Regulatory Tracker

The PACTE Law (Loi No. 2019-486 of 22 May 2019) created France's pioneering national regime for digital asset service providers (PSAN/DASP), with optional AMF authorisation and mandatory registration for certain crypto activities. Under MiCA's transitional arrangements, French DASPs registered or authorised before 30 December 2024 could continue operating until 1 July 2026 pending CASP authorisation. As of that date the PSAN regime has sunset and been replaced by the unified EU MiCA/CASP framework, with unauthorised provision now a criminal offence.

Taiwan's FSC published its draft Virtual Asset Service Act on 25 March 2025, and the Legislative Yuan passed it on third reading on 30 June 2026 as Taiwan's first dedicated VASP legislation. It requires VASPs to obtain FSC licences across categories such as exchange, trading, transfer, custody, underwriting and lending, with capital, guarantee-bond, internal-control, custody-segregation and token listing/delisting requirements. Stablecoin issuance requires FSC approval (with central bank consultation) and, per the draft, is limited to banks. Eight subordinate regulations are being drafted.

Presidential Executive Order directing federal financial regulators (SEC, OCC, FDIC, CFPB, CFTC, NCUA) to review and remove barriers to fintech innovation within 90-180 days. Separately requests the Federal Reserve to evaluate direct payment account access for non-bank digital asset firms within 120 days.

On 20 April 2026 the SFC issued a circular allowing secondary trading of tokenised SFC-authorised investment products by the public via SFC-licensed virtual asset trading platforms (VATPs). Building on the November 2023 circulars, it introduces market-making, price-deviation-alert and NAV-subscription safeguards and pilots 24/7 on-platform trading. The SFC noted 13 tokenised products were offered publicly as of March 2026, with tokenised-class AUM rising roughly seven-fold to about USD 10.7 billion.

NYSE adopted new Rule 7.50 (Tokenized Securities) and amended Rules 1.1, 7.36, 7.37, and 7.41 to permit trading of equity securities and ETFs in tokenized form on NYSE, effective immediately. Filed under Section 19(b)(3)(A). Mirrors Nasdaq rules. Eligible member organizations may designate trades in Russell 1000 and major-index ETFs via a tokenization flag for DTC-cleared tokenized settlement, with same CUSIP and shareholder rights as traditional shares.

Following Treasury's 'Regulating Digital Asset Platforms' work, the Corporations Amendment (Digital Assets Framework) Bill 2025 received Royal Assent on 8 April 2026, extending the Australian Financial Services Licence (AFSL) regime to digital assets. It introduces two new financial-product categories: Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs), requiring operators to obtain an AFSL, with a de minimis exemption for small, low-risk platforms. The framework commences on 9 April 2027, with an 18-month window from Royal Assent to lodge licence applications.

The SC's Guidelines on Digital Assets, issued under the Capital Markets and Services Act 2007 and first published in 2020 (revised 2024), govern digital token offerings, initial exchange offering platforms and digital asset custody. The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 classifies qualifying digital tokens and currencies as securities. In January 2026 the SC issued further clarification on digital asset broking services.

SEC Statement on Tokenized Securities (January 28, 2026) — establishes 5-model taxonomy for how tokenized securities can be issued and transferred under existing law

The DFSA's Crypto Token regime, first introduced in 2022, governs crypto tokens used or traded in and from the DIFC, distinct from the DFSA's separate Investment Tokens (security token) regime. On 15 December 2025 the DFSA issued updated rules coming into force 12 January 2026 that shift responsibility for token suitability assessment onto firms (documented, reasoned basis) and abolish the prescribed list of Recognised Crypto Tokens. Privacy Tokens and Algorithmic Tokens remain prohibited, and restrictions on funds investing in crypto tokens were removed subject to suitability and risk management.

