Mock-up (v2) · not the live site
home layout:E: other news opens in placeE2: other news opens on the leftE1: glance column on the leftF: tinted map, coloured cardsG: bold map, compact cardsB: map, then cardsH: spinning globe· archive: preview with a year of issues stories at six months three design options · map-maker's theme · regulations: three options option A, three looks · archive board: two versions · about: front-matter version · story length: now vs short
CryptoMappa

Regulations: option A, three looks

The same grid three ways. The two map looks draw each answer the way old maps draw roads: dashed for proposed, an open outline for built but not yet open, solid for open. The word is always written beside it.

1 · Plain as mocked before, for comparison

Exchange licences are in force in 9 of 11 places; stablecoin laws in 3

11 places so far, in Asia and the Gulf; other regions join place by place. Open a place to read each answer and its source.

A summary of each regulator's own documents, not legal advice.

Middle East & North Africa

UAEIs there an exchange licence?: In forceIs there a stablecoin law?: In force2024Are spot crypto ETFs allowed?: In forceour readingAre gains taxed?: Not subject to corporate taxCan the public trade crypto?: Allowed, with conditions

Still to survey here: Saudi Arabia, Bahrain, Turkey, Egypt

South Asia

IndiaIs there an exchange licence?: Registration onlyIs there a stablecoin law?: –Are spot crypto ETFs allowed?: NoneAre gains taxed?: Flat 30% taxCan the public trade crypto?: Unregulated
  • Is there an exchange licence? Registration only

    The Ministry of Finance says crypto assets are unregulated in India, but since a notification of 7 March 2023 crypto service providers must register with FIU-IND and report to it under the anti-money-laundering law; it does not publish the list so that registration is not mistaken for a licence.

    · Ministry of Finance · checked 10 Nov 2026

  • Is there a stablecoin law? –

    We found no statement on sansad.in. Searched for: stablecoin, stable coin, crypto, virtual digital asset · 41 pages.

    · Ministry of Finance · checked 10 Nov 2026

  • Are spot crypto ETFs allowed? None

    On 28 July 2025 the Ministry of Finance told Parliament that no proposal to launch ETFs for crypto assets was under consideration.

    · Ministry of Finance · checked 10 Nov 2026

  • Are gains taxed? Flat 30% tax

    The Income Tax Department says income from transferring virtual digital assets, which include crypto assets, is taxed at a flat 30% plus surcharge and cess with no deduction except the cost of acquisition, and that 1% tax is deducted at source on payments to residents for such transfers.

    · Income Tax Department · checked 8 Nov 2026

  • Can the public trade crypto? Unregulated

    The Ministry of Finance says crypto is not regulated in India, so the legality of individual platforms does not arise; platforms serving users in India, offshore ones included, must register with FIU-IND, which has ordered the takedown of apps and websites of 53 that operated without complying.

    · Ministry of Finance · checked 10 Nov 2026

East Asia

Hong KongIs there an exchange licence?: In force2023Is there a stablecoin law?: In force2025Are spot crypto ETFs allowed?: In forceAre gains taxed?: Investment gains untaxedCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Crypto trading platforms operating in Hong Kong need an SFC licence, under a regime in force since 1 June 2023.

    · Securities and Futures Commission · checked 7 Nov 2026

  • Is there a stablecoin law? In force

    Issuing fiat-referenced stablecoins in Hong Kong needs an HKMA licence, under the Stablecoins Ordinance in force since 1 August 2025.

    Hong Kong Monetary Authority - Regulatory Regime for Stablecoin Issuers · Hong Kong Monetary Authority · checked 7 Nov 2026

  • Are spot crypto ETFs allowed? In force

    The SFC may authorise funds with more than 10% of their value in crypto, including funds that hold spot crypto directly, for sale to the public; its current rules were revised on 27 May 2026.

    · Securities and Futures Commission · checked 7 Nov 2026

  • Are gains taxed? Investment gains untaxed

    Profits from selling crypto held as a long-term investment are not charged to profits tax; trading profits can be, depending on the facts.

    · Inland Revenue Department · checked 7 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    Retail investors may trade large-cap crypto on SFC-licensed platforms, subject to eligibility requirements; tokens other than stablecoins from licensed issuers need a 12-month track record before they are offered to them.

    · Securities and Futures Commission · checked 7 Nov 2026

JapanIs there an exchange licence?: In force2017Is there a stablecoin law?: In force2023Are spot crypto ETFs allowed?: NoneAre gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
South KoreaIs there an exchange licence?: In force2021Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: NoneAre gains taxed?: Passed, delayedCan the public trade crypto?: Restricted
  • Is there an exchange licence? In force

    Crypto trading, safekeeping and wallet businesses must register with the Korea Financial Intelligence Unit before operating; the rule took effect on 25 March 2021.

    Press Releases - Financial Services Commission · Financial Services Commission · checked 7 Nov 2026

  • Is there a stablecoin law? Drafted

    A government draft of a Digital Asset Basic Act was discussed on 4 March 2026; the meeting also discussed bank-led stablecoin issuance (banks holding 50% plus one share). It is a draft, not law.

    보도자료 - 위원회 소식 - 알림마당 - 금융위원회 · Financial Services Commission · checked 7 Nov 2026

  • Are spot crypto ETFs allowed? None

    In January 2024 the FSC said issuing spot bitcoin ETFs, or brokering foreign ones, may breach the Capital Markets Act; foreign bitcoin futures ETFs still trade.

    보도자료 - 위원회 소식 - 알림마당 - 금융위원회 · Financial Services Commission · checked 7 Nov 2026

  • Are gains taxed? Passed, delayed

    The 2024 tax reform postponed the taxation of crypto for two years.

    · Ministry of Finance and Economy · checked 7 Nov 2026

  • Can the public trade crypto? Restricted

    Crypto trading in Korea goes only through real-name bank accounts linked to an exchange; the FSC barred minors and foreigners from opening them in 2018, and from 2025 corporations are being allowed to open them in stages.

    Press Releases - Financial Services CommissionPress Releases - Financial Services Commission · Financial Services Commission · checked 7 Nov 2026

TaiwanIs there an exchange licence?: Passed2026Is there a stablecoin law?: Passed2026Are spot crypto ETFs allowed?: Foreign ETFs, professionals onlyAre gains taxed?: Property-transaction incomeCan the public trade crypto?: Allowed, with warnings

Still to survey here: Mainland China

Southeast Asia

IndonesiaIs there an exchange licence?: In forceIs there a stablecoin law?: –Are spot crypto ETFs allowed?: –Are gains taxed?: Income tax on each saleCan the public trade crypto?: Allowed, with conditions
MalaysiaIs there an exchange licence?: In force2019Is there a stablecoin law?: –Are spot crypto ETFs allowed?: In forceAre gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Since the Securities Commission revised its Guidelines on Recognized Markets on 31 January 2019 to add requirements for digital asset exchanges, an exchange needs the SC's registration to operate in Malaysia.

    List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia · Securities Commission Malaysia · checked 10 Nov 2026

  • Is there a stablecoin law? –

    We found no statement on www.bnm.gov.my. Searched for: stablecoin, stable coin, ringgit stablecoin · 6 pages.

    · Bank Negara Malaysia · checked 10 Nov 2026

  • Are spot crypto ETFs allowed? In force

    The Securities Commission's Guidelines on Exchange-Traded Funds, revised on 2 March 2026, provide for digital currency ETFs that track the spot or cash market price of the digital currencies they invest in.

    · Securities Commission Malaysia · checked 10 Nov 2026

  • Are gains taxed? Income tax

    The Inland Revenue Board's guidelines on digital currency, second edition of 5 December 2025, say gains from disposing of digital currency of a trading nature are taxable, and capital gains from disposing of it that are not revenue income are not subject to capital gains tax.

    · Inland Revenue Board of Malaysia · checked 10 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    The Securities Commission lists the crypto exchanges it has registered, encourages the public to refer to that list when dealing with crypto exchanges, and requires unregistered exchanges to stop operating.

