source": { "label": "Louisiana State Legislature", "url": "https://legis.la.gov" }, "penalties": "Constrains state and local action; no private penalty regime." } ] }, { "slug": "us-new-hampshire", "name": "New Hampshire", "iso": "NH", "region": "US State", "status": "partial", "status_label": "Partial", "headline": "Exempt from transmission law, and first to fund a state crypto reserve", "regulator": "NH Banking Department; State Treasurer (reserve)", "url": "https://cryptocurrencyregulations.com/us-new-hampshire.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "nh-hb436", "name": "Virtual currency exemption from money transmission", "citation": "HB 436 (2017), RSA 399-G", "year": "2017", "legal_force": "In force", "summary": "Exempts persons conducting business using transactions in convertible virtual currency from state money transmitter registration, removing the primary state licensing burden for crypto firms operating from New Hampshire.", "source": { "label": "New Hampshire General Court", "url": "https://www.gencourt.state.nh.us" }, "penalties": "Federal obligations (FinCEN MSB registration, BSA) still apply." }, { "id": "nh-hb302", "name": "HB 302: public-fund digital asset investment", "citation": "Signed May 2025", "year": "2025", "legal_force": "In force", "summary": "Authorizes the treasurer to invest up to 5% of designated public funds in precious metals and digital assets with market capitalization above $500 billion, held via qualified custody or regulated exchange-traded products.", "source": { "label": "New Hampshire General Court", "url": "https://www.gencourt.state.nh.us" }, "penalties": "Public-investment statute; no private obligations." } ] }, { "slug": "us-new-jersey", "name": "New Jersey", "iso": "NJ", "region": "US State", "status": "unregulated", "status_label": "No dedicated regime", "headline": "Big market, borrowed rules: still no bespoke statute", "regulator": "NJ Department of Banking and Insurance; Bureau of Securities", "url": "https://cryptocurrencyregulations.com/us-new-jersey.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "nj-dabta", "name": "Digital Asset and Blockchain Technology Act (pending)", "citation": "Recurring bill, not enacted as of this review", "year": "pending", "legal_force": "Pending", "summary": "Would require DOBI licensing for digital asset business activity with New Jersey residents, with disclosure, custody, and examination provisions; repeatedly passed one chamber without completing the process.", "source": { "label": "New Jersey Legislature", "url": "https://www.njleg.state.nj.us" }, "penalties": "Not law; money transmission and securities statutes govern in the interim." } ] }, { "slug": "us-new-york", "name": "New York", "iso": "NY", "region": "US State", "status": "comprehensive", "status_label": "Comprehensive", "headline": "The BitLicense: strictest in the nation since 2015", "regulator": "New York State Department of Financial Services (NYDFS)", "url": "https://cryptocurrencyregulations.com/us-new-york.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "ny-bitlicense", "name": "BitLicense regulation", "citation": "23 NYCRR Part 200 (2015)", "year": "2015", "legal_force": "In force", "summary": "License required for virtual currency business activity involving New York: capital as NYDFS prescribes, custody and consumer-protection standards, AML and cybersecurity programs, prior approval for material changes and new products, and examination. The limited-purpose trust charter is the parallel path with fiduciary powers.", "source": { "label": "NYDFS virtual currency businesses", "url": "https://www.dfs.ny.gov/virtual_currency_businesses" }, "penalties": "Unlicensed activity violates the Financial Services and Banking Laws; NYDFS enforcement has produced eight- and nine-figure settlements, license surrenders, and restitution orders." }, { "id": "ny-stablecoin", "name": "NYDFS stablecoin guidance", "citation": "Guidance of June 2022", "year": "2022", "legal_force": "Guidance / regulatory", "summary": "Dollar stablecoins issued by NYDFS-regulated entities must be fully backed by segregated reserves of cash, Treasuries, and