Àwọn ààyè-iṣẹ́

Stablecoin ofin ni gbogbo aye ati awọn GENIUS Act

Bii EU, Hong Kong, Singapore, UK ati UAE ṣe ṣeto awọn stablecoins ti a dapọ pẹlu fiat, ati idi ti US GENIUS Act ṣe pataki fun awọn olupese ni ibi miiran.

11 min ka · Ṣatunkọ 2026-10-07 · 12 orisun

Àwọn ààyè-iṣẹ́ Kekere

01Major regimes now share a core: full reserve backing, redemption at par, segregation of reserves and, in most cases, a ban on paying interest.
02Ninu EU, awọn banki nikan ati awọn ile-iṣẹ owo-ẹya le ṣe ifilọlẹ stablecoins owo-ọja kan (tokeni owo-ẹya) labẹ MiCA.
03Hong Kong ti fun awọn iwe-aṣẹ stablecoin akọkọ meji rẹ ni Oṣu Kẹsan Ọjọ 10, Ọdun 2026; awọn olupese ti kii ṣe banki nilo HKD 25 milionu ni owo-ori ti a san.
04The UK's FCA Awọn ofin fun awọn stablecoins ti a ṣe ni Ilu Gẹẹsi ti wa ni iṣeto lati mu ipa pada ni Oṣu Kẹjọ Ọjọ 25, Ọdun 2027; Singapore n ṣayẹwo lori ofin titi di Oṣu Kẹsan Ọjọ 16, Ọdun 2026.
05Awọn orilẹede Amẹrika GENIUS Act jẹ ki awọn ti o ṣe ifilọlẹ ajeji de awọn ọja AMẸRIKA nikan lati awọn eto-ọrọ ti Treasury rii pe o le ṣe afiwe, eyiti o mu awọn oludari miiran lọ si awọn ilana kanna.

A stablecoin ni a crypto-assets ti o ti ṣe apẹrẹ lati ni iye to lagbara lodi si ohun-ini itọkasi kan, ni igbagbogbo ni owo-ifowopamosi kan. Nitori pe awọn stablecoins ti a ṣe atilẹyin nipasẹ fiat n ṣiṣẹ bi owo oni-nọmba, awọn oludari ti n dagbasoke ti wa ni itọju awọn olupese wọn diẹ sii bi awọn ile-iṣẹ owo-ẹya tabi awọn banki kekere ju bii awọn ile-iṣẹ imọ-ẹrọ lọ.

Oju-iwe yi ni o n ṣalaye idi ti a ko fi gba awọn iwe-aṣẹ fun awọn ile-ifowopamọ US. GENIUS Act ní àwọn ipà tí wọ́n lọ́wọ́lú jú ààyè-iṣẹ́ US lọ. O kò sọ̀rọ̀ bí a ṣe lè gba lìnẹ́sì U.S.. Fun àwọn ìṣàfarawe-ètò crypt, awọń alábòójútó àtí àwọń onímọ́ nínú EU, wò ojú-ìwé-ìdákọ̀ọ̀kan lorí àwọn oníṣẹ́ iṣẹ́ crypto-asset lórí MiCA.

Ìjánu-ìtọ́nà

Ni July 2023 awọn Financial Stability Board ti o ti tẹjade mẹfa high-level recommendations fun global stablecoin arrangements. meji ninu wọn ṣe apẹrẹ diẹ sii ju gbogbo orilẹ-ede regime. Awọn olumulo yẹ ki o ni a strong legal claim on the issuer with timely redemption, at par into fiat for single-currency stablecoins. Ati eto gbọdọ pade gbogbo awọn ibeere ti o wulo ti jurisdiction ṣaaju ki o to bẹrẹ iṣẹ nibẹ.

Awọn ofin orilẹ-ede ti pọ si lori ipilẹ ti o le mọ:

