Every bill we’re tracking

One of the first state-level bills in the U.S. to directly regulate stablecoin issuance. Establishes requirements for stablecoin issuers operating in Arizona, including reserve and licensing provisions.

Pending legislation that would create a dedicated licensing regime for digital asset businesses in Illinois, administered by the Illinois Department of Financial and Professional Regulation (IDFPR). Represents a significant expansion of Illinois's digital asset regulatory framework.

HM Treasury proposed targeted amendments to the 2026 cryptoasset regulations to provide greater certainty for stablecoin payment services and remove barriers to certain use cases before the full regime commences.

The FCA opened consultation on how firms should interpret and prepare for the future regime covering activities such as issuing qualifying stablecoin, with applications for authorisation expected to open from September 2026.

The HKMA granted the first two licences under the Stablecoins Ordinance, moving the regime from rulemaking into live supervision of licensed issuers.

The federal Stablecoin Act creates a new framework for fiat-backed stablecoin issuance by non-financial institutions, to be supervised by the Bank of Canada, with reserve, redemption, governance and security requirements to be filled in through follow-on regulation.

Indonesia's Presidential Regulation on AI Ethics — reported ~90% complete and awaiting President Prabowo's signature as of Q1 2026 — formalises the Stranas KA 2020–2045 as binding, introduces AI-content labelling, risk-tier safeguards and priority-sector obligations (health, education, food, mobility, public administration). Detailed enforcement will follow through sectoral regulations.

Companion Presidential Regulation elevating Indonesia's AI Roadmap (2020–2045) into binding national policy, setting priority sectors, workforce targets and sovereign-infrastructure ambitions. After publication, ministries must draft their own sectoral AI guidelines within an implementation window.

A binding Presidential Regulation on AI under development by Komdigi, intended to formalize Indonesia's National AI Roadmap and ethics guidelines into law; the draft covered AI safety, ethical use, sector-specific applications, and a Sovereign AI Fund framework. As of early 2026, the regulation had been submitted to the State Secretariat for harmonization but had not yet been enacted.

The 2026 Regulations establish the UK's new cryptoasset regulatory perimeter, including issuance of qualifying stablecoin, but the regime will only come into force in October 2027.

Taiwan's 2026 draft budget includes over NT$30 billion (US$950 million) for the '10 major AI projects' industrial plan, with total potential multi-year investment over NT$100 billion (US$3.2 billion). The programme operationalises the AI Basic Act's compute-infrastructure mandate alongside TSMC-anchored semiconductor support.

Enacted December 23, 2025 and promulgated January 14, 2026, this 20-clause principles-based law designates the National Science and Technology Council as the central AI authority and mandates the Ministry of Digital Affairs to develop a risk-classification framework aligned with international standards. It enshrines seven core principles — sustainability, human autonomy, privacy and data governance, cybersecurity, transparency, fairness, and accountability — and requires public-sector AI risk assessments and labor-displacement safeguards, while imposing no direct obligations on the private sector.

Effective January 2026, Taiwan Power Company implemented tiered electricity tariffs that reward data centers achieving a Power Usage Effectiveness (PUE) below 1.3 and impose surcharges above 20% on inefficient operators, while discouraging large-scale northern campuses due to transformer shortages and urging operators to relocate to central and southern Taiwan. The utility is simultaneously drafting broader guidelines on grid stability safeguards as AI data center electricity demand is projected to grow 50% or more, and a 2025 moratorium on new connections over 5 MW north of Taoyuan is extending commissioning schedules by 6–12 months.

On 23 December 2025 Taiwan's Legislative Yuan passed the AI Basic Act, establishing a national risk-based governance framework. Clause 13 mandates government development of hyperscaler data centres and cloud platforms to make Taiwan a top-three Asian compute hub, supported by budgets, subsidies, investment and tax incentives for AI R&D and infrastructure.

Launched December 2024 as a joint venture between Indosat Ooredoo Hutchison, Lintasarta and BDx Data Centers, Indonesia's first sovereign AI data centre — powered by NVIDIA accelerated computing — is now the de-facto reference facility for the government's sovereign-compute strategy referenced in the 2026 Perpres package.

