---
title: Southeast Asia Stablecoin Regulatory Landscape 2026 · Official-Source Matrix
aliases:
  - sea-stablecoin-regulation
  - ASEAN stablecoin map
  - southeast-asia-sc-regulatory-landscape
  - SEA stablecoin 2026
  - mas-hkma-ojk-bot-bsp-bnm-comparison
  - asean cbdc stablecoin matrix
  - se-asia-payment-token-regulation
domain: fintech
created: 2026-05-25
last_updated: 2026-07-30
last_tended: 2026-07-30
review_by: 2026-11-25
confidence: certain
tags: [fintech, stablecoin, cbdc, southeast-asia, asean, mas, hkma, ojk, bot, bsp, bnm, sbv, regulation]
status: active
sources:
  - "https://www.mas.gov.sg/regulation/explainers/regulatory-approach-to-stablecoin-related-activities"
  - "https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/regulatory-regime-for-stablecoin-issuers/"
  - "https://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2025/16_International_Financial_Centre.pdf"
  - "https://www.bot.or.th/en/financial-innovation/digital-finance/fintech-in-thailand/regulatory-sandbox.html"
  - "https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9366"
  - "https://www.sc.com.my/digital-assets"
  - "https://www.bsp.gov.ph/PaymentAndSettlement/Project-Agila/Project-Agila-Report.pdf"
  - "https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf"
  - "https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Bappebti-Kemendag-Alihkan-Tugas-Aset-Keuangan-Digital-termasuk-Aset-Kripto-serta-Derivatif-Keuangan-kepada-OJK-dan-BI.aspx"
  - "https://www.bi.go.id/en/rupiah/digital-rupiah/default_2.aspx"
  - "https://vbpl.moj.gov.vn/bokhoahoccongnghe/Pages/vbpq-toanvan.aspx?ItemID=179989"
  - "https://chinhphu.vn/?classid=1&docid=215249&pageid=27160"
---

# Southeast Asia Stablecoin Regulatory Landscape 2026 · Official-Source Matrix

## Wiki route

This entry sits under [[fintech/INDEX|fintech index]] and is the **regional routing surface** for ASEAN-plus-HK stablecoin policy. Read it alongside the five-pole global matrix at [[fintech/global-stablecoin-regulatory-five-pole-matrix]] (which slots MAS and HKMA into a world view) and the EM dollarization counter-pattern at [[fintech/em-market-crypto-dollarization-pattern]] (which describes what users actually do underneath any regulatory map). The two per-jurisdiction deep dives are [[fintech/singapore-mas-payment-services-act-overview]] and [[fintech/hkma-stablecoin-licensing-overview]]; this entry is the **map view** that places Thailand, Indonesia, Philippines, Vietnam, and Malaysia next to them.

> [!info] TL;DR
> The jurisdictions cannot be ranked on one “stablecoin friendliness” ladder. Singapore has a finalized MAS single-currency-stablecoin framework, Hong Kong—used here only as an ASEAN-adjacent comparator—has a statutory issuer-licensing regime, and the other markets in this entry regulate different pieces such as digital-asset trading, payment use, sandboxes or CBDC experiments. A framework, sandbox participant, exchange registration, CBDC pilot and issuer licence are different statuses. This page records only what the linked official material establishes as of 2026-07-30.

## Why a regional map matters

The legal question changes at each layer: issuance, offering, exchange intermediation, custody, payment use, redemption and cross-border transfer can be governed by different rules and regulators. The same token being available through a registered trading venue does not establish that it may be issued domestically or used as money. This page therefore avoids assigning a single legal label to a token across the region.

For the on-ramp / exchange side of the same regulatory surfaces, see [[exchanges/INDEX]], [[exchanges/sg-mas-dpt-licensing-overview]], and the cross-region view at [[exchanges/global-vasp-regulatory-comparison-matrix]].

### Singapore MAS · framework is not an issuer register

MAS's [stablecoin explainer](https://www.mas.gov.sg/regulation/explainers/regulatory-approach-to-stablecoin-related-activities) describes a framework for single-currency stablecoins issued in Singapore and pegged to SGD or a G10 currency. It sets requirements for reserve assets, capital, redemption and disclosure, and reserves the “MAS-regulated stablecoin” label for stablecoins meeting the framework.

The framework announcement alone does not prove that a named token or issuer currently carries that label. Entity and licence status must be checked in the [MAS Financial Institutions Directory](https://eservices.mas.gov.sg/fid/institution), while the scope of an approval must be read from the relevant record. This page therefore does not label XSGD, USDP, USDC, USDT or another token as an MAS-regulated SCS without a current issuer-specific record.