SEC Staff granted DTC no-action relief from Reg SCI, Section 19(b)/Rule 19b-4, and Rules 17Ad-22(e) and 17Ad-25(i)/(j) to operate a three-year tokenization pilot. DTC Participants may voluntarily convert security entitlements in Russell 1000 constituents, major-index ETFs, and U.S. Treasuries into Tokenized Entitlements recorded on-chain via DTC's Factory (minting) and LedgerScan (tracking) systems. Cede and Co. remains registered owner throughout.

The Property (Digital Assets etc) Act 2025 confirms in statute that a thing (such as a crypto-token or NFT) is not prevented from being the object of personal property rights merely because it is neither a thing in possession nor a thing in action, recognising a distinct 'third category' of personal property under the law of England and Wales. It received Royal Assent on 2 December 2025, implementing Law Commission recommendations and leaving the courts to develop the category's boundaries.

Project Ensemble, launched by the HKMA in March 2024, develops financial market infrastructure for interbank settlement of tokenised money (tokenised deposits and wholesale CBDC) against tokenised assets. A sandbox launched in 2024 tested interoperability across tokenised assets, deposits and wCBDC in areas such as fixed income, funds and trade finance. In November 2025 the HKMA announced EnsembleTX, moving to a pilot phase supporting real-value transactions throughout 2026.

IOSCO published its Final Report on the Tokenisation of Financial Assets on November 11, 2025, summarizing its Fintech Task Force monitoring exercise. It finds tokenisation offers efficiency gains (shorter settlement, collateral mobility) but that adoption remains limited due to interoperability challenges, lack of credible settlement assets, legal uncertainty and operational/cyber risk. IOSCO urges members to apply its earlier crypto-asset and DeFi recommendations under the 'same activity, same risk, same regulatory outcome' principle.

Law 14.478/2022 (the Brazilian Virtual Assets Law, effective June 2023) designated the BCB as the regulator of virtual asset service providers (VASPs). On November 10, 2025 the BCB issued Resolutions BCB 519, 520 and 521, establishing authorization/governance requirements, prudential standards for provision of virtual asset services, and application of foreign-exchange and cross-border capital rules to stablecoin and crypto transactions. The resolutions followed three public consultations run from November 2024 to February 2025.

Since its 2023 global framework, the FSB has issued material follow-up work: 'The Financial Stability Implications of Tokenisation' (October 22, 2024) and a Thematic Peer Review on implementation of the crypto-asset framework (October 2025, based on information as of August 2025). The 2025 review finds welcome progress but significant gaps and inconsistencies in how member jurisdictions have implemented the crypto-asset and global-stablecoin recommendations, and urges better data infrastructure to monitor cross-market risk.

Kenya's Virtual Asset Service Providers Act, 2025 received presidential assent on October 15, 2025, creating a dual regulatory regime: the CBK oversees wallet/custodial providers, payment processors and stablecoin issuers, while the CMA oversees exchanges, brokers, investment advisers, fund managers and tokenization platforms. Licensing is mandatory, VASPs must be incorporated companies (natural persons are excluded), and the Act brings VASPs into Kenya's AML/CFT regime. As of late 2025 licensing awaits detailed regulations from the National Treasury.

CSDR (Regulation (EU) 909/2014) governs securities settlement and the authorisation and supervision of EU central securities depositories, including settlement discipline (penalties and buy-ins) and dematerialisation. The CSDR Refit (Regulation (EU) 2023/2845), in force since January 2024, recalibrated the settlement discipline regime, simplified passporting and reformed third-country CSD reporting. A further amendment (Regulation (EU) 2025/2075) mandates the EU's move to a T+1 settlement cycle by 11 October 2027.

23 NYCRR Part 200 (the BitLicense) requires any person engaged in Virtual Currency Business Activity involving New York or New York residents to obtain a license and comply with capital, custody, cybersecurity, AML, disclosure, and recordkeeping requirements. NYDFS supervises 22 virtual-currency licensees holding over $404 billion in assets (as of year-end 2024). In 2025 NYDFS refreshed key guidance, including updated custodial-structure guidance for customer protection in insolvency (September 30, 2025) and blockchain-analytics expectations for banking organizations (September 2025).

