{
  "schema": "unykorn.regulation.v1",
  "asOf": "2026-11-10",
  "notice": "Research summary for product design. Not legal advice. Each obligation carries its source and whether that source is primary law or a secondary summary; items marked verified:false could not be confirmed against a source on the date above. Confirm with counsel in the target jurisdiction before relying on any item.",
  "controls": {
    "blacklist": "Block an address from sending or receiving (freeze / prevent transfer)",
    "wipe": "Seize or burn the balance of a blocked address under a lawful order",
    "pause": "Halt all transfers (circuit breaker)",
    "rescuer": "Recover third-party tokens sent to the contract by mistake",
    "permit": "EIP-2612 signed approvals"
  },
  "regimes": [
    {
      "id": "us-genius",
      "name": "United States — GENIUS Act",
      "jurisdiction": "US",
      "instrument": "Guiding and Establishing National Innovation for U.S. Stablecoins Act (signed 18 Jul 2025)",
      "status": "Enacted; effective at the earlier of 18 Jan 2027 or 120 days after final regulations",
      "regulators": ["OCC (federal qualified issuers)", "Federal banking agencies (bank subsidiaries)", "State regulators (state qualified issuers up to $10B)", "FinCEN (BSA/AML)"],
      "forge": {
        "required": ["blacklist", "wipe"],
        "recommended": ["pause"],
        "basis": "Sec. 4(a)(6)(B): an issuer may issue only if it has the technological capability to comply with a lawful order to seize, freeze, burn or prevent the transfer of payment stablecoins.",
        "source": "https://www.govinfo.gov/content/pkg/FR-2026-04-10/html/2026-06963.htm",
        "sourceType": "primary",
        "verified": true
      },
      "obligations": [
        { "area": "Licensing", "text": "Issue only as a permitted payment stablecoin issuer: subsidiary of an insured depository institution, federal qualified issuer (OCC), or state qualified issuer (state regime available up to $10B outstanding).", "source": "https://www.gtlaw.com/ar/insights/2025/7/genius-act-enacted-establishing-a-regulatory-framework-for-payment-stablecoins-issued-or-sold-in-the-united-states", "sourceType": "secondary", "verified": true },
        { "area": "Reserves", "text": "At least 1:1 reserves in US coins and currency, insured deposits, Treasury bills with 93 days or less remaining, qualifying overnight repo/reverse repo, and government money market funds holding these.", "source": "https://www.gtlaw.com/ar/insights/2025/7/genius-act-enacted-establishing-a-regulatory-framework-for-payment-stablecoins-issued-or-sold-in-the-united-states", "sourceType": "secondary", "verified": true },
        { "area": "Reserves", "text": "Reserves may not be pledged, rehypothecated or reused, with narrow exceptions (e.g. qualifying repo for liquidity).", "source": "https://www.gtlaw.com/ar/insights/2025/7/genius-act-enacted-establishing-a-regulatory-framework-for-payment-stablecoins-issued-or-sold-in-the-united-states", "sourceType": "secondary", "verified": true },
        { "area": "Redemption", "text": "Publish a redemption policy and redeem at par in a timely manner; disclose fees. The Act sets no fixed number of days.", "source": "https://www.gtlaw.com/ar/insights/2025/7/genius-act-enacted-establishing-a-regulatory-framework-for-payment-stablecoins-issued-or-sold-in-the-united-states", "sourceType": "secondary", "verified": true },
        { "area": "Interest", "text": "The issuer may not pay interest or yield to holders.", "source": "https://www.gtlaw.com/ar/insights/2025/7/genius-act-enacted-establishing-a-regulatory-framework-for-payment-stablecoins-issued-or-sold-in-the-united-states", "sourceType": "secondary", "verified": true },
        { "area": "Disclosure & audit", "text": "Monthly published reserve composition examined by a registered public accounting firm, with executive certification; audited annual financial statements for issuers above $50B outstanding.", "source": "https://www.gtlaw.com/ar/insights/2025/7/genius-act-enacted-establishing-a-regulatory-framework-for-payment-stablecoins-issued-or-sold-in-the-united-states", "sourceType": "secondary", "verified": true },
        { "area": "Lawful orders", "text": "Maintain the technological capability to seize, freeze, burn or prevent transfer of tokens under a lawful order (court or authorised federal agency).", "source": "https://www.govinfo.gov/content/pkg/FR-2026-04-10/html/2026-06963.htm", "sourceType": "primary", "verified": true },
        { "area": "AML / Travel Rule", "text": "Issuer is a financial institution under the Bank Secrecy Act: AML/CFT programme, sanctions compliance, recordkeeping and Travel Rule obligations.", "source": "https://www.banking.senate.gov/newsroom/majority/fact-sheet-the-genius-act-bolsters-national-security", "sourceType": "secondary", "verified": true }
