Every story we’re tracking

The Legislative Council passed Hong Kong's Stablecoin Bill, requiring all HKD-pegged and other fiat-backed stablecoin issuers operating in or marketing to Hong Kong to obtain an HKMA license.

ESMA and the European Commission published guidance on non-MiCA-compliant ARTs and EMTs, telling national regulators to ensure crypto-asset service providers comply as soon as possible and no later than the end of Q1 2025.

The EBA maintains the MiCA policy hub for ART and EMT issuers, including authorisation requirements, technical standards, reporting templates, guidelines, and supervisory materials.

EUR-Lex confirms that MiCA applies from 30 December 2024, with the stablecoin provisions for asset-referenced tokens and e-money tokens already applying from 30 June 2024.

Circle obtained an e-money institution license from French regulator ACPR, making USD Coin the first stablecoin to achieve full MiCA compliance ahead of the regulation's activation date.

MAS published final rules for single-currency stablecoins (SCS) pegged to the SGD or G10 currencies, requiring reserve backing, monthly attestation, and a 5-business-day redemption guarantee.

Japan's amended Payment Services Act restricts stablecoin issuance to licensed banks, trust companies, and fund transfer agents, with mandatory face-value redemption and AML obligations.

Chinese authorities reiterated the prohibition on virtual-currency trading and related private crypto activity, while China continues to develop the official e-CNY system.