Stablecoin dokar duniya da GENIUS Act

A stablecoin ne crypto-assets da aka tsara don rike da wani m daraja a kan wani alamar dukiya, mafi yawan lokaci daya kudi na ofishin. Saboda fiat-backed stablecoins aiki kamar kudi dijital, masu kula da yawa suna kula da su masu fitarwa fiye da kamar e-dalar hukumomi ko ƙunshi bankuna fiye da irin kamfanonin fasaha.

Wannan jagora ya kwatanta manyan dokokin masu fitarwa a waje da Amurka kuma ya bayyana dalilin da yasa Amurka GENIUS Act ke da tasiri a gefen iyakokin Amurka. Ba ta bayyana yadda za a samu lasisin Amurka ba. Don musayar crypto, masu kulawa da ma'aikata a cikin EU, duba jagora daban-daban akan masu bayar da sabis na crypto-asset a ƙarƙashin MiCA.

Layin farko na duniya

A watan Yuli 2023, kwamitin tabbatar da tsaron kudi ya wallafa Ƙaramar hukuma. Biyu daga cikinsu halitta kusan kowane tsarin kasa. Masu amfani ya kamata su sami wani mai ƙarfi doka bukatar a kan mai fitarwa tare da lokaci-lokaci fansa, a daidaitacce a cikin fiat ga daya kudi stablecoins. Kuma wani tsari ya kamata ya cika dukkan bukatun da za a iya aiwatar da wata doka kafin ta fara aiki a can.

Hukumomin kasa da kasa sun hadu a kan wani abu daya:

Buƙata	EU (MiCA, EMT)	Hong Kong	Singapore (framework)	UK (FCA rules)	UAE (CBUAE)
Wane zai iya fitarwa	Banks da e-money institutions	Masu fitar da lasisi (kamfani na gida ko cibiyar da aka amince)	MAS-regulated issuers	FCA-authorised UK issuers	Masu bayar da takardar izinin biyan kuɗi ko masu rajista
Reserve backing	Kudin da aka kare; aƙalla 30% a cikin ajiyar banki	Riƙe ƙungiya mai daidaita da kimar par	Asusun ajiyar da aka riƙe a kan ƙa'idodi masu tsauri	Ƙarfafa dukiyar a karkashin amincewa ta doka	Saita ta hanyar ƙa'ida
Redemption	A kõwane lõkaci, a kan daidaita, bãbu wata harãja.	A cikin 1 rana ta aiki	A cikin kwanakin aiki 5	Da ƙarshen yini na aiki na gaba (T+1)	Saita ta hanyar ƙa'ida
Akwai sha'awa ga masu mallaka	Bantacce	Bantacce	An yi shawara kan hana (2026)	Mai fitarwa ba zai iya wucewa a kan kudin shiga na tallafawa dukiya ba	Bantacce

A tebur ne mai cikakken bayani. Kowane tsarin da ke da dokoki game da halatta ajiya dukiya, tsare-tsaren, bincike da kuma bayyanar da aka tattauna a kasa.

European Union: e-money tokens and asset-referenced tokens

MiCA, Regulation (EU) 2023/1114, an yi amfani da su ga stablecoins tun daga 30 Yunin 2024. Yana raba su zuwa nau'i biyu. An e-money token (EMT) ya danganta da darajar wata kuɗin kudi na hukuma. A asset-referenced token (ART) ya danganta da duk wani sauran daraja ko hakki, ko kuma haɗuwa, kamar kwalban kuɗaɗe ko kuma kayan aiki.

E-money tokens. A karkashin Sashe na 48, kawai wata cibiyar bashi ko wata cibiyar kudi ta lantarki za ta iya ba da EMT ga jama'a ko neman shigarta don kasuwanci, kuma dole ne ta farko ta sanar da takardar fari. EMTs ana ɗaukar su a matsayin kuɗi na lantarki. Sashe na 49 yana ba masu mallakar wani zargi game da mai fitarwa kuma ya buƙaci fitarwa a kan karɓar kuɗaɗe da biyan kuɗi a kowane lokaci, a kan par da ba tare da kudin shiga ba. Sashe na 54 ya buƙaci kashi 30% na kuɗaɗen da aka karɓa su kasance a cikin asusun daban-daban a cibiyoyin bashi, tare da sauran a cikin amintacce, haɗari mai ƙaranci, kayan aiki masu yawa a cikin kuɗin waje guda.

