Stablecoin regulation, jurisdiction by jurisdiction
How stablecoins are regulated across twelve jurisdictions: the authorisations required, the companies that hold them, and the rules changing around them. Each jurisdiction has its own detailed page.
The jurisdictions
- Capital
- EUR 20,000 to EUR 5m
- Decision
- 25 + 40 working days
- Capital
- None set
- Decision
- 120 days
- Capital
- AED 100,000 to AED 15m
- Decision
- Not published
- Capital
- US$2,000
- Decision
- Not published
- Capital
- None set to GBP 350,000
- Decision
- 3 months
- Capital
- US$100,000
- Decision
- Not published
- Capital
- S$100,000 to S$1m
- Decision
- Not published
- Capital
- None set
- Decision
- Not published
- Capital
- BD 25,000 to BD 300,000
- Decision
- Not published
- Capital
- HK$5m to HK$25m
- Decision
- Not published
- Capital
- BRL 10.8m to BRL 37.2m
- Decision
- Not published
- Capital
- UDIS 5m
- Decision
- 180 days
Capital figures are shown in each jurisdiction's own currency and are not converted. Ranges run from the lowest minimum on the jurisdiction page to the highest. “None set” means at least one relevant authorisation has no stated capital requirement; it does not mean the jurisdiction has no capital requirements.
What every regulator decides next
The next dated regulatory developments across every jurisdiction, ordered by date. Each links to the full entry on its jurisdiction page.
- Mid-September 2026 The Federal Decree Law 6 transition period endsThe law closes the argument that a protocol sits outside the perimeter simply because it is code.
- 30 September 2026 The MiCA review consultation closesThe consultation covers multi-issuance, DeFi, staking, and whether the current CASP classes should remain unchanged.
- 30 September 2026 to 28 February 2027 The FCA's application window for the FSMA cryptoasset regimeIt is a window, not an opening. A firm that misses 28 February 2027 does not have a permission in place when the regime starts on 25 October 2027.
- 16 October 2026 MAS consults on the Payment Services Act amendments for stablecoinsUntil the Act is amended, the single-currency stablecoin framework remains a set of published expectations rather than a licence. This consultation is the step that could turn it into one.
- 29 October 2026 The authorisation window for existing operators closesAn existing operator that misses the window loses its transitional route and must apply as a new entrant. For a foreign entity, the process is reported to take up to two years.
- By end 2026 Whether a third-country stablecoin can be fungible with its EU twinThe outcome will determine whether the largest dollar stablecoins can be offered in the EU at all, or only through separately reserved EU issuance.
- Expected in 2026 PSD3 and the PSR reach the Official JournalE-money institutions become a sub-category of payment institutions. Existing EMIs will need to transition to the new category during the implementation period.
- Target: end 2026 Digital euro trilogues aim to concludeA public euro rail distributed through banks, payment firms and regulated crypto firms changes the commercial case for a private euro e-money token.
- Pending Whether any state regime is certified in timeIf no state is certified before the Act takes effect, issuance would have to use the federal route, making the $10 billion state ceiling irrelevant.
- Vote indicated for 2026 The CLARITY Act and the spot-market gapIt would create CFTC-registered digital commodity exchanges and clarify which regulator oversees spot trading. Until then, exchanges operate inside an SEC and CFTC perimeter that has never been clearly drawn.
- Expected in 2026 The Bank of England's systemic stablecoin rulesA sterling stablecoin that reaches systemic scale moves from FCA authorisation into the Bank of England's regime, with separate banking and capital requirements.
- Late 2026 to 2027 A Fintech Law reform covering crypto-assets and open financeThe current route to a licence averages about two years. A streamlined licensing tier is the single change that would move that figure.
- 18 January 2027 The GENIUS Act takes effect, rules or no rulesFrom that date, issuing dollar stablecoins in the US without Permitted Payment Stablecoin Issuer status is prohibited. No firm holds that status yet.
- 25 October 2027 The FSMA cryptoasset regime takes effectEvery UK cryptoasset firm on this page has to be authorised, not just registered, by that date.
Questions this page answers
How many companies hold stablecoin-related authorisations worldwide?
Atlas tracks 989 authorisations across 698 companies and 12 jurisdictions, based on 14 official registers. The jurisdiction pages above cover the full set.
Which jurisdiction has the most licensed stablecoin businesses?
European Union. It accounts for 39 percent of all authorisations tracked, around 2.7 times the US total. Its passporting system also makes a single national authorisation usable across the wider EEA.
Which jurisdiction is cheapest to be licensed in?
There is no clean answer. Capital requirements range from nothing to tens of millions, and currencies differ widely. A low floor can also mean an AML registration rather than a full operating licence. In practice, the time and scope of the authorisation matter more than the headline capital number.
Which regulator decides fastest?
Among jurisdictions that publish a formal decision period, the EU is the shortest on paper: 25 working days for the completeness check and 40 for the decision. In practice, applicants report six to nine months because the statutory clock starts only once the file is complete. Most regulators on this page publish no formal period.
Does a licence in one jurisdiction work in another?
Usually not. The main exception is the EU and wider EEA, where certain authorisations can be passported across member states. Elsewhere, a company operating in several jurisdictions generally needs a separate authorisation in each.
What is coming next in stablecoin regulation?
The next major dates are set out above. The nearest are the end of the UAE's transition period in mid-September 2026, the close of the EU's MiCA review consultation on 30 September, and the opening of the FCA's application window on the same day.
The official registers listed on each jurisdiction page. Where no public register is available, records are taken from company reporting and identified as such.
Checked daily. Changes are recorded when they appear in the register, together with the date they were first seen. Last checked 9 September 2026.
10 September 2026. Counts are refreshed daily. Licence terms, capital requirements and decision periods are dated separately because they come from the underlying rules, not the register itself.