Tier 1In forceEU
Official Journal of the European Union/9 Jun 2023/RCA review 28 Aug 2026
- Proves
- The EU-level legal text governing crypto-asset issuance, ART/EMT rules, CASP authorisation, white papers, and market-abuse obligations.
- Does not prove
- How a specific issuer, token or CASP is treated in practice, or whether a given offering is authorised.
Tier 1In forceEU
EUR-Lex / ESMA/9 Jun 2023/RCA review 28 Aug 2026
- Proves
- ESMA must maintain a public register of white papers, ART/EMT issuers and CASPs, with machine-readable classification by asset type.
- Does not prove
- That appearance on a national or ESMA list is a quality, solvency or investment recommendation.
Tier 1In forceEU
European Commission/12 Mar 2025/RCA review 20 Aug 2026
- Proves
- Technical standards for classifying crypto-asset white papers in machine-readable form for the Article 109 register.
- Does not prove
- The completeness or accuracy of any individual issuer's filing.
Tier 1In forceNetherlands
Autoriteit Financiële Markten/15 Jan 2025/RCA review 12 Aug 2026
- Proves
- The Dutch competent authority's public description of white-paper notification and supervision under MiCA.
- Does not prove
- That AFM-notified papers have been substantively approved as to merit.
Tier 1In forceUK
Financial Conduct Authority/18 Mar 2024/RCA review 28 Aug 2026
- Proves
- The FCA's view that cryptoasset promotions to UK consumers must be fair, clear and not misleading, and must meet the financial-promotions regime.
- Does not prove
- The promotional status of any particular overseas website, issuer or token.
Tier 1In forceUK
Financial Conduct Authority/8 Jun 2023/RCA review 18 Aug 2026
- Proves
- Finalised FCA rules bringing qualifying cryptoasset promotions within the financial-promotions regime from 8 October 2023.
- Does not prove
- The forthcoming FSMA cryptoasset-activities authorisation perimeter.
Tier 1ConsultationUK
HM Treasury/26 Oct 2023/RCA review 22 Aug 2026
- Proves
- The UK government's proposed approach to bringing cryptoasset activities inside FSMA, alongside existing MLR registration and promotions rules.
- Does not prove
- Final perimeter, commencement dates, or how any named firm will be authorised.
Tier 1ConsultationUS
U.S. Securities and Exchange Commission/4 Feb 2025/RCA review 26 Aug 2026
- Proves
- The Commission has published staff and Commission-level materials on the application of the federal securities laws to crypto-asset offerings, intermediaries and disclosure.
- Does not prove
- A comprehensive, final 'Regulation Crypto Assets' rulebook, or the status of any specific token.
Tier 1In forceSingapore
Monetary Authority of Singapore/28 Jan 2020/RCA review 10 Aug 2026
- Proves
- Singapore's licensing perimeter for DPT dealing, facilitating exchange, and related payment services, as amended.
- Does not prove
- That a named entity holds a current major-payment-institution licence, or the treatment of a tokenised security.
Tier 1In forceDubai
VARA — Dubai/7 Feb 2023/RCA review 8 Aug 2026
- Proves
- Dubai's activity-based licensing regime for virtual-asset issuance, brokerage, custody, exchange and related services in mainland Dubai.
- Does not prove
- ADGM or DIFC treatment, or that a marketing page constitutes a VARA licence.
Tier 1In forceADGM
Abu Dhabi Global Market / FSRA/25 Jun 2018/RCA review 30 Jul 2026
- Proves
- ADGM's financial-services framework for virtual-asset activities, including accepted virtual assets and intermediary authorisation.
- Does not prove
- The status of a particular token as an 'accepted virtual asset' at a point in time.
Tier 1In forceSwitzerland
FINMA / Swiss Confederation/1 Aug 2021/RCA review 5 Aug 2026
- Proves
- Swiss DLT legislation creating ledger-based securities and a licence category for DLT trading facilities, with FINMA supervisory guidance.
