{ "name": "Cross-Border Stablecoin Register", "version": "0.11.0", "generated": "2026-08-20", "record_count": 152, "records": [ { "id": "ae-pt-aml_kyc-001", "jurisdiction": "AE", "authority": "CBUAE / VARA / FSRA / DFSA", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "aml_kyc", "requirement_summary": "Federal AML/CFT law applies across onshore and free zones, the FATF travel rule applies, and each regulator (CBUAE, VARA, FSRA, DFSA) imposes AML/CFT obligations within its perimeter.", "requirement_structured": { "federal_aml_cft": "applies onshore and across free zones", "travel_rule": "applies", "per_regulator": "CBUAE / VARA / FSRA / DFSA each within its perimeter" }, "status": "in_force", "source": { "primary": "UAE federal AML/CFT law; CBUAE / VARA / FSRA / DFSA AML rules", "pinpoint": "AML — federal AML/CFT + FATF travel rule; per-regulator obligations", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (AML / KYC Framework)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ae-pt-bank_nonbank_routing-001", "jurisdiction": "AE", "authority": "Central Bank of the UAE (CBUAE)", "instrument_type": "payment_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "The CBUAE licenses payment-token issuers; the regime admits bank and non-bank issuers under the payment-token charter rather than a bank-only model.", "requirement_structured": { "licence": "CBUAE", "bank_only": false }, "status": "in_force", "effective_date": null, "source": { "primary": "CBUAE Payment Token Services Regulation (2024)", "pinpoint": "Licensing of bank and non-bank payment-token issuers" }, "interpretation_note": "Authored in v0.9.2 to fill the AE.C5 constraint cell for the substrate sweep.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "ae", "bank_nonbank_routing", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "ae-pt-capital_requirements-001", "jurisdiction": "AE", "authority": "CBUAE / free-zone regulators", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "Onshore, capital requirements are as specified by the CBUAE PTSR. Free-zone issuers face capital requirements per the relevant VARA/FSRA/DFSA framework. The specific figures differ by perimeter.", "requirement_structured": { "onshore": "per CBUAE PTSR", "free_zone": "per VARA/FSRA/DFSA framework" }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024); VARA / ADGM-FSRA / DIFC-DFSA frameworks", "pinpoint": "Capital — per CBUAE PTSR onshore; per free-zone framework", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Capital Requirements)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ae-pt-cross_border_data-001", "jurisdiction": "AE", "authority": "CBUAE / DIFC / ADGM", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "The Federal Personal Data Protection Law (PDPL) applies onshore. The DIFC and ADGM have their own data-protection regimes (DIFC Data Protection Law; ADGM Data Protection Regulations). Cross-border data-transfer rules vary by zone.", "requirement_structured": { "onshore": "Federal Personal Data Protection Law (PDPL)", "difc": "DIFC Data Protection Law", "adgm": "ADGM Data Protection Regulations", "transfer_rules": "vary by zone" }, "status": "in_force", "source": { "primary": "Federal Personal Data Protection Law (PDPL); DIFC Data Protection Law; ADGM Data Protection Regulations", "pinpoint": "Cross-border data — PDPL onshore; DIFC/ADGM own regimes; transfer rules vary by zone", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; pending primary-source verification.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "ae-pt-distribution-001", "jurisdiction": "AE", "authority": "CBUAE / free-zone regulators", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "distribution", "constraint_ref": "C8", "requirement_summary": "The CBUAE channel restriction is the distribution-side constraint: foreign payment tokens are excluded from the general-payments channel and may be accepted only to buy virtual assets or derivatives. Free-zone issuers cannot issue AED tokens and are carved out of the onshore payment perimeter. There is no aggregate volume cap.", "requirement_structured": { "channel_restriction": "foreign tokens excluded from general payments (VA/derivative purchases only)", "free_zone_carve_out": "cannot issue AED tokens; outside onshore payment perimeter", "aggregate_cap": "none" }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024)", "pinpoint": "Distribution — channel restriction; free-zone issuers carved out of onshore perimeter", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Distribution and Offering Restrictions)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." }, { "citation": "Free-zone carve-out (PTSR Art (2)13); VARA https://rulebooks.vara.ae/rulebook/annex-1-fiat-referenced-virtual-assets-issuance-rules; ADGM https://www.adgm.com/media/announcements/adgm-fsra-finalises-regulatory-framework-for-regulated-activities-involving-fiat-referenced-tokens." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument).", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-implementation_status-001", "jurisdiction": "AE", "authority": "CBUAE / free-zone regulators", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "implementation_status", "requirement_summary": "In-force regime. Milestones: CBUAE Payment Token Services Regulation (Circular 2/2024) issued (2024); one-year transition period for existing arrangements (2024-2025); transition period closes and AED tokens (AE Coin, Zand AED) go live, with the DFSA recognising USD tokens (USDC, RLUSD) (2025-2026). Multiple AED tokens and DFSA-recognised USD tokens are now live.", "requirement_structured": { "regime_stage": "in force; transition closed", "milestones": [ "CBUAE PTSR (Circular 2/2024) issued 2024", "one-year transition 2024-2025", "transition closed; AED + USD tokens live 2025-2026" ], "live_tokens": [ "AE Coin", "Zand AED", "USDC (DFSA-recognised)", "RLUSD (DFSA-recognised)" ] }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024); DFSA recognition of USD tokens", "pinpoint": "Timeline — PTSR 2024; one-year transition closed; AED + DFSA-recognised USD tokens live", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Implementation Timeline)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." }, { "citation": "ADGM FRT framework effective 1 Jan 2026: https://www.adgm.com/media/announcements/adgm-fsra-finalises-regulatory-framework-for-regulated-activities-involving-fiat-referenced-tokens." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). As of June 2026 a reader should re-verify channel-restriction enforcement and new AED/USD token launches.", "confidence": "high", "claim_class": "tier2_operational", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-issuer_pathway-001", "jurisdiction": "AE", "authority": "CBUAE / VARA / FSRA / DFSA", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "Onshore, a Dirham Payment Token (DPT) may be issued only by a CBUAE-licensed, UAE-incorporated entity; a Foreign Payment Token (FPT) is a registered foreign issuer's token that may be used only to purchase virtual assets or derivatives, not for general payments. Banks may issue payment tokens through a subsidiary. Free-zone issuers operate under the VARA/FSRA/DFSA frameworks but cannot issue AED tokens — AED issuance is reserved to the CBUAE regime.", "requirement_structured": { "dpt_onshore": "CBUAE-licensed, UAE-incorporated entity", "fpt_onshore": "registered foreign issuer; usable only for VA/derivative purchases", "banks": "may issue via a subsidiary", "free_zone": "VARA/FSRA/DFSA frameworks; cannot issue AED tokens" }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024); VARA / ADGM-FSRA / DIFC-DFSA frameworks", "pinpoint": "Issuer pathways — DPT (CBUAE-licensed); FPT (foreign, VA/derivative-only); bank subsidiary; free-zone cannot issue AED", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Issuer Pathways and Eligibility)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.1 (Constraint 1: Issuer Eligibility)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." }, { "citation": "Free-zone issuance pathways: VARA Annex 1 (Fiat-Referenced Virtual Assets Issuance Rules) https://rulebooks.vara.ae/rulebook/annex-1-fiat-referenced-virtual-assets-issuance-rules; ADGM FSRA FRT framework https://www.adgm.com/media/announcements/adgm-fsra-finalises-regulatory-framework-for-regulated-activities-involving-fiat-referenced-tokens." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The AED-issuance carve-out (free zones cannot issue AED) is the constraint that ties issuer eligibility to the monetary-sovereignty channel restriction (see ae-pt-monetary_sovereignty-001).", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-monetary_sovereignty-001", "jurisdiction": "AE", "authority": "CBUAE", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "The CBUAE PTSR imposes a channel restriction grounded in monetary sovereignty: no merchant may accept a virtual asset as payment for goods or services unless it is a Dirham Payment Token from a CBUAE-licensed issuer. Foreign payment tokens may be accepted only to buy virtual assets or derivatives, not for general onshore payments. This is a usage-channel restriction, not an aggregate cap — there is no volume ceiling, but foreign tokens are excluded from the general-payments channel, which is reserved for CBUAE-licensed Dirham Payment Tokens.", "requirement_structured": { "mechanism": "usage channel restriction (not an aggregate cap)", "rule": "general onshore payments reserved to CBUAE-licensed Dirham Payment Tokens", "foreign_tokens": "usable only to buy virtual assets or derivatives, not general payments", "contrast": "EU Art. 23 quantitative cap vs UAE channel restriction" }, "status": "in_force", "source": { "primary": "CBUAE Payment Token Services Regulation (Circular 2/2024)", "pinpoint": "Channel restriction — merchants may accept only CBUAE-licensed Dirham Payment Tokens for goods/services; foreign tokens VA/derivative-only", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Distribution and Offering Restrictions)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.7 / §5 (Constraint 7: Monetary Sovereignty)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The UAE channel restriction is a distinct C7 mechanism: it caps the use case (general payments) rather than the volume, reserving the merchant-acceptance channel for AED tokens (Matrix Tier 2 correction: channel restriction, not aggregate cap).", "interpretive_flag": { "tension": "Whether free-zone USD tokens can be used in onshore commerce through any compliant structure, given the channel restriction reserving general payments to CBUAE-licensed Dirham Payment Tokens.", "resolution_channel": "CBUAE enforcement practice; any CBUAE/free-zone harmonization." }, "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-permitted_activity_yield-001", "jurisdiction": "AE", "authority": "CBUAE / ADGM-FSRA", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "Issuer-paid yield is prohibited onshore (CBUAE). ADGM permits the issuer to earn reserve income but bans the promotion of the token as an investment or savings product. The operative line in ADGM is promotion, not the earning of reserve income — an approach that resembles the US 'solely in connection with holding' analysis more than a flat prohibition.", "requirement_structured": { "onshore_cbuae": "issuer-paid yield prohibited", "adgm": "reserve income permitted; promotion as investment/savings product banned", "operative_line_adgm": "promotion, not the earning of income" }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024); ADGM-FSRA FRT framework", "pinpoint": "Yield — prohibited onshore; ADGM permits reserve income but bans investment/savings promotion", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Yield and Interest Treatment)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." }, { "citation": "ADGM permits a yield/promotion-based line (cf. Paxos USDL under ADGM, 2024)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The onshore/ADGM split is the C3 data point for the UAE: ADGM's promotion-based line is the survey's closest non-US analogue to the GENIUS Act 'solely' construction.", "interpretive_flag": { "tension": "The UAE's split produces a yield asymmetry: onshore prohibits issuer-paid yield while ADGM permits reserve income but bans investment/savings promotion; the operative ADGM line is promotion, not the earning of income.", "resolution_channel": "CBUAE / ADGM-FSRA supervisory practice; any onshore-vs-free-zone harmonization." }, "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "spine", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-redemption-001", "jurisdiction": "AE", "authority": "CBUAE / ADGM-FSRA", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "redemption", "requirement_summary": "Onshore (CBUAE): redemption at par, no later than the next business day. ADGM: redemption at par within T+2. Free-zone frameworks specify their own redemption timelines.", "requirement_structured": { "onshore_cbuae": "at par, <= next business day", "adgm": "at par within T+2", "free_zone": "per framework" }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024); ADGM-FSRA FRT framework", "pinpoint": "Redemption — CBUAE par <= next business day; ADGM par within T+2", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Redemption Mechanics)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ae-pt-regulatory_authority-001", "jurisdiction": "AE", "authority": "CBUAE (onshore); VARA / ADGM-FSRA / DIFC-DFSA (free zones)", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "regulatory_authority", "requirement_summary": "The UAE operates a federal-versus-free-zone split. Onshore, the Central Bank of the UAE (CBUAE) Payment Token Services Regulation (PTSR, Circular 2/2024) governs payment-token issuance and use. The financial free zones run their own fiat-referenced-token regimes: VARA (Dubai, outside the DIFC); the ADGM Financial Services Regulatory Authority (FSRA) under its Fiat-Referenced Token (FRT) framework; and the DIFC's Dubai Financial Services Authority (DFSA) under its Crypto Token rules.", "requirement_structured": { "split": "federal (onshore) vs financial free zones", "onshore": "CBUAE PTSR (Circular 2/2024)", "free_zones": [ "VARA (Dubai ex-DIFC)", "ADGM-FSRA (FRT framework)", "DIFC-DFSA (Crypto Token rules)" ] }, "status": "in_force", "source": { "primary": "CBUAE Payment Token Services Regulation (Circular 2/2024); VARA / ADGM-FSRA / DIFC-DFSA frameworks", "pinpoint": "Regulators — CBUAE onshore; VARA / ADGM-FSRA / DIFC-DFSA free zones", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Statutory Framework / Regulators)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The four-regulator split is the structural hallmark: onshore and free-zone regimes are distinct perimeters, not a single national regime (Matrix Tier 2 correction).", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-reserve_backing-001", "jurisdiction": "AE", "authority": "CBUAE / free-zone regulators", "instrument_type": "payment_stablecoin", "instrument_label_local": "Payment Token (Dirham Payment Token / Foreign Payment Token)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "Onshore: 100% backing, segregated in UAE banks. The bank-subsidiary option requires at least 50% cash plus UAE government bonds / CBUAE monetary bills. Free-zone frameworks impose their own reserve requirements (e.g., the ADGM FRT framework requires high-quality liquid reserves).", "requirement_structured": { "onshore": "100% backing, segregated in UAE banks", "bank_subsidiary": ">=50% cash + UAE government bonds / CBUAE monetary bills", "free_zone": "own reserve requirements (ADGM FRT: high-quality liquid reserves)" }, "status": "in_force", "source": { "primary": "CBUAE PTSR (Circular 2/2024); ADGM FRT framework", "pinpoint": "Reserve/backing — 100% segregated in UAE banks; bank-subsidiary >=50% cash + UAE govt bonds/CBUAE bills", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §United Arab Emirates (Reserve and Backing Requirements)" }, { "citation": "CBUAE Payment Token Services Regulation (Circular 2/2024) — published in English (authoritative) and Arabic." