How MiCAR, US initiatives, e‑CNY and other key markets define the framework for stablecoins, CBDCs and digital assets – and what this means for mid‑market corporates, compliance and ERP processes.
The Fundamentals of the Crypto-Asset Regulation
Why the EU created MiCAR, which three token categories the regulation distinguishes, whom it obliges and what it expressly does not govern.
One Stablecoin Law and One Open Process
The GENIUS Act has been law since July 2025 and takes effect by January 2027 at the latest. For the CLARITY Act, the Senate vote on taking up the bill failed on 15 September 2026. What both govern and what that means for companies doing business in the US.
Digital Money via Banks, Prohibitions on the Mainland
Since January 2026, e‑CNY in a bank wallet is an interest-bearing deposit. Since February 2026, Notice No. 42 prohibits business with crypto-assets and stablecoins on the mainland. Hong Kong grants its own stablecoin licences. As of September 2026.
Beyond the EU, US and China
Who supervises crypto services and stablecoins in five markets, how far legislation has progressed and what applies there to a stablecoin issued elsewhere. As of September 2026.
Travel Rule, DAC8, AML, Sanctions, Accounting
Which rules apply to a company using stablecoins, whom they oblige and what information the company provides. With the comparison of FASB, IFRS and HGB. As of September 2026.
EU, US, China & Further Markets
Nine jurisdictions in one table, rated with a traffic light that measures how far a rule has progressed in law. Plus what that means for the location of a first pilot.