    List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia · Securities Commission Malaysia · checked 10 Nov 2026

SingaporeIs there an exchange licence?: In force2020Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: –Are gains taxed?: Investment gains untaxedCan the public trade crypto?: Restricted
  • Is there an exchange licence? In force

    The Payment Services Act, in force since 28 January 2020, brings crypto (digital payment token) services under MAS licensing.

    Payment Services Act Comes Into Force · Monetary Authority of Singapore · checked 7 Nov 2026

  • Is there a stablecoin law? Drafted

    On 1 September 2026 MAS published proposed amendments to the Payment Services Act to put its stablecoin framework into law; it first consulted in October 2022 and set out the framework in August 2023.

    MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework · Monetary Authority of Singapore · checked 7 Nov 2026

  • Are spot crypto ETFs allowed? –

    We found no statement on www.mas.gov.sg. Searched for: ETF, exchange-traded, crypto, digital payment token · 56 pages.

    · Monetary Authority of Singapore · checked 7 Nov 2026

  • Are gains taxed? Investment gains untaxed

    Gains on crypto are taxed only if the tokens are held as a trading asset; gains on tokens held as a long-term investment are capital gains and not taxable.

    · Inland Revenue Authority of Singapore · checked 7 Nov 2026

  • Can the public trade crypto? Restricted

    Retail customers may use licensed crypto services only after a risk-awareness check; providers may not offer them incentives, financing, leverage, local credit-card payments, or lending and staking of their tokens.

    MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory FrameworkMAS Publishes Investor Protection Measures for Digital Payment Token Services · Monetary Authority of Singapore · checked 7 Nov 2026

ThailandIs there an exchange licence?: In force2018Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: Drafted2026Are gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Under the Emergency Decree on Digital Asset Businesses, in force since 14 May 2018, crypto exchanges, brokers and dealers need approval from the Minister of Finance on the SEC's recommendation.

    · Securities and Exchange Commission · checked 8 Nov 2026

  • Is there a stablecoin law? Drafted

    The Bank of Thailand is consulting, from 19 October to 17 November 2026, on rules for businesses dealing in a baht stablecoin, which it describes as digital money pegged one-to-one to the baht and fully backed.

    การเปิดรับฟังความคิดเห็นต่อหลักการกำกับดูแลผู้ประกอบธุรกิจที่เกี่ยวข้องกับ THB Stablecoin · Bank of Thailand · checked 8 Nov 2026

  • Are spot crypto ETFs allowed? Drafted

    On 10 April 2026 the SEC sought comments on rules to allow spot crypto ETFs in Thailand, set up as mutual funds that invest directly in crypto.

    English (United States) News_Detail · Securities and Exchange Commission · checked 8 Nov 2026

  • Are gains taxed? Income tax

    The Revenue Department's guide to the 2024 personal income tax return tells individuals to declare gains from transferring cryptocurrencies or digital tokens as income.

    · Revenue Department · checked 8 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    The SEC urges investors to use only licensed crypto businesses, which they can check on its website, and has access to unlicensed trading platforms blocked in Thailand.

    English (United States) News_Detail · Securities and Exchange Commission · checked 8 Nov 2026

VietnamIs there an exchange licence?: In force2025Is there a stablecoin law?: Noneour readingAre spot crypto ETFs allowed?: Noneour readingAre gains taxed?: Income tax2026Can the public trade crypto?: Restricted

Still to survey here: Philippines

Not surveyed yet

North AmericaUnited States

Latin AmericaBrazil

EuropeGermany, France, Italy, Spain, Netherlands, Poland, Russia

AfricaNigeria, Kenya

OceaniaNo local sources yet

Compare up to 4 places

Hong KongIndiaIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanThailandUAEVietnam
Is there an exchange licence?In forceCrypto trading platforms operating in Hong Kong need an SFC licence, under a regime in force since 1 June 2023.Registration onlyThe Ministry of Finance says crypto assets are unregulated in India, but since a notification of 7 March 2023 crypto service providers must register with FIU-IND and report to it under the anti-money-laundering law; it does not publish the list so that registration is not mistaken for a licence.In forceUnder the 2023 financial-sector law, crypto traders need a licence from the OJK, which took over crypto supervision from the commodities regulator Bappebti; operating without one carries 5 to 10 years in prison.In forceBusinesses that exchange crypto for yen or other legal currency in Japan must register as crypto exchange businesses, under rules in force since 1 April 2017.In forceSince the Securities Commission revised its Guidelines on Recognized Markets on 31 January 2019 to add requirements for digital asset exchanges, an exchange needs the SC's registration to operate in Malaysia.In forceThe Payment Services Act, in force since 28 January 2020, brings crypto (digital payment token) services under MAS licensing.In forceCrypto trading, safekeeping and wallet businesses must register with the Korea Financial Intelligence Unit before operating; the rule took effect on 25 March 2021.PassedThe Virtual Asset Service Act, promulgated on 22 July 2026, brings licensing for crypto businesses but has no start date yet; until then they must register with the FSC for anti-money-laundering purposes, a rule in force since 30 November 2024.In forceUnder the Emergency Decree on Digital Asset Businesses, in force since 14 May 2018, crypto exchanges, brokers and dealers need approval from the Minister of Finance on the SEC's recommendation.In forceUnder Cabinet Resolution No. 111 of 2022, no one may carry on virtual-asset activities in the UAE outside the financial free zones without a licence from the federal regulator (then called the SCA) or a local authority; in Dubai that is VARA.In forceUnder a Government resolution in force since 9 September 2025, which sets up a five-year pilot crypto market, only companies licensed by the Ministry of Finance may provide crypto services or advertise them.
Is there a stablecoin law?In forceIssuing fiat-referenced stablecoins in Hong Kong needs an HKMA licence, under the Stablecoins Ordinance in force since 1 August 2025.––In forceBusinesses that trade or handle stablecoins tied to a legal currency must register, under rules in force since 1 June 2023.–DraftedOn 1 September 2026 MAS published proposed amendments to the Payment Services Act to put its stablecoin framework into law; it first consulted in October 2022 and set out the framework in August 2023.DraftedA government draft of a Digital Asset Basic Act was discussed on 4 March 2026; the meeting also discussed bank-led stablecoin issuance (banks holding 50% plus one share). It is a draft, not law.PassedUnder the same Act, issuing a stablecoin in Taiwan needs the central bank's consent and an FSC licence, with full reserves held in trust; on 3 November 2026 the FSC said it would publish draft issuance rules for comment.DraftedThe Bank of Thailand is consulting, from 19 October to 17 November 2026, on rules for businesses dealing in a baht stablecoin, which it describes as digital money pegged one-to-one to the baht and fully backed.In forceThe Central Bank's Payment Token Services Regulation, in force since 31 August 2024, puts issuing, converting and holding payment tokens under its licensing, and prohibits issuing or promoting algorithmic stablecoins and privacy tokens.NoneVietnam's crypto pilot sets up no stablecoin rules: it leaves digital forms of fiat money outside the crypto assets it covers, and a crypto asset may be issued under it only if backed by real assets that are not securities or fiat money.
Are spot crypto ETFs allowed?In forceThe SFC may authorise funds with more than 10% of their value in crypto, including funds that hold spot crypto directly, for sale to the public; its current rules were revised on 27 May 2026.NoneOn 28 July 2025 the Ministry of Finance told Parliament that no proposal to launch ETFs for crypto assets was under consideration.–NoneCrypto ETFs may not be formed or sold in Japan; the FSA said so on 31 October 2025, adding that derivatives based on foreign crypto ETFs are undesirable.In forceThe Securities Commission's Guidelines on Exchange-Traded Funds, revised on 2 March 2026, provide for digital currency ETFs that track the spot or cash market price of the digital currencies they invest in.–NoneIn January 2024 the FSC said issuing spot bitcoin ETFs, or brokering foreign ones, may breach the Capital Markets Act; foreign bitcoin futures ETFs still trade.Foreign ETFs, professionals onlySince September 2024 professional investors may buy foreign crypto ETFs through Taiwanese brokers; the FSC limits this to professionals because of the risk.DraftedOn 10 April 2026 the SEC sought comments on rules to allow spot crypto ETFs in Thailand, set up as mutual funds that invest directly in crypto.In forceIn the Abu Dhabi Global Market (ADGM) free zone, the FSRA's guidance allows funds investing in virtual assets such as Bitcoin and Ether, regulates their units as investments, and lets FSRA-licensed or approved exchanges deal in them, so such a fund may be traded on an approved exchange in ADGM.NoneVietnam's Securities Law defines an exchange-traded fund as one formed by swapping a basket of securities for fund certificates, and the Government's crypto pilot says crypto assets are not securities, so Vietnamese law provides for no spot crypto ETF.
Are gains taxed?Investment gains untaxedProfits from selling crypto held as a long-term investment are not charged to profits tax; trading profits can be, depending on the facts.Flat 30% taxThe Income Tax Department says income from transferring virtual digital assets, which include crypto assets, is taxed at a flat 30% plus surcharge and cess with no deduction except the cost of acquisition, and that 1% tax is deducted at source on payments to residents for such transfers.Income tax on each saleUnder Finance Ministry rules in force since 1 August 2025, a person selling crypto pays a final income tax of 0.21% of the sale value through a licensed Indonesian trader, or 1% through a foreign platform.Income taxProfits from using crypto fall under income tax; the National Tax Agency's Tax Answer No. 1524 points to its guidance on how.Income taxThe Inland Revenue Board's guidelines on digital currency, second edition of 5 December 2025, say gains from disposing of digital currency of a trading nature are taxable, and capital gains from disposing of it that are not revenue income are not subject to capital gains tax.Investment gains untaxedGains on crypto are taxed only if the tokens are held as a trading asset; gains on tokens held as a long-term investment are capital gains and not taxable.Passed, delayedThe 2024 tax reform postponed the taxation of crypto for two years.Property-transaction incomeThe Ministry of Finance says an individual's gains from occasionally buying and selling virtual assets in Taiwan are property-transaction income: the sale price minus cost and expenses, added to taxable income.Income taxThe Revenue Department's guide to the 2024 personal income tax return tells individuals to declare gains from transferring cryptocurrencies or digital tokens as income.Not subject to corporate taxThe Ministry of Finance says personal income from investments, without licensing requirements, is not subject to corporate tax; individuals' business income is subject to it only if their combined turnover exceeds AED 1 million in a calendar year.Income taxA Ministry of Finance circular in force since 6 April 2026 requires licensed crypto service providers to withhold personal income tax on each crypto transfer that individuals make through them.
Can the public trade crypto?Allowed, with conditionsRetail investors may trade large-cap crypto on SFC-licensed platforms, subject to eligibility requirements; tokens other than stablecoins from licensed issuers need a 12-month track record before they are offered to them.UnregulatedThe Ministry of Finance says crypto is not regulated in India, so the legality of individual platforms does not arise; platforms serving users in India, offshore ones included, must register with FIU-IND, which has ordered the takedown of apps and websites of 53 that operated without complying.Allowed, with conditionsThe OJK tells the public to trade crypto only through the licensed traders on its whitelist, using the apps and websites listed there.Allowed, with conditionsThe FSA tells the public to trade crypto only through registered exchanges and to have the exchange explain a trade before making it.Allowed, with conditionsThe Securities Commission lists the crypto exchanges it has registered, encourages the public to refer to that list when dealing with crypto exchanges, and requires unregistered exchanges to stop operating.RestrictedRetail customers may use licensed crypto services only after a risk-awareness check; providers may not offer them incentives, financing, leverage, local credit-card payments, or lending and staking of their tokens.RestrictedCrypto trading in Korea goes only through real-name bank accounts linked to an exchange; the FSC barred minors and foreigners from opening them in 2018, and from 2025 corporations are being allowed to open them in stages.Allowed, with warningsThe FSC calls virtual assets highly speculative 'virtual commodities', not currency, and tells the public to understand how they work and weigh the risks before trading.Allowed, with conditionsThe SEC urges investors to use only licensed crypto businesses, which they can check on its website, and has access to unlicensed trading platforms blocked in Thailand.Allowed, with conditionsThe authority says investors in virtual assets are protected by using licensed service providers and trading through the platforms it licenses.RestrictedUnder the pilot, Vietnamese investors who already hold crypto may buy and sell it through providers licensed by the Ministry of Finance, and six months after the first licence is granted, trading outside them can bring administrative or criminal penalties.