- Does not prove
- That a given token is a ledger-based security, or that an issuer is FINMA-supervised.
Tier 1In forceGlobal
Financial Action Task Force/21 Jun 2019/RCA review 1 Aug 2026
- Proves
- The international AML/CFT standard applying to virtual-asset service providers, including originator/beneficiary information on transfers.
- Does not prove
- The implementation quality of any jurisdiction, or a firm's actual Travel Rule posture.
Tier 1In forceNew York
New York State Department of Financial Services/24 Jun 2015/RCA review 14 Aug 2026
- Proves
- New York's licensing perimeter for virtual-currency business activity, including issuance, transmission and custody, with public licensee lists.
- Does not prove
- Federal securities, commodities or banking status, or the quality of reserve assets.
Tier 2VerifiedEU / France
Circle / ACPR/1 Jul 2024/RCA review 25 Aug 2026
- Proves
- Circle has published MiCA EMT materials for USDC through its EU entity and has been treated as an authorised EMT issuer under the French competent authority process.
- Does not prove
- The treatment of USDC outside the EU, the composition of reserves at a future date, or that USDC is a deposit or e-money in every jurisdiction.
Tier 2ReportedBVI / El Salvador
Tether / BDO/31 Jul 2026/RCA review 22 Aug 2026
- Proves
- An independent accountant's agreed-upon procedures report on consolidated reserves as of a stated date, published by Tether.
- Does not prove
- A full statutory audit of the issuing entity, MiCA EMT authorisation in the EU, or the legal rights of token holders in insolvency.
Tier 2VerifiedUS
BlackRock / Securitize/20 Mar 2024/RCA review 20 Aug 2026
- Proves
- BlackRock has issued a tokenised money-market fund structure with published fund documents, transfer-agent and tokenisation-platform relationships.
- Does not prove
- Open retail access, equivalent treatment outside the US, or that on-chain transfer equals unrestricted legal transfer.
Tier 2VerifiedUS
Franklin Templeton/6 Apr 2023/RCA review 16 Aug 2026
- Proves
- Franklin Templeton operates a registered US government money-market fund with on-chain recordkeeping (BENJI), supported by a prospectus.
- Does not prove
- That blockchain records replace the official books and records in every operational scenario.
Tier 2VerifiedEU / France
Société Générale-FORGE/8 Dec 2023/RCA review 11 Aug 2026
- Proves
- SG-FORGE has issued a euro-denominated crypto-asset with public product documentation and a bank-affiliated issuer structure.
- Does not prove
- Fungibility with commercial-bank deposits, or treatment under every EU NCA practice note.
Tier 2VerifiedNew York
Paxos / NYDFS/1 Jan 2024/RCA review 9 Aug 2026
- Proves
- Paxos Trust Company is a NYDFS-supervised limited-purpose trust company that has issued USD-referenced tokens under New York virtual-currency supervision.
- Does not prove
- Federal deposit insurance, MiCA EMT status for every Paxos token, or PayPal's own licensing perimeter.
Tier 2ReportedUS / BVI
Ondo Finance/10 Jan 2024/RCA review 7 Aug 2026
- Proves
- Ondo has published product terms for tokenised exposure to short-term US Treasuries / money-market fund structures aimed at non-US professional users.
- Does not prove
- That tokens confer direct ownership of Treasuries, or that the structure is registered as a US public fund for retail.
Tier 2VerifiedNew York
Ripple / NYDFS/17 Dec 2024/RCA review 4 Aug 2026
- Proves
- RLUSD has been publicly launched as a USD-referenced token with NYDFS supervisory involvement as described by the issuer and the department.
- Does not prove
- MiCA EMT authorisation, or the bankruptcy remoteness of reserves for token holders.
Tier 1In forceEU
European Securities and Markets Authority/31 Jan 2025/RCA review 28 Aug 2026
- Proves
- A public, machine-oriented register mandated by Article 109, populated from NCA notifications.
- Does not prove
- Merit review of white-paper claims, or that absence from the register means an offering is unlawful in every member state.