### Hong Kong HKMA · ASEAN-adjacent comparator

Hong Kong is not part of Southeast Asia or ASEAN; it is included because it is frequently compared with Singapore as an Asian financial centre. The [HKMA regime page](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/regulatory-regime-for-stablecoin-issuers/) describes the licensing perimeter under the Stablecoins Ordinance, which took effect on August 1, 2025. The regime covers specified fiat-referenced stablecoin issuance and marketing activities and imposes reserve, redemption, governance and paid-up-capital requirements.

HKMA's [2025 annual report](https://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2025/16_International_Financial_Centre.pdf) states that a first batch of two licensed issuers was announced in April 2026. That aggregate statement does not support naming issuers or rejected applicants, so this page does not attribute a licence to HSBC, Standard Chartered, Anchorpoint or any other firm without a current issuer register or licence record.

### Singapore and Hong Kong · what can be compared

The following table is sourced to the [MAS framework](https://www.mas.gov.sg/regulation/explainers/regulatory-approach-to-stablecoin-related-activities) and [HKMA regime page](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/regulatory-regime-for-stablecoin-issuers/). It compares legal design, not issuer success or future mutual recognition.

| Question | Singapore | Hong Kong |
|---|---|---|
| Regulatory instrument | MAS framework for qualifying single-currency stablecoins issued in Singapore | Statutory licensing regime under the Stablecoins Ordinance |
| Currency perimeter | SGD or one G10 currency under the MAS framework | Specified fiat-referenced stablecoins within the Ordinance's scope |
| Issuer-status evidence | Current MAS directory and issuer-specific record | Current HKMA licensee register and issuer-specific record |
| What cannot be inferred from the framework alone | That a named token is an “MAS-regulated stablecoin” | That a named applicant has received or retained a licence |

### Thailand · payment-use rule and sandbox are separate

Thailand's SEC [issued rules restricting digital-asset business operators from facilitating digital assets as a means of payment](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9366) on March 23, 2022, effective April 1, 2022. The final rule concerns operator-facilitated payment use; it is not, by itself, a stablecoin-issuer licence or a ban on every form of possession or trading.

The Bank of Thailand's [regulatory-sandbox page](https://www.bot.or.th/en/financial-innovation/digital-finance/fintech-in-thailand/regulatory-sandbox.html) separately lists programmable-payment testing. Participation in a sandbox establishes a bounded test under specified conditions, not permission for general circulation of a THB stablecoin. This entry does not infer issuer authorization from a sandbox participant list.

### Malaysia · digital-asset market regulation is not a stablecoin regime

The Securities Commission Malaysia's [digital-assets page](https://www.sc.com.my/digital-assets) explains the regulated digital-asset market and links to registered operators. Its [registered digital-asset-exchange list](https://www.sc.com.my/regulation/guidelines/recognizedmarkets/list-of-registered-digital-asset-exchanges) is evidence of the listed entities' exchange status, not evidence that they may issue a ringgit stablecoin.

No official BNM stablecoin discussion paper matching the earlier claim was located in the materials reviewed for this update. This page therefore removes the claimed 2026 consultation, reserve model and projected licence date. A future BNM document should be added only with a direct official publication link and date.

### Philippines · wholesale CBDC and VASP access are distinct

BSP's [Project Agila report](https://www.bsp.gov.ph/PaymentAndSettlement/Project-Agila/Project-Agila-Report.pdf) describes a wholesale CBDC proof of concept for transfers among participating financial institutions. It is not a retail stablecoin sandbox and does not establish approval of PHPC, PHPX or another named privately issued token.

BSP [Memorandum M-2025-031](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf) continued the moratorium on new VASP licences from September 1, 2025, subject to the memorandum's exceptions and review. Entity status should be checked using the [BSP verifier](https://www.bsp.gov.ph/SitePages/FinancialStability/BSPVerifier.aspx). VASP status, e-money-issuer status, stablecoin-issuer approval and Project Agila participation are not interchangeable.

### Vietnam · new digital-asset law and a bounded pilot

Vietnam's [Law on Digital Technology Industry No. 71/2025/QH15](https://vbpl.moj.gov.vn/bokhoahoccongnghe/Pages/vbpq-toanvan.aspx?ItemID=179989) took effect on January 1, 2026 and supplies a statutory basis for digital and crypto assets. The government's [Resolution 05/2025/NQ-CP](https://chinhphu.vn/?classid=1&docid=215249&pageid=27160) establishes a pilot crypto-asset market under specified conditions.