Asset-referenced tokens. An ART mai fitarwa dole ne ya zama wani EU hukuma mutum da aka amince a karkashin Sashe na 21 ko wata cibiyar bashi (Sashe na 16). Ya kamata ya rike kansu kudade na mafi girman daga EUR 350,000, 2% na matsakaicin ajiyar, ko kuma wani kashi na daidai overheads (Sashe na 35), da kiyaye wani ajiya doka raba daga kansa mallakar (Sashe na 36).

Interest ban. Articles 40 and 50 ban issuers and CASPs from granting interest on ARTs or EMTs. Any benefit linked to how long a holder keeps the token counts as interest

Limits on non-euro use. Article 23requires an ART issuer to stop issuing if estimated use as a means of exchange within a single currency area exceeds 1 million transactions and EUR 200 million a day on a quarterly average. Article 58(3) applies the same mechanism to EMTs denominated in a currency that is not an official currency of a Member State. That provision matters for US dollar stablecoins circulating in the EU.

Significant tokens. Tokens da suka wuce haddi kamar 10 miliyan masu mallaka ko EUR 5 biliyan a cikin daraja, a cikin sauran sharudda a Sashe na 43, za a iya rarrabe su a matsayin muhimmanci kuma aka kula da su ta hanyar EBA. Ga muhimmancin ARTs, kashi na kudin kansu ya tashi daga 2% zuwa 3% na ajiya (Sashe na 45(5)).

Hong Kong: wani tsarin lasisi a karkashin Stablecoins Ordinance

Hong Kong’s Stablecoins Ordinance (Cap. 656) ya fara aiki a ranar 1 Agusta 2025. Fitar da stablecoins na fiat-referenced yanzu wani aiki ne mai kulawa wanda ke buƙatar lasisin daga HKMA.

A cewar HKMA’s Explanatory Note on Licensing, lasisi ana buƙata don fitar da wani stablecoin a Hong Kong, ko kuma don fitar da ɗaya a duk inda yake magana game da dala ta Hong Kong.

• Local incorporation. The applicant must be a Hong Kong company or an authorized institution incorporated outside of Hong Kong. Foreign non-bank groups must set up a local subsidiary.
• Capital. Non-bank applicants need paid-up share capital of at least HKD 25 million, or other financial resources approved by the HKMA.
• Reserves. Kowane nau'in stablecoin yana bukatar ajiyar ajiyarsa na musamman, wanda aka riƙe da wani mai kulawa mai kwarewa. Kudin kasuwansa dole ne a duk lokacin ya zama daidai da darajar kuɗin da ke cikin tafiya, tare da daidaitacce kan-kolateralization, kodayake a cikin kuɗin kuɗi guda ɗaya.
• Redemption. Holders must be able to redeem at par. Valid requests should normally be processed within one business day.
• Bãbu riba. Mai lasisi bai kamata ya biya ba, ko kuma ya yarda a biya shi, wata riba a kan stablecoins ɗinsa, kuma kudaden shiga daga kula da ajiyar ana danganta su ga mai fitarwa.

HKMA ya karɓi 36 aikace-aikace a cikin farkon sa. A 10 Afrilu 2026 ta ba da lasisi na farko biyu, ga Anchorpoint Financial Limited, wani kamfani na Standard Chartered Bank (Hong Kong), HKT da Animoca Brands, da kuma The Hongkong and Shanghai Banking Corporation. Dukkansu suna shirin fitar da Hong Kong dollar stablecoins farko. An zaɓa sakamakon alamun cewa HKMA yana kula da wannan kamar wani babban bar, kusa da bankin lasisi fiye da rajista.

