#StablecoinLaw
🌐 Global Stablecoin Regulatory Landscape (as of 2025)
🇺🇸 United States – Clarity in Progress
Proposed Bills:
Clarity for Payment Stablecoins Act (2023, ongoing refinement)
Key points:
Stablecoin issuers must be regulated entities (banks or licensed non-banks)
Must maintain 1:1 reserves (cash or short-term Treasuries)
Audit requirements for transparency
Ban on algorithmic stablecoins for payment use
Regulatory Bodies Involved:
Federal Reserve, SEC, CFTC, OCC
Treasury and Fed have called for Congress to establish a comprehensive framework
---
🇪🇺 European Union – MiCA Regulation
Markets in Crypto-Assets (MiCA): Effective 2024–2025
Covers asset-referenced tokens (ARTs) and e-money tokens (EMTs)
Requirements:
Authorization from EU regulators
Capital and liquidity requirements
Whitepaper disclosure
Strict reserve and redemption rules
Restrictions on non-EU issuers unless compliant
---
🇬🇧 United Kingdom
Financial Services and Markets Act 2023
Brings stablecoins under Bank of England and FCA oversight
Focus on using stablecoins for payments
Emphasis on operational resilience and consumer protection
---
🇸🇬 Singapore
MAS (Monetary Authority of Singapore):
Issued regulatory framework (2023–24) for single-currency stablecoins (SCS)
Key rules:
Issuers must meet reserve, redemption, audit and capital standards
Applies to stablecoins pegged to SGD or G10 currencies
---
🇯🇵 Japan
Passed a law in 2022 that went into effect in 2023
Requires stablecoins to be fully backed by fiat and issued by licensed entities (e.g., banks)