Tier 1In forceHong Kong
Hong Kong Securities and Futures Commission/1 Jun 2023/RCA review 28 Jul 2026
- Proves
- Hong Kong's VATP licensing regime and associated circulars on virtual-asset dealing and custody.
- Does not prove
- The listing or offering status of any particular token on a licensed platform.
Tier 1In forceJapan
Financial Services Agency of Japan/1 Jun 2023/RCA review 22 Jul 2026
- Proves
- Japan's split perimeter between cryptoasset exchange service providers and electronic payment instruments (stablecoins) under the amended Payment Services Act.
- Does not prove
- The licence status of a named overseas issuer in Japan.
Tier 1In forceAustralia
Australian Securities and Investments Commission/1 Oct 2024/RCA review 18 Jul 2026
- Proves
- ASIC's published view on when crypto-assets may be financial products and the resulting AFS licensing and disclosure consequences.
- Does not prove
- A determination for any named token, or the outcome of a future product-intervention order.
Tier 1In forceDIFC
Dubai Financial Services Authority/1 Nov 2022/RCA review 15 Jul 2026
- Proves
- The DIFC's financial-services treatment of Investment Tokens and Crypto Tokens, distinct from mainland VARA.
- Does not prove
- Passporting into mainland Dubai or ADGM.
Tier 1In forceUS
U.S. Commodity Futures Trading Commission/1 Jan 2024/RCA review 2 Aug 2026
- Proves
- The CFTC's asserted jurisdiction over certain digital assets as commodities and over associated derivatives markets.
- Does not prove
- That a given token is (or is not) a security, or a grant of spot-market licensing authority Congress has not provided.
Tier 1In forceUS
Financial Crimes Enforcement Network/18 Mar 2013/RCA review 12 Jul 2026
- Proves
- US AML perimeter for administrators, exchangers and certain CVC activity under the Bank Secrecy Act, including Travel Rule expectations.
- Does not prove
- Securities or commodities characterisation of a token.
Tier 2ReportedUS
Superstate/1 Jun 2024/RCA review 3 Aug 2026
- Proves
- Superstate has published fund and tokenisation materials for an on-chain US government securities fund structure.
- Does not prove
- Retail availability, or equivalent rights to a conventional mutual-fund share in every operational path.
Tier 1ProposedUK
UK statutory instrument/4 Feb 2026/RCA review 8 Sept 2026
- Proves
- The SI that brings qualifying cryptoasset activities into FSMA, writes a market-abuse chapter, and generally prohibits public offers of qualifying cryptoassets, with full commencement on 25 October 2027.
- Does not prove
- That the perimeter is live today, or how any named firm will be authorised.
Tier 1In forceHong Kong
Hong Kong e-Legislation / HKMA/1 Aug 2025/RCA review 8 Sept 2026
- Proves
- Hong Kong's statutory licensing regime for specified stablecoin issuance, in force 1 August 2025.
- Does not prove
- The quality of any licensed issuer's reserves on a future date, or SFC endorsement of a token admitted to a VATP.
Tier 1ProposedAustralia
Parliament of Australia/8 Apr 2026/RCA review 8 Sept 2026
- Proves
- The Act (Royal Assent 8 April 2026) that will bring digital asset platforms and tokenised custody platforms into the Corporations Act as financial products from 9 April 2027.
- Does not prove
- That the DAP/TCP obligations apply today, or the characterisation of any named token under INFO 225.
Tier 1In forceSouth Korea
Financial Services Commission of Korea/19 Jul 2024/RCA review 8 Sept 2026
- Proves
- Korea's in-force user-protection statute for VASPs: bank segregation of deposits, cold-storage ratios, market-abuse prohibitions, FSC/FSS supervision.
- Does not prove
- An issuer white-paper regime. That chapter is the forthcoming Digital Asset Basic Act.