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument).", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "mideast", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ae-pt-securities_classification-001", "jurisdiction": "AE", "authority": "Central Bank of the UAE (CBUAE)", "instrument_type": "payment_stablecoin", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Payment tokens are regulated by the CBUAE as payment instruments under the Payment Token Services Regulation; securities are a separate perimeter under the SCA.", "requirement_structured": { "regulator": "CBUAE", "securities_authority": "SCA", "as": "payment instrument" }, "status": "in_force", "effective_date": null, "source": { "primary": "CBUAE Payment Token Services Regulation (2024)", "pinpoint": "Payment-token perimeter (CBUAE) vs. securities (SCA)" }, "interpretation_note": "Authored in v0.9.2 to fill the AE.C4 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "ae", "securities_classification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "br-vasp-aml_kyc-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "other", "instrument_label_local": "ativo virtual (PLD/FT)", "dimension": "aml_kyc", "requirement_summary": "Res BCB 520 Art. 44 internalises the FATF Travel Rule as a domestic obligation: for each transfer the originator's institution must transmit complete data on the originator (name, CPF/CNPJ, account) and the beneficiary, including wallet addresses, plus suspicious-activity reporting and AML/CTF (PLD/FT) governance. Res BCB 521 adds Know-Your-Transaction (KYT) duties, requiring identification of self-hosted-wallet owners. Travel-Rule implementation is phased over two stages (Art. 89): first domestic transfers between Brazil-established PSAVs (by February 2027), then international transfers (full compliance by 2 February 2028); during the phase-in SPSAVs may rely on documented client self-declarations. Separately, Art. 88 is the authorisation adjustment/transition provision (the 270-day 'período de adequação' for entities already operating at entry into force), which carries general compliance obligations — internal controls, cybersecurity, and Law 13.810/2019 (UN Security Council sanctions) screening — but is NOT itself the Travel-Rule hook.", "requirement_structured": { "travel_rule_basis": "Res 520 Art. 44; phasing Art. 89", "travel_rule_stage1_domestic": "2027-02 (PSAV-to-PSAV in Brazil)", "travel_rule_full_compliance": "2028-02-02 (international transfers)", "kyt_self_hosted_wallets": "Res 521", "adjustment_period_basis": "Res 520 Art. 88 (270-day período de adequação; internal controls, cybersecurity, Law 13.810/2019)", "interim": "documented client self-declaration permitted" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Res BCB 520/2025 Art. 44 (Travel Rule) + Art. 89 (two-stage phase-in: domestic by Feb 2027, international by 2 Feb 2028) + Art. 88 (authorisation adjustment period — 270-day adequação; internal controls / cybersecurity / Law 13.810/2019); Res BCB 521/2025 (KYT / self-hosted wallets)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (PLD/FTP obligations on SPSAVs; ≥3 responsible administrators including AML/CFT; GAFI Recs 15-16 alignment); Lei 14.478/2022" }, "secondary": [ { "citation": "Global Legal Insights, Brazil 2026 (Art. 44 Travel Rule; KYT)", "url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/brazil/" }, { "citation": "Notabene (C. Veloso), Brazil's Central Bank Regulates VASPs (Art. 44 / Art. 89)", "url": "https://notabene.id/post/brazils-central-bank-regulates-virtual-asset-service-providers-what-bcb-resolutions-mean-for-crypto-compliance" } ], "interpretation_note": "Provenance: corridor fieldwork, refined against a primary-source pass (Jun 2026). The Travel Rule sits in Art. 44 (rule) + Art. 89 (two-stage phase-in); the domestic stage is Feb 2027 and full international compliance is 2 Feb 2028 (confirmed via concordant firm analysis of the Res 520 text, e.g. CSMV). Art. 88 is a DISTINCT provision — the authorisation adjustment/transition period (270-day 'período de adequação') for entities already operating at entry into force — and an earlier draft wrongly folded it into the Travel-Rule/AML-controls hook; that conflation is corrected here. Travel Rule applies with effectively zero threshold once phased in. Remaining clause-level check: the exact subsection of Art. 89 that fixes each stage date.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (PLD/FTP obligations on SPSAVs; ≥3 responsible administrators including AML/CFT; GAFI Recs 15-16 alignment); Lei 14.478/2022" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-bank_nonbank_routing-001", "jurisdiction": "BR", "authority": "Banco Central do Brasil (BCB)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "Virtual-asset services are supervised by the Banco Central do Brasil; issuance and distribution run through authorized payment/virtual-asset service providers under the central bank's prudential perimeter.", "requirement_structured": { "supervisor": "BCB", "issuance_via": "authorized PSP/VASP" }, "status": "in_force", "effective_date": null, "source": { "primary": "Lei 14.478/2022; BCB regulations", "pinpoint": "Res BCB 520/2025 Art. 20 (besides SPSAVs, only commercial/exchange/investment/multiple banks, Caixa, CTVM/DTVM and FX brokers may provide intermediation/custody, with restrictions); Art. 4 (SPSAV modalities)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520" }, "interpretation_note": "Authored in v0.9.2 to fill the BR.C5 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "br", "bank_nonbank_routing", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 Art. 20 (besides SPSAVs, only commercial/exchange/investment/multiple banks, Caixa, CTVM/DTVM and FX brokers may provide intermediation/custody, with restrictions); Art. 4 (SPSAV modalities)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-capital_requirements-001", "jurisdiction": "BR", "authority": "CMN/BCB (joint); BCB", "instrument_type": "other", "instrument_label_local": "sociedade prestadora de serviços de ativos virtuais (SPSAV)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "Minimum capital for SPSAVs is set by Resolução Conjunta CMN/BCB nº 14/2025 and Res BCB 517/2025 (both 3 Nov 2025), scaled by activity/modality. Per the BCB's 10 Nov 2025 press conference the range is R$10,800,000–R$37,200,000 (ANBIMA: 'VASPs must now hold R$10.8 million to R$37.2 million in minimum capital'). Res BCB 519/520 do not hard-code a capital figure; they cross-refer to this methodology. FX-authorised institutions (banks, DTVM/CTVM, corretoras de câmbio) remain subject to their existing prudential regimes. IMPORTANT: the frequently-cited R$1m–3m (~USD 181,500–544,500) range was the REJECTED 2024 public-consultation (CP 109/110) proposal, NOT the binding regime.", "requirement_structured": { "capital_basis": [ "Resolução Conjunta CMN/BCB nº 14/2025", "Res BCB 517/2025" ], "minimum_capital_brl_range": [ 10800000, 37200000 ], "scaling": "by activity/modality", "fx_authorised_institutions": "existing prudential regime (no separate VASP minimum)", "rejected_consultation_figure": "R$1m–3m (CP 109/110, 2024) — NOT operative" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Resolução Conjunta CMN/BCB nº 14/2025; Res BCB 517/2025 (both 3 Nov 2025) — SPSAV minimum-capital methodology", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=517", "pinpoint": "Resolução Conjunta CMN/BCB nº 14/2025 + Res BCB nº 517/2025 (both 3 Nov 2025): minimum capital R$10,800,000 to R$37,200,000 scaled by the set of activities performed" }, "secondary": [ { "citation": "ANBIMA, summary of BCB 10 Nov 2025 framework (R$10.8m–R$37.2m minimum capital)", "url": "https://www.anbima.com.br/" }, { "citation": "Mattos Filho, CP 109/110 consultation summary (proposed R$1m–3m — subsequently NOT retained)", "url": "https://www.mattosfilho.com.br/en/" } ], "interpretation_note": "Provenance: corridor fieldwork + author's primary-source verification report (Item 8). The binding figure (R$10.8m–R$37.2m) supersedes the R$1m–3m number that circulated from the 2024 consultations and that an earlier Matrix draft carried; this record exists partly to prevent the rejected-proposal figure from propagating. Per-modality breakdown within the range remains to be confirmed against the Res. Conjunta 14/2025 text (hence evidence_tier firm_summary; confidence medium).\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.2", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "capital_figure_corrected", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=517", "pinpoint": "Resolução Conjunta CMN/BCB nº 14/2025 + Res BCB nº 517/2025 (both 3 Nov 2025): minimum capital R$10,800,000 to R$37,200,000 scaled by the set of activities performed" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-cross_border_data-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "ativo virtual (pagamento internacional / câmbio)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "Res BCB 521 integrates authorised SPSAVs' virtual-asset international payments and transfers into the Brazilian foreign-exchange (câmbio) market, regulating the Foreign Exchange Law (Lei 14.286/2021). In scope: international payment/transfer with virtual assets; settlement of international card obligations; transfers to/from self-hosted wallets; and purchase/sale/exchange of fiat-referenced virtual assets. Each operation carries a per-operation cap that binds when the foreign counterparty is NOT authorised to operate in the Brazilian FX market: USD 100,000 for an SPSAV and USD 500,000 for an FX-authorised institution (bank / DTVM / CTVM / corretora de câmbio). Operations require purpose classification under BCB FX codes, identification/traceability of parties (KYT), and identification of self-hosted-wallet owners; cash settlement is prohibited.", "requirement_structured": { "per_operation_cap_usd": { "spsav": 100000, "fx_authorised_institution": 500000 }, "cap_trigger": "foreign counterparty NOT BCB-FX-authorised", "fx_law_basis": "Lei 14.286/2021 (legal authority); câmbio-inclusion via Art. 76-A inserted into Res 277/2022 by Res 521", "cash_settlement": "prohibited" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Res BCB 521/2025 (virtual assets in the FX market); Lei 14.286/2021 (Foreign Exchange Law)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521", "pinpoint": "Res BCB 521 — per-operation caps (USD 100k SPSAV / USD 500k FX-FI when counterparty not FX-authorised); amends the Res 277/278/279 FX trio, inserting Art. 76-A into Res 277/2022 as the câmbio-inclusion hook (legal base: Lei 14.286/2021)" }, "secondary": [ { "citation": "Cescon Barrieu (cap binds when counterparty unauthorized to operate in FX market)", "url": "https://cesconbarrieu.com.br/en/brazilian-central-bank-virtual-asset/" }, { "citation": "Global Legal Insights, Brazil 2026 (USD 100k/500k limits; KYT; self-hosted wallets)", "url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/brazil/" } ], "interpretation_note": "Provenance: corridor fieldwork, corroborated to rule level across multiple firm sources. For a USD-stablecoin B2B settlement the foreign counterparty is typically not BCB-FX-authorised, so the cap bites; above it the flow reverts to traditional câmbio. The FX hook is Lei 14.286/2021 (not the Virtual-Assets Law 14.478/2022); the operative câmbio-classification provision is Art. 76-A, which Res 521 inserts into Res 277/2022 (new Título VIII-A) — Art. 76-A is a resolution provision, not an article of Lei 14.286 (confirmed against the Res 521 DOU text, Jun 2026).\n\n[v0.9.5 verification] Lei 14.478/2022 is enacted framework law (binding status recorded); original-language text not line-verified in this pass, so the cell stays firm_summary.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-23", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "br-vasp-custody-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "other", "instrument_label_local": "ativo virtual (custódia)", "dimension": "custody", "constraint_ref": "C2", "requirement_summary": "Res BCB 520 requires mandatory patrimonial segregation: client funds — both fiat and virtual assets — must be fully segregated from the SPSAV's own funds, held in accounts/wallets distinct from corporate treasury, demonstrable beyond accounting records. Custody may be outsourced to a licensed custodian, but regulatory accountability cannot be transferred. (Sources also report a limited own-asset liquidity carve-out and conditions for using foreign custodians; the specific percentage and the foreign-custodian conditions remain to be confirmed against the resolution text.)", "requirement_structured": { "client_fiat": "segregated from provider funds", "client_virtual_assets": "wallets distinct from provider own-operation wallets", "outsourcing": "permitted to licensed custodian; accountability not transferable", "own_asset_liquidity_carveout_pct": "reported ~5% — confirm" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Res BCB 520/2025 — patrimonial segregation (segregação patrimonial)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (patrimonial segregation: client funds in individualised payment/deposit accounts; client virtual assets in segregated wallets; foreign-custodian conditions — home-country authorisation/supervision, Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets)" }, "secondary": [ { "citation": "BDO, Brazil — Central Bank Unveils Regulatory Framework (16 Feb 2026)", "url": "https://www.bdo.global/en-gb/insights/tax/world-wide-tax/brazil-central-bank-unveils-regulatory-framework-for-the-virtual-asset-market" }, { "citation": "Fystack, Brazil's VASP 2026 — Custody (22 Apr 2026)", "url": "https://fystack.io/blog/brazils-vasp-2026-what-stablecoin-payment-and-remittance-operators-need-to-prepare-for-custody" } ], "interpretation_note": "Provenance: corridor fieldwork. Core segregation rule firm-corroborated; the 5% own-asset carve-out and the foreign-custodian conditions (relevant to the HK/offshore custody leg) are single-source and remain to be confirmed against Res 520 text. NB: 'MPC/HSM key management' appears only in a custody-vendor blog (Fystack); Res 520's security requirement is technology-neutral (a cybersecurity policy under the SPSAV governance/internal-controls chapter; Art. 88 is the separate authorisation adjustment-period provision, not a key-management mandate) — do not assert MPC/HSM.