NI 45-106 is the primary Canadian prospectus exemption framework, governing exempt market capital raises across all provinces and territories including Nunavut. Key exemptions for tokenized securities include: (1) Accredited Investor (s.2.3) — no dollar cap, purchasers meet income/asset thresholds (CA$200K individual income, CA$300K with spouse, CA$1M net financial assets, or CA$5M net assets); (2) Offering Memorandum (s.2.9) — broader eligible investor base, requires compliant OM and risk acknowledgement, annual limits for non-accredited purchasers; (3) Private Issuer (s.2.4) for early-stage SPVs. Nunavut is expressly named in s.2.9(2) under a modified OM exemption regime (Manitoba, NWT, Nunavut, PEI, Yukon) where eligible investor qualification may require a suitability opinion from an eligibility adviser. Exempt distribution reports must be filed within 10 days; OMs within 10 days of first distribution.

The Wyoming Stable Token, launched August 20, 2025 (initially WYST, subsequently branded FRNT), is the first fiat-backed stablecoin issued by a U.S. public entity, created under the Wyoming Stable Token Act and administered by the Wyoming Stable Token Commission. It is backed 1:1 (with a statutory minimum ~102% over-collateralization) by cash, U.S. Treasury bills, and short-term repos held in state accounts, and is issued across multiple chains via LayerZero. It is distinct from private stablecoins and CBDCs.

Amendments to the Payment Services Act, effective June 2023, regulate fiat-pegged, par-redeemable stablecoins as 'Electronic Payment Instruments.' Issuance is limited to licensed banks, fund-transfer service providers and trust companies, subject to redemption guarantees, reserve safeguarding and AML/CFT requirements. In August 2025 JPYC became the first licensed yen-stablecoin issuer under this regime.

The Stablecoins Ordinance was passed by the Legislative Council on 21 May 2025 and its licensing regime took effect on 1 August 2025, administered by the HKMA. Any person issuing a fiat-referenced stablecoin in Hong Kong, or a stablecoin referencing the Hong Kong dollar anywhere, must be licensed. Requirements include 100% high-quality reserve backing, HK$25 million paid-up capital, redemption at par and robust AML controls, with transitional provisions for pre-existing issuers.

The GENIUS Act (S.1582) is the first comprehensive U.S. federal regulatory framework for payment stablecoins. It creates a dual federal/state licensing regime for permitted payment stablecoin issuers, mandates 1:1 backing with high-quality liquid assets (cash and short-dated Treasuries), prohibits algorithmic/unbacked payment stablecoins, requires monthly public reserve disclosures, and subjects issuers to Bank Secrecy Act AML/sanctions obligations. Federal oversight runs through the OCC for national banks and nonbank issuers and the Federal Reserve for state member banks, with a certified state pathway for smaller issuers.

Under the Digital Asset Business Decree and Securities and Exchange Act, Thailand's SEC regulates the issuance and trading of digital tokens, including investment tokens. In July 2025 the SEC issued rules permitting securities companies to provide trading and exchange services for investment tokens, and consulted on bringing digital assets under the Derivatives Act. Thailand also launched G-Token, a publicly offered tokenised government bond, and in June 2025 the Cabinet approved a draft amendment introducing electronic securities.

The SEC issued Memorandum Circular No. 4 (Rules on Crypto-Asset Service Providers) and No. 5 (Guidelines on the Operations of CASPs) in 2025, effective 5 July 2025. They establish the country's most comprehensive framework for entities offering, marketing or providing crypto-asset services, requiring SEC registration, a PHP 100 million minimum paid-up capital, plain-language risk disclosures and marketing controls. The SEC may impose fines from PHP 50,000 to PHP 10 million per instance for violations.

The MTMA is a CSBS model law creating uniform nationwide standards for money transmitter licensing, including net-worth, surety-bond, and permissible-investment (liquidity) requirements. As of 2025 more than 41 states had enacted it in whole or part, covering roughly 99% of reported money-transmission activity, with 2025 adoptions in states such as Mississippi and Colorado. Notably, recent state enactments have generally excluded the model's optional 'virtual currency' provisions, and CSBS issued June 2025 guidance on calculating tangible net worth for virtual currency.

