--- title: "Stablecoin regulation in the UK, Singapore, and Hong Kong: where each regime stands in 2026" seoTitle: "Stablecoin rules in the UK, Singapore, and Hong Kong" description: "UK rules start 25 October 2027, Singapore is consulting on its stablecoin law, and Hong Kong licensed its first issuers in April 2026." date: "2026-10-02" updated: "2026-10-02" category: "compliance" author: "BlindPay Team" faq: - q: "Are stablecoins regulated in the UK?" a: "The rules are written but not yet in force. Parliament passed the Cryptoassets Regulations on 4 February 2026, and the FCA published its final policy statements, including PS26/10 on stablecoin issuance, on 30 June 2026. The full regime starts on 25 October 2027. Systemic sterling stablecoins will also be supervised by the Bank of England, which published its own policy statement on 22 June 2026." - q: "What are the Bank of England's rules for systemic stablecoins?" a: "On 22 June 2026 the Bank of England said systemic sterling stablecoin issuers may hold up to 70% of backing assets in short-term UK government debt, with the rest in central bank deposits. It dropped the per-person holding limits it had consulted on and replaced them with a temporary issuance guardrail of £40 billion per systemic stablecoin. It expects regulated stablecoins to operate in the UK from 2027." - q: "Does Singapore regulate stablecoins?" a: "Singapore finalised its single-currency stablecoin framework as policy in August 2023, and on 1 September 2026 MAS opened a consultation on amendments to the Payment Services Act to give it legal effect. The consultation closes on 16 October 2026. Only licensed issuers could call their tokens MAS-regulated stablecoins. Other stablecoins stay under the digital payment token regime." - q: "Who has a stablecoin licence in Hong Kong?" a: "On 10 April 2026 the HKMA granted the first stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited. The HKMA said both planned to launch business in the following few months. The licensing regime itself took effect on 1 August 2025, and the HKMA keeps a public register of licensed issuers." - q: "Do these rules affect a company that only uses USDC or USDT to pay suppliers?" a: "Mostly indirectly. All three regimes focus first on issuers and on the firms that offer or hold stablecoins for customers. A business that pays suppliers through a regulated payments provider usually deals with the provider's obligations, such as KYB and screening. Regulatory treatment varies by country and by activity, so get local legal advice before you design a flow." - q: "How do these regimes compare with the GENIUS Act and MiCA?" a: "They share the core ideas: full reserve backing in high-quality liquid assets, redemption at par, issuer licensing, and limits on paying interest. The differences are in timing and scope. MiCA's stablecoin rules have applied in the EU since 2024, the GENIUS Act became US law in July 2025, Hong Kong licensed issuers in 2026, and the UK and Singapore regimes are still being finished." --- As of 2 October 2026, the UK has final rules that take effect on 25 October 2027. Singapore is consulting, until 16 October 2026, on the law that would give its 2023 stablecoin framework legal force. Hong Kong's Stablecoins Ordinance has applied since 1 August 2025, and the first two issuers were licensed on 10 April 2026. All three sit alongside the US and EU rules covered in the [stablecoin regulation tracker](/resources/more/stablecoin-regulation-tracker-2026). For the basics of what a blockchain payment is, start with [blockchain payments vs crypto payments](/resources/more/blockchain-payments-vs-crypto-payments). This is general information, not legal advice. **Key takeaways** - **UK:** rules final since June 2026, in force from 25 October 2027. The FCA regulates issuers, and the Bank of England adds rules for systemic sterling stablecoins. - **Singapore:** framework set as policy in 2023, legislation under consultation since 1 September 2026, with a proposed ban on paying interest. - **Hong Kong:** licensing regime live since 1 August 2025, first licences granted 10 April 2026. - All three regulate issuers first. Payment companies feel the rules through the stablecoins they can offer and the partners they use. - Treatment varies by activity and country. Check the regulator's own page before you rely on any date here. ## How do the three regimes compare? They agree on the principles and differ on timing. Here is where each stood on 2 October 2026. | | United Kingdom | Singapore | Hong Kong | | --- | --- | --- | --- | | Main regulators | FCA (all issuers), Bank of England (systemic sterling stablecoins) | MAS | HKMA | | Legal basis | Cryptoassets Regulations, passed 4 February 2026 | Payment Services Act 2019, amendments under consultation | Stablecoins Ordinance (Cap. 656) | | Status on 2 Oct 2026 | Final rules published, not yet in force | Policy final (2023), law in consultation | In force since 1 August 2025 | | Key date | Regime starts 25 October 2027 | Consultation closes 16 October 2026 | First licences 10 April 2026 | | Who needs a licence | UK issuers of qualifying stablecoins and other cryptoasset firms | Issuers of single-currency stablecoins pegged to SGD or G10 currencies, issued in Singapore | Issuers of fiat-referenced stablecoins in Hong Kong | | Backing and redemption | Full backing, redeemable at par | Redemption at par, value stability rules | Set in the HKMA's guideline on supervision of stablecoin issuers | > **Definition:** A **fiat-referenced stablecoin** is a token designed to hold a stable value against one or more government currencies, such as the US dollar or Hong Kong dollar, backed by reserves the issuer holds. Hong Kong uses this term in law. The UK uses "qualifying stablecoin" and Singapore "single-currency stablecoin" for close equivalents. ## Where does UK stablecoin regulation stand? The UK has final rules and a start date. Parliament passed the Cryptoassets Regulations on 4 February 2026, and the full regime applies from 25 October 2027, per the FCA's [cryptoasset regime overview](https://www.fca.org.uk/publications/policy-statements/cryptoasset-regime). On 30 June 2026 the FCA published five policy