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "interpretive_flag": { "tension": "Statutory (vs resolution-level) asset segregation between VASPs and users is the subject of PL 4.932/2023, under discussion in Congress.", "resolution_channel": "Federal legislation (PL 4.932/2023)" }, "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_partial", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (patrimonial segregation: client funds in individualised payment/deposit accounts; client virtual assets in segregated wallets; foreign-custodian conditions — home-country authorisation/supervision, Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-disclosure_reporting-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "other", "instrument_label_local": "ativo virtual (auditoria e reporte)", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "Res BCB 520 requires SPSAVs to document proof-of-reserves methods and to publish reports and reserve attestations, with an independent audit on a biennial basis (sources: 'biennial / biannual independent audit cycle'). Res BCB 521 Art. 82-A adds mandatory monthly reporting to the BCB of all FX transactions and international transfers involving virtual assets (including self-hosted-wallet data and counterparty identification), following the model used for traditional international transactions; the information is reported per 'Anexo II-A' and the obligation commences 4 May 2026. Instrução Normativa BCB 701 (22 Jan 2026) sets the form of the independent technical certification for intermediation/custody.", "requirement_structured": { "proof_of_reserves": "methods documented; attestations published", "independent_audit_frequency": "biennial", "audit_assurance_level": "reasonable assurance — confirm", "bcb_reporting": "monthly (FX/virtual-asset operations) from 2026-05-04", "reporting_basis": "Res 521 Art. 82-A; information per 'Anexo II-A' (to Res 277/2022)" }, "status": "in_force", "effective_date": "2026-05-04", "source": { "primary": "Res BCB 520/2025 (proof-of-reserves + biennial independent audit + published reports); Res BCB 521/2025 Art. 82-A (monthly BCB reporting); IN BCB 701 (22 Jan 2026)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (proof of reserves; periodic audits; transparent information flows); Res BCB 521/2025 (monthly FX-operations reporting from 4 May 2026)" }, "secondary": [ { "citation": "Global Legal Insights, Blockchain & Cryptocurrency Laws 2026 — Brazil (Art. 82-A)", "url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/brazil/" }, { "citation": "Conduit, Brazil's New Virtual Asset Regulation (monthly reporting from 4 May 2026)", "url": "https://conduitpay.com/blog/crypto-regulation-news-brazil" } ], "interpretation_note": "Provenance: corridor fieldwork, refined against a primary-source pass (Jun 2026). This is the register's FIRST populated disclosure_reporting (C8) cell — C8 was empty across all six focus jurisdictions. Monthly-reporting basis (Art. 82-A) + 4 May 2026 commencement verified. CORRECTION: 'Anexo II-A' is the OFFICIAL schedule label — Res 521's Art. 82-A requires sending 'as informações constantes do Anexo II-A' and appends 'ANEXO II-A À RESOLUÇÃO BCB Nº 277/2022' (confirmed against the Res 521 DOU text); an earlier pass had deleted it. 'DeCripto' does not appear in the resolution and is dropped here (it is a future Receita crypto-reporting label; current Receita crypto reporting is IN 1888). Remaining check: the Res 520 audit article number and 'reasonable assurance' wording.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "first_c8_cell", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (proof of reserves; periodic audits; transparent information flows); Res BCB 521/2025 (monthly FX-operations reporting from 4 May 2026)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-05-04", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-issuer_pathway-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "other", "instrument_label_local": "sociedade prestadora de serviços de ativos virtuais (SPSAV)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "Providing virtual-asset services in Brazil requires prior BCB authorisation as an SPSAV. Under Res BCB 520 Art. 4 there are three modalities — Intermediário, Custodiante and Corretor (intermediary / custodian / broker, the broker combining both functions); a provider may not accumulate incompatible functions. Already-regulated institutions may also offer virtual-asset services on notification to the BCB: commercial / investment / multiple banks, Caixa Econômica Federal, and securities brokers (CTVM), distributors (DTVM) and FX dealers (corretoras de câmbio). Overseas providers must be authorised before operating, requiring a local subsidiary or partnership with a licensed local entity. Grandfathering: providers operating before 2 Feb 2026 may continue while authorisation is processed (apply within ~260–270 days), but transactions with non-authorised providers are prohibited from 30 Oct 2026, after which a non-compliant provider must cease within 30 days.", "requirement_structured": { "modalities": [ "Intermediário", "Custodiante", "Corretor" ], "function_accumulation": "prohibited (must operate per designation)", "local_presence_required": true, "grandfathering_deadline": "2026-10-30" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Res BCB 519/2025 (authorisation regime); Res BCB 520/2025 Art. 4 (provider modalities)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=519", "pinpoint": "Lei 14.478/2022 (BCB authorisation required to provide virtual-asset services); Res BCB 519/2025 (authorisation process); Res BCB 520/2025 Art. 4 (three SPSAV modalities: intermediária, custodiante, corretora), Art. 14 (sociedade limitada/anônima; ≥3 administrators; head office in Brazil); authorisation deadline 30 Oct 2026 (270 days)" }, "secondary": [ { "citation": "Notabene (C. Veloso), Brazil's Central Bank Regulates VASPs (11 Nov 2025)", "url": "https://notabene.id/post/brazils-central-bank-regulates-virtual-asset-service-providers-what-bcb-resolutions-mean-for-crypto-compliance" }, { "citation": "Cescon Barrieu, Brazilian Central Bank issues new rules on virtual assets (11 Nov 2025)", "url": "https://cesconbarrieu.com.br/en/brazilian-central-bank-virtual-asset/" } ], "interpretation_note": "Provenance: corridor fieldwork. The three-modality structure and the Art. 4 pinpoint are drawn from concordant firm analysis (Notabene, Cescon); confirmation against the official BCB normativo text is the remaining step (evidence_tier: firm_summary). For the corridor, the foreign counterparty's BCB-FX-authorisation status (not the SPSAV modality) drives the Res 521 cap. Note: firms cite 260 (Cescon) vs 270 (Notabene) grandfathering days; the operative deadline is 30 Oct 2026.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=519", "pinpoint": "Lei 14.478/2022 (BCB authorisation required to provide virtual-asset services); Res BCB 519/2025 (authorisation process); Res BCB 520/2025 Art. 4 (three SPSAV modalities: intermediária, custodiante, corretora), Art. 14 (sociedade limitada/anônima; ≥3 administrators; head office in Brazil); authorisation deadline 30 Oct 2026 (270 days)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-monetary_sovereignty-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "ativo virtual referenciado em moeda estrangeira", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "Brazil does not impose a MiCA-style volume cap on the use of non-domestic-currency (e.g. USD) stablecoins as a means of exchange. Instead it asserts monetary-sovereignty control through three mechanisms: (i) reclassifying cross-border virtual-asset payments as foreign-exchange (câmbio) operations under Lei 14.286/2021 (Res BCB 521), bringing them into the FX / balance-of-payments perimeter; (ii) per-operation caps on those FX-classified operations (USD 100k SPSAV / USD 500k FX-FI where the counterparty is not FX-authorised); and (iii) closing the eFX retail rail's external settlement leg to virtual assets (Res BCB 561), so mass low-value flows cannot settle abroad in crypto. Context: estimates of the stablecoin share of Brazilian crypto activity vary by metric and period — BCB officials have cited roughly 90% of crypto flows, while some market trackers report nearer two-thirds (~67%) of crypto volume; either way stablecoins dominate, which motivated the FX framing. [share figure to be locked to a single dated source before citing as primary].", "requirement_structured": { "volume_cap_style": "none (no MiCA-style means-of-exchange cap)", "control_mechanism": [ "FX reclassification (Res 521)", "per-operation caps", "eFX crypto exclusion (Res 561)" ] }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Res BCB 521/2025 (FX reclassification + caps); Res BCB 561/2026 (eFX exclusion); Lei 14.286/2021", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=521", "pinpoint": "Res BCB 521/2025 (amends Res 277/278/279 of 31 Dec 2022): virtual-asset services brought into the FX market — international payments/transfers, stablecoin trades, and payment of expenses abroad treated as câmbio operations; monthly reporting to the BCB from 4 May 2026" }, "secondary": [ { "citation": "Chainalysis, Breaking Down Brazil's New Crypto Framework (stablecoins the dominant share of Brazilian crypto volume; FX framing) — NB: stablecoin-share estimates range ~67–90% across sources; lock to one dated figure before citing as primary", "url": "https://www.chainalysis.com/blog/brazil-crypto-asset-regulatory-framework-2025/" }, { "citation": "CoinDesk, Brazil's central bank bans stablecoin and crypto settlement in cross-border payments (2 May 2026)", "url": "https://www.coindesk.com/policy/2026/05/02/brazil-s-central-bank-bans-stablecoin-and-crypto-settlement-in-cross-border-payments" } ], "interpretation_note": "Provenance: corridor fieldwork. Analytically this is a THIRD monetary-sovereignty model distinct from the EU's means-of-exchange caps (MiCA Art. 23 sets the 1m-transactions / EUR 200m-per-day issuance brake for asset-referenced tokens; for non-euro e-money tokens — the category a USD coin falls in — Art. 58(3) extends the equivalent restriction; verified against the MiCA/EUR-Lex text) and from PRC prohibition — the 'FX-channeling + per-operation cap' model. Strongest argument that Brazil is not redundant with the existing six matrix jurisdictions (Compliance Matrix Pattern 2). C7-mapping caveat: the structural EFFECT is comparable to the EU's monetary-sovereignty mechanism, but the stated MOTIVE differs — BCB frames the measure primarily around FX-market integrity, traceability and balance-of-payments capture, with dollarization also cited as a concern, not the EU's explicit euro-protection rationale; the comparison is by effect, not legislative intent.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=521", "pinpoint": "Res BCB 521/2025 (amends Res 277/278/279 of 31 Dec 2022): virtual-asset services brought into the FX market — international payments/transfers, stablecoin trades, and payment of expenses abroad treated as câmbio operations; monthly reporting to the BCB from 4 May 2026" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-permitted_activity_yield-001", "jurisdiction": "BR", "authority": "Banco Central do Brasil (BCB)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "The VASP framework and the central bank's implementing rulemaking are still being finalized; whether and how issuers or intermediaries may pass through yield is not yet settled.", "requirement_structured": { "status": "rulemaking pending", "yield": "unsettled" }, "status": "in_force", "effective_date": null, "source": { "primary": "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais); BCB implementing rulemaking", "pinpoint": "Res BCB 520/2025 (VASPs may not offer credit to clients or raise funds from the public except via share issuance; client virtual assets may not be used for proprietary operations except staking and qualified/professional-investor transactions)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520" }, "interpretation_note": "Authored in v0.9.2 to fill the BR.C3 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): binding_status corrected pending_proposal -> in_force_enacted. Res BCB 520/2025 (in force 2 Feb 2026) confirmed against official text: it prohibits credit offering and public fundraising except by share issuance and restricts client-asset use to staking / qualified-investor transactions. Held at firm_summary because the specific stablecoin yield PASS-THROUGH question (whether a compliant issuer may pass reserve yield to holders) remains unsettled pending further BCB rulemaking.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "br", "permitted_activity_yield", "v0.9.5_verification", "binding_in_force_enacted", "verification_reviewed" ], "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "br-vasp-regulatory_authority-001", "jurisdiction": "BR", "authority": "BCB (Banco Central do Brasil); CVM retains jurisdiction over securities-like tokens", "instrument_type": "other", "instrument_label_local": "sociedade prestadora de serviços de ativos virtuais (SPSAV)", "dimension": "regulatory_authority", "requirement_summary": "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais) and Decreto 11.563/2023 designate the Banco Central do Brasil (BCB) as the authority for virtual-asset service providers (SPSAVs), while preserving the Comissão de Valores Mobiliários (CVM) jurisdiction over virtual assets that are securities (token taxonomy follows CVM Parecer de Orientação 40). The operative VASP framework is Res BCB 519/520/521 (pub. 10 Nov 2025; in force 2 Feb 2026), supplemented by Res BCB 561/2026 for the eFX rail. The foreign-exchange classification of cross-border virtual-asset payments rests on the Foreign Exchange Law, Lei 14.286/2021.", "requirement_structured": { "primary_authority": "BCB", "securities_authority": "CVM (Parecer de Orientação 40)", "framework_resolutions": [ "Res BCB 519/2025", "Res BCB 520/2025", "Res BCB 521/2025", "Res BCB 561/2026" ] }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais); Decreto 11.563/2023 (BCB as VASP authority; CVM carve-out for securities tokens)", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "pinpoint": "Lei 14.478/2022 arts. 2-9; Decreto 11.563/2023 (BCB designated competent authority for virtual-asset services; CVM retains jurisdiction over tokens that are securities)" }, "secondary": [ { "citation": "Chainalysis, Breaking Down Brazil's New Crypto Framework (18 Nov 2025)", "url": "https://www.chainalysis.com/blog/brazil-crypto-asset-regulatory-framework-2025/" }, { "citation": "BDO, Brazil — Central Bank Unveils Regulatory Framework for the Virtual Asset Market (16 Feb 2026)", "url": "https://www.bdo.global/en-gb/insights/tax/world-wide-tax/brazil-central-bank-unveils-regulatory-framework-for-the-virtual-asset-market" } ], "interpretation_note": "Provenance: corridor fieldwork (HK->BR USD-settlement). Corroborated by firm analysis; the official BCB normativo URLs are confirmed, but the article text was not read in this pass (evidence_tier: firm_summary). The BCB/CVM split is the hook for the C4 securities-classification dimension.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "pinpoint": "Lei 14.478/2022 arts. 2-9; Decreto 11.563/2023 (BCB designated competent authority for virtual-asset services; CVM retains jurisdiction over tokens that are securities)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-reserve_backing-001", "jurisdiction": "BR", "authority": "BCB", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "ativo virtual referenciado em moeda fiduciária (stablecoin)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "For a fiat-referenced virtual asset (stablecoin), Res BCB 520/2025 defines the reserve assets as the fiduciary currency plus public debt issued by the same governments that issue those currencies (Art. 2, III), requires proof of reserves, and prohibits algorithmic reserve control with public disclosure of the criteria (Arts. 64+). In force 2 Feb 2026.", "requirement_structured": { "algorithmic_stablecoins": "prohibited", "unbacked_fiat_pegged_tokens": "prohibited", "eligible_reserve_assets": [ "fiat currency", "public-debt securities" ], "listing_policy": "board-approved; white-paper / code / backing review" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Res BCB 520/2025 — stablecoin definition + asset-curation / listing-policy rules", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 Art. 2, III (reserve assets of a fiat-referenced token = the fiduciary currency and public debt issued by the same governments); Arts. 64+ (asset curation; algorithmic-stablecoin prohibition; proof of reserves)" }, "secondary": [ { "citation": "Global Legal Insights, Blockchain & Cryptocurrency Laws 2026 — Brazil (9 Mar 2026)", "url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/brazil/" } ], "interpretation_note": "Provenance: corridor fieldwork, corroborated to rule level (algorithmic-stablecoin prohibition + fiat/public-debt-only backing confirmed). This is the Brazilian gate that excludes algorithmic / opaque-reserve coins regardless of rail and underpins the corridor's 'auditable-reserve-only' constraint.