Ìyàn	EU (MiCA, EMTs)	Hong Kong	Àwọn ààyè-iṣẹ́	UK (FCA awọn ofin)	United Arab Emirates (UAE)
Tí a lè fi pamọ́	Banki ati awọn ile-iṣẹ owo-ẹya	Àwọn ààyè-iṣẹ́ tí a fọwọ́sì (ìjọba ààyè-iṣẹ́ tàbí ile-iwe tí a fọwọ́sì)	Àwọn ààyè-iṣẹ́	Àwọn Ìṣàmúlò-ètò	Àwọn ààyè-iṣẹ́ tónẹ́ẹ̀lì tàbí àwọn agbẹjọro
Àwọn àgbèwọlé ìpamọ́	Owo ti a daabobo; o kere ju 30% ninu awọn idogo banki	Àwọn ààyè-iṣẹ́ tí a fi pamọ́ ní pàtó nípa ìwọ̀n fálù	Àwọn ààyè-iṣẹ́	Bákì àwọn ààyè-iṣẹ́ láti inú ìdajọ́	Ṣàfikún nípa àwọn ìṣàmúlò-ètò
Àwọn Ìjáde	Nígbà gbogbo, ní pàrú, kò sí owó	Normally within 1 business day	Ninú àwọn ọjọ́ iṣẹ́ 5	Nínú ìparì ọjọ́ iṣẹ́ tókàn (T+1)	Ṣàfikún nípa àwọn ìṣàmúlò-ètò
Ìfẹ́ sí awọń tí n gbọ́	Ṣẹ̀dá	Ṣẹ̀dá	Ìgbánújẹ́ tí a fi hàn (2026)	Kò lè sọ̀rọ̀ nípa ìṣẹ̀dá àwọn ohun-iní	Ṣẹ̀dá

Àkọlé àwòrán Ìṣàmúlò-ètò kan nínú àwọn ẹ̀yàn tí a fi pamọ́, ìdájọ́, àṣìṣe atí ifihaǹ.

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

MiCA, Àwọn Ìṣàmúlò-ètò (EU) 2023/1114, tí a lò fún àwọn stablecoins láti ọjọ́ 30 Oṣù Kejìlá 2024. Ò fi wọn kọ̀ọ̀kan lọ́wọ́lọ́wọ́ lọ́wọ́lọ́wọ́ nínú iru-ẹ̀yàn mejì. Tokén owo-ẹ̀yàn-ẹ̀yàn (EMT) ń tọka si ìrànwọ́ ẹ̀yàn-ìṣẹ́ kan. Tokén ẹ̀yàn-ìsẹ́lẹ̀ (ART) ń tọka si ìrànwọ́ mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn mìíràn.

E-owo tokens. Labẹ Article 48, nikan kan credit ile ise tabi kan electronic owo ile ise le pese a EMT si awọn oloselu tabi n wa iwọle rẹ si iṣowo, ati pe o gbọdọ akọkọ ṣe akiyesi iwe funfun. EMTs ni a royin lati jẹ owo eletrọniki. Article 49o fun awọn oniwe-owo kan ẹtọ lori awọn emitter ati ki o nilo issuance ni par lori rira ti awọn owo-ori ati yiyọ kuro ni eyikeyi akoko, ni par ati laisi a fee. Article 54 beere fun o kere ju 30% ti awọn owo-ori ti a gba lati wa ni deposited ninu awọn kaadi isanwo ni awọn ile-iwe owo-ori, pẹlu awọn miiran ni aabo, low-risk, highly liquid assets ni kanna owo.

Asset-referenced tokens. A ART issuer must be an EU legal person authorized under Article 21 or a credit institution (Article 16). It must hold own funds of at least the highest of EUR 350,000, 2% of the average reserve, or a quarter of fixed overheads (Article 35), and keep a reserve legally segregated from its own estate (Article 36).

Ìfẹ́. Àwọn àkọlé 40 àti 50 tí wọ́n sáà àwọn agbẹjọro àti CASP láti fi ìfẹ́ fún àwọn ARTs tàbí EMTs. Àwọn ìrànwọ́ mìíràn tí a bá kọ̀ nígbà tí ẹnití o jẹ́ agbẹjọrò náà ǹfi tokè náà lọ́wọ́lú bíi ìfẹ́.

Limites on non-euro use. Article 23 requires 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. Akọsilẹ 58(3) lo ọna kanna si awọn EMTs ti a pe ni owo-iworo ti kii ṣe owo-iworo ofurufu ti orilẹ-ede kan. Iṣẹ ti o ṣe pataki fun awọn stablecoins US dollar ti n lọ ni EU.

Tokens significant. Tokens ti o ga ju awọn ibiti bi 10 milionu awọn oludari tabi EUR 5 bilionu ni iye, laarin awọn ofin miiran ninu Article 43, le jẹ a npe ni pataki ati ki o wa ni idajọ nipasẹ the EBA. Fun significant ARTs, awọn owo-ori ara ẹni ipinlẹ lati 2% si 3% ti awọn ipamọ (Article 45(5)).