ASIC finalised additional relief that lets intermediaries deal in eligible stablecoins and wrapped tokens without needing separate market, clearing or financial-services licences solely because the token is itself a financial product, while keeping disclosure and record-keeping conditions in place.

Introduction of Bill C-15 moved Canada from discussion to legislation by proposing a dedicated federal statute for fiat-backed stablecoins, rather than relying only on securities-platform conditions and general payments law.

Passed by the Legislative Yuan on October 17, 2025 and promulgated on November 11, 2025 (effective date to be set by the Executive Yuan in 2026), this amendment establishes the Personal Data Protection Commission as an independent supervisory authority and aligns Taiwan's regime with GDPR standards, including mandatory breach notification to both data subjects and regulators, and a new Data Protection Officer requirement for government agencies. The amendment directly intersects with AI data-pipeline obligations under the AI Basic Act.

Binding technical standards issued jointly by ESMA and EBA under MiCA, covering reserve asset composition, custody arrangements, interoperability protocols, orderly wind-down plans, and marketing communications for EMT and ART issuers. Final packages published in batches through 2025, providing detailed compliance requirements for issuers across all 27 EU member states.

Indonesia's comprehensive data protection law, modeled in part on the GDPR, which became fully enforceable on October 17, 2024 after a two-year transition period. It covers all personal data processing within and outside Indonesia that has legal effect on Indonesian citizens, with administrative fines up to 2% of annual revenue and criminal penalties up to six years imprisonment for violations; however, implementing regulations and the dedicated PDP Agency remain under development as of April 2026.

ASIC proposed amending Instrument 2025/631 so intermediaries could distribute a second named stablecoin issued by an AFS-licensed issuer, signalling that any expansion of relief would still be handled instrument-by-instrument under existing law.

The first stablecoin-specific ASIC relief exempts intermediaries from separate AFS, market and clearing licences when they are only dealing in a specified stablecoin issued by an AFS licensee, provided retail disclosure conditions are met.

Provides additional guidance on corporate object requirements for entities applying to register as Virtual Asset Service Providers (PSAVs).

The HKMA and SFC warned the market against premature marketing claims and reminded firms that no one could hold themselves out as licensed or applying for a licence unless that was true under the Ordinance.

Cap. 656 and the associated HKMA supervision and AML/CFT guidelines entered into force, making licensing mandatory for in-scope fiat-referenced stablecoin issuance activities.

Introduces regulatory framework for tokenization of publicly offered securities under CNV oversight.

The commencement notice fixed 1 August 2025 as the date the new licensing regime would begin operating.

Following passage by LegCo, the Stablecoins Ordinance was gazetted as Cap. 656, formally creating the statutory licensing framework.

The FCA's 2025 consultations set out the conduct, safeguarding and prudential approach it expected to apply to stablecoin issuance and cryptoasset custody under the future UK framework.

CNV requires PSAV registration and deregistration filings to be submitted via the TAD digital platform.

The HKMA published draft supervisory and AML/CFT guidance to explain how stablecoin issuers would need to meet reserve, redemption, governance and financial-crime controls under the new law.

Legislative passage created a dedicated Hong Kong licensing regime for fiat-referenced stablecoin issuers, including reserve segregation and redemption-at-par requirements.

HM Treasury published draft statutory provisions for the new cryptoasset regime, including the proposed regulated activity of issuing qualifying stablecoin and the definition of backing assets.

The Payward Canada decision confirms the CSA's interim approach: platforms may support VRCAs only if the token is fiat-referenced, redeemable at par, backed by segregated high-quality reserve assets and subject to disclosure and custodial safeguards.

Establishes the registration regime and ongoing compliance obligations for Virtual Asset Service Providers in Argentina.

Advances Colorado's fintech regulatory framework, including provisions applicable to digital asset and stablecoin businesses operating under money transmission rules. No dedicated stablecoin statute; compliant stablecoins may operate under the existing framework.

The EU's comprehensive stablecoin and crypto-asset framework, fully in force from 30 December 2024. E-money tokens (EMTs) must be issued by licensed EMIs with 1:1 fiat reserves in segregated accounts and a 5-business-day redemption guarantee. Asset-referenced tokens (ARTs) face stricter capital and liquidity requirements. Algorithmic stablecoins without full redeemability are banned. High-volume tokens designated "significant" are subject to direct EBA oversight; ESMA and EBA jointly issue binding regulatory technical standards.