Changed this year

  1. Thailand · Is there a stablecoin law? Drafted
  2. Taiwan · Is there an exchange licence? Passed
  3. Taiwan · Is there a stablecoin law? Passed
  4. Thailand · Are spot crypto ETFs allowed? Drafted
  5. Vietnam · Are gains taxed? Income tax

Only answers with an exact date are listed. 15 of 55 have one; the rest give a year.

2 · Atlas gazetteer the index page of a printed atlas: each place with a small locator map, regions as plates, recent changes as "corrections to this sheet"

Exchange licences are in force in 9 of 11 places; stablecoin laws in 3

11 places so far, in Asia and the Gulf; other regions join place by place. Open a place to read each answer and its source.

A summary of each regulator's own documents, not legal advice.

In force · allowedPassed, not yet in force · restrictedDraftedNoneNo statement found

Plate IMiddle East & North Africa

UAEIs there an exchange licence?: In forceIs there a stablecoin law?: In force2024Are spot crypto ETFs allowed?: In forceour readingAre gains taxed?: Not subject to corporate taxCan the public trade crypto?: Allowed, with conditions

Still to survey here: Saudi Arabia, Bahrain, Turkey, Egypt

Plate IISouth Asia

IndiaIs there an exchange licence?: Registration onlyIs there a stablecoin law?: –Are spot crypto ETFs allowed?: NoneAre gains taxed?: Flat 30% taxCan the public trade crypto?: Unregulated
  • Is there an exchange licence? Registration only

    The Ministry of Finance says crypto assets are unregulated in India, but since a notification of 7 March 2023 crypto service providers must register with FIU-IND and report to it under the anti-money-laundering law; it does not publish the list so that registration is not mistaken for a licence.

    · Ministry of Finance · checked 10 Nov 2026

  • Is there a stablecoin law? –

    We found no statement on sansad.in. Searched for: stablecoin, stable coin, crypto, virtual digital asset · 41 pages.

    · Ministry of Finance · checked 10 Nov 2026

  • Are spot crypto ETFs allowed? None

    On 28 July 2025 the Ministry of Finance told Parliament that no proposal to launch ETFs for crypto assets was under consideration.

    · Ministry of Finance · checked 10 Nov 2026

  • Are gains taxed? Flat 30% tax

    The Income Tax Department says income from transferring virtual digital assets, which include crypto assets, is taxed at a flat 30% plus surcharge and cess with no deduction except the cost of acquisition, and that 1% tax is deducted at source on payments to residents for such transfers.

    · Income Tax Department · checked 8 Nov 2026

  • Can the public trade crypto? Unregulated

    The Ministry of Finance says crypto is not regulated in India, so the legality of individual platforms does not arise; platforms serving users in India, offshore ones included, must register with FIU-IND, which has ordered the takedown of apps and websites of 53 that operated without complying.

    · Ministry of Finance · checked 10 Nov 2026

Plate IIIEast Asia

Hong KongIs there an exchange licence?: In force2023Is there a stablecoin law?: In force2025Are spot crypto ETFs allowed?: In forceAre gains taxed?: Investment gains untaxedCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Crypto trading platforms operating in Hong Kong need an SFC licence, under a regime in force since 1 June 2023.

    · Securities and Futures Commission · checked 7 Nov 2026

  • Is there a stablecoin law? In force

    Issuing fiat-referenced stablecoins in Hong Kong needs an HKMA licence, under the Stablecoins Ordinance in force since 1 August 2025.

    Hong Kong Monetary Authority - Regulatory Regime for Stablecoin Issuers · Hong Kong Monetary Authority · checked 7 Nov 2026

  • Are spot crypto ETFs allowed? In force

    The SFC may authorise funds with more than 10% of their value in crypto, including funds that hold spot crypto directly, for sale to the public; its current rules were revised on 27 May 2026.