Hong Kong: a licensing regime under the Stablecoins Ordinance

Hong Kong's Stablecoins Ordinance (Cap. 656) took effect on 1 August 2025. Issuing fiat-referenced stablecoins is now a regulated activity that requires a license from the HKMA.

Gẹ́gẹ̀ bí HKMA ti Ìṣàfihàn Àkọsilẹ̀ lori Línàjànà , líǹnà náà jẹ́ dandan láti fi stablecoin kan lọ́wọ́lọ́wọ́ lọ́wọ́lọ́wọ́ nínú Hong Kong, tàbí láti fi ọkan lọ́wọ́lọ́wọ́ lọ́wọ́lọ́wọ́ lọ́wọ́lọ́wọ́ nínú gbogbo àwọn ibi tí a bà tọka si dola Hong Kong. Ìgbàyàn iṣẹ́ bẹ̀rẹ̀ lórí ile-ìjọba Hong Kong ní pàtó. Agbègbèrè líǹnàyà akọkọ ni:

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. Gbogbo iru stablecoin kan nìkan niló ààyè-iṣẹ́ résévè tí a kọ̀ọ̀kàlẹ̀ rẹ̀, tí a fi pamọ́ láti inú ẹ̀yàn tí a fọwọ́sì. Àwọn ìránwọ́ ọja rẹ̀ gbọdọ̀ jẹ́ ni gbogbo àkókò lọ́wọ́lọ́wọ́ sí àwọn ìrànwọ́là àwọn mónẹ́ẹ̀lì nínú ìṣàfarawe-ìtàn, pẹlú ìdárarẹ́ tí o yẹ̀, bí a ṣè sọ̀rọ̀ nínú owó kanna.
Redemption. Àwọn àgbèkalẹ̀ gbọdọ̀ lè fipa kù ní pàrà. Àwọn ìṣàfilọ́lẹ̀ tí a fẹ́ yẹ̀ kí a lo nínú ọjọ́ iṣẹ́ kan.
Ko si ifẹ. O yẹ ki o ko san, tabi gba laaye lati sanwo, eyikeyi ifẹ lori awọn stablecoins rẹ, ati pe owo-ori lati iṣakoso ti ipamọ naa ni a fi ranṣẹ si olupese.

Àwọn ààyè-iṣẹ́ HKMA ti gba 36 awọn ohun elo ni rẹ akọkọ batch. Ọjọ́ kọkanlà 10, ọdun 2026 O ti gba awọn iwe-aṣẹ meji akọkọ, si Anchorpoint Financial Limited, a joint venture ti Standard Chartered Bank (Hong Kong), HKT ati Animoca Brands, ati si The Hongkong ati Shanghai Banking Corporation. Wọn mejeeji ni ifẹ lati gbejade Hong Kong dollar stablecoins ni akọkọ. Awọn abajade ti o yanilenu sọ pe HKMA ṣé yìí lórí ààyè-iṣẹ́ tí o gà jú, tí wọ́n jẹ́ ní pàtó fún ìgbàyàn banki lọ́wọ́lú jú ìṣàfilọ́lẹ̀.

Singapore: lati fọọmu si ofin

Ajọ Iṣowo ti Singapore ti pari iṣeto stablecoin rẹ ni ọjọ 15 Oṣù Kẹrin 2023. O wa fun awọn stablecoins owo-ọja kan ti a fi kun si dola Singapore tabi owo-ọja G10 ati pe o ti gbejade ni Singapore. Awọn olugba gbọdọ pade awọn ipolowo, awọn ipilẹ ati awọn ipele ifihan ati yi pada ni iye par ninu awọn ọjọ iṣẹ mẹta ti ibeere ipadabọ. Awọn tokeni ti o dahun nikan le jẹ akọsilẹ "stablecoins ti a ṣe ilana nipasẹ MAS".

Ni 1 Oṣu Kẹsan 2026 MAS o ṣii ibaraẹnisọrọ kan, ti o pari ni 16 Okudu 2026, lori awọn ayipada si ofin iṣẹ isanwo 2019 lati fi fọọmu naa sinu ofin. Àwọn àgbèkalẹ̀ nlà ni:

Ijẹrisi nọmba to kere ju ti awọn stablecoins ti a gbekalẹ ni orilẹ-ede ajeji ti a fọwọsi labẹ eto imulo orilẹ-ede ajeji kan;
Igbakeji Aare, Ọgbẹni Adeyẹmi Adeṣina sọ pe:
Igbakeji Alakoso
ti o nilo idanwo ibajẹ, atunse ati awọn ilana windo-down ti o tọ, ati aabo owo alabara ti a gba ṣaaju ki o to gbekalẹ.

