Payment Services Act
Japan's Stablecoin Act: The First Country to Legally Define 'Electronic Payment Instruments'
Japan became the first country to pass dedicated stablecoin legislation when the revised Payment Services Act took effect in June 2023 — creating a new legal category of 'electronic payment instruments' with strict issuer requirements.
MAS (Monetary Authority of Singapore)
MAS as Singapore's integrated financial regulator, its Payment Services Act DPT licensing regime, Project Guardian institutional DeFi pilots, and the June 2025 DTSP framework.