statements. PS26/10 covers stablecoin issuance: UK-issued qualifying stablecoins must be fully backed and redeemable at par, backing assets are held on statutory trust, and the capital coefficient for issuance was cut from 2% to 1% of stablecoins in issue. Existing firms that want to keep operating while they seek authorisation have an application window that opened on 30 September 2026 and closes on 28 February 2027. The Bank of England handles the largest coins. On 22 June 2026 it [published its policy statement](https://www.bankofengland.co.uk/news/2026/june/bank-of-england-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins) for sterling-denominated systemic stablecoins: - Up to 70% of backing assets in short-term UK government debt, up from 60% in the consultation, with the rest in central bank deposits. - No per-person holding limits. Instead, a temporary issuance guardrail of £40 billion per systemic stablecoin. - A draft Code of Practice open for comment until 22 September 2026, to be finalised by the end of 2026, so regulated stablecoins can operate in the UK from 2027. A stablecoin becomes "systemic" only when HM Treasury recognises it. Until then, the FCA alone supervises the issuer. ## Where does Singapore stablecoin regulation stand? Singapore set its policy first and is now writing it into law. MAS finalised its single-currency stablecoin (SCS) framework in August 2023, and on 1 September 2026 it [launched a consultation](https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework) on amendments to the Payment Services Act 2019 to give the framework legal effect. What the 1 September 2026 proposals cover: - **Scope.** Single-currency stablecoins issued in Singapore and pegged to the Singapore dollar or any G10 currency. - **The label.** Only licensed issuers could call their tokens "MAS-regulated stablecoins." Other stablecoins remain digital payment tokens under the existing regime. - **Requirements.** Value stability, capital, redemption at par, and disclosure. - **No interest.** MAS proposes to prohibit paying interest on MAS-regulated stablecoins. - **Foreign coins.** Jointly issued Singapore and foreign stablecoins could qualify for the label, and MAS proposes to recognise a limited number of foreign-issued stablecoins under comparable foreign frameworks for cross-border wholesale use. The consultation closes on 16 October 2026. Until the amendments pass, the 2023 framework is policy, not statute, so check the final text before you build on any single requirement. ## Where does Hong Kong stablecoin regulation stand? Hong Kong is the only one of the three with a regime in force and licensed issuers. The Stablecoins Ordinance (Cap. 656) took effect on 1 August 2025, making the issuance of fiat-referenced stablecoins in Hong Kong a licensed activity, per the HKMA's [stablecoin issuers page](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/stablecoin-issuers/). On 10 April 2026 the HKMA [granted the first licences](https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/) to Anchorpoint Financial Limited and The Hongkong and Shanghai Banking Corporation Limited, effective the same day. The HKMA said both intended to launch business in the coming few months, and it keeps a public register of licensed issuers that the public can use to check claims. For payment companies, the register matters more than the law. It is the list of Hong Kong stablecoins that meet the local standard. ## How did markets react to stablecoin legislation? Investors treated it as a threat to incumbent payment firms, especially cross-border ones. An IMF working paper, [WP/26/52](https://www.imf.org/-/media/files/publications/wp/2026/english/wpiea2026052-source-pdf.pdf) (March 2026), used high-frequency stock price moves to estimate that US legislation supporting stablecoins in payments cut the market value of listed incumbent payment firms by 18%, or about $300 billion. The effect was proportionately larger for firms focused on cross-border payments, and smaller for firms protected by network effects or already offering crypto services. IMF working papers are research in progress and reflect the authors' views. Still, the signal is clear: markets expect regulated stablecoins to compete hardest where cross-border fees are highest. The US law behind that paper is explained in [the GENIUS Act for businesses](/resources/more/genius-act-for-businesses). ## What do these rules mean for cross-border payment businesses? Three practical effects, whichever market you serve. 1. **The coin you settle in will carry a regulatory label.** UK qualifying stablecoins, MAS-regulated stablecoins, and HKMA-licensed coins will become the safe defaults locally. Track which coins your providers support. 2. **Licensing follows the activity.** Issuing, holding coins for customers, and running a payment service can each need a different licence. [Which license a stablecoin payment flow needs](/resources/more/stablecoin-payment-licenses-msb-mtl-vasp-emi) maps the US and EU versions of this split. 3. **KYC, KYB, and screening do not change.** Every regime assumes identity checks and transaction monitoring. [KYC vs KYB vs KYT](/resources/more/kyc-vs-kyb-vs-kyt) covers what each check does. ## How does BlindPay approach these markets? BlindPay settles payments in USDC and USDT and runs every payment through a customer who has passed KYC or KYB, with transaction monitoring on top. Customers from the UK, Singapore, and Hong Kong are in the standard tier of BlindPay's [supported countries](/docs/kb/supported-countries), which BlindPay reviews as sanctions and risk assessments change. Your own obligations stay yours. If you hold customer funds, issue tokens, or offer stablecoin services in one of these markets, the local regime applies to you directly, whatever provider you use. ## What to do next Mark three dates: 16 October 2026 (Singapore consultation closes), the end of 2026 (Bank of England Code of Practice), and 25 October 2027 (UK regime starts). Check the HKMA register before you accept any Hong Kong stablecoin as "licensed." To see which countries BlindPay serves and at which verification tier, read the [supported countries reference](/docs/kb/supported-countries).