🇺🇸 United States – GENIUS Act
On July 18, 2025, President Trump signed the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act), which provides the first federal legal framework for stablecoins, allowing banks and licensed non-bank entities to issue them, requiring full reserve backing with liquid reserves and monthly asset disclosure.
The law notes joint supervision between federal and state entities, prohibiting the operation of stablecoins with yield, and prevents members of Congress from profiting from the currency – but does not cover the president.
Some experts have called it a "big breakthrough" for the digital currency sector in the United States.
> Officially: Full reserves, monthly balance sheet disclosure, high quality of surplus, and transparency.
Accompanied by the STABLE Act (pending) which imposes further oversight, and the CLARITY Act which transfers supervision to the CFTC, and the Anti-CBDC Act which opposes the issuance of a central digital currency.
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🇪🇺 European Union – MiCA
MiCA entered into force on December 30, 2024, and classifies currencies into EMT (stablecoin linked to a single currency) and ART (linked to multiple assets), imposing strict reserve requirements, licensing, periodic disclosure, and a ban on interest on balances.
Aims to protect consumers and prevent manipulation, and enhances European leadership in the regulatory framework.
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🌏 Asia
Singapore: Issued a framework in August 2023 requiring full support, disclosure, and redemption within 5 days.
Hong Kong: Stablecoin regulation begins on August 1, 2025, including strict licensing and exclusion of small companies (fewer than 10 licenses).
Japan and South Korea: Japan is regulated since June 2023 under PSA; and Korea has included the framework in the Digital Assets Act 2025.
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🏦 Middle East and Latin America
UAE (ADGM/DFSA): Recognized USDT and Dirham, stablecoin algorithms are prohibited and must be armored 1:1.
Brazil: Requires 1:1 support with the real, and proposes a ban on transfers to private wallets.
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🔍 Why are these legislations important now?
1. Enabling the reliability of Bitcoin/Ether as a means of payment instead of a speculative tool.
2. Reducing liquidity risks and reserves through direct reserves and high liquidity.
3. Supporting the financial dominance of countries: such as enhancing the role of the dollar despite competition from the euro or the yuan.
4. Integrating the banking sector with digital currencies in a regulated manner, opening the way for traditional financial institutions.
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🔑 Summary
Region Legislative Status Key Features
🇺🇸 United States GENIUS Act effective from July 18 Full reserve support, monthly disclosure, federal-state oversight
🇪🇺 European Union MiCA implemented since December 2024 Comprehensive licensing, EMT/ART classification, periodic disclosure
🌏 Asia Singapore – 2023, Hong Kong – August 2025 Licenses, full support, progressive regulatory framework
🏦 Middle East The UAE implements a framework starting in 2024 Full support, ban on algorithms, regulated market
🌎 America excluding Brazil – Starting organization, prevents currencies outside the central framework Direct support and maintaining oversight
