ASIA
Asia’s digital asset regulatory landscape continues to evolve, with jurisdictions taking different approaches to licensing, consumer protection and AML/CFT. Markets such as Japan, Hong Kong and Singapore are refining their frameworks to address emerging digital asset activities, while data protection, cross-border data flows and AI governance are becoming increasingly important across the region. As part of our activities in Asia, we monitor key regulatory developments across markets in the region, including licensing requirements, stablecoin frameworks, tokenisation and evolving data governance policies. We support our members in navigating market entry and regulatory engagement, while contributing to dialogue on proportionate and innovation-friendly frameworks for digital assets and emerging technologies.
Regulatory and Policy Developments in Asia
Singapore: Singapore continues to regulate digital payment token services through its established licensing framework, while strengthening oversight of providers serving overseas customers. Its broader approach also supports institutional experimentation with tokenisation and digital financial infrastructure. In September 2026, MAS launched a consultation on legislative amendments to implement its stablecoin regulatory framework. This builds on MAS’ initial consultation in October 2022 and the initially finalised framework on August 2023. Key shifts include reversing the 2023 prohibition on multi-jurisdictional issuance, introducing a formal recognition regime for foreign-regulated stablecoins, establishing extraterritorial designation and circulation-restriction powers over designated systemic stablecoins.
Hong Kong: Hong Kong has introduced a dedicated licensing regime for fiat-referenced stablecoin issuers, which took effect in August 2025. In April 2026, the Hong Kong Monetary Authority granted its first licences, marking an important step in the development of its regulated digital asset market. Further regulatory developments are underway for other virtual asset services.
Japan: Japan is undertaking a significant reform of its crypto-asset framework. Legislation passed in July 2026 provides for designated crypto-assets to move from the Payment Services Act into the Financial Instruments and Exchange Act, with implementation expected to bring further changes to disclosure and market conduct requirements.
In addition, data protection and AI governance are increasingly relevant to digital asset and AI businesses operating across Asia. ASEAN has developed regional frameworks and guidance on personal data protection and digital data governance, although national laws and implementation differ between member states.
As regulation develops across the region, stablecoins, tokenisation, AML/CFT compliance, data governance and AI-related policies will remain important areas to monitor. DCGG works to help members understand these evolving requirements, engage constructively with policymakers and navigate the opportunities and challenges of operating across Asian markets.
Our Team in ASIA