    · Securities and Futures Commission · checked 7 Nov 2026

  • Are gains taxed? Investment gains untaxed

    Profits from selling crypto held as a long-term investment are not charged to profits tax; trading profits can be, depending on the facts.

    · Inland Revenue Department · checked 7 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    Retail investors may trade large-cap crypto on SFC-licensed platforms, subject to eligibility requirements; tokens other than stablecoins from licensed issuers need a 12-month track record before they are offered to them.

    · Securities and Futures Commission · checked 7 Nov 2026

JapanIs there an exchange licence?: In force2017Is there a stablecoin law?: In force2023Are spot crypto ETFs allowed?: NoneAre gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
South KoreaIs there an exchange licence?: In force2021Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: NoneAre gains taxed?: Passed, delayedCan the public trade crypto?: Restricted
  • Is there an exchange licence? In force

    Crypto trading, safekeeping and wallet businesses must register with the Korea Financial Intelligence Unit before operating; the rule took effect on 25 March 2021.

    Press Releases - Financial Services Commission · Financial Services Commission · checked 7 Nov 2026

  • Is there a stablecoin law? Drafted

    A government draft of a Digital Asset Basic Act was discussed on 4 March 2026; the meeting also discussed bank-led stablecoin issuance (banks holding 50% plus one share). It is a draft, not law.

    보도자료 - 위원회 소식 - 알림마당 - 금융위원회 · Financial Services Commission · checked 7 Nov 2026

  • Are spot crypto ETFs allowed? None

    In January 2024 the FSC said issuing spot bitcoin ETFs, or brokering foreign ones, may breach the Capital Markets Act; foreign bitcoin futures ETFs still trade.

    보도자료 - 위원회 소식 - 알림마당 - 금융위원회 · Financial Services Commission · checked 7 Nov 2026

  • Are gains taxed? Passed, delayed

    The 2024 tax reform postponed the taxation of crypto for two years.

    · Ministry of Finance and Economy · checked 7 Nov 2026

  • Can the public trade crypto? Restricted

    Crypto trading in Korea goes only through real-name bank accounts linked to an exchange; the FSC barred minors and foreigners from opening them in 2018, and from 2025 corporations are being allowed to open them in stages.

    Press Releases - Financial Services CommissionPress Releases - Financial Services Commission · Financial Services Commission · checked 7 Nov 2026

TaiwanIs there an exchange licence?: Passed2026Is there a stablecoin law?: Passed2026Are spot crypto ETFs allowed?: Foreign ETFs, professionals onlyAre gains taxed?: Property-transaction incomeCan the public trade crypto?: Allowed, with warnings

Still to survey here: Mainland China

Plate IVSoutheast Asia

IndonesiaIs there an exchange licence?: In forceIs there a stablecoin law?: –Are spot crypto ETFs allowed?: –Are gains taxed?: Income tax on each saleCan the public trade crypto?: Allowed, with conditions
MalaysiaIs there an exchange licence?: In force2019Is there a stablecoin law?: –Are spot crypto ETFs allowed?: In forceAre gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Since the Securities Commission revised its Guidelines on Recognized Markets on 31 January 2019 to add requirements for digital asset exchanges, an exchange needs the SC's registration to operate in Malaysia.

    List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia · Securities Commission Malaysia · checked 10 Nov 2026

  • Is there a stablecoin law? –

    We found no statement on www.bnm.gov.my. Searched for: stablecoin, stable coin, ringgit stablecoin · 6 pages.

    · Bank Negara Malaysia · checked 10 Nov 2026

  • Are spot crypto ETFs allowed? In force

    The Securities Commission's Guidelines on Exchange-Traded Funds, revised on 2 March 2026, provide for digital currency ETFs that track the spot or cash market price of the digital currencies they invest in.

    · Securities Commission Malaysia · checked 10 Nov 2026

  • Are gains taxed? Income tax

    The Inland Revenue Board's guidelines on digital currency, second edition of 5 December 2025, say gains from disposing of digital currency of a trading nature are taxable, and capital gains from disposing of it that are not revenue income are not subject to capital gains tax.

    · Inland Revenue Board of Malaysia · checked 10 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    The Securities Commission lists the crypto exchanges it has registered, encourages the public to refer to that list when dealing with crypto exchanges, and requires unregistered exchanges to stop operating.

    List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia · Securities Commission Malaysia · checked 10 Nov 2026

SingaporeIs there an exchange licence?: In force2020Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: –Are gains taxed?: Investment gains untaxedCan the public trade crypto?: Restricted
  • Is there an exchange licence? In force

    The Payment Services Act, in force since 28 January 2020, brings crypto (digital payment token) services under MAS licensing.

    Payment Services Act Comes Into Force · Monetary Authority of Singapore · checked 7 Nov 2026

  • Is there a stablecoin law? Drafted

    On 1 September 2026 MAS published proposed amendments to the Payment Services Act to put its stablecoin framework into law; it first consulted in October 2022 and set out the framework in August 2023.

    MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework · Monetary Authority of Singapore · checked 7 Nov 2026

  • Are spot crypto ETFs allowed? –

    We found no statement on www.mas.gov.sg. Searched for: ETF, exchange-traded, crypto, digital payment token · 56 pages.

    · Monetary Authority of Singapore · checked 7 Nov 2026

  • Are gains taxed? Investment gains untaxed

    Gains on crypto are taxed only if the tokens are held as a trading asset; gains on tokens held as a long-term investment are capital gains and not taxable.

    · Inland Revenue Authority of Singapore · checked 7 Nov 2026

  • Can the public trade crypto? Restricted

    Retail customers may use licensed crypto services only after a risk-awareness check; providers may not offer them incentives, financing, leverage, local credit-card payments, or lending and staking of their tokens.

    MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory FrameworkMAS Publishes Investor Protection Measures for Digital Payment Token Services · Monetary Authority of Singapore · checked 7 Nov 2026

ThailandIs there an exchange licence?: In force2018Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: Drafted2026Are gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Under the Emergency Decree on Digital Asset Businesses, in force since 14 May 2018, crypto exchanges, brokers and dealers need approval from the Minister of Finance on the SEC's recommendation.

    · Securities and Exchange Commission · checked 8 Nov 2026

  • Is there a stablecoin law? Drafted

    The Bank of Thailand is consulting, from 19 October to 17 November 2026, on rules for businesses dealing in a baht stablecoin, which it describes as digital money pegged one-to-one to the baht and fully backed.

    การเปิดรับฟังความคิดเห็นต่อหลักการกำกับดูแลผู้ประกอบธุรกิจที่เกี่ยวข้องกับ THB Stablecoin · Bank of Thailand · checked 8 Nov 2026

  • Are spot crypto ETFs allowed? Drafted

    On 10 April 2026 the SEC sought comments on rules to allow spot crypto ETFs in Thailand, set up as mutual funds that invest directly in crypto.

    English (United States) News_Detail · Securities and Exchange Commission · checked 8 Nov 2026

  • Are gains taxed? Income tax

    The Revenue Department's guide to the 2024 personal income tax return tells individuals to declare gains from transferring cryptocurrencies or digital tokens as income.

    · Revenue Department · checked 8 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    The SEC urges investors to use only licensed crypto businesses, which they can check on its website, and has access to unlicensed trading platforms blocked in Thailand.