The pilot is not a general stablecoin licence. In particular, its issuance conditions do not support the earlier claim that Vietnam had a simple “grey” regime dominated by named USD-stablecoin rails. Claims about retail rankings, chain dominance, merchant acceptance or a delayed draft decree are omitted here because the cited official materials do not establish them.

### Indonesia · OJK market oversight and BI currency issuance are distinct

The [official handover announcement](https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Bappebti-Kemendag-Alihkan-Tugas-Aset-Keuangan-Digital-termasuk-Aset-Kripto-serta-Derivatif-Keuangan-kepada-OJK-dan-BI.aspx) records the January 10, 2025 transfer of regulatory and supervisory duties for digital financial assets, including crypto assets, from Bappebti to OJK and BI under the statutory transition. The exact authorization of an exchange or product must be checked in the relevant OJK or BI record; the handover does not itself license an IDR stablecoin.

Bank Indonesia's [Project Garuda page](https://www.bi.go.id/en/rupiah/digital-rupiah/default_2.aspx) explicitly describes Digital Rupiah as a CBDC and distinguishes it from crypto assets or stablecoins. A CBDC design project is therefore not evidence of private stablecoin authorization. This entry also removes the obsolete “PMA exchange” terminology and unsupported remittance-volume claims.

## Official-source status matrix

Each row below is tied to the official source in the evidence column. “No conclusion” means the reviewed document does not establish the broader claim; it is not a claim that the activity is prohibited.

| Jurisdiction | Verified regulatory surface | Direct official evidence | What the evidence does not establish |
|---|---|---|---|
| Singapore | MAS framework for qualifying single-currency stablecoins issued in Singapore | [MAS stablecoin explainer](https://www.mas.gov.sg/regulation/explainers/regulatory-approach-to-stablecoin-related-activities) | Current label or licence status of a named token without an issuer-specific record |
| Hong Kong (comparator) | Statutory stablecoin-issuer licensing regime effective from 2025-08-01 | [HKMA regime page](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/regulatory-regime-for-stablecoin-issuers/) | Identity or current status of a licensee without the register or decision |
| Thailand | Final rules restricting operator-facilitated payment use, effective 2022-04-01; programmable-payment sandbox | [SEC final payment-use rules](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9366); [BoT sandbox](https://www.bot.or.th/en/financial-innovation/digital-finance/fintech-in-thailand/regulatory-sandbox.html) | General THB-stablecoin circulation approval |
| Malaysia | SC-regulated digital-asset market and registered exchange operators | [SC digital-assets page](https://www.sc.com.my/digital-assets) | A BNM stablecoin-issuer regime or issuer approval |
| Philippines | Wholesale-CBDC proof of concept; VASP licensing moratorium from 2025-09-01 | [Project Agila report](https://www.bsp.gov.ph/PaymentAndSettlement/Project-Agila/Project-Agila-Report.pdf); [BSP M-2025-031](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf) | Approval of a named private PHP stablecoin |
| Vietnam | Digital-asset statutory basis and a government crypto-asset-market pilot | [Law 71/2025/QH15](https://vbpl.moj.gov.vn/bokhoahoccongnghe/Pages/vbpq-toanvan.aspx?ItemID=179989); [Resolution 05/2025/NQ-CP](https://chinhphu.vn/?classid=1&docid=215249&pageid=27160) | General stablecoin issuance or payment permission |
| Indonesia | Transfer of digital-financial-asset supervision; Digital Rupiah CBDC project | [OJK/BI handover](https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Bappebti-Kemendag-Alihkan-Tugas-Aset-Keuangan-Digital-termasuk-Aset-Kripto-serta-Derivatif-Keuangan-kepada-OJK-dan-BI.aspx); [BI Project Garuda](https://www.bi.go.id/en/rupiah/digital-rupiah/default_2.aspx) | Private IDR-stablecoin authorization or approval of a named exchange/product |

## Cross-border analysis boundary

A corridor cannot be called “licensed” merely because an exchange or payment institution at each end has some regulatory status. A defensible corridor assessment needs, at minimum:

1. the legal identity and current authorization of each intermediary;
2. the approved activity and customer class at each leg;
3. issuer and redemption status for the settlement token;
4. rules on payment use, marketing, custody and cross-border transfer;
5. AML/CFT, sanctions and travel-rule controls; and
6. evidence of the claimed volume, chain and settlement route.