Igbàyégbèsì kò fi ọjọ̀ kan fun àwọn ofin. Àwọn agbẹjọro yẹ ki o gbọ́dọ̀ kọ̀ọ̀nù 2023 gẹgẹ bi àṣẹ lọ́wọ́lọ́wọ́ tí MAS fẹ́.

United Kingdom: awọn ofin to kẹhin ṣaaju ibẹrẹ 2027

The UK regulates stablecoin issuance under the Financial Services and Markets Act 2000, through the Cryptoassets Regulations 2026 (SI 2026/102). The 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 remainder of the crypto regime new.

Awọn abuda pataki ti awọn ofin FCA pẹlu awọn ohun-ini aabo ti o wa labẹ igbẹkẹle ofin, diẹ sii ju ti a fọwọsi lọ si 5% ni pool ohun-ini aabo, ati ipadabọ nipasẹ opin ọjọ iṣowo to n bọ. T+1 aago náà tí wọ́n bá bẹrẹ nígbà tí àwọn ìṣàfihàn-ọ̀kan-ójútó rẹ̀ bá pari. Awọn olupese ko le gbe owo-ori tabi owo-wiwọle lati awọn ohun-ini ti o ṣe atilẹyin si awọn oniṣowo, botilẹjẹpe awọn ẹgbẹ kẹta le sanwo fun awọn alabara wọn ni awọn ẹbun lati akọọlẹ wọn, gẹgẹbi awọn ẹbun iṣowo.

Stablecoins ti HM Treasury mọ bi systemic wa labẹ iwadi papọ nipasẹ FCA ati Bank of England. Bi PS26 / 10 ṣe apejuwe awọn ofin ati awọn ilana ofin June 2026 ti banki, olupese eto-ọrọ yoo rii pe o kere ju 70% ti atilẹyin ni owo-ori ijọba UK ti o kẹhin pẹlu o kere ju 30% ninu awọn debiti banki, ipadabọ laarin T + 0, awọn ibeere owo-ori ati awọn opin igba pipẹ fun kokoro kan.

United Arab Emirates: dirham atí àwọn ìṣàmúlò-ètò ifowopamọ́

Central Bank of the UAE regulates fiat stablecoins as “payment tokens” under its Payment Token Services Regulation, effective from 31 August 2024. Dirham payment tokens are issued by licensed issuers to UAE residents. Foreign-currency tokens are issued by registered foreign payment token issuers.

Akọsilẹ 2 ṣe idiwọ bi awọn owo-ori ti ara ilu okeere le ṣee lo lori ilẹ: awọn olupese le ṣe iranlọwọ fun wọn lati gbe wọn lọ bi ọna isanwo nikan fun awọn ohun-ini oni-nọmba tabi awọn akojopo wọn. Awọn stablecoins algorithmic ati awọn owo-ori aabo ni a ko gba laaye. Akọsilẹ 12 ko gba awọn olupese laaye lati san owo-ori tabi eyikeyi anfani ti o ni ibatan si akoko ti o n wa, ati pe o jẹ ki Banki Ipinle gba awọn iwọn ati nọmba awọn alabara.

GENIUS Act àti ìṣàmúlò-ètò rẹ̀ nínú Àwọn Alá-ìjọba-òtà

The Guiding and Establishing National Innovation for U.S. Stablecoins Act, Public Law 119-27, became law on 18 July 2025. It is discussed here only because the US dollar dominates stablecoin markets, so its rules reach issuers and intermediaries worldwide.

Effective date. Labẹ apakan 20, ofin naa ni ipa lori ti o kẹhin ninu awọn oṣu 18 lẹhin iforukọsilẹ tabi 120 ọjọ lẹhin ti awọn aṣoju ijọba akọkọ ṣe atẹjade awọn ofin ti a fipamọ silẹ. Ilana August 2026 ti a gbekalẹ nipasẹ Treasury sọ pe ọjọ ti o wulo ni a ronu lati jẹ 18 January 2027.

Reserve and interest standards. Section 4 requires reserves on at least a 1 to 1 basis in cash, deposits, short-dated Treasury bills, certain overnight repurchase agreements, government money market funds and similar assets. Section 4(a)(11) bans issuers, including foreign issuers, from paying holders any interest or yield solely for holding, using or retaining a payment stablecoin.