    English (United States) News_Detail · Securities and Exchange Commission · checked 8 Nov 2026

VietnamIs there an exchange licence?: In force2025Is there a stablecoin law?: Noneour readingAre spot crypto ETFs allowed?: Noneour readingAre gains taxed?: Income tax2026Can the public trade crypto?: Restricted

Still to survey here: Philippines

Not surveyed yet

North AmericaUnited States

Latin AmericaBrazil

EuropeGermany, France, Italy, Spain, Netherlands, Poland, Russia

AfricaNigeria, Kenya

OceaniaNo local sources yet

Compare up to 4 places

Hong KongIndiaIndonesiaJapanMalaysiaSingaporeSouth KoreaTaiwanThailandUAEVietnam
Is there an exchange licence?In forceCrypto trading platforms operating in Hong Kong need an SFC licence, under a regime in force since 1 June 2023.Registration onlyThe Ministry of Finance says crypto assets are unregulated in India, but since a notification of 7 March 2023 crypto service providers must register with FIU-IND and report to it under the anti-money-laundering law; it does not publish the list so that registration is not mistaken for a licence.In forceUnder the 2023 financial-sector law, crypto traders need a licence from the OJK, which took over crypto supervision from the commodities regulator Bappebti; operating without one carries 5 to 10 years in prison.In forceBusinesses that exchange crypto for yen or other legal currency in Japan must register as crypto exchange businesses, under rules in force since 1 April 2017.In forceSince the Securities Commission revised its Guidelines on Recognized Markets on 31 January 2019 to add requirements for digital asset exchanges, an exchange needs the SC's registration to operate in Malaysia.In forceThe Payment Services Act, in force since 28 January 2020, brings crypto (digital payment token) services under MAS licensing.In forceCrypto trading, safekeeping and wallet businesses must register with the Korea Financial Intelligence Unit before operating; the rule took effect on 25 March 2021.PassedThe Virtual Asset Service Act, promulgated on 22 July 2026, brings licensing for crypto businesses but has no start date yet; until then they must register with the FSC for anti-money-laundering purposes, a rule in force since 30 November 2024.In forceUnder the Emergency Decree on Digital Asset Businesses, in force since 14 May 2018, crypto exchanges, brokers and dealers need approval from the Minister of Finance on the SEC's recommendation.In forceUnder Cabinet Resolution No. 111 of 2022, no one may carry on virtual-asset activities in the UAE outside the financial free zones without a licence from the federal regulator (then called the SCA) or a local authority; in Dubai that is VARA.In forceUnder a Government resolution in force since 9 September 2025, which sets up a five-year pilot crypto market, only companies licensed by the Ministry of Finance may provide crypto services or advertise them.
Is there a stablecoin law?In forceIssuing fiat-referenced stablecoins in Hong Kong needs an HKMA licence, under the Stablecoins Ordinance in force since 1 August 2025.––In forceBusinesses that trade or handle stablecoins tied to a legal currency must register, under rules in force since 1 June 2023.–DraftedOn 1 September 2026 MAS published proposed amendments to the Payment Services Act to put its stablecoin framework into law; it first consulted in October 2022 and set out the framework in August 2023.DraftedA government draft of a Digital Asset Basic Act was discussed on 4 March 2026; the meeting also discussed bank-led stablecoin issuance (banks holding 50% plus one share). It is a draft, not law.PassedUnder the same Act, issuing a stablecoin in Taiwan needs the central bank's consent and an FSC licence, with full reserves held in trust; on 3 November 2026 the FSC said it would publish draft issuance rules for comment.DraftedThe Bank of Thailand is consulting, from 19 October to 17 November 2026, on rules for businesses dealing in a baht stablecoin, which it describes as digital money pegged one-to-one to the baht and fully backed.In forceThe Central Bank's Payment Token Services Regulation, in force since 31 August 2024, puts issuing, converting and holding payment tokens under its licensing, and prohibits issuing or promoting algorithmic stablecoins and privacy tokens.NoneVietnam's crypto pilot sets up no stablecoin rules: it leaves digital forms of fiat money outside the crypto assets it covers, and a crypto asset may be issued under it only if backed by real assets that are not securities or fiat money.
Are spot crypto ETFs allowed?In forceThe SFC may authorise funds with more than 10% of their value in crypto, including funds that hold spot crypto directly, for sale to the public; its current rules were revised on 27 May 2026.NoneOn 28 July 2025 the Ministry of Finance told Parliament that no proposal to launch ETFs for crypto assets was under consideration.–NoneCrypto ETFs may not be formed or sold in Japan; the FSA said so on 31 October 2025, adding that derivatives based on foreign crypto ETFs are undesirable.In forceThe Securities Commission's Guidelines on Exchange-Traded Funds, revised on 2 March 2026, provide for digital currency ETFs that track the spot or cash market price of the digital currencies they invest in.–NoneIn January 2024 the FSC said issuing spot bitcoin ETFs, or brokering foreign ones, may breach the Capital Markets Act; foreign bitcoin futures ETFs still trade.Foreign ETFs, professionals onlySince September 2024 professional investors may buy foreign crypto ETFs through Taiwanese brokers; the FSC limits this to professionals because of the risk.DraftedOn 10 April 2026 the SEC sought comments on rules to allow spot crypto ETFs in Thailand, set up as mutual funds that invest directly in crypto.In forceIn the Abu Dhabi Global Market (ADGM) free zone, the FSRA's guidance allows funds investing in virtual assets such as Bitcoin and Ether, regulates their units as investments, and lets FSRA-licensed or approved exchanges deal in them, so such a fund may be traded on an approved exchange in ADGM.NoneVietnam's Securities Law defines an exchange-traded fund as one formed by swapping a basket of securities for fund certificates, and the Government's crypto pilot says crypto assets are not securities, so Vietnamese law provides for no spot crypto ETF.
Are gains taxed?Investment gains untaxedProfits from selling crypto held as a long-term investment are not charged to profits tax; trading profits can be, depending on the facts.Flat 30% taxThe Income Tax Department says income from transferring virtual digital assets, which include crypto assets, is taxed at a flat 30% plus surcharge and cess with no deduction except the cost of acquisition, and that 1% tax is deducted at source on payments to residents for such transfers.Income tax on each saleUnder Finance Ministry rules in force since 1 August 2025, a person selling crypto pays a final income tax of 0.21% of the sale value through a licensed Indonesian trader, or 1% through a foreign platform.Income taxProfits from using crypto fall under income tax; the National Tax Agency's Tax Answer No. 1524 points to its guidance on how.Income taxThe Inland Revenue Board's guidelines on digital currency, second edition of 5 December 2025, say gains from disposing of digital currency of a trading nature are taxable, and capital gains from disposing of it that are not revenue income are not subject to capital gains tax.Investment gains untaxedGains on crypto are taxed only if the tokens are held as a trading asset; gains on tokens held as a long-term investment are capital gains and not taxable.Passed, delayedThe 2024 tax reform postponed the taxation of crypto for two years.Property-transaction incomeThe Ministry of Finance says an individual's gains from occasionally buying and selling virtual assets in Taiwan are property-transaction income: the sale price minus cost and expenses, added to taxable income.Income taxThe Revenue Department's guide to the 2024 personal income tax return tells individuals to declare gains from transferring cryptocurrencies or digital tokens as income.Not subject to corporate taxThe Ministry of Finance says personal income from investments, without licensing requirements, is not subject to corporate tax; individuals' business income is subject to it only if their combined turnover exceeds AED 1 million in a calendar year.Income taxA Ministry of Finance circular in force since 6 April 2026 requires licensed crypto service providers to withhold personal income tax on each crypto transfer that individuals make through them.
Can the public trade crypto?Allowed, with conditionsRetail investors may trade large-cap crypto on SFC-licensed platforms, subject to eligibility requirements; tokens other than stablecoins from licensed issuers need a 12-month track record before they are offered to them.UnregulatedThe Ministry of Finance says crypto is not regulated in India, so the legality of individual platforms does not arise; platforms serving users in India, offshore ones included, must register with FIU-IND, which has ordered the takedown of apps and websites of 53 that operated without complying.Allowed, with conditionsThe OJK tells the public to trade crypto only through the licensed traders on its whitelist, using the apps and websites listed there.Allowed, with conditionsThe FSA tells the public to trade crypto only through registered exchanges and to have the exchange explain a trade before making it.Allowed, with conditionsThe Securities Commission lists the crypto exchanges it has registered, encourages the public to refer to that list when dealing with crypto exchanges, and requires unregistered exchanges to stop operating.RestrictedRetail customers may use licensed crypto services only after a risk-awareness check; providers may not offer them incentives, financing, leverage, local credit-card payments, or lending and staking of their tokens.RestrictedCrypto trading in Korea goes only through real-name bank accounts linked to an exchange; the FSC barred minors and foreigners from opening them in 2018, and from 2025 corporations are being allowed to open them in stages.Allowed, with warningsThe FSC calls virtual assets highly speculative 'virtual commodities', not currency, and tells the public to understand how they work and weigh the risks before trading.Allowed, with conditionsThe SEC urges investors to use only licensed crypto businesses, which they can check on its website, and has access to unlicensed trading platforms blocked in Thailand.Allowed, with conditionsThe authority says investors in virtual assets are protected by using licensed service providers and trading through the platforms it licenses.RestrictedUnder the pilot, Vietnamese investors who already hold crypto may buy and sell it through providers licensed by the Ministry of Finance, and six months after the first licence is granted, trading outside them can bring administrative or criminal penalties.