The earlier corridor table and “dominant rail” claims did not meet that standard and have been removed. Project Agila, Project Garuda and programmable-payment sandboxes are also not substitutes for evidence of a private stablecoin corridor.

## Safe comparison method

When updating this page:

- use the regulator's current register or a dated decision for entity status;
- use legislation, rules or official guidance for legal perimeter;
- label consultations, frameworks, sandboxes, conditional approvals and licences separately;
- do not infer a stablecoin licence from exchange, VASP, DPT or e-money status;
- do not infer private-token authorization from a CBDC pilot;
- do not infer retail adoption, chain share or cross-border volume without a dated dataset and methodology; and
- treat Hong Kong as an ASEAN-adjacent comparator, not an ASEAN member.

This method preserves a useful regional view without turning proposals or adjacent licences into issuer approvals.

## Related

- [[fintech/INDEX|Wiki Index]]
- [[fintech/singapore-mas-payment-services-act-overview|MAS PSA + SCS framework]]
- [[fintech/singapore-mas-payment-services-act-strategic-implications|MAS strategic implications]]
- [[fintech/hkma-stablecoin-licensing-overview|HKMA licensing overview]]
- [[fintech/hkma-stablecoin-licensing-implications|HKMA strategic implications]]
- [[fintech/hk-frtb-stablecoin-reserve-overview|HK FRTB reserve treatment]]
- [[fintech/global-stablecoin-regulatory-five-pole-matrix|Global five-pole matrix]]
- [[fintech/jurisdiction-list-monetary-protectionism|jurisdiction-list evidence boundary]]
- [[fintech/indonesia-ovo-stablecoin-route|Indonesia OVO / stablecoin route]]
- [[fintech/em-market-crypto-dollarization-pattern|EM crypto-dollarization pattern]]
- [[fintech/india-anti-dollar-dpi-alliance|India anti-dollar DPI alliance]]
- [[fintech/mbridge-bis-multi-cbdc-overview|mBridge BIS multi-CBDC]]
- [[exchanges/sg-mas-dpt-licensing-overview|SG MAS DPT licensing]]
- [[exchanges/hk-sfc-vasp-licensing-overview|HK SFC VASP licensing]]
- [[exchanges/global-vasp-regulatory-comparison-matrix|Global VASP regulatory matrix]]

## Sources

- [MAS regulatory approach to stablecoin-related activities](https://www.mas.gov.sg/regulation/explainers/regulatory-approach-to-stablecoin-related-activities)
- [MAS Financial Institutions Directory](https://eservices.mas.gov.sg/fid/institution)
- [HKMA regulatory regime for stablecoin issuers](https://www.hkma.gov.hk/eng/key-functions/international-financial-centre/regulatory-regime-for-stablecoin-issuers/)
- [HKMA Annual Report 2025, International Financial Centre chapter](https://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2025/16_International_Financial_Centre.pdf)
- [Thailand SEC final rules concerning digital assets as means of payment](https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=9366)
- [Bank of Thailand regulatory sandbox](https://www.bot.or.th/en/financial-innovation/digital-finance/fintech-in-thailand/regulatory-sandbox.html)
- [Securities Commission Malaysia digital-assets page](https://www.sc.com.my/digital-assets)
- [SC Malaysia registered digital-asset exchanges](https://www.sc.com.my/regulation/guidelines/recognizedmarkets/list-of-registered-digital-asset-exchanges)
- [BSP Project Agila report](https://www.bsp.gov.ph/PaymentAndSettlement/Project-Agila/Project-Agila-Report.pdf)
- [BSP Memorandum M-2025-031](https://www.bsp.gov.ph/Regulations/Issuances/2025/M-2025-031.pdf)
- [BSP verifier](https://www.bsp.gov.ph/SitePages/FinancialStability/BSPVerifier.aspx)
- [Vietnam Law on Digital Technology Industry No. 71/2025/QH15](https://vbpl.moj.gov.vn/bokhoahoccongnghe/Pages/vbpq-toanvan.aspx?ItemID=179989)
- [Vietnam Resolution 05/2025/NQ-CP](https://chinhphu.vn/?classid=1&docid=215249&pageid=27160)
- [Indonesia regulatory handover to OJK and BI](https://www.ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/Bappebti-Kemendag-Alihkan-Tugas-Aset-Keuangan-Digital-termasuk-Aset-Kripto-serta-Derivatif-Keuangan-kepada-OJK-dan-BI.aspx)
- [Bank Indonesia Project Garuda](https://www.bi.go.id/en/rupiah/digital-rupiah/default_2.aspx)