      ]
    },
    {
      "id": "eu-mica-emt",
      "name": "European Union — MiCA (e-money tokens)",
      "jurisdiction": "EU",
      "instrument": "Regulation (EU) 2023/1114 (MiCA), Title IV; Transfer of Funds Regulation (EU) 2023/1113",
      "status": "In force: stablecoin titles since 30 Jun 2024; CASP rules since 30 Dec 2024; CASP transition ended 1 Jul 2026",
      "regulators": ["National competent authorities", "EBA (significant EMTs)", "ESMA"],
      "forge": {
        "required": [],
        "recommended": ["blacklist", "pause"],
        "basis": "MiCA does not mandate on-chain freeze functions; sanctions and AML obligations make a blocking capability standard practice.",
        "source": "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-49-issuance-and-redeemability-e",
        "sourceType": "primary",
        "verified": true
      },
      "obligations": [
        { "area": "Licensing", "text": "Issuer must be authorised as a credit institution or electronic money institution and notify a crypto-asset white paper.", "source": "https://lindemannlaw.ch/insights2/regulation-of-e-money-tokens-under-micar/", "sourceType": "secondary", "verified": true },
        { "area": "Redemption", "text": "Art. 49: holders may redeem at any time and at par value; redemption is not subject to a fee (save as Art. 46 allows).", "source": "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-49-issuance-and-redeemability-e", "sourceType": "primary", "verified": true },
        { "area": "Interest", "text": "Art. 50: neither issuers nor CASPs may grant interest; any benefit related to holding time counts as interest.", "source": "https://www.esma.europa.eu/publications-and-data/interactive-single-rulebook/mica/article-50-prohibition-granting-interest", "sourceType": "primary", "verified": true },
        { "area": "Reserves", "text": "Art. 54: at least 30% of funds received held in separate accounts at credit institutions; the remainder in secure, low-risk assets in the same currency.", "source": "https://21analytics.ch/blog/mica-electronic-money-tokens", "sourceType": "secondary", "verified": true },
        { "area": "Reserves", "text": "Significant EMTs: higher deposit share at credit institutions (60% commonly cited).", "source": null, "sourceType": "none", "verified": false },
        { "area": "Use limits", "text": "Non-euro EMTs used as a means of exchange above about 1M transactions or EUR 200M per day in a currency area must be brought back under the threshold, including by stopping issuance (Arts. 23 and 58). A cap with remediation, not a ban.", "source": "https://lindemannlaw.ch/insights2/regulation-of-e-money-tokens-under-micar/", "sourceType": "secondary", "verified": true },
        { "area": "AML / Travel Rule", "text": "Transfer of Funds Regulation applies the Travel Rule to crypto transfers involving CASPs with no minimum threshold.", "source": "https://eur-lex.europa.eu/eli/reg/2023/1113/oj", "sourceType": "primary", "verified": true }
      ]
    },
    {
      "id": "uk-fca",
      "name": "United Kingdom — FCA stablecoin regime",
      "jurisdiction": "UK",
      "instrument": "Financial Services and Markets Act 2023; FCA final rules (30 Jun 2026)",
      "status": "Final rules published 30 Jun 2026; regime starts 25 Oct 2027",
      "regulators": ["FCA", "Bank of England (systemic stablecoins)"],
      "forge": { "required": [], "recommended": ["blacklist", "pause"], "basis": "No on-chain control mandate identified; sanctions and AML obligations make blocking standard practice.", "source": "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub", "sourceType": "primary", "verified": true },
      "obligations": [
        { "area": "Licensing", "text": "Issuing a qualifying stablecoin in the UK requires FCA authorisation once the regime starts.", "source": "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub", "sourceType": "primary", "verified": true },
        { "area": "Reserves", "text": "Backing assets held on trust for holders, segregated from the issuer.", "source": null, "sourceType": "none", "verified": false },
        { "area": "Redemption", "text": "Redemption at par within a set period (check the final rules for the exact timing).", "source": null, "sourceType": "none", "verified": false },
        { "area": "Systemic", "text": "Systemic stablecoins fall under Bank of England supervision with central-bank deposit backing requirements; check the Bank's current published position.", "source": null, "sourceType": "none", "verified": false }
      ]
    },
    {
      "id": "sg-mas",
      "name": "Singapore — MAS single-currency stablecoin framework",
      "jurisdiction": "SG",
      "instrument": "MAS stablecoin regulatory framework (finalised Aug 2023); implementing legislation under consultation 1 Sep – 16 Oct 2026",