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 Art. 2, III (reserve assets of a fiat-referenced token = the fiduciary currency and public debt issued by the same governments); Arts. 64+ (asset curation; algorithmic-stablecoin prohibition; proof of reserves)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "br-vasp-securities_classification-001", "jurisdiction": "BR", "authority": "CVM (securities-like tokens); BCB (virtual-asset payments/custody)", "instrument_type": "tokenized_security", "instrument_label_local": "token caracterizado como valor mobiliário", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Lei 14.478/2022 and Decreto 11.563/2023 preserve CVM jurisdiction over virtual assets that are securities (valores mobiliários) and over investor-protection issues; the functional securities-vs-virtual-asset distinction follows CVM Parecer de Orientação 40. A token with collective-investment / securities characteristics is regulated by the CVM, not (only) by the BCB SPSAV regime. Brazilian investment funds — the natural routing destination — are governed by Resolução CVM 175. A USD-referenced payment stablecoin is treated by the BCB as a foreign-exchange instrument rather than a security.", "requirement_structured": { "securities_authority": "CVM", "classification_instrument": "CVM Parecer de Orientação 40", "funds_framework": "Resolução CVM 175", "bcb_view_of_usd_stablecoin": "foreign-exchange instrument (not a security)" }, "status": "in_force", "effective_date": "2026-02-02", "source": { "primary": "Lei 14.478/2022 + Decreto 11.563/2023 (CVM carve-out); CVM Parecer de Orientação 40; Resolução CVM 175 (investment funds)", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "pinpoint": "Lei 14.478/2022; Decreto 11.563/2023 (BCB over payment/VASP activity; CVM jurisdiction preserved over tokens with securities characteristics)" }, "secondary": [ { "citation": "Global Legal Insights, Brazil 2026 (CVM Parecer de Orientação 40; securities vs virtual-asset)", "url": "https://www.globallegalinsights.com/practice-areas/blockchain-cryptocurrency-laws-and-regulations/brazil/" }, { "citation": "Chainalysis (2023 decree maintains CVM jurisdiction over securities-like tokens)", "url": "https://www.chainalysis.com/blog/brazil-crypto-asset-regulatory-framework-2025/" } ], "interpretation_note": "Provenance: corridor fieldwork. Brazilian C4 analogue of the US Reves/§404 securities-classification spine — but Brazil's contribution is token classification + asset curation (Parecer 40 + Res 520), NOT a developed routing-into-tokenised-fund story; the CVM-175 tokenised-fund routing analysis is net-new work that would feed the 'Reves' Fourth Factor / Routing Across Six Jurisdictions' paper.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text.", "interpretive_flag": { "tension": "Whether a Brazilian tokenised money-market-fund routing arrangement crosses from BCB (payments) into CVM (securities) regulation is undeveloped in the public record.", "resolution_channel": "CVM rulemaking / no-action; future analysis" }, "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.3.1", "tags": [ "latam", "focus", "firm_analysis_corroborated_2026-06", "c4_spine", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "pinpoint": "Lei 14.478/2022; Decreto 11.563/2023 (BCB over payment/VASP activity; CVM jurisdiction preserved over tokens with securities characteristics)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-aml_kyc-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "aml_kyc", "requirement_summary": "FINMA Guidance 06/2024 imposes the strictest AML posture in the survey: the issuer must identify every holder, including intermediate holders, treating each as a customer, and anonymous transfers are prohibited. Full AMLA obligations apply and the FATF travel rule applies.", "requirement_structured": { "holder_identification": "every holder, including intermediate holders, treated as a customer", "anonymous_transfers": "prohibited", "regime": "full AMLA + FATF travel rule" }, "status": "in_force", "source": { "primary": "FINMA Guidance 06/2024; Anti-Money Laundering Act (AMLA)", "pinpoint": "AML — identify every holder incl. intermediate holders; anonymous transfers prohibited", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (AML / KYC Framework)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The identify-every-holder rule is the strictest AML posture in the survey and the binding practical constraint on Swiss-issued-token composability and transferability.", "interpretive_flag": { "tension": "The requirement to identify every holder (including intermediate holders) materially constrains transferability and composability, because each holder in a transfer chain is treated as an issuer customer; how this applies to composable/DeFi contexts is unsettled.", "resolution_channel": "FINMA guidance updates on holder identification in composable contexts." }, "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-bank_nonbank_routing-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "Depending on structure, stablecoin issuance may require a banking licence or operate under the DLT framework; the bank/non-bank line turns on whether deposits are accepted and how reserves are held.", "requirement_structured": { "routing": "banking licence vs. DLT framework", "turns_on": "deposit-taking and reserve structure" }, "status": "in_force", "effective_date": null, "source": { "primary": "Banking Act; DLT Act (2021); FINMA stablecoin guidance", "pinpoint": "Banking-licence vs. DLT-framework routing for issuance" }, "interpretation_note": "Authored in v0.9.2 to fill the CH.C5 constraint cell for the substrate sweep.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "ch", "bank_nonbank_routing", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "ch-frs-capital_requirements-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "For licensed-institution pathways, capital requirements apply per the Banking Act / FinTech-licence framework. For the bank-guarantee pathway there is no separate stablecoin capital schedule; the guarantee performs the protective function in place of a prescribed capital buffer.", "requirement_structured": { "licensed_institution": "capital per Banking Act / FinTech-licence framework", "bank_guarantee_pathway": "no separate stablecoin capital schedule; guarantee performs the protective function" }, "status": "in_force", "source": { "primary": "Banking Act / FinTech-licence framework; FINMA Guidance 06/2024", "pinpoint": "Capital — per licence for licensed institutions; no separate schedule under the guarantee pathway", "url": "https://www.fedlex.admin.ch/eli/cc/1934/121/de" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Capital Requirements)" }, { "citation": "Banking Act (BankG, SR 952.0) / Banking Ordinance (BankV, SR 952.02) on Fedlex; English version is informational only." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ch-frs-cross_border_data-001", "jurisdiction": "CH", "authority": "FINMA / FDPIC", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "The Swiss Federal Act on Data Protection (FADP) applies (revised FADP in force September 2023). Cross-border data transfer requires adequate protection in the recipient state or appropriate safeguards. Switzerland maintains adequacy recognition with the EU.", "requirement_structured": { "statute": "Federal Act on Data Protection (revised FADP, in force Sep 2023)", "transfer_rule": "adequate protection in recipient state or appropriate safeguards", "eu_adequacy": "maintained" }, "status": "in_force", "effective_date": "2023-09-01", "source": { "primary": "Federal Act on Data Protection (revised FADP, in force Sep 2023)", "pinpoint": "Cross-border transfer — adequacy or safeguards; EU adequacy maintained", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; pending primary-source verification. Unlike the PRC PIPL/DSL regime, the FADP's EU-adequacy footing eases cross-border data flows on Swiss-anchored corridors.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2023-09-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "ch-frs-disclosure_reporting-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "FINMA guidance imposes AML, disclosure and reporting expectations on issuers, with supervisory coordination available.", "requirement_structured": { "aml": true, "disclosure": true, "supervisor": "FINMA" }, "status": "in_force", "effective_date": null, "source": { "primary": "FINMA stablecoin guidance; AMLA", "pinpoint": "AML, disclosure and supervisory reporting expectations" }, "interpretation_note": "Authored in v0.9.2 to fill the CH.C8 constraint cell for the substrate sweep.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "ch", "disclosure_reporting", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "ch-frs-distribution-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "distribution", "requirement_summary": "There is no monetary-sovereignty usage cap and no distribution-volume restriction; foreign-currency stablecoins are not channel-restricted. The bank-guarantee structure and the FINMA holder-identification requirement are the practical distribution constraints, not caps.", "requirement_structured": { "distribution_caps": "none", "channel_restriction": "none", "practical_constraints": "bank-guarantee structure + holder identification" }, "status": "in_force", "source": { "primary": "FINMA Guidance 06/2024; Banking Act framework", "pinpoint": "Distribution — no caps/channel restriction; guarantee + holder-ID are the practical limits", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Distribution and Offering Restrictions)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ch-frs-implementation_status-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "implementation_status", "requirement_summary": "Guidance-in-force regime. Milestones: FINMA Guidance 06/2024 published (Jul 2024); bank-guarantee and licensed-institution pathways in operation (2024-2025); consultation on a Financial Institutions Act (FinIA) amendment creating a dedicated payment-instrument-institution licence to replace the guarantee workaround closed (6 Feb 2026); six-bank CHF stablecoin sandbox launched (8 Apr 2026). If enacted, the FinIA amendment would replace the guarantee workaround with a purpose-built regime.", "requirement_structured": { "regime_stage": "guidance in force; reform bill in train", "milestones": [ "FINMA Guidance 06/2024 (Jul 2024)", "FinIA-amendment consultation closed 6 Feb 2026", "6-bank CHF sandbox 8 Apr 2026" ], "next_milestone": "FinIA-amendment outcome (payment-instrument-institution licence)" }, "status": "in_force", "effective_date": "2024-07-01", "source": { "primary": "FINMA Guidance 06/2024; FinIA-amendment consultation (closed 6 Feb 2026)", "pinpoint": "Timeline — guidance Jul 2024; FinIA consultation closed 6 Feb 2026; 6-bank CHF sandbox 8 Apr 2026", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Implementation Timeline)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." }, { "citation": "Swiss CHF-stablecoin sandbox (UBS/PostFinance/Sygnum/Raiffeisen/ZKB/BCV + Swiss Stablecoin AG), 8 Apr 2026 — pilot: https://www.ubs.com/global/en/media/display-page-ndp/en-20260408-stablecoin.html" }, { "citation": "FinIA/FINIG amendment consultation (Oct 2025–Feb 2026) — proposed Payment Institution / Crypto Institution licences." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. As of June 2026 a reader should re-verify the FinIA-amendment status, the outcome of the six-bank CHF sandbox, and any FINMA guidance updates.", "confidence": "high", "claim_class": "tier2_operational", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2024-07-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ch-frs-issuer_pathway-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "Two issuer pathways. Pathway 1 (licensed institution): an issuer holding a banking licence, or a FinTech licence under Art. 1b of the Banking Act, may issue stablecoins as a licensed institution. Pathway 2 (bank default-guarantee exemption): a non-bank issuer avoids the deposit-taking prohibition by securing a default guarantee (Bankengarantie) from a Swiss bank covering the deposited funds; under Banking Ordinance Art. 5(3)(f) funds covered by such a guarantee are not deposits, so the issuer is not engaged in unauthorized deposit-taking. The entire non-bank issuance market runs through this single textual aperture.", "requirement_structured": { "pathway_1": "banking licence or FinTech licence (Banking Act Art. 1b)", "pathway_2": "non-bank issuer under a Swiss bank default guarantee (Bankengarantie); BankO Art. 5(3)(f) excludes guaranteed funds from 'deposit'", "market_structure": "entire non-bank market runs through the bank-guarantee exemption" }, "status": "in_force", "source": { "primary": "Banking Act Art. 1b (FinTech licence); Banking Ordinance Art. 5(3)(f) (deposit exclusion); FINMA Guidance 06/2024", "pinpoint": "Issuer pathways — licensed-institution vs bank-guarantee exemption (BankO Art. 5(3)(f))", "url": "https://www.fedlex.admin.ch/eli/cc/2014/273/de" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Issuer Pathways and Eligibility)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.1 (Constraint 1: Issuer Eligibility)" }, { "citation": "Banking Act (BankG, SR 952.0) / Banking Ordinance (BankV, SR 952.02) on Fedlex; English version is informational only." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The bank-guarantee pathway is the structural hallmark of the Swiss regime and the single point through which the whole non-bank market is configured.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-monetary_sovereignty-001", "jurisdiction": "CH", "authority": "FINMA / SNB", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "There is no monetary-sovereignty usage cap: foreign-currency stablecoins are not restricted by volume or channel. The practical constraints are the bank-guarantee structure and the AML holder-identification requirement, not distribution caps. Switzerland thus sits at the permissive end of the C7 spectrum, in contrast to the EU's Article 23 quantitative cap, the UAE's onshore channel restriction, and the PRC prohibition.", "requirement_structured": { "usage_cap": "none", "foreign_currency_tokens": "unrestricted by volume or channel", "practical_constraints": "bank-guarantee structure + AML holder identification", "c7_position": "permissive end (no cap)" }, "status": "in_force", "source": { "primary": "FINMA Guidance 06/2024 (no usage cap); Banking Act framework", "pinpoint": "Monetary sovereignty — no usage cap; foreign-currency tokens unrestricted", "url": "https://www.fedlex.admin.ch/eli/cc/2014/273/de" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Distribution and Offering Restrictions)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.7 / §5 (Constraint 7: Monetary Sovereignty)" }, { "citation": "Banking Act (BankG, SR 952.0) / Banking Ordinance (BankV, SR 952.02) on Fedlex; English version is informational only." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The absence of a C7 cap is itself the data point: Switzerland regulates the issuer (via guarantee + AML), not the currency-of-denomination of the token.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-permitted_activity_yield-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "Paying yield to holders is NOT prohibited — Switzerland is the clearest survey example of a regime where holder yield is permitted but structurally constrained. Under the bank-guarantee pathway the guarantee must cover any interest earned, so the cost of offering yield is the cost of guaranteeing it; the protective mechanism scales with the yield offered. This contrasts sharply with the prohibition cluster (EU Art. 50; HK Sched. 