{"source":"Democratize Intel","as_at":"9 November 2026","notice":"Democratize Intel. Information only, not investment advice. Demonstration data is approximate and unverified.","path":"/api/v1/regimes","regimes":[{"id":"mica","name":"EU · MiCA","regulator":"ESMA, EBA and national authorities","rows":{"Status":"In force. Transition for existing firms ended 1 July 2026","Stablecoin issuers":"Licence as e-money or credit institution; reserves held at EU banks; caps on large non-euro coins used for payments","Tokenised securities":"Covered by existing securities law (MiFID II); DLT Pilot Regime for market infrastructure","Custody":"Licensed crypto-asset service provider; client assets segregated","Who can buy":"Retail allowed, with white papers and marketing rules","Next key date":"Review of MiCA by the Commission: 2027"}},{"id":"genius","name":"US · GENIUS Act","regulator":"OCC, Federal Reserve, FDIC, Treasury and state regulators","rows":{"Status":"Law passed July 2025. Rules being finalised; takes effect by 18 January 2027 at the latest","Stablecoin issuers":"Federal or state licence; 1:1 reserves in cash and short Treasuries; monthly published reserve reports","Tokenised securities":"Covered by securities law (SEC); not part of GENIUS","Custody":"Custodians must be regulated and segregate reserves","Who can buy":"Retail allowed for permitted payment stablecoins","Next key date":"Effective date: 18 January 2027 at the latest"}},{"id":"uk","name":"UK · FCA and Bank of England","regulator":"FCA, Bank of England, HM Treasury","rows":{"Status":"Tokenised securities live in the Digital Securities Sandbox; crypto and stablecoin regime being finalised","Stablecoin issuers":"FCA authorisation planned for UK issuers; Bank of England oversees systemic coins","Tokenised securities":"Sandbox lets firms issue, trade and settle; fund tokenisation rules finalised (PS26/7)","Custody":"Custody of cryptoassets becomes a regulated activity","Who can buy":"Mostly professional in the sandbox; retail access to some cryptoassets","Next key date":"Final crypto regime rules: expected 2026–2027"}},{"id":"adgm","name":"Abu Dhabi · ADGM","regulator":"Financial Services Regulatory Authority (FSRA)","rows":{"Status":"In force; framework updated regularly","Stablecoin issuers":"Fiat-referenced tokens allowed with FSRA approval and full reserves","Tokenised securities":"Treated as securities under FSRA rules","Custody":"Licensed custodians; segregation required","Who can buy":"Professional and retail with conditions","Next key date":"Annual rule updates"}},{"id":"vara","name":"Dubai · VARA","regulator":"Virtual Assets Regulatory Authority","rows":{"Status":"In force; rulebooks updated in 2025","Stablecoin issuers":"Fiat-referenced virtual assets need a VARA licence; reserves and audits required","Tokenised securities":"Asset-referenced tokens licensed by VARA; securities stay with the securities regulator","Custody":"Custody is a licensed VARA activity","Who can buy":"Retail allowed with marketing and suitability rules","Next key date":"Rulebook review: 2027"}},{"id":"mas","name":"Singapore · MAS","regulator":"Monetary Authority of Singapore","rows":{"Status":"In force; stablecoin framework finalised 2023, service-provider rules from June 2025","Stablecoin issuers":"Single-currency stablecoins issued in Singapore can be labelled MAS-regulated if they meet reserve and redemption rules","Tokenised securities":"Treated as capital markets products; Project Guardian trials","Custody":"Licensed under the Payment Services Act and capital markets rules","Who can buy":"Retail allowed with risk warnings and restrictions on incentives","Next key date":"Further consultations on tokenised funds: 2027"}}]}