Skip to main content

Global Regulatory Radar

2026 Q2 Focus: Stablecoins & VASP Licensing​

🇭🇰 Hong Kong (SFC/HKMA)​

  • Stablecoin Issuers: HKMA has granted first batch of licenses (HSBC, Standard Chartered). Requirement: 1:1 reserve in HKD or high-liquid assets.
  • VATP Transition: SFC deadline for non-licensed exchanges to exit HK market was May 31, 2025. Current focus is on Shared Order Book regulations.

🇪🇺 European Union (MiCA)​

  • Transaction Limits: 200m EUR daily limit for non-euro stablecoins is in effect.
  • CASP Licensing: Shift from local registrations to unified MiCA licenses.

🇸🇬 Singapore (MAS)​

  • Travel Rule: Strict enforcement on transactions > 1500 SGD.
  • Custody Rules: New mandates for segregation of retail assets.

Last Updated: 2026-05-02