Asia Leads Global Stablecoin Experiment

Asian authorities are creating regulatory frameworks that enable the use of stablecoins for supervised payments. Singapore, Hong Kong, and Japan are leading this effort, with Singapore implementing its stablecoin framework in 2023.

The Monetary Authority of Singapore has approved companies like Circle, Coinbase, BitGo, and Anchorage as Major Payment Institutions that can provide digital payment token services.

Hong Kong's Stablecoins Ordinance, put in place on August 1, 2025, created a licensing environment for issuers of stablecoins backed by fiat money. The Hong Kong Monetary Authority started accepting applications for licensing in August 2025 and granted the first two licenses to Anchorpoint Financial Limited (FRS01) and HSBC (FRS02).

In Japan, the Financial Services Agency issued the final amendment to the crypto 'travel rule' on July 7, adding five new jurisdictions effective on August 3, 2026. Exchanges and stablecoin service providers will be required to include information about senders and recipients on transfers.