Policy Events Tracked: 53
Jurisdictions Covered: 11
Last Updated: May 06, 2026
Q: Which APAC jurisdiction has the most progressive crypto licensing framework framework?
A: Based on our policy tracking, Singapore and Hong Kong lead in crypto licensing framework regulatory clarity. See the comparison below for details.
Q: What are the key trends in crypto licensing framework across Asia-Pacific?
A: We've tracked 53 policy events across 11 jurisdictions. Major trends include regulatory harmonization efforts and increasing institutional adoption frameworks.
Q: How can I compare crypto licensing framework requirements across jurisdictions?
A: Use our policy tracker to filter by topic and compare requirements side-by-side. Links to each jurisdiction below.
Coinbase Australia launched support for self-managed super funds (SMSFs), enabling trustees to add crypto exposure to AU$1.06 trillion retirement portfolios. The service includes downloadable data aligned with local accounting standards and verification process built for Australian fund structures. Follows Coinbase AFSL approval in April 2026. OKX also competing in SMSF market. Aligns with US trend of expanding crypto access in retirement systems.
Hong Kong Securities and Futures Commission (SFC) announced the official launch of virtual asset investment advisor licensing framework, extending regulatory coverage to crypto advisory services. Framework requires advisors to obtain SFC license and comply with conduct of business rules equivalent to traditional investment advisors.
Australian Securities and Investments Commission approved definitive custody framework for regulated digital asset custodians under the Digital Assets Framework Bill. Licensed custodians must implement cold storage requirements, insurance coverage of 100% of customer assets, and quarterly third-party audits.
The Philippines Securities Commission (SEC) issued final rules establishing comprehensive framework for tokenization of financial assets. Financial institutions and licensed fintech companies can now offer tokenized securities, bonds, and structured products with BSP oversight for payment-related activities. Framework builds on 2025 tokenized treasury bonds pilot and aligns with APAC tokenization trends. Banks must implement robust smart contract audits and investor protection mechanisms.
State Bank of Pakistan issued BPRD Circular Letter No. 10 of 2026, replacing 2018 virtual-currency prohibition and enabling regulated entities with PVARA NOC (No Objection Certificate) to open bank accounts for crypto trading and customer operations. The circular marks formal integration of virtual asset service providers into Pakistan's banking system after months of regulatory sandbox testing. Major step for South Asia's crypto adoption with 40+ million users.
Israel's Capital Market Authority approved issuance and distribution of BILS, a shekel-pegged stablecoin by Bits of Gold, after completing two-year regulatory pilot program. BILS meets reserve requirements equivalent to HKMA standards with continuous par redemptions. Approval represents third jurisdiction (after Hong Kong and Singapore) with formally approved fiat-pegged stablecoin issuer, positioning Israel as emerging crypto hub outside APAC. Integration with local payments infrastructure planned for Q3 2026.
Hong Kong Monetary Authority (HKMA) confirmed issuance of first batch of stablecoin issuer licenses effective immediately. HSBC Holdings and Anchorpoint Financial Limited received the first licenses under the Stablecoins Ordinance, with HSBC authorized to issue HKD-pegged stablecoin. Reserve requirements mandate 1:1 backing exclusively with High Quality Liquid Assets (HQLA), redeemable at par on T+1 basis. Additional licenses under review from 77 formal applications. First batch expected to include 3-4 issuers by end of Q2 2026.
HKMA approved Hong Kong's first stablecoin issuer licenses under the Stablecoins Ordinance effective August 2025. HSBC and Anchorpoint Financial Limited received initial licenses with strict 1:1 high-quality liquid asset reserve requirements. Additional licenses to be issued in phases as HKMA reviews remaining applications from 77 formal applicants. This positions Hong Kong as a leading regional stablecoin hub competing with Singapore.
Australia's digital asset licensing framework firmed up with ASIC confirming 90-day compliance window for crypto platforms. Approximately 400 crypto platforms operate in Australia with only ~10% holding ASIC registration. ASIC class no-action letter expires June 30, 2026 - after which unregistered platforms lose protection. Coinbase became first exchange to receive direct AFSL approval, establishing precedent for major platforms. Two-tier framework requires AFSL for platforms with annual volume >AUD$10M.
Coinbase has become the first cryptocurrency exchange to receive direct Australian Financial Services Licence (AFSL) approval from the Australian Securities and Investments Commission (ASIC). This milestone follows Australia's Corporations Amendment (Digital Assets Framework) Bill 2025 enacted in April 2026, which requires crypto exchanges and custody providers to obtain AFSL. The approval positions Australia as a potential APAC crypto hub alongside Hong Kong and Singapore.