EU-wide framework for asset-referenced tokens and e-money tokens, including licensing, reserve, redemption, governance, white paper and supervisory requirements.

MiCA provides Belgium's stablecoin regime for EMTs and ARTs, including authorisation, reserves, redemption, white papers and supervision.

MiCA applies directly in Bulgaria and regulates EMT and ART issuance, public offers and admission to trading.

EU stablecoin framework for EMTs and ARTs, directly applicable in Cyprus.

Directly applicable EU regime for stablecoin issuance and trading in Czechia.

EU stablecoin rules for EMTs and ARTs, including authorisation, prudential requirements and investor protections.

EU regime for stablecoin issuance and crypto-asset service provision, directly applicable in Estonia.

Directly applicable EU stablecoin framework for EMTs and ARTs.

EU-wide regulation covering stablecoin issuance, public offers and trading admission.

Directly applicable EU stablecoin regime covering EMTs and ARTs.

EU framework for stablecoins and crypto-asset service providers, directly applicable in Latvia.

EU stablecoin framework for EMTs and ARTs, directly applicable in Lithuania.

A non-binding ministerial circular issued in December 2023 that establishes an ethical code of conduct for all public and private electronic system operators engaging in AI-based activities in Indonesia, covering principles such as inclusivity, data protection, IP rights, and safety. It serves as the interim regulatory framework for AI pending the enactment of a binding Presidential Regulation on AI, which was still being finalized as of early 2026.

Establishes a licensing regime for digital financial asset businesses in California, including stablecoin issuers and exchanges, administered by the Department of Financial Protection and Innovation (DFPI). Licensing requirements took effect July 1, 2025.

Expands Florida's Money Transmitters Act to cover virtual currency businesses, requiring licensing for digital asset transmission and establishing consumer protection standards. Signed into law in 2023.

Regulatory guidance and licensing requirements from the Florida Office of Financial Regulation for money transmitters, including virtual currency businesses operating in Florida.

Establishes the Wyoming Stable Token Commission and authorizes the issuance of WYST, a USD-backed stable token. Reserves are held 1:1 in U.S. government securities or cash equivalents. The only U.S. state law explicitly authorizing government issuance of a stablecoin.

NYDFS binding guidance requiring USD-backed stablecoins to maintain 1:1 reserves, undergo independent monthly audits, and guarantee unconditional redemption at par.

Pending New Jersey legislation advancing a dedicated digital asset regulatory framework. Represents the state's push toward formal licensing and consumer protection rules for digital asset businesses, including stablecoin issuers.

Amends the Texas Uniform Commercial Code to formally define "virtual currency" and establish legal frameworks for owning, securing, and controlling digital assets. Enables security interests in cryptocurrency to be perfected, allowing crypto to be used as collateral and providing legal certainty for crypto-related businesses. Effective September 1, 2021.

Ongoing regulatory guidance from the Texas Department of Banking on virtual currency businesses operating in the state, including licensing and consumer protection expectations.

Requires money transmission licenses for businesses transmitting funds, interpreted to cover virtual currency exchangers and stablecoin issuers operating in Illinois.

Illinois statutory framework governing digital asset activity, establishing baseline consumer protection and regulatory requirements for digital asset businesses.

Washington's money transmission law, interpreted to cover virtual currency and stablecoin businesses. Requires licensing from the Washington State Department of Financial Institutions for entities transmitting digital assets, including stablecoin issuers and exchangers. No dedicated stablecoin statute exists.

Egypt restricts issuing, trading, promoting, or operating platforms for cryptocurrencies without Central Bank of Egypt approval, and no open stablecoin issuer framework is available.

Egypt restricts issuing, trading or promoting cryptocurrencies and related platforms without Central Bank approval, and no stablecoin issuer framework has been opened.

Algeria prohibits the purchase, sale, use, and holding of virtual currency, leaving no domestic pathway for private stablecoin issuance or payment use.

Algeria prohibits the purchase, sale, use and holding of virtual currency, leaving no domestic pathway for stablecoin issuance or payment use.

Establishes a licensing regime for virtual currency businesses operating in New York, including reserve, capital, and consumer protection requirements.