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For each security service, see which jurisdictions trigger it and how attractive each market is right now.

Proof of Reserves

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Jurisdictions triggering
12
Norms triggering
21
High-maturity markets
5

Top markets for Proof of Reserves

CountryRegionLead regulatorMaturityNext deadlineDaysScore
BRBrazilLATAMBCBHigh2026-10-3015582.9
DEGermanyEUBundestagHigh63.4
HKHong KongAPACSFCHigh63.4
GBUnited KingdomEUFCAHigh2027-10-2551563.2
SGSingaporeAPACMASHigh60.6
AEUnited Arab EmiratesMENACBUAEMedium56.8
ARArgentinaLATAMBCRAMedium56.8
TRTürkiyeMENAnullMedium56.8
USUnited StatesNAIRSMedium51.0
ITItalyEUParlamento ItalianoMedium48.2
ZASouth AfricaAfricaSARSMedium48.2
JPJapanAPACFSAMedium45.3

Norms that trigger Proof of Reserves

US2025-07-18
GENIUS Act — Guiding and Establishing National Innovation for U.S. Stablecoins Act (Public Law 119-27, signed 2025-07-18) — FIRST FEDERAL CRYPTO LAW; creates Permitted Payment Stablecoin Issuer (PPSI) regime; 100% reserve, par redemption; treats PPSIs as BSA financial institutions; excludes payment stablecoins from the definition of 'security'

This law establishes a federal licensing framework for payment stablecoin issuers, known as Permitted Payment Stablecoin Issuers (PPSIs). It mandates 1:1 reserves, monthly public reserve reporting, and par value redemption.

Tax Reserve Certificates Ordinance

This ordinance concerns tax reserve certificates and does not contain provisions related to crypto-assets.

HK2026-04-08
Tax Reserve Certificates Ordinance

This ordinance governs the Tax Reserve Certificates (TRCs) scheme, a government savings program for taxpayers in Hong Kong. It is unrelated to the regulation of crypto-assets.

HK2025-08-01
HKMA Regulatory regime for stablecoin issuers — guidelines and explanatory notes; licensing criteria, reserves, redemption, AML, conduct; HKMA-licensed stablecoins exempt from VATP track record (for professional and retail clients)

This norm establishes a licensing regime for stablecoin issuers in Hong Kong. It covers licensing criteria, reserve management, redemption rights, and AML/conduct rules.

Tax Reserve Certificates (Rate of Interest) (Consolidation) Notice

This notice appears to regulate interest rates for tax reserve certificates and does not contain any provisions related to crypto-assets.

HK2025-05-30
Stablecoins Ordinance, Cap. 656

This ordinance establishes a mandatory licensing regime for issuers of specified stablecoins in Hong Kong. It also regulates the offering, advertising, and fraudulent activities related to these assets.

AE2024-08-01
CBUAE Payment Token Services Regulation (PTSR) — Circular No. 2 of 2024 (effective Aug 2024) — stablecoin regime; distinguishes Dirham Payment Token (AED-backed, CBUAE-licensed issuer) from Foreign Payment Token (non-AED, CBUAE-registered issuer); licences issuance, custody/transfer, conversion; bans algorithmic stablecoins and privacy tokens as means of payment; 100% reserves; applies UAE-wide except DIFC/ADGM (but reaches VARA entities)

This regulation establishes a licensing and registration framework for payment token (stablecoin) services in the UAE. It covers issuance, custody, and conversion, distinguishing between AED-backed tokens (licensed) and foreign currency-backed tokens (registered).

IT2024-09-05
Italian Legislative Decree No. 129 of 5 September 2024 ('Decreto MiCA', effective 2024-09-14) — implements MiCA in Italy; designates CONSOB (conduct, transparency, fair dealing, market abuse, supervision of non-ART/EMT crypto) and Banca d'Italia (prudential supervision of ART/EMT issuers + AML); amends TUF and TUB (banking consolidated act); MiFID-style 'fit & proper' + IAS/IFRS + external audit + internal controls

This decree implements the EU's MiCA regulation in Italy. It designates CONSOB and the Bank of Italy as the competent national authorities for supervising crypto-asset services and issuers.

ZA2025-10-01
FSCA Information Request 2 of 2025 (October 2025) — requires all licensed and provisional CASPs to submit operational and risk data (AML, custody, stablecoins, reserves, consumer protection, cross-border activity); basis for evolving the regulatory framework

Requires licensed and provisional CASPs to submit operational and risk data. The request covers AML, custody, stablecoins, reserves, consumer protection, and cross-border activity.