      "status": "Framework finalised; implementing rules not yet in force",
      "regulators": ["Monetary Authority of Singapore"],
      "forge": { "required": [], "recommended": ["blacklist", "pause"], "basis": "No on-chain control mandate identified.", "source": "https://morganlewis.com/pubs/2023/08/monetary-authority-of-singapore-finalises-stablecoin-regulatory-framework", "sourceType": "secondary", "verified": true },
      "obligations": [
        { "area": "Reserves", "text": "Reserves of at least 100% of par value in cash, cash equivalents and short-term (3 months or less) sovereign debt, denominated in the pegged currency.", "source": "https://morganlewis.com/pubs/2023/08/monetary-authority-of-singapore-finalises-stablecoin-regulatory-framework", "sourceType": "secondary", "verified": true },
        { "area": "Redemption", "text": "Redeem at par within 5 business days of a valid request.", "source": "https://morganlewis.com/pubs/2023/08/monetary-authority-of-singapore-finalises-stablecoin-regulatory-framework", "sourceType": "secondary", "verified": true },
        { "area": "Capital", "text": "Base capital of the higher of S$1 million or 50% of annual operating expenses, plus liquid assets of the higher of 50% of annual operating expenses or an auditor-assessed amount.", "source": "https://morganlewis.com/pubs/2023/08/monetary-authority-of-singapore-finalises-stablecoin-regulatory-framework", "sourceType": "secondary", "verified": true },
        { "area": "Disclosure & audit", "text": "Monthly independent attestation of reserves and annual audit, published.", "source": "https://morganlewis.com/pubs/2023/08/monetary-authority-of-singapore-finalises-stablecoin-regulatory-framework", "sourceType": "secondary", "verified": true },
        { "area": "Status", "text": "Implementing consultation ran 1 Sep – 16 Oct 2026; the framework is not yet law.", "source": "https://www.reedsmith.com/articles/mas-consults-on-implementation-of-singapore-stablecoin-regime", "sourceType": "secondary", "verified": true }
      ]
    },
    {
      "id": "hk-hkma",
      "name": "Hong Kong — Stablecoins Ordinance",
      "jurisdiction": "HK",
      "instrument": "Stablecoins Ordinance (Cap. 656), effective 1 Aug 2025; HKMA guidelines",
      "status": "In force; first licences issued 10 Apr 2026",
      "regulators": ["Hong Kong Monetary Authority"],
      "forge": { "required": [], "recommended": ["blacklist", "pause"], "basis": "No on-chain control mandate identified; HKMA AML/CFT guidelines apply.", "source": "https://www.davispolk.com/insights/client-update/hong-kong-s-licensing-and-regulatory-framework-stablecoins-now-effect", "sourceType": "secondary", "verified": true },
      "obligations": [
        { "area": "Licensing", "text": "HKMA licence required to issue fiat-referenced stablecoins in Hong Kong or HKD-referenced stablecoins anywhere; licensee must be HK-incorporated or an authorised institution.", "source": "https://www.davispolk.com/insights/client-update/hong-kong-s-licensing-and-regulatory-framework-stablecoins-now-effect", "sourceType": "secondary", "verified": true },
        { "area": "Capital", "text": "Paid-up share capital of at least HK$25 million (or another amount approved by the HKMA); authorised institutions exempt.", "source": "https://www.mayerbrown.com/en/insights/publications/2025/07/hong-kongs-stablecoin-bill-key-amendments-and-next-steps-following-legislative-passage", "sourceType": "secondary", "verified": true },
        { "area": "Redemption", "text": "Redemption at par; HKMA guidance expects valid requests to be processed within one business day.", "source": "https://www.davispolk.com/insights/client-update/hong-kong-s-licensing-and-regulatory-framework-stablecoins-now-effect", "sourceType": "secondary", "verified": true },
        { "area": "Interest", "text": "Licensees may not pay interest on stablecoins.", "source": "https://www.mayerbrown.com/en/insights/publications/2025/07/hong-kongs-stablecoin-bill-key-amendments-and-next-steps-following-legislative-passage", "sourceType": "secondary", "verified": true }
      ]
    },
    {
      "id": "ae-cbuae",
      "name": "United Arab Emirates — CBUAE Payment Token Services Regulation",
      "jurisdiction": "AE",
      "instrument": "CBUAE Circular 2/2024, Payment Token Services Regulation",
      "status": "In force (issued mid-2024; transition end date not confirmed)",
      "regulators": ["Central Bank of the UAE"],
      "forge": { "required": [], "recommended": ["blacklist", "pause"], "basis": "No on-chain control mandate identified.", "source": "https://cms.law/en/are/legal-updates/the-new-cbuae-payment-token-services-regulation-10-things-you-need-to-know", "sourceType": "secondary", "verified": true },
      "obligations": [