Issued on 26 June 2025, Policy Statement 2.0 sets out Hong Kong's growth-oriented digital asset strategy structured around the LEAP framework: Legal and regulatory streamlining, Expanding tokenised products, Advancing use cases and cross-sectoral collaboration, and People and partnership development. It complements the SFC's February 2025 ASPIRe roadmap (Access, Safeguards, Products, Infrastructure, Relationships) and commits to regularising tokenised government bond issuance and expanding tokenised real-world assets.

Regulation (EU) 2022/858 established a pan-EU sandbox allowing DLT market infrastructures (DLT MTFs, settlement systems and trading-and-settlement systems) to operate under temporary exemptions from MiFID II and CSDR to trade and settle tokenised financial instruments. It applied from 23 March 2023. On 25 June 2025 ESMA published its Article 14 report recommending amendments to make the regime permanent and more attractive after limited early uptake; ESMA must deliver a further report to the Commission by 24 March 2026.

ADGM's FSRA operates one of the region's most mature digital asset regimes, first established in 2018 and progressively expanded. It regulates virtual asset activities (exchange, custody, dealing, management) and, critically for RWA, treats tokenized securities and tokenized fund units as securities/financial instruments rather than virtual assets. The FSRA implemented amendments to the framework effective 10 June 2025 (shifting Accepted Virtual Asset assessment onto Authorised Persons with FSRA notification) and finalised Fiat-Referenced Token/stablecoin rules taking effect 1 January 2026.

Chile's Fintech Law 21.521 (effective January 2023) defines cryptoassets as transferable digital representations of value (excluding money) and brings crypto custody, brokerage, order routing, intermediation and investment advice under CMF authorization. CMF General Rule NCG 502 (issued January 2024, effective February 3, 2024) implements the Title II provider regime; providers had to register and obtain authorization by February 3, 2025. Circular 62 introduced a Travel Rule for transfers above USD 1,000 from June 1, 2025.

FATF Recommendation 15 requires countries to regulate and supervise VASPs and apply the Travel Rule (R.16) to virtual asset transfers. FATF's sixth targeted update (June 2025) reports that Travel Rule-implementing jurisdictions rose to 85 (from 65 in 2024) but that only one jurisdiction is fully compliant with R.15 and roughly 75% remain partially or non-compliant. The 2025 revisions clarify where the payment chain begins, recommend a USD 1,000 threshold for the full Travel Rule, and set a final global implementation deadline of end-2030, while flagging rising illicit stablecoin use.

Law 27,739 (2024) amended Argentina's AML law to define virtual assets and VASPs (PSAVs) and mandate registration. CNV General Resolution 994/2024 created the PSAV Registry, and General Resolution 1058/2025 (effective May 26, 2025) set the full registration, supervision and conduct regime. Requirements include segregation of client and company funds, cybersecurity, custody standards, annual audits and monthly reporting to the CNV.

In 2025 the OCC reaffirmed and expanded the authority of national banks and federal savings associations to engage in crypto-asset activities. Interpretive Letter 1183 (March 2025) confirmed that crypto custody, certain stablecoin activities, and participation in distributed-ledger/node-verification networks are permissible and rescinded the prior supervisory nonobjection requirement from Letter 1179. Interpretive Letter 1184 (May 2025) confirmed banks may buy and sell custodied crypto assets at customer direction and outsource permissible crypto activities (including custody and execution) to third parties under appropriate risk management.

The DSS is a live, jointly-run Bank of England and FCA regime (under the Financial Services and Markets Act 2023) that lets firms use DLT to perform notary, maintenance, settlement and trading-venue activities for real digital securities, with regulators able to modify or disapply legislation such as CSDR. It opened for applications on 30 September 2024, with post-Gate 2 activity involving live issuance, trading and settlement. Amendment Regulations laid on 30 January 2025 (in force 3 March 2025) refined the regime, which runs until 8 January 2029 and may be made permanent.