reverse repos, verified by monthly CPA attestation, and redeemable at par within two business days.", "source": { "label": "NYDFS", "url": "https://www.dfs.ny.gov" }, "penalties": "Enforced through supervision of regulated issuers." } ] }, { "slug": "us-texas", "name": "Texas", "iso": "TX", "region": "US State", "status": "partial", "status_label": "Partial", "headline": "Miner-friendly grid, exchange reserve rules, and a funded state bitcoin reserve", "regulator": "Texas Department of Banking; Texas Comptroller (reserve); ERCOT (grid); State Securities Board", "url": "https://cryptocurrencyregulations.com/us-texas.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "tx-hb1666", "name": "HB 1666: exchange reserve and segregation requirements", "citation": "Tex. Fin. Code ch. 160 (2023)", "year": "2023", "legal_force": "In force", "summary": "Digital asset exchanges serving more than a threshold number of Texas customers must segregate customer funds, maintain reserves sufficient to honor withdrawals, avoid commingling, and file annual reports with the Department of Banking.", "source": { "label": "Texas Department of Banking", "url": "https://www.dob.texas.gov" }, "penalties": "Violations draw Department of Banking enforcement and loss of ability to operate in Texas." }, { "id": "tx-sb21", "name": "Texas Strategic Bitcoin Reserve", "citation": "SB 21 and HB 4488 (2025), signed June 2025", "year": "2025", "legal_force": "In force", "summary": "Creates a special fund outside the treasury for the state to hold bitcoin (limited to assets above a large market-cap threshold), managed by the Comptroller with authority to accept forfeitures and donations; a companion act shields the fund from sweeps, and $10 million was appropriated for purchases.", "source": { "label": "Texas Comptroller of Public Accounts", "url": "https://comptroller.texas.gov" }, "penalties": "Public-fund management statute; no private obligations." } ] }, { "slug": "us-wyoming", "name": "Wyoming", "iso": "WY", "region": "US State", "status": "comprehensive", "status_label": "Comprehensive", "headline": "The laboratory: SPDI banks, DAO law, and a state-issued stablecoin", "regulator": "Wyoming Division of Banking; Wyoming Stable Token Commission; Secretary of State", "url": "https://cryptocurrencyregulations.com/us-wyoming.html", "reviewed": "August 12, 2026", "instruments": [ { "id": "wy-spdi", "name": "Special Purpose Depository Institutions Act", "citation": "Wyo. Stat. § 13-12-101 et seq. (2019)", "year": "2019", "legal_force": "In force", "summary": "Charters full-reserve depository institutions serving digital asset businesses: custody with bailment treatment, no lending of customer deposits, and Division of Banking supervision; the model for crypto-native banking arguments nationally.", "source": { "label": "Wyoming Division of Banking", "url": "https://wyomingbankingdivision.wyo.gov" }, "penalties": "Unchartered banking activity violates Wyoming banking law." }, { "id": "wy-dao", "name": "DAO LLC law and DUNA", "citation": "Wyo. Stat. § 17-31 (2021); DUNA Act (2024)", "year": "2021–2024", "legal_force": "In force", "summary": "Recognizes DAOs as limited liability companies with member-managed or algorithmically managed governance, and (via the DUNA) as nonprofit associations able to contract, hold assets, and appear in court while remaining decentralized.", "source": { "label": "Wyoming Secretary of State", "url": "https://sos.wyo.gov" }, "penalties": "Entity-law consequences only; no penalty regime." }, { "id": "wy-wyst", "name": "Wyoming Stable Token Act and WYST", "citation": "2023; token launched August 2025", "year": "2023–2025", "legal_force": "In force", "summary": "Authorizes the Stable Token Commission to issue a fully backed, dollar-redeemable state stablecoin; WYST launched on multiple public chains in August 2025 with reserves in cash and Treasuries and earnings directed to the state school foundation program.", "source": { "label": "Wyoming Stable Token Commission", "url": "https://stabletoken.wyo.gov" }, "penalties": "Reserve and redemption duties bind the Commission by statute." } ] } ] }