Singapore: daga tsari zuwa dokoki

Hukumar Kula da Kudi ta Singapore ta kammala tsarin stablecoin a ranar 15 ga Agusta, 2023. Yana da amfani ga stablecoins na kudi guda daya wanda aka haɗa shi da dala ta Singapore ko wata kudade ta G10 kuma aka fitar da ita a Singapore. Masu fitarwa dole ne su cika ka'idojin ajiya, jarin da bayyanawa da dawo da darajar par cikin kwanakin kasuwanci biyar na neman biyan kuɗi.

A ranar 1 ga watan Satumba na shekarar 2026 MAS an bude wata shawarwari, wanda za a rufe shi a ranar 16 ga watan Oktoba na shekarar 2026, kan gyaran dokar Ayyukan Biyan Kudade ta 2019 domin sanya tsarin cikin doka.

• a gane da adadi mai iyaka na stablecoins da aka fitar daga kasashen waje wanda aka tsara a karkashin wani tsari na kasashen waje;
• • Yiwa stablecoins da aka fitar ta hanyar Singapore da masu fitarwa na waje damar zama masu kulawa a karkashin MAS inda ake rage haɗarin;
• hana biyan riba a kan stablecoins masu kulawa da MAS;
• da bukatar gwajin nauyi, dawowa da kuma tsari wind-down shirye-shirye, da kiyayewa na kuɗin abokin ciniki karɓa kafin fitarwa.

Tattaunawar ba ta sanya wata rana don dokoki. Masu neman aiki za su yi amfani da tsarin 2023 a matsayin bayanin yanzu na MAS tsammanin.

United Kingdom: dokoki na ƙarshe a gaban fara 2027

The UK tana kula da fitarwa stablecoin a karkashin Financial Services da Markets Act 2000, ta hanyar Cryptoassets Regulations 2026 (SI 2026/102). FCA's policy statement PS26/10 sets final rules for non-systemic UK-issued qualifying stablecoins. These cover issuance, backing assets, redemption, safeguarding and disclosure, and are set to come into force on 25 October 2027 with the rest of the new crypto regime.

Key features of the FCA rules include backing assets held under a statutory trust, an allowed excess of up to 5% in the backing asset pool, and redemption by the end of the next business day. The T+1 clock now starts once know-your-customer checks are complete. Issuers may not pass interest or income from the backing assets to holders, although third parties may pay their own customers rewards from their own account, such as transaction-based rewards.

Stablecoins da HM Treasury ta yarda da su a matsayin tsarin suna ƙarƙashin kulawa tare da FCA da Bankin Ingilishi. Kamar yadda PS26 / 10 ke gabatar da bayanin dokar banki na Yuni 2026 da kuma dokokin dokar, mai fitar da tsarin zai fuskanci mafi girman 70% na goyon baya a cikin kudaden gwamnati na ƙasar Birtaniya na ɗan lokaci tare da kashi 30% a cikin ajiyar bankin tsakiya, biyan kuɗi a cikin T + 0, buƙatun hannun jari da iyakokin fitarwa na lokaci-lokaci akan kowane kudi.

United Arab Emirates: dirham and foreign payment tokens

Bankin Tsakiya na UAE ya tsara stablecoins na fiat a matsayin "token biyan kuɗi" a ƙarƙashin Payment Token Services Regulation, wanda zai fara aiki daga ranar 31 ga Agusta, 2024.

Sashe na 2 ya hana yadda za a iya amfani da takardun biyan kuɗi na waje a ƙasa: masu lasisi za su iya sauƙaƙe canja wurinsu kawai a matsayin hanyar biyan kuɗi don dukiyoyin zahiri ko samfuransu. Algorithmic stablecoins da takardun sirri an haramta su. Sashe na 12 yana hana masu fitarwa daga biyan riba ko kowane amfãni mai alaƙa da lokacin riƙewa, kuma yana baiwa Bankin Cibiyar adadin adadi da adadin abokan ciniki.

GENIUS Act da tasirinsa a waje Amurka

The Guiding da kuma kafa National Innovation for U.S. Stablecoins Act, Public Law 119-27, ya zama doka a kan 18 Yuli 2025. An tattauna a nan kawai saboda dalar Amurka ke mulkin kasuwannin stablecoin, don haka dokokinta sun isa masu fitarwa da matsakaitan duniya.

