Global Tokenization Legislation Tracker

The global digital asset regulatory landscape is evolving faster than any other area of financial regulation. This tracker provides a structured overview of legislative status across the world’s major jurisdictions — what is enacted, what is in progress, and what is planned. The full database, with bill text links, consultation documents, and implementation milestone tracking, is available to subscribers.

Tier 1: Enacted Comprehensive Frameworks

United States

• GENIUS Act (Payment Stablecoin): Enacted July 18, 2025. Federal licensing framework for payment stablecoin issuers. Issuers must be bank-affiliated or federally chartered. Reserve requirements: 1:1 high-quality liquid assets. Status: in force.
• CBDC: Banned by executive action January 2025. No federal retail CBDC development permitted.
• CLARITY Act (Market Structure): Passed House 294-134, July 2025. Senate passage pending. Would establish commodity/security distinction for digital assets and assign CFTC/SEC jurisdiction. Status: Senate committee stage.
• Anti-CBDC Surveillance State Act: Objectives fulfilled by executive order. Legislative version not enacted as standalone bill.

European Union

• MiCA (Markets in Crypto-Assets): In force December 30, 2024. Comprehensive framework covering exchanges, custodians, stablecoin issuers, and advisers. 40+ CASP licenses issued. Status: fully live.
• Digital Euro: Preparation phase. European Central Bank targeting 2029 decision point. Legislative framework under development by European Commission and Parliament.
• DLT Pilot Regime: Live. Allows testing of DLT-based market infrastructure with regulatory accommodations.

Switzerland

• DLT Act: Enacted August 2021. Establishes tokenized securities (ledger-based securities), DLT trading facilities, and DLT settlement systems. FINMA-supervised. Status: fully operational, gold standard for tokenized securities.

Tier 2: Advanced Frameworks — Enacted or Near-Enacted

Singapore

• Payment Services Act (PSA): In force, amended 2023 to expand digital payment token service provider obligations. Full licensing requirements for Digital Token Service Providers (DTSPs). MAS-supervised. Status: live.
• Project Guardian: MAS-led institutional tokenization pilot. Multiple live transactions. Status: ongoing industry collaboration framework.

Hong Kong

• Virtual Asset Trading Platform (VATP) regime: In force. Licensing mandatory for all crypto exchanges serving Hong Kong customers.
• Stablecoin Ordinance: Enacted, effective August 1, 2025. Licensing framework for fiat-referenced stablecoin issuers.
• ASPIRe Roadmap: Published February 2025. SFC’s five-pillar plan for virtual asset market development.

UAE (Dubai)

• VARA Framework: In force. Dubai Virtual Assets Regulatory Authority covers exchanges, brokers, advisers, custody, lending, and management and investment services. Broadest licensing categories of any major jurisdiction. Multiple major exchange licenses issued.

Japan

• Payment Services Act (stablecoin provisions): In force 2023. Japan was the first major jurisdiction globally to enact a stablecoin regulatory framework. Covers trust company and bank issuers.
• Financial Instruments and Exchange Act (FIEA): Applies to security tokens. Established legal treatment for security token offerings.

South Korea

• Virtual Asset User Protection Act (VAUPA): In force 2024. Consumer protection requirements, market surveillance, and exchange obligations. Comprehensive user protection framework.

Tier 3: Frameworks in Progress

United Kingdom

• Financial Services and Markets Act (FSMA) digital asset regime: Framework enacted. FCA rules finalisation in progress. Go-live target: October 27, 2027. Principles-based approach. Covers exchanges, stablecoin issuers, and custody. Status: implementation phase.

Australia

• Digital assets regulation: Consultation completed. Treasury has released exposure draft legislation for digital asset exchanges. Parliamentary passage pending. Timeline uncertain but 2026-2027 expected. Status: pre-legislative.

Canada

• IIROC/CIRO crypto exchange registration: Ongoing. Several exchanges registered as restricted dealers. Comprehensive framework not yet enacted. Status: piecemeal regulatory guidance.

Tier 4: Early Stage or Research Phase

• India: Digital asset taxation framework enacted (30% capital gains). Comprehensive regulatory framework under development by Finance Ministry and RBI consultation.
• Brazil: VASP licensing framework enacted. Implementation ongoing.
• Nigeria: eNaira CBDC deployed. Crypto regulation under Securities and Exchange Commission.

Methodology Note

This tracker draws on primary legislative sources: Congress.gov (US), EUR-Lex (EU), official government gazette publications, and regulatory authority announcements. Status designations are: Enacted (primary legislation in force), Advanced (enacted with implementation ongoing or near complete), In Progress (consultation or parliamentary process underway), and Research Phase (study or discussion stage without formal legislation). Dates reflect official go-live or enactment dates where available.

Subscribers to the full database receive weekly status updates, links to primary source documents, regulatory consultation deadline alerts, and analysis of implementation developments as they occur.