Tier 1In forceSouth Korea
Financial Services Commission of Korea/11 Aug 2026/RCA review 8 Sept 2026
- Proves
- August 2026 tightening of VASP entry rules, major-shareholder scope, Travel Rule and CDD duties.
- Does not prove
- The licence status of any named overseas platform in Korea.
Tier 1In forceCanada
Canadian Securities Administrators/16 Jan 2020/RCA review 8 Sept 2026
- Proves
- CSA staff's view that the user's contractual claim against a crypto-asset trading platform is typically a security or derivative.
- Does not prove
- That every token traded in Canada is itself a security, or the registration status of a named platform.
Tier 1In forceCanada
Ontario Securities Commission/8 Sept 2026/RCA review 8 Sept 2026
- Proves
- The public list of CTPs that have received registration or exemptive relief to offer crypto products to Ontario investors, as updated.
- Does not prove
- That an unlisted platform is lawful in another province, or that a token on a listed platform is approved as to merit.
Tier 1In forceCanada
Canadian Investment Regulatory Organization/3 Feb 2026/RCA review 8 Sept 2026
- Proves
- CIRO's February 2026 tiered custody expectations for dealer members operating crypto-asset trading platforms.
- Does not prove
- CIPF coverage of the crypto-asset itself, or the custody quality of a non-member platform.
Tier 1In forceBrazil
Presidência da República (Brazil)/21 Dec 2022/RCA review 8 Sept 2026
- Proves
- Brazil's virtual-asset legal framework, assigning VASP licensing to the Central Bank without displacing CVM jurisdiction over securities tokens.
- Does not prove
- The licence status of a named VASP, or that a given token is not a CVM security.
Tier 1In forceLiechtenstein
Liechtenstein Law Gazette/1 Jan 2020/RCA review 8 Sept 2026
- Proves
- Liechtenstein's in-force token-property and VT service-provider registration statute, in force 1 January 2020.
- Does not prove
- MiCA CASP authorisation in an EU member state, or the quality of any registered VTSP.
Tier 1In forceGermany
Federal Republic of Germany/10 Jun 2021/RCA review 10 Sept 2026
- Proves
- Germany's in-force statute for electronic securities, including crypto securities entered in a crypto securities register.
- Does not prove
- That a named token is an eWpG crypto security, or that eWpG is an offering exemption for a non-security token.
Tier 1In forceGermany
Bundesanstalt für Finanzdienstleistungsaufsicht/2 Feb 2026/RCA review 10 Sept 2026
- Proves
- BaFin's public list of notified crypto securities. Appearance is a register fact.
- Does not prove
- Merit approval, solvency, or that the § 20 notification step still exists after StoFöG (10 February 2026).
Tier 1In forceGibraltar
Gibraltar Financial Services Commission/1 Jan 2018/RCA review 10 Sept 2026
- Proves
- The DLT-provider perimeter: using DLT to store or transmit value belonging to others is a regulated activity. Token sales are generally outside it.
- Does not prove
- That a GFSC DLT licence authorises a public token offering, or passports into the UK or the Union.
Tier 1In forceGibraltar
Gibraltar Financial Services Commission/26 Mar 2026/RCA review 10 Sept 2026
- Proves
- The Commission's March 2026 account of what is in and out of the DLT and VAA perimeters.
- Does not prove
- The authorisation status of a named firm, or that token-sale regulations have been made.
Tier 1In forceBermuda
Bermuda Monetary Authority/1 Jan 2018/RCA review 10 Sept 2026
- Proves
- Bermuda's in-force activity-licensing statute for digital asset business, with Class T, M and F licences.
- Does not prove
- That a Class T test licence is a public-offering exemption, or the quality of any licensed token.
Tier 1ConsultationBermuda
Bermuda Monetary Authority/9 Apr 2026/RCA review 10 Sept 2026
- Proves
- The BMA's 2026 proposal to regulate tokenised assets by economic substance inside existing Acts, not via a new regime.
- Does not prove
- That the consultation has been adopted as rules, or that tokenisation avoids fund-eligibility criteria.
