Activity Atlas.
Turn the globe, or search a city. The light is the rulebook: sage where a statute is live, amber where it is still incoming or in consultation. A ring is live public TVL, and only when the feed has a record. Click for the products and the local rulebook.
Drag to turn. The light is the rulebook. A ring means the public feed has TVL.
Select a marker on the map to view dossier.
Rulebooks, in text.
Every desk, written out. The globe is the same set. A ring on the globe is live public TVL. These notes are the statute, not a market print.
London
United Kingdom
Digital Securities Sandbox is live. HSBC holds Gate 2 approval for a digital securities depository. DIGIT’s first transaction is still aimed by Q1 2027 on HSBC Orion, with an HSBC–LSEG depository link and an expected London listing. On 6 Oct 2026 HM Treasury appointed Barclays, HSBC, Lloyds, Morgan Stanley, NatWest and RBC Capital Markets as joint lead managers. The FSMA cryptoasset regime, including qualifying stablecoins, takes effect 25 Oct 2027. The FCA authorisation gateway opened 30 Sep 2026. Firms that intend to keep operating should apply by 28 Feb 2027. The Bank’s systemic sterling Code is still draft, to be finalised by end-2026.
- HM Treasury. DIGIT joint lead managers appointed — Barclays, HSBC, Lloyds, Morgan Stanley, NatWest, RBC; first transaction still aimed by Q1 2027
- FCA. Authorisation gateway opened. Apply by 28 Feb 2027, ahead of the 25 Oct 2027 regime
- BoE / FCA. Joint approach to systemic stablecoin issuers, once HM Treasury recognises them
- HM Treasury. DIGIT — first transaction by Q1 2027 on HSBC Orion; HSBC–LSEG link; expected LSE listing
- FCA. PS26/10 final stablecoin-issuance rules; DSS may use specified stablecoins as a settlement asset
- Bank of England. Systemic sterling policy statement and draft Code — consultation closed 22 Sep; final Code intended by end-2026
- FCA. Full UK cryptoasset regime takes effect. Gateway opened 30 Sep 2026; apply by 28 Feb 2027
Frankfurt
European Union
MiCA is the live crypto-asset statute. Grandfathering for firms already serving under national law ended 1 Jul 2026. Tokenised financial instruments stay under MiFID II / CSDR. The DLT Pilot is still a pilot: the Commission’s 2026 market-integration proposal would drop permission time limits and raise scale caps. It does not fold the pilot into the permanent rulebook. That question is pushed toward a 2030 review. The proposal is not yet law.
New York
United States
Tokenised securities remain securities. SEC staff confirmed the 1933/1934 Acts still apply. The GENIUS Act has been the federal payment-stablecoin statute since 18 Jul 2025. Implementing rules are proposed, not final. On 24 Sep 2026 the Federal Reserve asked for comment on two GENIUS proposals for Board-supervised issuers. The comment window runs 60 days from Federal Register publication on 29 Sep. Market-structure bills remain political.
Singapore
Singapore
Tokenised capital-market products stay securities under the SFA. Project Guardian is the industry rail. On 1 Sep 2026 MAS opened a consultation, closing 16 Oct 2026, to write its stablecoin framework into the Payment Services Act. BLOOM is the settlement workstream: tokenised bank liabilities, regulated stablecoins, and wholesale CBDC. There is still no separate tokenisation statute.
Hong Kong
Hong Kong
The Stablecoins Ordinance has been in force since 1 Aug 2025. HKMA licensed two issuers effective 10 Apr 2026: HSBC, and Anchorpoint (Standard Chartered, Animoca Brands and HKT) — not an HSBC joint venture. Anchorpoint’s HKDAP entered an institutional beta in August 2026 with HashKey and OSL. Retail access was not open. SFC secondary-trading expectations for tokenised authorised products sit on licensed VATPs.
- Anchorpoint. HKDAP institutional beta — first Hong Kong-regulated stablecoin issuance; retail not yet open
- HKMA / SFC. Guidance easing how licensed firms may deal in Relevant Stablecoins
- HKMA. First issuer licences: HSBC, and Anchorpoint (StanChart / Animoca / HKT)
- HKMA. Stablecoins Ordinance effective
Zurich
Switzerland
The DLT Act recognises ledger-based securities as a matter of Swiss law. FINMA licenses DLT trading venues. This is legal-form certainty, not a sandbox.
- Swiss Confederation. DLT Act — ledger-based securities
Dubai
United Arab Emirates
VARA (Dubai), DFSA (DIFC), FSRA (ADGM) and federal payment-token rules run in parallel. Real-estate and deposit tokenisation pilots are public.
- VARA / DFSA / FSRA. VASP licensing + tokenisation sandboxes
Tokyo
Japan
Fiat-referenced stablecoins are electronic payment instruments under the Payment Services Act. Further amendments took effect 13 Jun 2026. On 24 Aug 2026 the FSA removed the ¥1 million per-transaction cap on second-category providers. Tokenised securities stay inside FIEA. A national blockchain settlement system for stocks and government bonds is aimed at the early 2030s, not this cycle.
Seoul
South Korea
The amended Electronic Registration Act takes effect 4 Feb 2027 and recognises security tokens as electronic securities. Phase 1 is institutional private MMFs and bonds, unlisted shares through a trust, and public fractional securities. Phases for all public securities, then stablecoin-linked settlement, are not dated. On 1 Oct 2026 the FSC proposed the subordinate rules. Comments run 2 Oct–11 Nov 2026.
George Town
Cayman Islands
From 24 Mar 2026, mutual-fund and private-fund amendments recognise tokenised interests inside the existing fund statutes. Issuing those interests is not, by itself, a VASP virtual-asset issuance. The legal register remains the ownership record.
Vaduz
Liechtenstein
The Token and TT Service Provider Act treats the token as a legal container for rights. Useful for civil-law recognition, small market.
- Liechtenstein. TVTG — token as rights container
Sydney
Australia
The Corporations Amendment (Digital Assets Framework) Act 2026 received assent on 8 Apr 2026 and commences 9 Apr 2027. It brings digital-asset platforms and tokenised-custody platforms into the licensing regime. ASIC’s sector-wide no-action position ended 30 Sep 2026. From 1 Oct, a firm that needed a licence and had not met the conditions of that position is outside the relief.