Effective date. A karkashin sashe na 20, wannan Dokar ke da tasiri a kan farkon 18 watanni bayan tsagaita wuta ko 120 kwanaki bayan da farko federal regulators fitar da ƙarshen aiwatar da dokoki. Treasury na August 2026 shawara dokar ya bayyana cewa ranar da za a yi amfani da shi ana tsammanin zai zama 18 Janairu 2027.

Reserve da riba standards. Sashe na 4 bukata ajiyar a kan wani 1 zuwa 1 a matsayin kasafin kudi, ajiyar, short-date Treasury bills, wasu overnight sayen dawowa yarjejeniya, gwamnati kudin kasuwa da kuma irin dukiya. Sashe na 4 (a) (11) haramta masu fitarwa, ciki har da kasashen waje masu fitarwa, daga biyan masu mallakar duk wani riba ko amfani kawai don rike, amfani da ko kiyaye wani biya stablecoin.

The foreign issuer gateway. Sashe 3 ya sa shi haramtacce, daga shekaru uku bayan yin doka, ga wani mai bayar da sabis na asusun dijital don ba da ko sayar da stablecoin biyan kudi ga mutum a Amurka sai dai idan wani mai fitarwa da izinin ya fitar da shi. Sashe 18 yana ba da damar kwangilar ga masu fitarwa na waje. Su dole ne a kula da su a cikin wata jiha wanda tsarin Ministan Harkokin Kudi ke tantance shi ne mai kama da juna, yi rajista tare da Mai Kula da Kudin, rike da ajiya a cikin wata cibiyar kuɗi ta Amurka da ta isa ga bukatun abokan cinikin Amurka na kuɗaɗe sai dai idan wani tsari na musanya ya ba da wani abu daban, kuma bai kamata ya dogara ne a kan wata jiha da aka hukunta ba.

A waje mai fitarwa ko mai kula da za a iya neman wani yanke shawara comparability, kuma Treasury ya kamata su yanke shawarar cikin kwanaki 210 na wani muhimmanci cikakke bukatar. Treasury ya kamata ya wallafa da hujjarsa da kuma kiyaye wani jerin jama'a na kasashe da aka samu da za a iya kwatanta. Sashe 3(b)(2) kuma yana bukata stablecoins na wani waje mai fitarwa su kasance technically iya bi umarnin doka, kamar freezes.

To, me ya sa wannan yake da muhimmanci a wani wuri? A gwajin comparability baiwa waje regulators wani dalili don daidaita ajiya, biya, riba da kuma AML A cikin wannan rahoton, an yi nazari ne kan yadda za a magance matsalolin da suka shafi tattalin arzikin duniya da kuma yadda za’a magance matsalolin da ke addabar al’umma. MAS’s shawara don gane da kwatanta waje stablecoins nuna irin wannan tunani daga gefen.

What this means in practice

• Zaɓi tsarin ta hanyar kudi da kasuwa. A euro token for EU users needs an EU bank or e-money institution. A Hong Kong dollar token needs a HKMA license wherever it is issued.
• Aiwatar da darajar hannun jari na banki da kuma kulawa. Hong Kong's HKD 25 miliyan ƙasa da MiCA's ART ƙa'idodin kuɗaɗensu ne mafi ƙaranci; masu kulawa sun kuma tantance mulkin, sarrafa haɗari da AML tsarin.
• Design ajiyar ga mafi tsauri gida. Multi-hukuncin shari'a masu fitarwa ya kamata su yi niyya ga raba pools, daidai-naira ajiyar dukiya da mafi ƙarancin lokacin biya da yake aiki.
• Drop yield features. Interest or holding rewards on payment stablecoins are prohibited or proposed to be prohibited in most of the regimes covered here.
• Kallon ganewar iyaka.Taron ganewa na Singapore da kuma GENIUS Acttaswirar kwatantawa za su tsara waɗanne alamun za su iya tafiya a kan iyakokin.