2 s.15; US GENIUS Act § 4(a)(11)).", "requirement_structured": { "holder_yield": "permitted (not prohibited)", "constraint": "bank guarantee must cover principal + interest; cost of yield = cost of guaranteeing it", "contrast": "prohibition cluster: EU / HK / US" }, "status": "in_force", "source": { "primary": "FINMA Guidance 06/2024; Banking Ordinance Art. 5(3)(f)", "pinpoint": "Yield permitted; bank guarantee must cover interest (structural constraint, not prohibition)", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Yield and Interest Treatment)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). This is the permission-cluster anchor on the C3 spine: it shows the yield boundary is drawn by guarantee economics in Switzerland, not by a flat ban.", "interpretive_flag": { "tension": "Whether holding assets for the account of holders to generate yield tips the arrangement into collective-investment-scheme (CIS) territory under CISA.", "resolution_channel": "FINMA characterization guidance / supervisory practice on CISA scope." }, "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "spine", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-redemption-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "redemption", "requirement_summary": "Redemption is a payment claim against the issuer (or, on issuer default, against the guaranteeing bank). There is no statutory at-par redemption mandate; the claim is contractual, backed by the guarantee. Stablecoin holders are not deposit-insured — the bank guarantee, not deposit insurance, is the protection.", "requirement_structured": { "redemption": "contractual payment claim vs issuer; vs guaranteeing bank on issuer default", "statutory_par_mandate": "none", "deposit_insurance": "no (guarantee, not insurance, is the protection)" }, "status": "in_force", "source": { "primary": "Banking Ordinance Art. 5(3)(f); FINMA Guidance 06/2024", "pinpoint": "Redemption — contractual claim vs issuer / guaranteeing bank; no statutory par mandate; not deposit-insured", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Redemption Mechanics)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. Contrast the at-par mandates of HK (1 business day), SG (5 business days), and the EU (par at any time): Switzerland has no statutory par mandate.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "ch-frs-regulatory_authority-001", "jurisdiction": "CH", "authority": "FINMA (primary); SNB (systemic FMIs)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "regulatory_authority", "requirement_summary": "Switzerland has no bespoke stablecoin statute: stablecoins are regulated by applying existing financial law — the Banking Act and Banking Ordinance (notably Banking Ordinance Art. 5(3)(f), which removes guaranteed funds from the deposit definition), the DLT Act and the Financial Market Infrastructure Act (FinMIA), the Collective Investment Schemes Act (CISA), and the Anti-Money Laundering Act (AMLA). FINMA Guidance 06/2024 sets out FINMA's supervisory position on stablecoins, including AML treatment and the conditions of the bank-guarantee exemption. FINMA is the primary supervisor; the SNB oversees systemic financial market infrastructures.", "requirement_structured": { "approach": "no bespoke statute; regulation by application of existing law", "primary_supervisor": "FINMA", "systemic_fmi_oversight": "SNB", "instruments": [ "Banking Act + Banking Ordinance (Art. 5(3)(f))", "DLT Act", "FinMIA", "CISA", "AMLA", "FINMA Guidance 06/2024" ] }, "status": "in_force", "source": { "primary": "Banking Act and Banking Ordinance; FINMA Guidance 06/2024 (Stablecoins)", "pinpoint": "FINMA as primary stablecoin supervisor; SNB for systemic FMIs; no bespoke statute", "url": "https://www.fedlex.admin.ch/eli/cc/1934/121/de" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Statutory Framework / Regulators)" }, { "citation": "Banking Act (BankG, SR 952.0) / Banking Ordinance (BankV, SR 952.02) on Fedlex; English version is informational only." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). Switzerland is the survey's clearest 'regulation-by-application' regime: the analytical work is done by the bank-guarantee aperture and FINMA guidance rather than a dedicated statute.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-reserve_backing-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "There is no statutory reserve schedule (no mandated asset list or percentages). Under the bank-guarantee pathway the protective mechanism is the guarantee, not a prescribed reserve portfolio: the guarantee must cover the principal plus interest of the deposited funds. If the arrangement is structured so that assets are held for the account of holders (rather than as a claim against the issuer), collective investment scheme (CIS) rules under CISA may apply.", "requirement_structured": { "statutory_reserve_schedule": "none", "protective_mechanism": "bank default guarantee covering principal + interest", "cis_risk": "CISA may apply if assets are held for the account of holders" }, "status": "in_force", "source": { "primary": "Banking Ordinance Art. 5(3)(f); FINMA Guidance 06/2024; Collective Investment Schemes Act (CISA)", "pinpoint": "Reserve/backing — no statutory schedule; guarantee covers principal + interest; CISA characterization risk", "url": "https://www.fedlex.admin.ch/eli/cc/2014/273/de" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Reserve and Backing Requirements)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). Switzerland is the survey's principal counter-example to a prescribed-reserve-portfolio model: the guarantee, not an asset schedule, performs the protective function (Matrix Tier 2 correction).", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "ch-frs-securities_classification-001", "jurisdiction": "CH", "authority": "FINMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "stablecoin (Banking Act; bank-guarantee or licensed-institution pathway)", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "If a stablecoin arrangement is structured so that assets are held for the account of holders (rather than as a contractual claim against the issuer), collective-investment-scheme rules under the Collective Investment Schemes Act (CISA) may apply. The operative characterization question is whether holding assets for holders to generate yield converts the arrangement into a CIS — the Swiss analogue to the securities-classification spine.", "requirement_structured": { "test": "are assets held for the account of holders, or as a claim against the issuer?", "if_for_holders": "potential CIS under CISA", "spine_analogue": "CISA characterization is the C4 boundary in Switzerland" }, "status": "in_force", "source": { "primary": "Collective Investment Schemes Act (CISA); FINMA Guidance 06/2024", "pinpoint": "CISA characterization where assets are held for the account of holders", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Switzerland (Reserve and Backing; Yield and Interest Treatment)" }, { "citation": "FINMA Guidance 06/2024 (Stablecoins, 26 July 2024) — official English PDF available." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. The CISA boundary is the C4 instance for Switzerland: it governs whether a yield-bearing or assets-for-holders structure leaves the payment-instrument frame for collective-investment regulation.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "europe", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "spine", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "cn-prc-aml_kyc-001", "jurisdiction": "CN", "authority": "PBOC", "instrument_type": "other", "instrument_label_local": "反洗钱 (AML)", "dimension": "aml_kyc", "requirement_summary": "The Anti-Money Laundering Law of the PRC and PBOC AML/CFT regulations apply to all financial institutions, and cryptocurrency-related transactions are explicitly subject to AML scrutiny under the 2017 ICO Notice (94 公告) and supporting circulars.", "requirement_structured": { "statute": "Anti-Money Laundering Law of the PRC", "regulator_rules": "PBOC AML/CFT regulations (all financial institutions)", "crypto": "explicit AML scrutiny under 94 公告 and supporting circulars" }, "status": "in_force", "source": { "primary": "Anti-Money Laundering Law of the PRC; PBOC AML/CFT regulations; 2017 ICO Notice (94 公告)", "pinpoint": "AML — PRC AML Law; PBOC AML/CFT; crypto AML scrutiny under 94 公告", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (AML / KYC Framework) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3); pending primary-source verification.\n\n[v0.9.5 verification] PIPL/DSL/CAC data regime is in force, but the specific outbound-transfer thresholds were NOT line-verified against original-language official text in this pass; kept unset.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-bank_nonbank_routing-001", "jurisdiction": "CN", "authority": "People's Bank of China (PBOC); Cyberspace Administration (data)", "instrument_type": "other", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "With no domestic issuance pathway, there is no bank/non-bank routing architecture for compliant private-token issuance to characterize.", "requirement_structured": { "context": "no issuance pathway" }, "status": "in_force", "effective_date": null, "source": { "primary": "PBOC framework; 2021 inter-ministerial Notice", "pinpoint": "Absence of a compliant issuance/routing architecture" }, "interpretation_note": "Authored in v0.9.2 to fill the CN.C5 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition).", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "cn", "bank_nonbank_routing", "v0.9.5_verification", "binding_prohibition" ], "binding_status": "prohibition", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-capital_requirements-001", "jurisdiction": "CN", "authority": "PBOC; SAFE; CSRC", "instrument_type": "other", "instrument_label_local": "无境内发行 (no domestic issuance); indirect HK pathway", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "Capital requirements are not applicable to domestic issuance. On the indirect Hong Kong pathway, the HKMA HK$25 million paid-up share capital applies to the HK-licensed entity; for PRC-listed parents, capital injected into the HK subsidiary is subject to SAFE outbound-investment registration and consolidates into the parent's financial statements under the Accounting Standards for Business Enterprises.", "requirement_structured": { "domestic": "not applicable", "indirect_hk_capital": "HKMA HK$25m paid-up on HK entity", "safe": "capital injection subject to SAFE outbound-investment registration", "consolidation": "into parent statements under Accounting Standards for Business Enterprises" }, "status": "in_force", "source": { "primary": "HKMA capital rules (HK entity); SAFE outbound-investment registration; Accounting Standards for Business Enterprises", "pinpoint": "Capital — N/A domestically; indirect HK HK$25m + SAFE registration + consolidation", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Capital Requirements) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3); pending primary-source verification. The SAFE outbound-capital and consolidation layers are the operative PRC-law constraints on the indirect pathway.\n\n[v0.9.5 verification] Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition).", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.3.0_backfill", "indirect_pathway", "v0.7.0_claim_class", "v0.9.5_verification", "binding_prohibition" ], "binding_status": "prohibition", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-cross_border_data-001", "jurisdiction": "CN", "authority": "CAC; PBOC", "instrument_type": "other", "instrument_label_local": "出境数据 (cross-border data); wallet KYC / merchant onboarding data", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "Even where issuance is prohibited, stablecoin-related personal data (wallet KYC and merchant-onboarding data tied to PRC residents) falls within PIPL outbound-transfer scope and is the binding constraint that reaches non-PRC-affiliated cross-border firms. PIPL (effective 1 Nov 2021) requires that any cross-border transfer of personal information satisfy one of three gates: (a) a CAC security assessment, (b) personal-information-protection certification by a CAC-approved body, or (c) a CAC Standard Contract. The Data Security Law (DSL, effective 1 Sep 2021) subjects cross-border transfer of 'important data' to security review. The 22 March 2024 Provisions on Promoting and Regulating Cross-Border Data Flows raise the thresholds for mandatory security assessment, giving partial relief for routine business data (e.g. HR and contract-performance data). Free Trade Zone negative lists (Shanghai, Beijing, Hainan, and others) provide additional zone-specific relief.", "requirement_structured": { "pipl_transfer_gates": [ "CAC security assessment", "CAC-approved certification", "CAC Standard Contract" ], "dsl_important_data": "cross-border transfer subject to security review", "march_2024_provisions": "raises mandatory-assessment thresholds; partial relief for routine business data", "ftz_relief": "zone-specific negative lists (Shanghai/Beijing/Hainan/etc.)", "reaches_non_prc_firms": true }, "status": "in_force", "effective_date": "2021-11-01", "source": { "primary": "Personal Information Protection Law (PIPL, eff. 1 Nov 2021); Data Security Law (DSL, eff. 1 Sep 2021); CAC Provisions on Promoting and Regulating Cross-Border Data Flows (22 Mar 2024)", "pinpoint": "PIPL three-gate outbound transfer; DSL important-data review; March 2024 threshold relief; FTZ negative lists" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Cross-Border Data Treatment) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3). This is the one PRC constraint that binds firms with no PRC entity affiliation: when their KYC/onboarding flows touch PRC-resident personal data, the PIPL and DSL gates apply regardless of where the stablecoin is issued.\n\n[v0.9.5 verification] PIPL/DSL/CAC data regime is in force, but the specific outbound-transfer thresholds were NOT line-verified against original-language official text in this pass; kept unset.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "data_sovereignty", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2021-11-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-distribution-001", "jurisdiction": "CN", "authority": "PBOC; CSRC; SAFE; CAC", "instrument_type": "other", "instrument_label_local": "推广与发售 (promotion and offering)", "dimension": "distribution", "constraint_ref": "C8", "requirement_summary": "All cryptocurrency promotion, offering, and trading is prohibited within PRC territory, so there is no domestic distribution channel. For PRC-connected groups operating via Hong Kong, the indirect pathway carries three independent layers of constraint: (i) A-share listing rules (a Hong Kong subsidiary's stablecoin activities are subject to related-party-transaction disclosure, results consolidate into the listed parent under the Accounting Standards for Business Enterprises, and the CSRC may require special disclosure or pre-notification); (ii) SAFE outbound-capital control (capital injections into the HK subsidiary, profit repatriation, and intra-group financing are subject to SAFE registration and quota limits); and (iii) PBOC/CAC supervisory posture: the 2026 Notice (银发〔2026〕42号, in force 6 Feb 2026) now puts in writing the prohibition on private RMB-pegged stablecoin issuance, replacing the unpublished 2025 signalling and adding an explicit extraterritorial issuance ban.", "requirement_structured": { "domestic_distribution": "prohibited (all crypto promotion/offering/trading)", "indirect_hk_pathway_layers": { "a_share_disclosure": "related-party disclosure; consolidation; CSRC special disclosure/pre-notification", "safe_capital": "registration + quota on injections, repatriation, intra-group financing", "pboc_cac_posture": "Oct 2025 verbal guidance; behavioral effect without published rule" } }, "status": "in_force", "effective_date": null, "source": { "primary": "PRC prohibition on cryptocurrency promotion/offering/trading within territory; CSRC A-share disclosure rules; SAFE outbound-capital controls; PBOC/CAC October 2025 guidance", "pinpoint": "Domestic distribution prohibited; three indirect-pathway constraint layers (A-share / SAFE / PBOC-CAC)", "url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Distribution and Offering Restrictions; Indirect pathway constraints) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3). Mapped to C8 (disclosure/reporting/supervisory coordination) because the operative constraints on the indirect pathway are disclosure-, capital-control-, and supervisory-posture constraints rather than a product distribution rule.