APAC stablecoin licensing 2026: SG, HK, Japan, Taiwan

APAC regulators began issuing licences and formalising rules for fiat-referenced stablecoins in 2026. Hong Kong, Singapore, Japan and Taiwan moved ahead with distinct issuer regimes during the year.

Hong Kong’s Stablecoins Ordinance took effect on August 1, 2025 and required HKMA authorisation for anyone issuing a fiat-referenced stablecoin in the city or an HKD-referenced coin anywhere. The HKMA received 36 formal applications by the September 30, 2025 deadline and granted the first two licences on April 10, 2026 to Anchorpoint Financial Limited, a joint venture of Standard Chartered Bank (Hong Kong), HKT and Animoca Brands, and to The Hongkong and Shanghai Banking Corporation. The ordinance requires HK$25 million in paid-up capital, full 1:1 reserve backing in high-quality liquid assets, prompt redemption at par and a Hong Kong presence. Licensed coins may be offered to retail investors; unlicensed retail offerings are restricted. Anchorpoint began an institutional rollout of its HKDAP stablecoin on August 12, 2026 through HashKey Exchange and OSL Group. HSBC plans a wider launch of its HKD coin in the second half of 2026 integrated with PayMe and the HSBC HK App.

Singapore finalised a Single-Currency Stablecoin framework in 2023 and on September 1, 2026 published draft amendments to the Payment Services Act to place the framework into statute. The consultation period runs until October 16, 2026. The draft law would create a dedicated issuance licence, require 100% reserve backing and redemption at par, ban paying interest or yield to holders, and require stress testing plus recovery and wind-down plans. The draft also proposes a “MAS-regulated stablecoin” label for coins jointly issued by a Singapore issuer and a foreign issuer, and limited recognition of foreign-issued stablecoins regulated under comparable frameworks. Existing payment licences in Singapore already allow merchants to accept stablecoins and support on/off ramps without an issuer licence.

Japan classifies fiat-backed stablecoins as electronic payment instruments under the Payment Services Act and limits issuance to three issuer categories: licensed banks (Type I), registered funds-transfer providers (Type II) and licensed trust banks or trust companies (Type III). JPYC launched under a Type II licence in October 2025 with a ¥1 million cap on balances and transactions. JPYSC, issued via SBI Shinsei Trust Bank as a Type III trust-bank coin, launched on June 24, 2026 with no transaction cap and gives holders beneficial interests in segregated trust reserves. A consortium of MUFG, Mizuho and SMBC aims to co-issue a trust-based yen coin by March 2027 targeting large-scale B2B issuance.

Taiwan’s Legislative Yuan passed the Virtual Asset Service Act on June 30, 2026. Stablecoin issuance under the law requires approval from both the Financial Supervisory Commission and the central bank, 100% reserves held in trust, redemption at face value and a ban on paying yield. The law imposes criminal penalties of up to seven years’ imprisonment for unlicensed stablecoin operation. The act and its subordinate regulations are expected to take effect in early 2027, with already-registered firms given up to 21 months to obtain full approval. About 18 to 20 of Taiwan’s 38 banks have applied for stablecoin service licences.

Across the region, issuer regimes define capital and reserve rules, redemption rights and regulatory oversight. Licences enable specific capabilities such as issuing a named coin, bank distribution, trust or custody arrangements and payments services for merchant acceptance, cards and payouts. No APAC jurisdiction currently accepts another’s licence for full passporting; Singapore’s draft includes the first formal route for limited recognition of foreign-regulated stablecoins.

South Korea, Australia and the UAE showed separate developments in 2026. South Korea’s won stablecoin plans remained stalled over a dispute about bank ownership rules and a Digital Asset Basic Act was targeted for later in 2026. Australia passed a digital assets framework on April 1, 2026 and two Australian-dollar coins operate under Australian Financial Services Licences. The UAE approved several dirham payment tokens in 2026 and cleared distribution through local regulated exchanges.

Key dates include the HKMA’s April 10, 2026 licence awards, Singapore’s PSA consultation running to October 16, 2026, JPYSC’s launch on June 24, 2026, Anchorpoint’s institutional rollout on August 12, 2026, and Taiwan’s law passing on June 30, 2026. Regulators set rules and deadlines as the market for regulated stablecoin issuance develops across these jurisdictions.