The foreign issuer gateway. Section 3 makes it unlawful, from three years after enactment, for a digital asset service provider to offer or sell a payment stablecoin to a person in the United States unless an authorized issuer issued it. Section 18 provides the exception for foreign issuers. They must be supervised in a jurisdiction whose regime the Treasury Secretary determines is comparable, register with the Comptroller of the Currency, hold reserves in a US financial institution sufficient for US customers’ liquidity needs unless a reciprocal arrangement provides otherwise, and not be based in a sanctioned jurisdiction.

A foreign issuer tabi regulator le beere fun a comparability ipinnu, ati Treasury gbọdọ yan laarin awọn ọjọ 210 ti kan pataki ni kikun ibeere. Treasury yẹ ki o tẹjade rẹ ijẹrisi ati ki o fipamọ kan oloselu akojọ ti awọn orilẹ-ede ti wa ni comparable. Section 3(b)(2) tun nilo stablecoins ti kan foreign issuer lati jẹ technically leralera lati tẹle pẹlu awọn ofin ofin, bi freezes.

Ṣe ni eyi ṣe pataki nibẹ. A idanwo comparability fun awọn ti o ṣakoso ajeji idi kan lati align reserve, ipadabọ, owo-ori ati AML ofin pẹlu US awoṣe. Igbakeji owo-ori, ipadabọ kikun ati awọn window igba pipẹ ti a rii loni ni Hong Kong, UK, UAE ati Singapore awọn igbero tọka si ni ọna kanna. MAS's ìforúkọsílẹ lati mọ awọn stablecoins ajeji ti o le ṣe afiwe jẹ ifihan logic kanna lati apa keji.

Ohun tí yìí tumọ̀ nínú ìṣàfarawé

Ṣàfikún àwọn ìṣàmúlò-ètò láti inú owo-ìpamọ́ náà àti ààyè-iṣẹ́. Agbègbè euro fún àwọn òǹlò EU niló banki EU tàbí ile-ẹ̀yàn owo-ẹ̀yàn. Agbègbè dola Hong Kong niló láìsì HKMA nígbà tí a bá fi ṣẹ̀dà.
Ireti owo-ori ati awọn iṣakoso banki-giga. Ilẹ Hong Kong ti o to miliọnu HKD 25 ati awọn ofin owo-ori ART ti MiCA jẹ kekere; awọn oludari tun ṣe itupalẹ iṣakoso, iṣakoso ibajẹ ati awọn eto AML.
Awọn igbẹkẹle apẹrẹ fun ile-iṣẹ ti o dara julọ. Awọn olupese awọn ẹjọ pupọ yẹ ki o ṣe agbekalẹ fun awọn pools ti a pin, awọn ohun-ini ipamọ owo kanna ati ọjọ ipari ifijiṣẹ ti o kere julọ ti o lo.
Drop yield features. Interest or holding rewards on payment stablecoins are prohibited or proposed to be prohibited in most of the regimes covered here.
Wo igbẹkẹle laarin awọn orilẹ-ede. Iṣẹ ti Singapore ṣe fun igbẹkẹle ati GENIUS Act igbesẹ ti o le ṣe afiwe yoo ṣe agbekalẹ iru awọn tokeni wo ni o le lọ kiri laarin awọn orilẹ-ede.

Sources(12)

FSB: High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements (July 2023) · checked 2026-10-07
EUR-Lex: Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA) · checked 2026-10-07
HKMA: Regulatory Regime for Stablecoin Issuers · checked 2026-10-07
HKMA: Explanatory Note on Licensing of Stablecoin Issuers · checked 2026-10-07
HKMA: Granting of stablecoin issuer licences (10 April 2026) · checked 2026-10-07
MAS: MAS Finalises Stablecoin Regulatory Framework (15 August 2023) · checked 2026-10-07
MAS: MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework (1 September 2026) · checked 2026-10-07
FCA: PS26/10 Stablecoin issuance and cryptoasset custody, final rules · checked 2026-10-07
CBUAE Rulebook: Payment Token Services Regulation, Article 2 · checked 2026-10-07
CBUAE Rulebook: Payment Token Services Regulation, Article 12 · checked 2026-10-07
US Government Publishing Office: Public Law 119-27 (GENIUS Act) · checked 2026-10-07
US Treasury: GENIUS Act Regulations on Payment Stablecoin Issuance, Offer, and Sale (NPRM, August 2026) · checked 2026-10-07

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