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Chinese): the unpublished 2025 PBOC/CAC signalling is now written law (银发〔2026〕42号).", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "prohibition", "v0.9.5_verification", "binding_prohibition" ], "binding_status": "prohibition", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "cn-prc-implementation_status-001", "jurisdiction": "CN", "authority": "PBOC; CAC; CSRC; SAFE", "instrument_type": "other", "instrument_label_local": "稳定禁止 (stable prohibition)", "dimension": "implementation_status", "requirement_summary": "The regime is a stable prohibition with no scheduled formal rule change. Key milestones: the 2017 ICO ban (94 公告); the Data Security Law (1 Sep 2021); the reaffirmed comprehensive prohibition extended to offshore exchanges (24 Sep 2021); PIPL (1 Nov 2021); the 22 March 2024 cross-border data Provisions; the 2025 Hong Kong application window in which PRC-connected groups (Ant, JD, and state-owned banks) applied or expressed interest; and the 10 April 2026 HK first-license cohort, which excluded all PRC-connected applicants, private and state alike.", "requirement_structured": { "2017": "ICO ban (94 公告)", "2021_dsl": "Data Security Law (1 Sep)", "2021_prohibition": "comprehensive prohibition reaffirmed (24 Sep)", "2021_pipl": "PIPL (1 Nov)", "2024": "cross-border data Provisions (22 Mar)", "2025": "HK application window; Oct 2025 PBOC/CAC guidance; Ant/JD suspend", "2026": "10 Apr HK first cohort excludes all PRC-connected applicants" }, "status": "in_force", "effective_date": "2021-09-24", "source": { "primary": "94 公告 (2017); DSL (2021); PIPL (2021); 2024 cross-border data Provisions; HKMA April 2026 first-license cohort", "pinpoint": "Implementation timeline — stable prohibition; 2017-2026 milestones", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Implementation Timeline) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3); pending primary-source verification. The April 2026 cohort's exclusion of both private (Ant, JD) and state-owned (BOCHK, ICBC Asia, BOCom HK, CCB Asia, PetroChina) applicants is the operative evidence of the private/state boundary the PBOC polices.\n\n[v0.9.5 verification] No affirmative issuance regime exists in the PRC (operational/absence record).", "confidence": "high", "claim_class": "tier2_operational", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_no_regime" ], "binding_status": "no_regime", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2021-09-24", "effective_until": null, "event_id": null, "legal_status": "no_regime", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-issuer_pathway-001", "jurisdiction": "CN", "authority": "PBOC; CAC; MIIT; SAFE", "instrument_type": "other", "instrument_label_local": "无合法境内发行路径 (no lawful domestic issuance pathway)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "There is no domestic stablecoin issuance pathway. The 2017 ICO Notice (94公告) policy continues, and the 2026 Notice (银发〔2026〕42号, which repealed the 2021 Notice) treats token issuance and virtual-currency business activity as prohibited, upgrading the banned act from token-offering financing to issuing virtual currency. The live regulatory questions for PRC-connected groups therefore concern the indirect pathway through Hong Kong and the cross-border data, capital, and disclosure constraints that condition it, not a domestic licence. The behavioural boundary observed in 2025 tracks a private/state distinction: private internet groups (Ant, JD) applied for HK licences and then withdrew in October 2025; state-linked banks expressed interest and paused; and no PRC-affiliated applicant received a licence in the April 2026 first round.", "requirement_structured": { "domestic_pathway": "none", "prohibition_instruments": [ "2017 ICO Notice (94 公告)", "2021 PBOC virtual-currency framework" ], "observed_boundary": "private vs state issuance, not PRC-connected vs non-PRC-connected" }, "status": "in_force", "effective_date": "2021-09-24", "source": { "primary": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, 6 Feb 2026; repealed 银发〔2021〕237号); 2017 ICO Notice (94公告)", "pinpoint": "银发〔2026〕42号 (virtual-currency-related business activities in the PRC are illegal financial activities, strictly prohibited; the prohibited act is upgraded from '代币发行融资' (token-offering financing, 2021) to '发行虚拟货币' (issuing virtual currency), now reaching non-fundraising / airdrop / utility issuance)", "url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Statutory Framework; Indirect pathway) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3). The Ant/JD October 2025 suspension and the absence of any PRC-affiliated licensee in the April 2026 HK cohort are the empirical anchors for the 'stable prohibition' characterization.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Chinese): operative-instrument citation updated to 银发〔2026〕42号, which repealed the 2021 Notice and broadened the issuance prohibition. No domestic issuance pathway exists; CN stays the prohibition pole.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "prohibition", "v0.9.5_verification", "binding_prohibition", "verification_reviewed" ], "binding_status": "prohibition", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2021-09-24", "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "cn-prc-monetary_sovereignty-001", "jurisdiction": "CN", "authority": "PBOC; CAC", "instrument_type": "other", "instrument_label_local": "非人民币代币 (non-RMB currency tokens)", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "Mainland China occupies the prohibitive pole of the monetary-sovereignty constraint. The eight-ministry Notice 银发〔2026〕42号 (in force 6 Feb 2026) reaffirms that virtual currencies have no legal-tender status and adds an explicit WRITTEN prohibition on overseas issuance of RMB-pegged stablecoins without lawful approval (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币), plus an extraterritorial ban on PRC-controlled entities issuing virtual currencies abroad and restrictions on RWA tokenisation.", "requirement_structured": { "cap_type": "total prohibition (non-RMB tokens), not quantitative", "policed_boundary": "private vs state authority to issue currency-like instruments", "sovereign_instrument": "e-CNY", "spectrum_position": "prohibitive pole (vs EU quantitative cap, HK qualitative restriction)" }, "status": "in_force", "effective_date": null, "source": { "primary": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号); 2017 ICO Notice (94公告)", "pinpoint": "银发〔2026〕42号 — 未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币 (no entity, domestic or overseas, may issue RMB-pegged stablecoins overseas without approval); 境内主体及其控制的境外主体不得在境外发行虚拟货币 (PRC-controlled entities may not issue virtual currencies abroad); RWA tokenisation restrictions", "url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Comparison Table — Non-domestic currency caps) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3). This is the PRC instance of Constraint 7. The three-jurisdiction sovereignty spectrum (EU quantitative cap / HK qualitative restriction / PRC total prohibition) is the comparative payload of the author's monetary-sovereignty paper.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Chinese) — MATERIAL CURRENCY FIX: the previously cited basis ('PBOC October 2025 verbal guidance') is replaced. The RMB-pegged-stablecoin prohibition is now WRITTEN, in-force law: 银发〔2026〕42号 (6 Feb 2026), confirmed against the csrc.gov.cn official text, which also explicitly repealed the 2021 Notice (银发〔2021〕237号同时废止). Substance unchanged: CN remains the prohibition pole; this is a provenance + currency correction, not a re-classification.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "new_dimension", "v0.9.5_verification", "binding_prohibition", "verification_reviewed" ], "binding_status": "prohibition", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "cn-prc-permitted_activity_yield-001", "jurisdiction": "CN", "authority": "People's Bank of China (PBOC); Cyberspace Administration (data)", "instrument_type": "other", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "Because private token issuance and related fundraising are prohibited, there is no lawful domestic issuer that could pay yield; the yield question does not arise within a permitted perimeter.", "requirement_structured": { "context": "issuance prohibited", "yield": "no lawful issuer" }, "status": "in_force", "effective_date": null, "source": { "primary": "PBOC et al. Notice on Preventing Token Fundraising Risks (2017); related circulars", "pinpoint": "Prohibition context — no permitted issuer to which a yield rule could attach" }, "interpretation_note": "Authored in v0.9.2 to fill the CN.C3 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition).", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "cn", "permitted_activity_yield", "v0.9.5_verification", "binding_prohibition" ], "binding_status": "prohibition", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-regulatory_authority-001", "jurisdiction": "CN", "authority": "PBOC; CAC; CSRC; MIIT; SAFE", "instrument_type": "other", "instrument_label_local": "虚拟货币 / stablecoin (no lawful domestic instrument)", "dimension": "regulatory_authority", "constraint_ref": "C1", "requirement_summary": "No single stablecoin regulator exists because there is no lawful domestic issuance pathway; instead, a coordinated multi-agency prohibition perimeter governs. The eight-ministry Notice 银发〔2026〕42号 (in force 6 Feb 2026), issued jointly with the Cyberspace Administration and the two supreme judicial organs, sets the perimeter: the People's Bank of China (PBOC) leads, with the NDRC, MIIT, MPS, SAMR, NFRA, CSRC, and SAFE. The 2026 Notice put the prohibition on private RMB-pegged stablecoin issuance into writing, formalising the stance PBOC had signalled to PRC tech groups in 2025. The CAC governs ICP, deep-synthesis/generative-AI content, and cross-border data flows; the CSRC governs A-share issuer disclosure and has directed brokerages to pause Hong Kong tokenisation activity; MIIT and SAFE supply supporting telecoms/ICP and outbound-capital measures.", "requirement_structured": { "agencies": { "PBOC": "primary financial regulator; private RMB-linked issuance guidance (Oct 2025)", "CAC": "cross-border data, ICP, content; joined Oct 2025 guidance", "CSRC": "A-share disclosure; brokerage tokenization pause", "MIIT": "telecoms / ICP supporting measures", "SAFE": "outbound capital and profit repatriation control" }, "single_stablecoin_regulator": false }, "status": "in_force", "effective_date": null, "source": { "primary": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, 6 Feb 2026); issuing bodies: PBOC, NDRC, MIIT, MPS, SAMR, NFRA, CSRC, SAFE, with 中央网信办/最高法/最高检", "pinpoint": "银发〔2026〕42号 (a coordinated multi-agency prohibition perimeter; eight ministries plus the cyberspace administration and the two supreme judicial organs)", "url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Regulators) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3). The relevant 'authority' question for PRC-connected groups is not who licenses issuance (no one does) but which agencies condition the indirect Hong Kong pathway.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Chinese): citation updated to the in-force 银发〔2026〕42号 (repealing 银发〔2021〕237号).", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.9.5_verification", "binding_prohibition", "verification_reviewed" ], "binding_status": "prohibition", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "cn-prc-reserve_backing-001", "jurisdiction": "CN", "authority": "PBOC; SAFE; CSRC", "instrument_type": "other", "instrument_label_local": "无境内发行 (no domestic issuance); indirect HK pathway", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "Reserve requirements are not applicable to domestic issuance, which is prohibited. On the indirect pathway through Hong Kong, HKMA reserve requirements apply to the HK-licensed entity; the PRC-connected parent holds no reserve obligation directly under PRC law but faces consolidation treatment under A-share listing rules.", "requirement_structured": { "domestic": "not applicable (issuance prohibited)", "indirect_hk": "HKMA reserve rules apply to HK entity", "prc_parent": "no direct reserve obligation; A-share consolidation treatment" }, "status": "in_force", "source": { "primary": "PRC prohibition on domestic issuance; HKMA reserve rules apply to HK-licensed entity (indirect pathway)", "pinpoint": "Reserve — N/A domestically; indirect HK pathway + A-share consolidation", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Mainland China (Reserve and Backing Requirements) [re-pinned from v0.9.3]" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix (re-pinned to v0.9.6; originally v0.9.3); pending primary-source verification. Recorded because the 'N/A domestically + indirect HK consolidation' structure is itself the analytically relevant fact for PRC-connected groups.\n\n[v0.9.5 verification] Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition).", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.3.0_backfill", "indirect_pathway", "v0.7.0_claim_class", "v0.9.5_verification", "binding_prohibition" ], "binding_status": "prohibition", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "cn-prc-securities_classification-001", "jurisdiction": "CN", "authority": "People's Bank of China (PBOC); Cyberspace Administration (data)", "instrument_type": "other", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Token issuance and exchange activity have been treated as unauthorized public fundraising / illegal financial activity rather than admitted securities offerings; there is no compliant securities pathway for private tokens.", "requirement_structured": { "treatment": "unauthorized fundraising / illegal financial activity" }, "status": "in_force", "effective_date": null, "source": { "primary": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号); CSRC 公告〔2026〕1号《关于境内资产境外发行资产支持证券代币的监管指引》", "pinpoint": "银发〔2026〕42号 (token issuance treated as illegal public fundraising / illegal financial activity); CSRC 公告〔2026〕1号 (RWA asset-backed-securities-token guidance: filing system + negative list for onshore-asset offshore ABS-token issuance)", "url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml" }, "interpretation_note": "Authored in v0.9.2 to fill the CN.C4 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Chinese): added the CSRC 公告〔2026〕1号 RWA ABS-token guidance issued alongside 42号; citation updated.