Global Crypto Regulatory Tracker

Law 14.478/2022 framework operational. BCB Resolution 4.943 governing VASPs in force. DREX (Brazil CBDC) pilot extended to tokenized deposits and government bonds in 2026.

MiCA fully effective. ESMA Q1 2026 implementing technical standards published. First enforcement actions against unlicensed CASPs underway across France, Germany, and Ireland.

Stablecoin Ordinance effective Aug 2025, HKMA licensing regime live with first FRS issuers approved Q1 2026. SFC tokenized fund and ETF framework operational. VATP licensing regime in steady state.

FSA reclassified crypto under Financial Instruments and Exchange Act in 2026 reform package. Stablecoin issuance by trust banks (Mitsubishi UFJ, MUFG Progmat Coin) live. Tokenized bond market continues to expand.

DTSP framework operational since Jun 30, 2025. MAS Project Guardian expanded to cross-border tokenized FX and bond settlement in 2026. Revised tokenization guide for capital markets products in force.

VAUPA in force since Jul 2024. Phase 2 Digital Asset Basic Act introduced in National Assembly Q1 2026, covering issuance, stablecoins, and security tokens. STO institutional pilots active.

DLT Act fully operational. FINMA expanded staking and tokenized deposit guidance in 2026. SDX continues to lead tokenized bond issuance volumes in EMEA.

ADGM FSRA framework expanded with tokenized real-estate and fund regime updates 2026. CBUAE Dirham-backed stablecoin AE Coin licensed and live. VARA in Dubai aligning with federal framework.

GENIUS Act (stablecoin oversight) signed Jul 2025, in force. CLARITY Act passed House Jul 2025, Senate markup completed Q1 2026, floor vote expected Q2 2026. SEC rescinded SAB 121, issued tokenized securities guidance Feb 2026. SEC Chair Atkins continues crypto-friendly reforms.