Stablecoin rules
Legal here, banned there
Stablecoins are crypto tokens pegged to a currency, usually the US dollar. They settle across borders in minutes, but whether a business can use them to get paid depends on local law.
Clear rules
A dedicated licensing regime for stablecoins is in force.
Rules in progress
Crypto is regulated or tolerated, and stablecoin-specific rules are being written.
Restricted
Using crypto, including stablecoins, to pay is banned or tightly restricted.
Unclear
There is no specific framework, so the legal position is uncertain.
European Economic Area
Clear rulesMiCA has applied to stablecoins since June 2024. Issuers need an EU licence, and stablecoins without one (notably USDT) were delisted for EU users by regulated platforms. USDC and EURC are MiCA-compliant.
🇺🇸 United StatesClear rulesThe GENIUS Act (signed July 2025) created a federal licensing regime for payment stablecoins. Implementing rules are being phased in by bank and state regulators.🇨🇦 CanadaRules in progressStablecoins are treated as crypto assets under securities regulators’ interim rules. The federal government announced dedicated stablecoin legislation in 2025.🇲🇽 MexicoRestrictedBanks and fintechs need central bank approval to offer crypto to customers, which is rarely granted. Stablecoins circulate mainly through exchanges and peer-to-peer.🇧🇷 BrazilRules in progressCentral bank rules for crypto service providers (2025) bring stablecoin payments under foreign-exchange and anti-money-laundering rules.🇦🇷 ArgentinaRules in progressStablecoins are widely used to protect savings from inflation. Crypto service providers must register with the securities regulator (CNV).🇨🇴 ColombiaUnclearNo dedicated stablecoin law. Crypto is legal to hold but is not legal tender, and banks are cautious.🇨🇱 ChileRules in progressThe 2023 Fintech Law brings crypto service providers under the financial regulator (CMF).🇵🇪 PeruUnclearNo dedicated regime. Crypto providers register for anti-money-laundering supervision.🇬🇧 United KingdomRules in progressThe UK is legislating a regime for fiat-backed stablecoins under the FCA and Bank of England. Until it takes effect, crypto firms register with the FCA for anti-money-laundering purposes.🇨🇭 SwitzerlandClear rulesFINMA applies existing banking and payments law. Stablecoin issuers generally need a banking licence or a bank guarantee.🇦🇪 United Arab EmiratesClear rulesThe central bank’s Payment Token Services Regulation (2024) lets only licensed dirham-backed stablecoins be used for payments. Foreign stablecoins are limited mainly to buying virtual assets.🇸🇦 Saudi ArabiaRestrictedThere is no licensing regime for stablecoin payments, and the central bank warns against unlicensed crypto activity.🇮🇱 IsraelRules in progressCrypto is regulated as a financial asset, and the Bank of Israel has published proposals for regulating stablecoins.🇹🇷 TurkeyRestrictedUsing crypto, including stablecoins, to pay for goods and services has been banned since 2021. Trading on licensed platforms is permitted.🇪🇬 EgyptRestrictedThe central bank prohibits issuing, trading or promoting crypto without a licence.🇳🇬 NigeriaRules in progressThe Investments and Securities Act 2025 brought digital assets under SEC oversight, and a naira stablecoin (cNGN) launched in 2025. Banks still have limited access to crypto.🇰🇪 KenyaRules in progressThe Virtual Asset Service Providers Act (2025) created a licensing regime. Stablecoins are widely used for cross-border flows.🇿🇦 South AfricaRules in progressCrypto assets are legally financial products, and providers need an FSCA licence. There is no specific regime for stablecoin payments yet.🇬🇭 GhanaRules in progressThe Bank of Ghana is developing a framework for digital asset providers.🇲🇦 MoroccoRestrictedCrypto transactions have been officially banned since 2017. A draft law to regulate them is under discussion.🇮🇳 IndiaUnclearThere is no regulatory framework. Crypto is taxed heavily (30% on gains, 1% withheld on transfers), and the RBI is sceptical of private stablecoins.🇨🇳 ChinaRestrictedMainland China bans crypto trading and payments, including stablecoins.🇯🇵 JapanClear rulesThe amended Payment Services Act (2023) allows stablecoins issued by banks, trust companies and licensed transfer firms. USDC became available to Japanese users in 2025.🇰🇷 South KoreaRules in progressStablecoin legislation is being drafted, and crypto exchanges are tightly regulated.🇸🇬 SingaporeClear rulesMAS finalised a framework for single-currency stablecoins in 2023. Only stablecoins regulated by MAS may use that label.🇭🇰 Hong KongClear rulesThe Stablecoins Ordinance took effect in August 2025. Issuers of fiat-backed stablecoins need an HKMA licence.🇹🇼 TaiwanRules in progressThe FSC oversees crypto platforms and is preparing a virtual asset law that covers stablecoins.🇮🇩 IndonesiaRestrictedCrypto can be traded (now overseen by OJK) but cannot be used to pay for anything, because the rupiah is the only legal tender.🇲🇾 MalaysiaRules in progressCrypto exchanges are regulated by the Securities Commission. Crypto is not legal tender for payments.🇹🇭 ThailandRestrictedThe SEC has banned crypto as a way to pay for goods and services since 2022, though licensed trading is allowed.🇵🇭 PhilippinesRules in progressThe central bank licenses virtual asset service providers, and stablecoins are increasingly used for remittances.🇻🇳 VietnamRules in progressA 2025 law recognised digital assets and opened a pilot for licensed crypto exchanges. Crypto is still not a legal means of payment.🇵🇰 PakistanRules in progressA Virtual Assets Regulatory Authority was set up in 2025, and the regime is still being built.🇧🇩 BangladeshRestrictedThe central bank prohibits crypto transactions.🇦🇺 AustraliaRules in progressLegislation is bringing crypto platforms and payment stablecoins under financial services licensing.🇳🇿 New ZealandUnclearThere is no dedicated regime. Crypto providers register as financial service providers for anti-money-laundering purposes.
Providers with stablecoin products
Stripe
US businesses can accept stablecoin payments that settle as dollars. Stablecoin financial accounts (via Bridge) are offered in 100+ countries.
Available to US businesses · medium confidence
Checkout.comStablecoin settlement has been offered to some merchants.
Available to US businesses · low confidence
PayPalUS businesses can accept crypto through Pay with Crypto and hold PayPal USD (PYUSD).
Only for businesses in US · medium confidence
WorldpayStablecoin payouts and settlement through crypto infrastructure partners.
Available to US businesses · low confidence
These are plain-language summaries, not legal advice. Stablecoin rules are changing quickly, so check with a local lawyer or regulator before relying on them.