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "cn", "securities_classification", "v0.9.5_verification", "binding_prohibition", "verification_reviewed" ], "binding_status": "prohibition", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "prohibited", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "eu-emt-bank_nonbank_routing-001", "jurisdiction": "EU", "authority": "EBA/ESMA; national competent authorities", "instrument_type": "e_money_token", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "Because EMT issuers must be credit institutions or e-money institutions, issuance sits inside the bank / e-money prudential framework; reserve assets must be safeguarded and segregated from the issuer's estate.", "requirement_structured": { "issuer_status": [ "credit institution", "EMI" ], "reserve_safeguarding": true }, "status": "in_force", "effective_date": null, "source": { "primary": "MiCA, Regulation (EU) 2023/1114; EMD2 (Directive 2009/110/EC)", "pinpoint": "Issuer prudential status; safeguarding/segregation of reserve assets" }, "interpretation_note": "Authored in v0.9.2 to fill the EU.C5 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "eu", "bank_nonbank_routing", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "eu-emt-cross_border_data-001", "jurisdiction": "EU", "authority": "EBA/ESMA; national competent authorities", "instrument_type": "e_money_token", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "Authorization passports across the single market; personal data is governed by the GDPR, which is a data-protection regime rather than a localization barrier to supervisory information-sharing.", "requirement_structured": { "passporting": true, "data_regime": "GDPR", "blocks_supervisory_sharing": false }, "status": "in_force", "effective_date": null, "source": { "primary": "MiCA, Regulation (EU) 2023/1114; GDPR (Regulation (EU) 2016/679)", "pinpoint": "Passporting; data protection and cross-border supervisory cooperation" }, "interpretation_note": "Authored in v0.9.2 to fill the EU.C6 constraint cell for the substrate sweep.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "eu", "cross_border_data", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "eu-emt-disclosure_reporting-001", "jurisdiction": "EU", "authority": "EBA/ESMA; national competent authorities", "instrument_type": "e_money_token", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "Issuers publish a crypto-asset white paper and are subject to ongoing disclosure; issuers of significant EMTs report to and are supervised by the EBA, with ESMA coordination.", "requirement_structured": { "disclosure": "white paper + ongoing", "significant_emt_supervisor": "EBA" }, "status": "in_force", "effective_date": null, "source": { "primary": "MiCA, Regulation (EU) 2023/1114", "pinpoint": "White-paper and ongoing disclosure; significant-EMT supervision and reporting" }, "interpretation_note": "Authored in v0.9.2 to fill the EU.C8 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "eu", "disclosure_reporting", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "eu-emt-issuer_pathway-001", "jurisdiction": "EU", "authority": "EBA/ESMA; national competent authorities", "instrument_type": "e_money_token", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "Issuance of an e-money token is restricted to entities authorized as credit institutions or electronic money institutions; no other entity may issue. An authorizable private token exists.", "requirement_structured": { "permitted_issuers": [ "credit institution", "electronic money institution" ], "exportable_token": true }, "status": "in_force", "effective_date": null, "source": { "primary": "Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114", "pinpoint": "Title IV — EMT issuance restricted to authorized credit institutions or e-money institutions" }, "interpretation_note": "Authored in v0.9.2 to fill the EU.C1 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "eu", "issuer_pathway", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "eu-emt-monetary_sovereignty-001", "jurisdiction": "EU", "authority": "EBA, ESMA, NCAs", "instrument_type": "e_money_token", "instrument_label_local": "non-EU-currency EMT", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "For a non-EU-currency EMT, MiCA caps usage as a means of exchange at EUR 200 million per day or 1 million transactions per day (the Article 23 thresholds, applied to significant EMTs via Article 58(3)), measured on a quarterly-average basis. The cap applies only to use as a means of exchange within a single currency area, not to store-of-value use or to trading on crypto-asset venues. A separate reporting obligation triggers at EUR 100 million in issuance value globally. This is the canonical quantitative monetary-sovereignty cap and the clearest instance of Constraint 7.", "requirement_structured": { "cap_type": "quantitative", "thresholds": [ "EUR 200,000,000 / day", "1,000,000 transactions / day" ], "measurement": "quarterly average", "scope": "means of exchange within a single currency area only", "reporting_trigger": "EUR 100,000,000 global issuance value" }, "status": "in_force", "effective_date": null, "source": { "primary": "Regulation (EU) 2023/1114 (MiCA), Art. 58(3) (applying the Art. 23 means-of-exchange thresholds to non-EU-currency EMTs)", "pinpoint": "Art. 58(3) (applying Art. 23 mutatis mutandis to non-EU-currency EMTs)", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.5 (Comparison Table — Non-domestic currency caps)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. The exemplar quantitative cap for the monetary_sovereignty dimension; contrast HK (qualitative, professional-investor restriction) and PRC (total prohibition).\n\n[v0.9.5 verification] LABEL RECONCILED: the operative pinpoint, the requirement summary, and source.primary now all read Art. 58(3) (which applies the Art. 23 thresholds mutatis mutandis to non-EU-currency EMTs); the summary and primary previously read bare 'Article 23'. SIGNALS and the corridor records already cite Art. 58(3), so this reconciles the cell across all three fields.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "eu", "focus", "new_dimension", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "MiCA — Regulation (EU) 2023/1114", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "Art. 58(3) (applying Art. 23 mutatis mutandis to non-EU-currency EMTs)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "eu-emt-permitted_activity_yield-001", "jurisdiction": "EU", "authority": "EBA, ESMA, NCAs", "instrument_type": "e_money_token", "instrument_label_local": "e-money token (EMT)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "MiCA Article 50 imposes a yield ban on EMT holders: holders may not receive interest. The prohibition attaches to the holding of the token, paralleling the US GENIUS §4(a)(11) structure but expressed as a flat ban rather than a 'solely'-qualified one.", "status": "in_force", "effective_date": null, "source": { "primary": "Regulation (EU) 2023/1114 (MiCA), Article 50", "pinpoint": "Art. 50 (no interest paid to EMT holders)", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.5 / p.2 (Executive Summary) (EU — Yield)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] Confirmed against the official MiCA text: Art. 50 prohibits interest to EMT holders.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "eu", "focus", "spine", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "MiCA — Regulation (EU) 2023/1114", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "Art. 50 (no interest paid to EMT holders)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "eu-emt-regulatory_authority-001", "jurisdiction": "EU", "authority": "EBA, ESMA, national competent authorities (NCAs)", "instrument_type": "e_money_token", "instrument_label_local": "e-money token (EMT) / asset-referenced token (ART)", "dimension": "regulatory_authority", "requirement_summary": "The Markets in Crypto-Assets Regulation (MiCA, Reg. (EU) 2023/1114) governs EMTs and ARTs, supervised by the EBA (significant tokens), ESMA, and national competent authorities. MiCA's Article 143(3) transitional grandfathering closes on a staggered national schedule capped at 1 July 2026, the outer limit (the longest window any Member State could grant; ESMA has confirmed no extension). Most Member States set shorter windows and closed earlier, so the deadline binding a given corridor is the earliest among the Member States it touches, not the 1 July 2026 cap. A PSD2/MiCAR interplay question is addressed by the EBA No-Action Letter (10 June 2025).", "status": "in_force", "effective_date": null, "source": { "primary": "Regulation (EU) 2023/1114 (MiCA)", "pinpoint": "Titles III/IV; EBA/ESMA/NCA supervisory architecture", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.5 (Comparison Table) and EU detailed entry" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] Confirmed: MiCA Titles III/IV and the EBA/ESMA/NCA architecture.\n\n[v0.9.9 correction] The Article 143(3) transitional framing was corrected from the earlier uniform \"ends 1 July 2026\" to the staggered national schedule, verified against ESMA's statement and the official Article 143(3) grandfathering list: 1 July 2026 is the outer cap (France, Malta, Luxembourg run the full window), while Germany and Ireland closed at 12 months (end 2025), Sweden at 9 months (late 2025), and Finland, Latvia, Lithuania, Hungary, the Netherlands, Poland, and Slovenia at 6 months (mid-2025). The binding date for a corridor is the earliest deadline among the Member States it touches. This aligns the register with the flagship paper's corrected §3.10; the citable proposition (MiCA Titles III/IV + EBA/ESMA/NCA architecture, verified against the OJ text) is unchanged, so binding_status, evidence_tier, and the verification block are untouched. The dated national schedule is carried structurally in the event calendar (eu-mica-art143-transitional-expiry, trigger_kind=intra-regime-gating).", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "eu", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified", "v0.9.9_mica_staggered_correction" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "MiCA — Regulation (EU) 2023/1114", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "Titles III/IV; EBA/ESMA/NCA supervisory architecture" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "eu-mica-art143-transitional-expiry", "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "eu-emt-reserve_backing-001", "jurisdiction": "EU", "authority": "EBA, NCAs", "instrument_type": "e_money_token", "instrument_label_local": "e-money token (EMT) / asset-referenced token (ART)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "MiCA requires EMT reserves to hold at least 60% in bank deposits; ART reserves at least 30% in bank deposits. (Distinct from the US/HK same-currency short-dated-sovereign model.)", "requirement_structured": { "emt_bank_deposit_floor": ">=60%", "art_bank_deposit_floor": ">=30%" }, "status": "in_force", "effective_date": null, "source": { "primary": "Regulation (EU) 2023/1114 (MiCA), reserve composition provisions", "pinpoint": "reserve composition set in MiCA + Level-2 RTS; deposit-% pinpoint pending RTS line-read", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.5 (Comparison Table — Reserve backing)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. Reserve half of the split dimension.\n\n[v0.9.5 verification] HELD at firm_summary: MiCA is in force, but the deposit-percentage figures (EMT >=60% / ART >=30% bank deposits) are set in the Level-2 RTS and were NOT line-verified against the article text in this pass.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "eu", "focus", "from_matrix_v0.9.3", "dimension_split", "v0.9.5_verification", "binding_in_force_enacted", "verification_reviewed" ], "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "MiCA — Regulation (EU) 2023/1114", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "reserve composition set in MiCA + Level-2 RTS; deposit-% pinpoint pending RTS line-read" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "eu-emt-securities_classification-001", "jurisdiction": "EU", "authority": "EBA/ESMA; national competent authorities", "instrument_type": "e_money_token", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "E-money tokens and asset-referenced tokens are crypto-assets governed by MiCA and are carved out of the MiFID II financial-instrument (securities) perimeter; they are not treated as transferable securities.", "requirement_structured": { "classification": "crypto-asset under MiCA", "securities_perimeter": false }, "status": "in_force", "effective_date": null, "source": { "primary": "MiCA, Regulation (EU) 2023/1114; MiFID II (Directive 2014/65/EU)", "pinpoint": "Scope — EMT/ART as crypto-assets outside the MiFID II financial-instrument definition" }, "interpretation_note": "Authored in v0.9.2 to fill the EU.C4 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "eu", "securities_classification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "hk-frs-aml_kyc-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "aml_kyc", "requirement_summary": "The HKMA AML/CFT Guideline for licensed stablecoin issuers applies: standard FATF KYC, transaction monitoring, and suspicious-transaction reporting, plus distribution-channel KYC obligations executed via licensed VATPs and SFC Type 1 corporations.", "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "HKMA AML/CFT Guideline for licensed stablecoin issuers (under Cap. 656)", "pinpoint": "AMLO + Ordinance AML obligations on licensees", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.22 (Hong Kong — AML/KYC Framework)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] PROMOTED to firm_summary: HK AML obligations rest on the AMLO + the Ordinance (in force); not separately line-verified to the AML pinpoint in this pass.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "verification_reviewed" ], "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "hk-frs-bank_nonbank_routing-001", "jurisdiction": "HK", "authority": "Hong Kong Monetary Authority (HKMA)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "Issuance requires an HKMA licence open to bank and non-bank applicants; it is a licensing regime rather than a bank-only monopoly.", "requirement_structured": { "licence": "HKMA", "bank_only": false }, "status": "in_force", "effective_date": null, "source": { "primary": "Stablecoins Ordinance (Cap. 656)", "pinpoint": "Licensing of issuers (bank and non-bank); not bank-only" }, "interpretation_note": "Authored in v0.9.2 to fill the HK.C5 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] HK bank/non-bank routing under the Ordinance; binding status recorded; remains firm_summary.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "hk", "bank_nonbank_routing", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "hk-frs-capital_requirements-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "HK$25 million minimum paid-up share capital (or currency equivalent), with HKMA empowered to require more based on business plan; HK$3 million minimum liquid capital; and excess liquid capital equivalent to at least 12 months of operating expenses. The HK$25m threshold, combined with the HK-incorporation-or-authorised-institution requirement, effectively limits applicants to banks and JV-backed large corporates.", "requirement_structured": { "min_paid_up_capital": "HK$25,000,000", "min_liquid_capital": "HK$3,000,000", "liquidity_buffer": ">=12 months operating expenses" }, "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), capital requirements", "pinpoint": "HK$25m paid-up capital (statutory)", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.21-22 (Hong Kong — Capital Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. Split-out capital half of the former reserve_capital dimension.