The Investments and Securities Act 2025, enacted in March 2025, repeals the ISA 2007 and expressly recognizes digital assets as securities, defining a digital asset as a digital token representing a debt or equity claim on an issuer, including blockchain-issued assets. This captures security tokens, stablecoins and potentially tokenized RWAs, placing digital-asset issuers, exchanges, wallet providers, custodians and advisers under SEC oversight with fit-and-proper, capital adequacy, cybersecurity, AML and client-asset-segregation requirements.

DORA establishes a uniform framework for digital operational resilience across EU financial entities. It mandates ICT risk management, incident reporting, resilience testing, and oversight of critical third-party ICT providers (including cloud and blockchain infrastructure).

Luxembourg has progressively built a DLT securities framework: Blockchain I (2019) recognised DLT for securities account registration and transfer; Blockchain II (22 January 2021) permitted DLT-based issuance of dematerialised securities by credit institutions and investment firms; Blockchain III (Law of 14 March 2023) implemented the EU DLT Pilot Regime and refined settlement rules. The Blockchain IV Act (Law of 20 December 2024, in force 31 December 2024) introduced a new 'control agent' role able to manage DLT issuance accounts, custody-chain monitoring and reconciliation, modernising the securities custody chain for tokenisation.

MAR prohibits insider trading, market manipulation, and unlawful disclosure of inside information across EU financial markets. MiCA extends MAR-equivalent provisions to crypto-assets, making anti-market-abuse rules applicable to tokenized securities and crypto platforms.

Markets in Crypto-Assets Regulation — EU-wide regulatory framework for crypto-assets, stablecoins (EMTs and ARTs), and crypto-asset service providers (CASPs)

Project Guardian is MAS's industry collaboration to test asset tokenisation in capital markets, now moving from pilots toward commercialisation. It has produced the Guardian Fixed Income Framework and Guardian Funds Framework, and is complemented by MAS's Guide on the Tokenisation of Capital Markets Products, which clarifies how existing securities law applies to tokenised issuances, offerings and intermediary activities. Workstreams cover tokenised bonds, funds and FX.

EMIR governs OTC derivatives, central counterparties (CCPs), and trade repositories in the EU. EMIR REFIT (2019) and EMIR 3.0 (ongoing) address active account requirements, clearing thresholds, and EU CCP competitiveness. Increasingly relevant as tokenized derivatives emerge.

The QFC Digital Assets Framework, commenced 1 September 2024, establishes the legal and regulatory foundation for digital assets in the Qatar Financial Centre, covering tokenisation, legal recognition of property rights in tokens and their underlying assets, custody, transfer, exchange and smart contracts. It comprises the QFC Digital Asset Regulations 2024, the Investment Token Rules 2024 (TOKN) and Token Service Provider Guidelines. Investment tokens (tokens representing rights in specified products/derivatives) are regulated activities requiring QFCRA authorisation, while pure cryptocurrencies, stablecoins and CBDCs are treated as Excluded Tokens.

MiFID II is the comprehensive EU framework governing investment services, trading venues, and investor protection. Tokenized securities that qualify as financial instruments are subject to MiFID II. The EU Pilot Regime for DLT market infrastructures creates a sandbox for tokenized securities trading and settlement.

The Digital Assets Issuance Law (LEAD, Legislative Decree 57, in force since April 2023) creates a dedicated digital-asset issuance regime supervised solely by the CNAD, expressly disapplying traditional securities and commercial statutes. Token classification turns on the rights embedded (ownership, profit participation, receivables) rather than the underlying asset. Issuers must register under the Regulation for the Registration of Issuers and Public and Private Issues; an August 2024 reform revised rules for Bitcoin service providers (PSB), Digital Asset Service Providers (DASPs) and issuance actors.

South Korea's Virtual Asset User Protection Act (effective July 2024) establishes investor protection requirements for virtual asset service providers including mandatory insurance, asset segregation, and transaction monitoring.