Corrections to this sheet, 2026

  1. Thailand · Is there a stablecoin law? Drafted
  2. Taiwan · Is there an exchange licence? Passed
  3. Taiwan · Is there a stablecoin law? Passed
  4. Thailand · Are spot crypto ETFs allowed? Drafted
  5. Vietnam · Are gains taxed? Income tax

Only answers with an exact date are listed. 15 of 55 have one; the rest give a year.

3 · Survey sheet the cartographer's desk: paper, a title cartouche whose scale bar shows how much is surveyed, compare as two pinned sheets, recent changes as a pinned list of chart corrections

The state of the rules inthe World11 places · 55 answers · last surveyed 10 Nov 202611 surveyed17 to come

Exchange licences are in force in 9 of 11 places; stablecoin laws in 3

A summary of each regulator's own documents, not legal advice.

In force · allowedPassed, not yet in force · restrictedDraftedNoneNo statement found

Middle East & North Africa

UAEIs there an exchange licence?: In forceIs there a stablecoin law?: In force2024Are spot crypto ETFs allowed?: In forceour readingAre gains taxed?: Not subject to corporate taxCan the public trade crypto?: Allowed, with conditions

Still to survey here: Saudi Arabia, Bahrain, Turkey, Egypt

South Asia

IndiaIs there an exchange licence?: Registration onlyIs there a stablecoin law?: –Are spot crypto ETFs allowed?: NoneAre gains taxed?: Flat 30% taxCan the public trade crypto?: Unregulated
  • Is there an exchange licence? Registration only

    The Ministry of Finance says crypto assets are unregulated in India, but since a notification of 7 March 2023 crypto service providers must register with FIU-IND and report to it under the anti-money-laundering law; it does not publish the list so that registration is not mistaken for a licence.

    · Ministry of Finance · surveyed 10 Nov 2026

  • Is there a stablecoin law? –

    We found no statement on sansad.in. Searched for: stablecoin, stable coin, crypto, virtual digital asset · 41 pages.

    · Ministry of Finance · surveyed 10 Nov 2026

  • Are spot crypto ETFs allowed? None

    On 28 July 2025 the Ministry of Finance told Parliament that no proposal to launch ETFs for crypto assets was under consideration.

    · Ministry of Finance · surveyed 10 Nov 2026

  • Are gains taxed? Flat 30% tax

    The Income Tax Department says income from transferring virtual digital assets, which include crypto assets, is taxed at a flat 30% plus surcharge and cess with no deduction except the cost of acquisition, and that 1% tax is deducted at source on payments to residents for such transfers.

    · Income Tax Department · surveyed 8 Nov 2026

  • Can the public trade crypto? Unregulated

    The Ministry of Finance says crypto is not regulated in India, so the legality of individual platforms does not arise; platforms serving users in India, offshore ones included, must register with FIU-IND, which has ordered the takedown of apps and websites of 53 that operated without complying.

    · Ministry of Finance · surveyed 10 Nov 2026

East Asia

Hong KongIs there an exchange licence?: In force2023Is there a stablecoin law?: In force2025Are spot crypto ETFs allowed?: In forceAre gains taxed?: Investment gains untaxedCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Crypto trading platforms operating in Hong Kong need an SFC licence, under a regime in force since 1 June 2023.

    · Securities and Futures Commission · surveyed 7 Nov 2026

  • Is there a stablecoin law? In force

    Issuing fiat-referenced stablecoins in Hong Kong needs an HKMA licence, under the Stablecoins Ordinance in force since 1 August 2025.

    Hong Kong Monetary Authority - Regulatory Regime for Stablecoin Issuers · Hong Kong Monetary Authority · surveyed 7 Nov 2026

  • Are spot crypto ETFs allowed? In force

    The SFC may authorise funds with more than 10% of their value in crypto, including funds that hold spot crypto directly, for sale to the public; its current rules were revised on 27 May 2026.

    · Securities and Futures Commission · surveyed 7 Nov 2026

  • Are gains taxed? Investment gains untaxed

    Profits from selling crypto held as a long-term investment are not charged to profits tax; trading profits can be, depending on the facts.

    · Inland Revenue Department · surveyed 7 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    Retail investors may trade large-cap crypto on SFC-licensed platforms, subject to eligibility requirements; tokens other than stablecoins from licensed issuers need a 12-month track record before they are offered to them.

    · Securities and Futures Commission · surveyed 7 Nov 2026

JapanIs there an exchange licence?: In force2017Is there a stablecoin law?: In force2023Are spot crypto ETFs allowed?: NoneAre gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
South KoreaIs there an exchange licence?: In force2021Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: NoneAre gains taxed?: Passed, delayedCan the public trade crypto?: Restricted
  • Is there an exchange licence? In force

    Crypto trading, safekeeping and wallet businesses must register with the Korea Financial Intelligence Unit before operating; the rule took effect on 25 March 2021.

    Press Releases - Financial Services Commission · Financial Services Commission · surveyed 7 Nov 2026

  • Is there a stablecoin law? Drafted

    A government draft of a Digital Asset Basic Act was discussed on 4 March 2026; the meeting also discussed bank-led stablecoin issuance (banks holding 50% plus one share). It is a draft, not law.

    보도자료 - 위원회 소식 - 알림마당 - 금융위원회 · Financial Services Commission · surveyed 7 Nov 2026

  • Are spot crypto ETFs allowed? None

    In January 2024 the FSC said issuing spot bitcoin ETFs, or brokering foreign ones, may breach the Capital Markets Act; foreign bitcoin futures ETFs still trade.

    보도자료 - 위원회 소식 - 알림마당 - 금융위원회 · Financial Services Commission · surveyed 7 Nov 2026

  • Are gains taxed? Passed, delayed

    The 2024 tax reform postponed the taxation of crypto for two years.

    · Ministry of Finance and Economy · surveyed 7 Nov 2026

  • Can the public trade crypto? Restricted

    Crypto trading in Korea goes only through real-name bank accounts linked to an exchange; the FSC barred minors and foreigners from opening them in 2018, and from 2025 corporations are being allowed to open them in stages.

    Press Releases - Financial Services CommissionPress Releases - Financial Services Commission · Financial Services Commission · surveyed 7 Nov 2026

TaiwanIs there an exchange licence?: Passed2026Is there a stablecoin law?: Passed2026Are spot crypto ETFs allowed?: Foreign ETFs, professionals onlyAre gains taxed?: Property-transaction incomeCan the public trade crypto?: Allowed, with warnings

Still to survey here: Mainland China

Southeast Asia

IndonesiaIs there an exchange licence?: In forceIs there a stablecoin law?: –Are spot crypto ETFs allowed?: –Are gains taxed?: Income tax on each saleCan the public trade crypto?: Allowed, with conditions
MalaysiaIs there an exchange licence?: In force2019Is there a stablecoin law?: –Are spot crypto ETFs allowed?: In forceAre gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Since the Securities Commission revised its Guidelines on Recognized Markets on 31 January 2019 to add requirements for digital asset exchanges, an exchange needs the SC's registration to operate in Malaysia.