SG2023-08-15
MAS Stablecoin Regulatory Framework (SCS) — finalized 15 August 2023 — applies to single-currency stablecoins (SGD or G10) issued in Singapore; 100% high-quality reserves with monthly independent attestation + annual audit; segregation, par redemption, disclosures

This framework applies to single-currency stablecoins (SCS) issued in Singapore and pegged to the Singapore Dollar or any G10 currency. It establishes requirements for reserve assets, capital, redemption, and disclosure.

GB2011-02-09
UK Electronic Money Regulations 2011 (EMRs) — if a fiat-referenced token qualifies as e-money, EMRs/PSRs regime applies and the token is excluded from the 'qualifying cryptoasset' financial-promotion category

This regulation establishes an authorization and prudential supervision regime for electronic money issuers. It applies to fiat-referenced crypto-tokens if they meet the legal definition of e-money.

GB2023-06-08
FCA FG23/3 — Finalised non-handbook guidance on cryptoasset financial promotions — practical application including store-of-value claims, rates of return, on/off-ramp

This guidance clarifies rules for communicating or approving financial promotions for qualifying cryptoassets in the UK. It focuses on ensuring promotions are fair, clear, and not misleading, covering various models like stablecoins and yield products.

GB2025-05-28
CP25/14: Stablecoin issuance and cryptoasset custody

This consultation paper proposes rules for the issuance of qualifying stablecoins and the custody of qualifying cryptoassets in the UK.

AR2025-03-14
CNV General Resolution No. 1058/2025 — FULL PSAV REGULATION; imposes registration, cybersecurity, asset custody, AML, and risk-disclosure duties; requires ANNUAL SYSTEMS AUDIT; sets adequacy deadlines; CNV may suspend/revoke registrations; unregistered PSAVs may be judicially blocked

This regulation establishes a mandatory registration regime for Virtual Asset Service Providers (VASPs) in Argentina. It imposes comprehensive duties including AML, cybersecurity, asset segregation, and public proof-of-reserves.

DE2024-12-27
KMAG — Kryptomärkteaufsichtsgesetz (Crypto-Asset Markets Supervision Act) — designates BaFin as MiCA competent authority; defines supervisory powers (incl. public warnings §47); §50 grandfathering of national licenses until 2025-12-31

This act implements the EU's MiCA regulation in Germany, designating BaFin as the competent authority. It defines supervisory powers, authorization procedures, and transitional rules for existing crypto service providers.

DE2024-12-27
FinmadiG — Finanzmarktdigitalisierungsgesetz (Financial Market Digitalization Act, 27/12/2024) — umbrella law implementing MiCA, TFR and DORA in Germany; Article 1 creates the KMAG; subsequent articles amend KWG, WpHG, WpIG, KAGB, HGB, GwG, ZAG

This is an umbrella law implementing the EU's MiCA, TFR, and DORA regulations in Germany. It creates the KMAG (Crypto Markets Supervision Act) and amends various existing financial laws.

DE2017-07-17
ZAG — Zahlungsdiensteaufsichtsgesetz (Payment Services Supervision Act) — applies when crypto model touches payment services or e-money (interface with EMTs)

This act regulates payment services and e-money business in Germany. It establishes a licensing and supervision framework for payment and e-money institutions, which applies to crypto-asset models that fall under these definitions.

BR2025-11-10
BCB Resolution No. 520 of 2025

This resolution establishes a licensing framework for Virtual Asset Service Providers (VASPs) in Brazil. It defines VASP categories, operational rules, governance, and asset segregation requirements.

BR2026-01-22
BCB Normative Instruction No. 701 of 2026 — technical-certification requirements by independent qualified firms for crypto-asset intermediation/custody licenses (anchors Res. 520 arts. 20 and 23)

This norm details the requirements for a mandatory technical certification by an independent firm. This certification is a prerequisite for entities seeking to provide crypto-asset intermediation and custody services in Brazil.

JP2022-06-10
Act on Partially Amending the Payment Services Act, etc. for the Purpose of Establishing a Stable and Efficient Payment Services System

This regulation implements the 2022 amendment to the Payment Services Act, establishing a new framework for 'Electronic Payment Instruments' (stablecoins) and 'Exchange Transaction Analysis Business'.

Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions (Law No. 6493)

This law establishes a licensing framework for payment institutions and electronic money institutions in Turkey. It regulates payment services, systems, and the issuance of electronic money.