The BCBS cryptoasset prudential standard, codified as Chapter SCO60 of the Basel Framework (finalized December 2022), sets bank capital and disclosure treatment for cryptoasset exposures, generally imposing conservative capital charges. On July 17, 2024 the Committee finalized revisions tightening stablecoin reserve quality/liquidity criteria, adding due-diligence obligations, and introducing more granular Pillar 3 disclosure templates. The implementation date was extended to January 1, 2026.

GL1 is a MAS-led initiative to develop shared, multi-purpose ledger infrastructure for regulated financial institutions to host tokenised financial assets across jurisdictions. MAS published the GL1 whitepaper in June 2024 with partners including BNY, Citi, J.P. Morgan, MUFG and SG-FORGE, and observers from the ECB, Banque de France and IMF. The next phase explores a non-profit GL1 Org to set common principles, policies and standards.

The DIFC is an internationally recognized financial free zone in Dubai, UAE, operating under its own civil and commercial laws with the DFSA as its independent financial regulator. DIFC has developed a digital assets framework that permits investment token offerings, digital asset trading, and custody under a defined regulatory perimeter.

Monetary Authority of Singapore Payment Services Act amendments and Digital Payment Token guidelines governing digital asset service providers operating in Singapore

Indonesia crypto assets regulated as commodities under BAPPEBTI (Commodity Futures Trading Regulatory Agency). Regulatory authority transitioning to OJK (Financial Services Authority) for broader oversight including potential securities treatment.

Virtual Assets Regulatory Authority (Dubai) comprehensive regulatory framework for virtual asset service providers operating in or from Dubai

The Gesetz uber elektronische Wertpapiere (eWpG), in force since 10 June 2021, allows securities to be issued in electronic form without a paper certificate via either a central register (Zentralregisterwertpapiere) or a DLT-based crypto securities register (Kryptowertpapiere). Operating a crypto securities register is an authorised financial service under the German Banking Act requiring BaFin licensing. Subsequent measures (e.g. the KryptoFAV crypto fund-units ordinance and the Zukunftsfinanzierungsgesetz extending eWpG to electronic/crypto shares) have broadened its scope.

Italy's FinTech Decree (Decree-Law No. 25 of 17 March 2023, converted by Law No. 52/2023) established a national regime for issuing and transferring financial instruments in digital form on DLT registers as an alternative to paper and book-entry, enabling security token offerings of shares, bonds and other instruments even off-venue. It complements the EU DLT Pilot Regime and is supervised jointly by Consob and the Bank of Italy. Consob adopted its implementing Regulation on the issuance and circulation of digital financial instruments on 6 December 2023.

International Organization of Securities Commissions published 18 policy recommendations for regulation of crypto and digital asset markets, covering market integrity, conflicts of interest, cross-border cooperation, and operational and technology risk.

On 2 November 2023 the SFC issued two circulars: one on the tokenisation of SFC-authorised investment products (e.g. retail funds) and one providing conduct guidance to intermediaries engaged in tokenised securities activities. The SFC adopts a 'see-through' approach, treating tokenised authorised products like their underlying, and superseded its restrictive March 2019 stance that limited security tokens to professional investors. Primary dealing of tokenised authorised products to retail investors is permitted subject to safeguards.

The UNIDROIT Principles on Digital Assets and Private Law were adopted by the Governing Council at its 102nd session (May 10-12, 2023) and published on October 4, 2023. The 19 Principles give national legislators high-level, technology- and jurisdiction-neutral guidance on private-law issues raised by digital assets, including proprietary interests, control, custody/intermediaries, secured transactions, applicable law in cross-border transfers, and insolvency.

Brazilian Securities Commission (CVM) Resolution 175 permits crypto asset investment funds regulated under Brazilian securities law, providing a framework for institutional participation in digital assets.

Bank for International Settlements analysis of tokenization implications for financial system stability, monetary policy, and central bank operations. Covers unified ledger concept, wCBDC, and integration with existing financial infrastructure.

