CRYPTOGOV / REGULATION WATCH

Know what changed.
Understand what comes next.

Selected official milestones, with legal status, source dates and practical research steps. Connect the policy change to the jurisdiction and activity you are researching.

8 selected milestones8 jurisdictions covered1 Nov 2026 latest source review

1 milestones match · Status is recorded as of each review date. This is a selected editorial archive, not a live or exhaustive legal feed.

In forceHKMA

Hong Kong’s fiat-referenced stablecoin issuer regime is in force

Hong Kong implemented its regulatory regime for stablecoin issuers on 1 August 2025. The HKMA explains that the business of issuing fiat-referenced stablecoins within the regime is regulated and requires a licence. Licensing, supervision and AML guidance accompany the framework.

Source publication: 29 Jul 2025
Issuer regime commenced: 1 Aug 2025
Source reviewed: 1 Nov 2026

Practical impact

Stablecoin issuance is a distinct regulatory question from operating a virtual-asset trading platform. An exchange’s status does not itself prove that a token issuer holds the relevant permission, and an application claim should not be treated as an issued licence.

What to check

Identify the actual issuer, the token’s rights and the activity within scope. Check the HKMA’s current licensed-issuer register rather than relying on launch publicity or a historical application announcement. For a proposed issuance business, use the current licensing and supervision materials to prepare the project analysis.

HKMA — implementation announcement ↗HKMA — stablecoin framework and issuer register ↗

🇭🇰 Hong Kong guide →

FORWARD CALENDAR

Upcoming milestones

28 Feb 2027UK crypto authorisation application window closes in February 2027Relevant application period closes 25 Oct 2027UK’s new cryptoasset regime is scheduled for 25 October 2027New regime start 31 Dec 2027MiCA sets a 2027 white-paper deadline for specified legacy admissionsSpecified legacy white-paper deadline

Dates reflect cited publications at review. Confirm subsequent changes with the authority before acting.

READ THE STATUS

Four distinct meanings

In force: The cited measure has reached its stated effective date.
Upcoming: A future commencement or milestone stated in the source.
Proposal: A consultation or proposal, not an enacted requirement.
Guidance: An explanatory publication; its publication date is not necessarily a new rule’s start date.

FROM RULE TO RESEARCHVerify an exchange →Business permission guides →Tax recordkeeping guides →UAE Licence Tracker →

How this desk works

Each record separates the source’s publication date, the relevant effective date or milestone, and the date CryptoGov reviewed it. Practical impact and next steps are editorial research prompts. An effective-date label applies to the stated measure, not to every service offered in a jurisdiction.

We link to regulators and other primary authorities. A blank date is left unspecified instead of inferred. Country coverage is selective, and records are not automatically refreshed. Check the current official text and later amendments for the service, customer location and entity involved.