Asia-Pacific Regulation

The Monetary Authority of Singapore's stablecoin framework regulates single-currency stablecoins pegged to the Singapore Dollar or G10 currencies. Issuers must maintain 100% reserve backing, provide daily valuation, and ensure redemption at par value within five business days.

Japan's amended Payment Services Act restricts stablecoin issuance to licensed banks, money transfer agents, and trust companies. The framework prioritizes financial stability with strict reserve requirements and clear separation between issuers and intermediary service providers.

Hong Kong's stablecoin framework establishes a licensing system for fiat-referenced stablecoin issuers under the HKMA. It requires full reserve backing with high-quality liquid assets, regular audits, and robust risk management practices for both HKD and foreign currency stablecoins.

South Korea's Virtual Asset User Protection Act establishes comprehensive oversight for virtual asset service providers. The framework includes investor protection measures, market integrity rules, and provisions for stablecoin regulation as part of the broader digital asset ecosystem.

Australia's token mapping exercise aims to classify crypto-assets within the existing regulatory framework. Treasury is developing guidance on how different token types, including stablecoins, fit within current financial services laws and identifying where new regulations may be needed.