Canadian Securities Administrators guidance requiring crypto asset trading platforms operating in Canada to register with provincial securities regulators and comply with investor protection requirements.

Hong Kong Securities and Futures Commission mandatory licensing regime for Virtual Asset Service Providers (VASPs) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. Also permits retail crypto trading on licensed platforms.

Central Bank of Bahrain Crypto-Asset Module (Module PT) requires licensing for crypto-asset services including exchange, custody, and portfolio management. One of the first comprehensive crypto regulatory frameworks in MENA.

The FSCA declared crypto assets 'financial products' under the Financial Advisory and Intermediary Services Act (FAIS) effective October 19, 2022, requiring anyone furnishing advice or intermediary services in crypto to be licensed as a Financial Services Provider (FSP). A transitional exemption allowed license applications from June 1 to November 30, 2023; miners, node operators and NFT-only providers are exempt. The FSCA has moved into active licensing and enforcement against unlicensed crypto asset service providers.

The Virtual Asset and Initial Token Offering Services Act 2021 (in force February 7, 2022) is Mauritius's primary crypto framework, supervised by the FSC, and among the first comprehensive VA/ITO regimes in Eastern and Southern Africa. It establishes five VASP license classes (brokerage, wallet, custody, advisory, marketplace) with tiered minimum capital (MUR 2m-6.5m) and FSC rules on capital, client disclosure, custody, cybersecurity, advertising, risk management and statutory returns. ITO issuers must register with the FSC and submit a white paper before offering tokens to the public.

Mexico's Financial Technology Institutions Law (Ley Fintech) regulates virtual asset operations and requires authorization from CNBV. Exchanges must be authorized as ITFs (Instituciones de Tecnologia Financiera).

In October 2021 the DFSA introduced a dedicated regime for Investment Tokens, defined as Security Tokens and Derivative Tokens, i.e. tokens that are, or confer rights substantially similar to, securities or derivatives. Carrying on a financial service in relation to Investment Tokens requires DFSA authorisation, and offering security tokens or admitting them to a DIFC trading venue triggers prospectus obligations under the Markets Law 2012. The regime also imposes custody/digital wallet requirements including segregation of client tokens and DLT resilience standards.

Switzerland's DLT Act (effective February 2021) created a new category of "DLT securities" (ledger-based securities) that can be issued and transferred on distributed ledgers without traditional intermediaries, and introduced a new DLT trading facility license.

Japan Financial Services Agency regulates security tokens as electronically recorded transferable rights under the Financial Instruments and Exchange Act (FIEA). Requires Type I Financial Instruments Business registration for dealing in security tokens.

Liechtenstein's Token and Trusted Technology Service Provider Act (TVTG), known as the Blockchain Act, was among the first comprehensive token economy laws globally. Creates legal certainty for tokenized rights and obligates service providers to register.

Nunavut adopts CSA harmonized instruments directly as territorial rules — NI 45-106 applies in full, with Nunavut expressly named in the modified OM exemption regime (s.2.9(2)) alongside Manitoba, NWT, PEI, and Yukon. The territorial regulator is the Office of the Superintendent of Securities, Government of Nunavut (administered through the Department of Justice; contact: Director, Legal Registries, 867-975-6587). No Nunavut-specific prospectus exemption framework exists beyond the CSA harmonized instruments. No Nunavut-registered exempt market dealers currently identified — distribution of tokenized securities requires a dealer registered in another jurisdiction with Nunavut inter-provincial/territorial registration capability (e.g., Markette Ventures via federal or provincial registration) or reliance on the AI exemption (s.2.3) directly. All CSA staff notices and blanket orders apply unless locally modified. FINTRAC/AML obligations apply federally regardless of territorial jurisdiction. Indigenous data sovereignty is not a securities law requirement but is a non-negotiable governance constraint for any offering touching Inuit-owned infrastructure — design must address Qikiqtani Inuit Association and community consent requirements at the outset.