        { "area": "Reserves", "text": "Dirham payment tokens: 100% reserve held in cash in an escrow account with a CBUAE-licensed bank outside the issuer's group; a separate escrow account per token.", "source": "https://cms.law/en/are/legal-updates/the-new-cbuae-payment-token-services-regulation-10-things-you-need-to-know", "sourceType": "secondary", "verified": true },
        { "area": "Licensing", "text": "Non-UAE issuers of non-dirham tokens offered in the UAE must register as a Registered Foreign Payment Token Issuer.", "source": "https://cms.law/en/are/legal-updates/the-new-cbuae-payment-token-services-regulation-10-things-you-need-to-know", "sourceType": "secondary", "verified": true },
        { "area": "Prohibitions", "text": "Algorithmic stablecoins and privacy tokens may not be issued or promoted.", "source": "https://cms.law/en/are/legal-updates/the-new-cbuae-payment-token-services-regulation-10-things-you-need-to-know", "sourceType": "secondary", "verified": true },
        { "area": "Scope", "text": "Limits on using foreign payment tokens for onshore payments; check the regulation text for exact scope.", "source": null, "sourceType": "none", "verified": false }
      ]
    },
    {
      "id": "jp-fsa",
      "name": "Japan — Payment Services Act (electronic payment instruments)",
      "jurisdiction": "JP",
      "instrument": "Payment Services Act, as amended (effective June 2023)",
      "status": "In force",
      "regulators": ["Financial Services Agency"],
      "forge": { "required": [], "recommended": ["blacklist", "pause"], "basis": "No on-chain control mandate identified.", "source": "https://www.iflr.com/article/2ai02f5kcnevykck8zoqo/sponsored/stablecoins-under-japans-amended-payment-services-act", "sourceType": "secondary", "verified": true },
      "obligations": [
        { "area": "Licensing", "text": "Only licensed banks, trust companies and registered funds-transfer service providers may issue stablecoins (electronic payment instruments); intermediaries need a separate EPI services registration.", "source": "https://www.iflr.com/article/2ai02f5kcnevykck8zoqo/sponsored/stablecoins-under-japans-amended-payment-services-act", "sourceType": "secondary", "verified": true },
        { "area": "Use limits", "text": "Non-bank (Type 2) funds-transfer issuers have been subject to a ¥1 million per-transfer limit; reports in 2026 say the FSA relaxed it for some providers. Confirm the current position with the FSA.", "source": null, "sourceType": "none", "verified": false }
      ]
    },
    {
      "id": "ch-finma",
      "name": "Switzerland — FINMA guidance",
      "jurisdiction": "CH",
      "instrument": "FINMA Guidance 06/2024 (stablecoins and default guarantees); FINMA Guidance 02/2019 (payments on the blockchain)",
      "status": "Supervisory guidance in force",
      "regulators": ["FINMA"],
      "forge": { "required": [], "recommended": ["blacklist", "pause"], "basis": "No on-chain control mandate identified; Travel Rule applies to supervised institutions.", "source": null, "sourceType": "none", "verified": false },
      "obligations": [
        { "area": "Licensing", "text": "Issuers without a banking licence generally need a default guarantee from a Swiss bank covering holders' claims.", "source": null, "sourceType": "none", "verified": false },
        { "area": "AML / Travel Rule", "text": "Travel Rule between supervised institutions without threshold; transfers to and from unhosted wallets need verified ownership.", "source": null, "sourceType": "none", "verified": false }
      ]
    }
  ],
  "basel": {
    "instrument": "BCBS SCO60 Prudential treatment of cryptoasset exposures (Dec 2022, amended Jul 2024); implementation 1 Jan 2026; expedited review announced 25 Feb 2026",
    "sources": ["https://www.bis.org/bcbs/publ/d579.pdf", "https://www.bis.org/bcbs/publ/d545.pdf", "https://www.bis.org/press/p260225.htm"],
    "notes": [
      "Group 1b (stablecoins) requires: the redemption risk test (reserve assets enable redemption at all times, including in stress, at the peg value; reserve assets of minimal market and credit risk), a supervised and regulated issuer subject to prudential capital and liquidity requirements, legally enforceable rights and settlement finality, and regulated, supervised entities performing redemption and transfer functions.",
      "The 10/20 bps basis-risk (peg deviation) test proposed in 2022 consultations was not adopted in its original form.",
      "Group 2 exposures should generally be below 1% of Tier 1 capital and must not exceed 2%; above 2%, all Group 2 exposures receive the Group 2b treatment.",
      "Group 2b exposures carry a 1250% risk weight (capital broadly equal to the exposure); Group 2a exposures that meet hedging-recognition criteria get a modified market-risk treatment."
    ]
  }
}