Tier 1In forceThe Bahamas
Securities Commission of The Bahamas/1 Jan 2024/RCA review 10 Sept 2026
- Proves
- The live Bahamian statute for issuance, sale and trade of digital assets and for registration of digital asset businesses and exchanges.
- Does not prove
- Solvency of a registrant, or that the 2026 DAO Bill has been enacted.
Tier 1In forceCayman Islands
Cayman Islands Government/19 Mar 2026/RCA review 10 Sept 2026
- Proves
- The 2026 amendment defining tokenised mutual and private funds and keeping them in the funds Acts rather than VASP.
- Does not prove
- That Cayman has commenced Phase 3 public issuance of new virtual assets, or the licence status of a named VASP.
Tier 1In forceCayman Islands
Cayman Islands Monetary Authority/1 Feb 2026/RCA review 10 Sept 2026
- Proves
- CIMA's February 2026 market-conduct overlay on authorised VASPs.
- Does not prove
- That a conduct rule is an offering circular, or that a named firm is authorised.
Tier 1AmendedEl Salvador
Asamblea Legislativa de El Salvador/7 Sept 2021/RCA review 10 Sept 2026
- Proves
- El Salvador's Bitcoin Law making bitcoin legal tender. Subsequent 2025 reforms made private acceptance voluntary.
- Does not prove
- That bitcoin is a covered investment contract, or that the Bitcoin Law is an offering exemption for other tokens.
Tier 1In forceEl Salvador
Asamblea Legislativa de El Salvador / CNAD/1 Feb 2023/RCA review 10 Sept 2026
- Proves
- El Salvador's 2023 public-offering statute for digital assets other than bitcoin legal tender, administered by CNAD.
- Does not prove
- The status of a named issuance, or that CNAD registration is a yield or a backing.
Tier 1In forceIndia
Income Tax Department, Government of India/1 Apr 2022/RCA review 10 Sept 2026
- Proves
- India's tax characterisation of VDAs, including a 30% tax on transfer income and 1% TDS on specified transfers.
- Does not prove
- That VDAs are securities as a class, that a market statute exists, or that holding is prohibited.
Tier 1In forceIndia
Financial Intelligence Unit — India/1 Mar 2023/RCA review 10 Sept 2026
- Proves
- The AML registration door for virtual-asset service providers dealing with Indian users.
- Does not prove
- SEBI authorisation of a token, or that FIU-IND registration is a conduct licence.
Tier 1In forceIndonesia
Otoritas Jasa Keuangan/30 Jun 2026/RCA review 10 Sept 2026
- Proves
- OJK's in-force reporting and evaluation circular for licensed digital-financial-asset traders, effective 1 September 2026.
- Does not prove
- That crypto is a means of payment in Indonesia, or that a named token is on the bourse whitelist.
Tier 1In forceMainland China
People’s Bank of China and co-signatory authorities/6 Feb 2026/RCA review 10 Sept 2026
- Proves
- The 6 February 2026 multi-authority notice continuing to treat virtual-currency business activity as illegal financial activity, expanding coverage to RMB-pegged stablecoins and RWA tokenisation, and repealing Yin Fa [2021] No. 237.
- Does not prove
- The treatment of a named offshore token, or that Hong Kong's VATP/Cap. 656 regime applies on the mainland.
Tier 1In forceSouth Africa
Republic of South Africa/19 Oct 2022/RCA review 10 Sept 2026
- Proves
- The legal act that pulled crypto-asset services into the FAIS intermediary-licensing perimeter.
- Does not prove
- That a token offering is thereby authorised, or that crypto is legal tender.
Tier 1In forceSouth Africa
Financial Sector Conduct Authority/15 Apr 2026/RCA review 10 Sept 2026
- Proves
- The FSCA's 15 April 2026 census: 533 CASP applications, 310 licences, 17 declines, 124 withdrawals as at 31 March 2026.
- Does not prove
- The quality of any licensed CASP, or that a FAIS licence is a payment-system or issuance licence.