    List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia · Securities Commission Malaysia · surveyed 10 Nov 2026

  • Is there a stablecoin law? –

    We found no statement on www.bnm.gov.my. Searched for: stablecoin, stable coin, ringgit stablecoin · 6 pages.

    · Bank Negara Malaysia · surveyed 10 Nov 2026

  • Are spot crypto ETFs allowed? In force

    The Securities Commission's Guidelines on Exchange-Traded Funds, revised on 2 March 2026, provide for digital currency ETFs that track the spot or cash market price of the digital currencies they invest in.

    · Securities Commission Malaysia · surveyed 10 Nov 2026

  • Are gains taxed? Income tax

    The Inland Revenue Board's guidelines on digital currency, second edition of 5 December 2025, say gains from disposing of digital currency of a trading nature are taxable, and capital gains from disposing of it that are not revenue income are not subject to capital gains tax.

    · Inland Revenue Board of Malaysia · surveyed 10 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    The Securities Commission lists the crypto exchanges it has registered, encourages the public to refer to that list when dealing with crypto exchanges, and requires unregistered exchanges to stop operating.

    List of Registered Digital Asset Exchanges - Recognized Markets (ECF, P2P, DAX, PCF and E-SERVICES) | Securities Commission Malaysia · Securities Commission Malaysia · surveyed 10 Nov 2026

SingaporeIs there an exchange licence?: In force2020Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: –Are gains taxed?: Investment gains untaxedCan the public trade crypto?: Restricted
  • Is there an exchange licence? In force

    The Payment Services Act, in force since 28 January 2020, brings crypto (digital payment token) services under MAS licensing.

    Payment Services Act Comes Into Force · Monetary Authority of Singapore · surveyed 7 Nov 2026

  • Is there a stablecoin law? Drafted

    On 1 September 2026 MAS published proposed amendments to the Payment Services Act to put its stablecoin framework into law; it first consulted in October 2022 and set out the framework in August 2023.

    MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory Framework · Monetary Authority of Singapore · surveyed 7 Nov 2026

  • Are spot crypto ETFs allowed? –

    We found no statement on www.mas.gov.sg. Searched for: ETF, exchange-traded, crypto, digital payment token · 56 pages.

    · Monetary Authority of Singapore · surveyed 7 Nov 2026

  • Are gains taxed? Investment gains untaxed

    Gains on crypto are taxed only if the tokens are held as a trading asset; gains on tokens held as a long-term investment are capital gains and not taxable.

    · Inland Revenue Authority of Singapore · surveyed 7 Nov 2026

  • Can the public trade crypto? Restricted

    Retail customers may use licensed crypto services only after a risk-awareness check; providers may not offer them incentives, financing, leverage, local credit-card payments, or lending and staking of their tokens.

    MAS Consults on Legislative Amendments to Implement Stablecoin Regulatory FrameworkMAS Publishes Investor Protection Measures for Digital Payment Token Services · Monetary Authority of Singapore · surveyed 7 Nov 2026

ThailandIs there an exchange licence?: In force2018Is there a stablecoin law?: Drafted2026Are spot crypto ETFs allowed?: Drafted2026Are gains taxed?: Income taxCan the public trade crypto?: Allowed, with conditions
  • Is there an exchange licence? In force

    Under the Emergency Decree on Digital Asset Businesses, in force since 14 May 2018, crypto exchanges, brokers and dealers need approval from the Minister of Finance on the SEC's recommendation.

    · Securities and Exchange Commission · surveyed 8 Nov 2026

  • Is there a stablecoin law? Drafted

    The Bank of Thailand is consulting, from 19 October to 17 November 2026, on rules for businesses dealing in a baht stablecoin, which it describes as digital money pegged one-to-one to the baht and fully backed.

    การเปิดรับฟังความคิดเห็นต่อหลักการกำกับดูแลผู้ประกอบธุรกิจที่เกี่ยวข้องกับ THB Stablecoin · Bank of Thailand · surveyed 8 Nov 2026

  • Are spot crypto ETFs allowed? Drafted

    On 10 April 2026 the SEC sought comments on rules to allow spot crypto ETFs in Thailand, set up as mutual funds that invest directly in crypto.

    English (United States) News_Detail · Securities and Exchange Commission · surveyed 8 Nov 2026

  • Are gains taxed? Income tax

    The Revenue Department's guide to the 2024 personal income tax return tells individuals to declare gains from transferring cryptocurrencies or digital tokens as income.

    · Revenue Department · surveyed 8 Nov 2026

  • Can the public trade crypto? Allowed, with conditions

    The SEC urges investors to use only licensed crypto businesses, which they can check on its website, and has access to unlicensed trading platforms blocked in Thailand.

    English (United States) News_Detail · Securities and Exchange Commission · surveyed 8 Nov 2026

VietnamIs there an exchange licence?: In force2025Is there a stablecoin law?: Noneour readingAre spot crypto ETFs allowed?: Noneour readingAre gains taxed?: Income tax2026Can the public trade crypto?: Restricted

Still to survey here: Philippines

Not surveyed yet

North AmericaUnited States

Latin AmericaBrazil

EuropeGermany, France, Italy, Spain, Netherlands, Poland, Russia

AfricaNigeria, Kenya

OceaniaNo local sources yet

Compare up to 4 places

Hong Kong

Is there an exchange licence?In forceCrypto trading platforms operating in Hong Kong need an SFC licence, under a regime in force since 1 June 2023.
Is there a stablecoin law?In forceIssuing fiat-referenced stablecoins in Hong Kong needs an HKMA licence, under the Stablecoins Ordinance in force since 1 August 2025.
Are spot crypto ETFs allowed?In forceThe SFC may authorise funds with more than 10% of their value in crypto, including funds that hold spot crypto directly, for sale to the public; its current rules were revised on 27 May 2026.
Are gains taxed?Investment gains untaxedProfits from selling crypto held as a long-term investment are not charged to profits tax; trading profits can be, depending on the facts.
Can the public trade crypto?Allowed, with conditionsRetail investors may trade large-cap crypto on SFC-licensed platforms, subject to eligibility requirements; tokens other than stablecoins from licensed issuers need a 12-month track record before they are offered to them.

India

Is there an exchange licence?Registration onlyThe Ministry of Finance says crypto assets are unregulated in India, but since a notification of 7 March 2023 crypto service providers must register with FIU-IND and report to it under the anti-money-laundering law; it does not publish the list so that registration is not mistaken for a licence.
Is there a stablecoin law?–
Are spot crypto ETFs allowed?NoneOn 28 July 2025 the Ministry of Finance told Parliament that no proposal to launch ETFs for crypto assets was under consideration.
Are gains taxed?Flat 30% taxThe Income Tax Department says income from transferring virtual digital assets, which include crypto assets, is taxed at a flat 30% plus surcharge and cess with no deduction except the cost of acquisition, and that 1% tax is deducted at source on payments to residents for such transfers.
Can the public trade crypto?UnregulatedThe Ministry of Finance says crypto is not regulated in India, so the legality of individual platforms does not arise; platforms serving users in India, offshore ones included, must register with FIU-IND, which has ordered the takedown of apps and websites of 53 that operated without complying.

Indonesia

Is there an exchange licence?In forceUnder the 2023 financial-sector law, crypto traders need a licence from the OJK, which took over crypto supervision from the commodities regulator Bappebti; operating without one carries 5 to 10 years in prison.
Is there a stablecoin law?–
Are spot crypto ETFs allowed?–
Are gains taxed?Income tax on each saleUnder Finance Ministry rules in force since 1 August 2025, a person selling crypto pays a final income tax of 0.21% of the sale value through a licensed Indonesian trader, or 1% through a foreign platform.
Can the public trade crypto?Allowed, with conditionsThe OJK tells the public to trade crypto only through the licensed traders on its whitelist, using the apps and websites listed there.

Japan

Is there an exchange licence?In forceBusinesses that exchange crypto for yen or other legal currency in Japan must register as crypto exchange businesses, under rules in force since 1 April 2017.
Is there a stablecoin law?In forceBusinesses that trade or handle stablecoins tied to a legal currency must register, under rules in force since 1 June 2023.
Are spot crypto ETFs allowed?NoneCrypto ETFs may not be formed or sold in Japan; the FSA said so on 31 October 2025, adding that derivatives based on foreign crypto ETFs are undesirable.
Are gains taxed?Income taxProfits from using crypto fall under income tax; the National Tax Agency's Tax Answer No. 1524 points to its guidance on how.
Can the public trade crypto?Allowed, with conditionsThe FSA tells the public to trade crypto only through registered exchanges and to have the exchange explain a trade before making it.

Malaysia

Is there an exchange licence?In forceSince the Securities Commission revised its Guidelines on Recognized Markets on 31 January 2019 to add requirements for digital asset exchanges, an exchange needs the SC's registration to operate in Malaysia.
Is there a stablecoin law?–
Are spot crypto ETFs allowed?In forceThe Securities Commission's Guidelines on Exchange-Traded Funds, revised on 2 March 2026, provide for digital currency ETFs that track the spot or cash market price of the digital currencies they invest in.
Are gains taxed?Income taxThe Inland Revenue Board's guidelines on digital currency, second edition of 5 December 2025, say gains from disposing of digital currency of a trading nature are taxable, and capital gains from disposing of it that are not revenue income are not subject to capital gains tax.
Can the public trade crypto?Allowed, with conditionsThe Securities Commission lists the crypto exchanges it has registered, encourages the public to refer to that list when dealing with crypto exchanges, and requires unregistered exchanges to stop operating.

Singapore

Is there an exchange licence?In forceThe Payment Services Act, in force since 28 January 2020, brings crypto (digital payment token) services under MAS licensing.
Is there a stablecoin law?DraftedOn 1 September 2026 MAS published proposed amendments to the Payment Services Act to put its stablecoin framework into law; it first consulted in October 2022 and set out the framework in August 2023.
Are spot crypto ETFs allowed?–
Are gains taxed?Investment gains untaxedGains on crypto are taxed only if the tokens are held as a trading asset; gains on tokens held as a long-term investment are capital gains and not taxable.
Can the public trade crypto?RestrictedRetail customers may use licensed crypto services only after a risk-awareness check; providers may not offer them incentives, financing, leverage, local credit-card payments, or lending and staking of their tokens.

South Korea

Is there an exchange licence?In forceCrypto trading, safekeeping and wallet businesses must register with the Korea Financial Intelligence Unit before operating; the rule took effect on 25 March 2021.
Is there a stablecoin law?DraftedA government draft of a Digital Asset Basic Act was discussed on 4 March 2026; the meeting also discussed bank-led stablecoin issuance (banks holding 50% plus one share). It is a draft, not law.
Are spot crypto ETFs allowed?NoneIn January 2024 the FSC said issuing spot bitcoin ETFs, or brokering foreign ones, may breach the Capital Markets Act; foreign bitcoin futures ETFs still trade.
Are gains taxed?Passed, delayedThe 2024 tax reform postponed the taxation of crypto for two years.
Can the public trade crypto?RestrictedCrypto trading in Korea goes only through real-name bank accounts linked to an exchange; the FSC barred minors and foreigners from opening them in 2018, and from 2025 corporations are being allowed to open them in stages.

Taiwan

Is there an exchange licence?PassedThe Virtual Asset Service Act, promulgated on 22 July 2026, brings licensing for crypto businesses but has no start date yet; until then they must register with the FSC for anti-money-laundering purposes, a rule in force since 30 November 2024.
Is there a stablecoin law?PassedUnder the same Act, issuing a stablecoin in Taiwan needs the central bank's consent and an FSC licence, with full reserves held in trust; on 3 November 2026 the FSC said it would publish draft issuance rules for comment.
Are spot crypto ETFs allowed?Foreign ETFs, professionals onlySince September 2024 professional investors may buy foreign crypto ETFs through Taiwanese brokers; the FSC limits this to professionals because of the risk.
Are gains taxed?Property-transaction incomeThe Ministry of Finance says an individual's gains from occasionally buying and selling virtual assets in Taiwan are property-transaction income: the sale price minus cost and expenses, added to taxable income.
Can the public trade crypto?Allowed, with warningsThe FSC calls virtual assets highly speculative 'virtual commodities', not currency, and tells the public to understand how they work and weigh the risks before trading.

Thailand

Is there an exchange licence?In forceUnder the Emergency Decree on Digital Asset Businesses, in force since 14 May 2018, crypto exchanges, brokers and dealers need approval from the Minister of Finance on the SEC's recommendation.
Is there a stablecoin law?DraftedThe Bank of Thailand is consulting, from 19 October to 17 November 2026, on rules for businesses dealing in a baht stablecoin, which it describes as digital money pegged one-to-one to the baht and fully backed.
Are spot crypto ETFs allowed?DraftedOn 10 April 2026 the SEC sought comments on rules to allow spot crypto ETFs in Thailand, set up as mutual funds that invest directly in crypto.
Are gains taxed?Income taxThe Revenue Department's guide to the 2024 personal income tax return tells individuals to declare gains from transferring cryptocurrencies or digital tokens as income.
Can the public trade crypto?Allowed, with conditionsThe SEC urges investors to use only licensed crypto businesses, which they can check on its website, and has access to unlicensed trading platforms blocked in Thailand.

UAE

Is there an exchange licence?In forceUnder Cabinet Resolution No. 111 of 2022, no one may carry on virtual-asset activities in the UAE outside the financial free zones without a licence from the federal regulator (then called the SCA) or a local authority; in Dubai that is VARA.
Is there a stablecoin law?In forceThe Central Bank's Payment Token Services Regulation, in force since 31 August 2024, puts issuing, converting and holding payment tokens under its licensing, and prohibits issuing or promoting algorithmic stablecoins and privacy tokens.
Are spot crypto ETFs allowed?In forceIn the Abu Dhabi Global Market (ADGM) free zone, the FSRA's guidance allows funds investing in virtual assets such as Bitcoin and Ether, regulates their units as investments, and lets FSRA-licensed or approved exchanges deal in them, so such a fund may be traded on an approved exchange in ADGM.
Are gains taxed?Not subject to corporate taxThe Ministry of Finance says personal income from investments, without licensing requirements, is not subject to corporate tax; individuals' business income is subject to it only if their combined turnover exceeds AED 1 million in a calendar year.
Can the public trade crypto?Allowed, with conditionsThe authority says investors in virtual assets are protected by using licensed service providers and trading through the platforms it licenses.

Vietnam

Is there an exchange licence?In forceUnder a Government resolution in force since 9 September 2025, which sets up a five-year pilot crypto market, only companies licensed by the Ministry of Finance may provide crypto services or advertise them.
Is there a stablecoin law?NoneVietnam's crypto pilot sets up no stablecoin rules: it leaves digital forms of fiat money outside the crypto assets it covers, and a crypto asset may be issued under it only if backed by real assets that are not securities or fiat money.
Are spot crypto ETFs allowed?NoneVietnam's Securities Law defines an exchange-traded fund as one formed by swapping a basket of securities for fund certificates, and the Government's crypto pilot says crypto assets are not securities, so Vietnamese law provides for no spot crypto ETF.
Are gains taxed?Income taxA Ministry of Finance circular in force since 6 April 2026 requires licensed crypto service providers to withhold personal income tax on each crypto transfer that individuals make through them.
Can the public trade crypto?RestrictedUnder the pilot, Vietnamese investors who already hold crypto may buy and sell it through providers licensed by the Ministry of Finance, and six months after the first licence is granted, trading outside them can bring administrative or criminal penalties.

Chart corrections, 2026

Like the weekly notices that kept sailors' charts up to date.

  1. No. 5 Thailand · Is there a stablecoin law? Drafted
  2. No. 4 Taiwan · Is there an exchange licence? Passed
  3. No. 3 Taiwan · Is there a stablecoin law? Passed
  4. No. 2 Thailand · Are spot crypto ETFs allowed? Drafted
  5. No. 1 Vietnam · Are gains taxed? Income tax

Only answers with an exact date are listed. 15 of 55 have one; the rest give a year.