\n\n[v0.9.5 verification] CAVEAT: HK$3m liquid-asset + 12-month-opex requirements are HKMA Guideline detail (guidance), not the Ordinance. Confirmed for the statutory HK$25m paid-up minimum. The HK$3m liquid-asset and 12-month-opex figures are HKMA Guideline detail (guidance).", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "dimension_split", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "HK$25m paid-up capital (statutory)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-cross_border_data-001", "jurisdiction": "HK", "authority": "HKMA; PCPD", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "Personal data is governed by the Personal Data (Privacy) Ordinance (PDPO). Cross-border data transfer governance under PDPO Section 33 remains pending final commencement. HKMA Supervisory Policy Manual provisions on outsourcing and data hosting apply.", "status": "in_force", "effective_date": null, "source": { "primary": "Personal Data (Privacy) Ordinance (PDPO); s.33 (cross-border transfer, not yet commenced)", "pinpoint": "PDPO (Cap. 486) data obligations; HKMA outsourcing/data guidance", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.22 (Hong Kong — Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] PROMOTED to firm_summary: HK data obligations rest on the PDPO (in force); not separately line-verified.", "interpretive_flag": { "tension": "PDPO s.33 (cross-border transfer restriction) has long been enacted but not commenced; its eventual commencement would change the cross-border data posture.", "resolution_channel": "PCPD / government commencement notice." }, "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "verification_reviewed" ], "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "high" } }, { "id": "hk-frs-disclosure_reporting-001", "jurisdiction": "HK", "authority": "Hong Kong Monetary Authority (HKMA)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "Licensed issuers must meet disclosure, reserve-attestation and reporting requirements under HKMA supervision, with supervisory coordination available.", "requirement_structured": { "disclosure": "reserve attestation + reporting", "supervisor": "HKMA" }, "status": "in_force", "effective_date": null, "source": { "primary": "Stablecoins Ordinance (Cap. 656)", "pinpoint": "Disclosure, reserve attestation and supervisory reporting" }, "interpretation_note": "Authored in v0.9.2 to fill the HK.C8 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] HK disclosure/reporting under the Ordinance + HKMA Guideline; binding status recorded; remains firm_summary.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "hk", "disclosure_reporting", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "hk-frs-distribution-001", "jurisdiction": "HK", "authority": "HKMA; SFC", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "distribution", "requirement_summary": "Permitted offerors of FRS in Hong Kong are HKMA-licensed FRS issuers, SFC-licensed VATPs, SFC-licensed Type 1 corporations, and Authorised Institutions. Foreign-based issuers of non-HKD-linked FRS may offer to professional investors only. Unlicensed activity carries HK$5 million fine + 7 years' imprisonment + HK$100,000 per day of continuing offence. Pre-existing-issuer transitional treatment required applications by 31 Oct 2025; the closing-down period began 1 Nov 2025 for non-applicants. The April 2026 cohort contrasts distribution models: HSBC plans direct retail integration via PayMe (3.3m users) and its mobile app from H2 2026; Anchorpoint plans a phased Q2 2026 B2B2C rollout of HKDAP via authorised partners.", "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), offering / distribution restrictions and offence provisions", "pinpoint": "permitted-offeror closed loop; HK$5m / 7-year offence", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.22 (Hong Kong — Distribution and Offering Restrictions)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. The 'non-HKD FRS -> professional investors only' rule is also the HK datapoint for the monetary_sovereignty dimension (see hk-frs-monetary_sovereignty-001).\n\n[v0.9.5 verification] Confirmed: the permitted-offeror closed loop and the HK$5m / 7-year distribution offence.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "permitted-offeror closed loop; HK$5m / 7-year offence" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-implementation_status-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "implementation_status", "requirement_summary": "Live regime. Key milestones: HKMA discussion paper (Jan 2022); FSTB/HKMA consultation (Dec 2023); conclusions + sandbox (Jul 2024); Ordinance and guidelines effective (1 Aug 2025); Ant/JD applications suspended (18-20 Oct 2025); pre-existing-issuer application deadline (31 Oct 2025); closing-down period begins (1 Nov 2025); transitional operating window ends (31 Jan 2026); first two licences granted (10 Apr 2026, HSBC = FRS02, Anchorpoint = FRS01). Expected: Anchorpoint HKDAP B2B2C launch (Q2 2026); HSBC retail launch via PayMe (H2 2026); HKMA second-cohort licences (Q3 2026).", "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656) commencement + HKMA licensing actions", "pinpoint": "Timeline Jan 2022 -> Q3 2026; first cohort 10 Apr 2026" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.23 (Hong Kong — Implementation Timeline)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.", "confidence": "high", "claim_class": "tier2_operational", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "hk-frs-issuer_pathway-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "A licence is required for (1) FRS issuers in Hong Kong, (2) issuers outside HK of stablecoins referencing the HK dollar, and (3) entities actively marketing FRS to the HK public. Eligible applicants are companies incorporated in HK under the Companies Ordinance, or authorised institutions (banks / restricted-licence / deposit-taking companies under the Banking Ordinance). Shell entities or mere pre-1-Aug-2025 establishment do not qualify for transitional treatment. The first-licence cohort (10 Apr 2026) was HSBC and Anchorpoint Financial Limited (a Standard Chartered (HK)–HKT–Animoca JV intending HKDAP on a B2B2C model); no PRC-connected entities were licensed.", "requirement_structured": { "first_cohort": [ "HSBC (FRS02)", "Anchorpoint Financial Limited (FRS01)" ], "prc_connected_in_cohort": false }, "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), licensing provisions", "pinpoint": "licensable regulated activities; s.8(1) licensing offence", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.21 (Hong Kong — Issuer Pathways and Eligibility)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. The first-cohort composition signals HKMA risk appetite (banks / authorised-institution-backed JVs at or above the statutory minimum).\n\n[v0.9.5 verification] Confirmed: the licensable-activities perimeter and the s.8(1) licensing offence.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "licensable regulated activities; s.8(1) licensing offence" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-monetary_sovereignty-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "non-HKD-linked FRS", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "Hong Kong does not impose a quantitative non-domestic-currency usage cap of the MiCA Article 23 type, but it draws a sovereignty-adjacent line through distribution: foreign-based issuers of non-HKD-linked FRS may offer to professional investors only, while HKD-referencing stablecoins (including those issued offshore) are pulled fully inside the licensing perimeter. The effect is to privilege the domestic-currency instrument for retail use without a numeric ceiling.", "requirement_structured": { "cap_type": "qualitative (distribution restriction), not quantitative", "non_domestic_currency_retail": "restricted (professional investors only for non-HKD FRS)" }, "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656) — HKD-referencing perimeter + non-HKD FRS professional-investor restriction", "pinpoint": "offshore HKD-referencing issuance is licensable; non-HKD FRS offering limited", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.5 (Comparison Table — Non-domestic currency caps) and p.22" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. This is the HK instance of Constraint 7 (monetary sovereignty / reserve-currency asymmetry); contrast EU Art. 23 (quantitative cap) and PRC (total non-RMB prohibition).\n\n[v0.9.5 verification] Confirmed: offshore HKD-referencing issuance is licensable; non-HKD FRS offering is limited.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "new_dimension", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "offshore HKD-referencing issuance is licensable; non-HKD FRS offering limited" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-permitted_activity_yield-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "The Stablecoins Ordinance Schedule 2 Section 15 (Non-interest bearing) provides that the licensee must not pay any interest on issued stablecoins. Direct payments from issuer to holder are reached by the prohibition.", "requirement_structured": { "passive_yield_to_holder": "prohibited (issuer-to-holder interest)", "activity_based_rewards": "not addressed by the Ordinance text; perimeter open" }, "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), Schedule 2, s.15 (Non-interest bearing)", "pinpoint": "Sch. 2 s.15 (no interest on issued stablecoins)", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.22 (Hong Kong — Yield and Interest Treatment)" } ], "interpretation_note": "Provenance: exact pinpoint (Sch. 2 s.15) transcribed from author's verified Compliance Matrix v0.9.3 — this supplies the exact section that the seed record had left as a placeholder. Compare against the US §404 / GENIUS §4(a)(11) 'solely in connection with holding' structure: the HK text is a flat issuer-to-holder prohibition and does not itself draw the bona-fide-activity line.\n\n[v0.9.5 verification] Confirmed against the Ordinance: Sch. 2 s.15 prohibits interest on issued stablecoins.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "seed", "apac", "focus", "spine", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "Sch. 2 s.15 (no interest on issued stablecoins)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-redemption-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "redemption", "requirement_summary": "Redemption at par value within 1 business day of a valid request. Redemption obligations are a continuing licence condition.", "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), redemption requirements", "pinpoint": "par redemption within 1 business day", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.22 (Hong Kong — Redemption Mechanics)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] Confirmed: par redemption within one business day.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "par redemption within 1 business day" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-regulatory_authority-001", "jurisdiction": "HK", "authority": "HKMA (primary); SFC (VATPs / Type 1 distribution)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin (fiat-referenced stablecoin, FRS)", "dimension": "regulatory_authority", "requirement_summary": "The Stablecoins Ordinance (Cap. 656), effective 1 August 2025, establishes the HKMA as primary regulator for FRS issuers, supported by HKMA Explanatory Notes (Licensing; Transitional Provisions), the Guideline on Supervision of Licensed Stablecoin Issuers, and the AML/CFT Guideline. The SFC regulates virtual asset trading platforms (VATPs) and Type 1 corporations authorised to offer stablecoins.", "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), in force 1 Aug 2025", "pinpoint": "HKMA as the licensing/supervisory authority", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.3 (18 May 2026), p.21 (Hong Kong — Statutory Framework / Regulators)" } ], "interpretation_note": "Provenance: primary pinpoint transcribed from the author's own verified Compliance Matrix v0.9.3; remains subject to the standing human-verification rule (METHODOLOGY.md).\n\n[v0.9.5 verification] Confirmed: HKMA authority under the Ordinance.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "seed", "apac", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "HKMA as the licensing/supervisory authority" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-reserve_backing-001", "jurisdiction": "HK", "authority": "HKMA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "specified stablecoin", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "100% backing at all times; the market value of reserve assets must equal or exceed the par value of circulating stablecoins, with HKMA expecting overcollateralisation. Acceptable assets: cash, bank deposits (term <= 3 months), government and central-bank securities (residual maturity <= 1 year), and tokenised forms of the foregoing. Reserves must be strictly segregated from the issuer's other assets and protected against creditor claims via statutory trust.", "requirement_structured": { "backing_ratio": "100% (overcollateralisation expected)", "eligible_assets": [ "cash", "bank deposits <=3mo", "govt/central-bank securities <=1yr", "tokenised forms thereof" ], "segregation": "statutory trust; creditor-remote" }, "status": "in_force", "effective_date": "2025-08-01", "source": { "primary": "Stablecoins Ordinance (Cap. 656), reserve / backing requirements", "pinpoint": "100% backing; same-currency reserve with HKD/USD exception; segregation/trust", "url": "https://www.elegislation.gov.hk/hk/cap656" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.21 (Hong Kong — Reserve and Backing Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. Note this dimension is the split-out reserve half of the former reserve_capital; the capital half is hk-frs-capital_requirements-001.\n\n[v0.9.5 verification] CAVEAT: Granular eligible-asset list is in the HKMA Guideline (guidance), not the Ordinance. Confirmed: statutory 100% backing + trust/segregation; the HKD-can-be-USD exception is confirmed.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "dimension_split", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "100% backing; same-currency reserve with HKD/USD exception; segregation/trust" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2025-08-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "hk-frs-securities_classification-001", "jurisdiction": "HK", "authority": "Hong Kong Monetary Authority (HKMA)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Specified (fiat-referenced) stablecoins are regulated by the HKMA under the Stablecoins Ordinance and are not treated as securities or futures under the SFO.", "requirement_structured": { "regulator": "HKMA", "securities": false }, "status": "in_force", "effective_date": null, "source": { "primary": "Stablecoins Ordinance (Cap. 656); Securities and Futures Ordinance (Cap. 571)", "pinpoint": "HKMA stablecoin perimeter vs. the SFO securities/futures definitions" }, "interpretation_note": "Authored in v0.9.2 to fill the HK.C4 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] HK securities classification (SFO backdrop); binding status recorded; remains firm_summary.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "hk", "securities_classification", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "jp-epi-aml_kyc-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "aml_kyc", "requirement_summary": "The FATF Travel Rule is operative (2022 amendment). Intermediaries hold a large share of customer crypto-assets in cold storage, segregate user funds via trust, and enter liability-sharing agreements with issuers.", "requirement_structured": { "travel_rule": "operative (2022 amendment)", "intermediary_controls": [ "cold storage of a large share of customer crypto-assets", "user-fund segregation via trust", "issuer liability-sharing agreements" ] }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (2022 amendment); FSA AML framework", "pinpoint": "AML — FATF travel rule operative; intermediary cold storage / trust segregation / liability-sharing", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (AML / KYC Framework)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument).", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-bank_nonbank_routing-001", "jurisdiction": "JP", "authority": "Financial Services Agency (FSA)", "instrument_type": "e_money_token", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "Issuance runs through a closed trichotomy — banks, funds-transfer service providers, and trust companies — with distribution by registered EPI service providers, so roles are separated by licensed function.", "requirement_structured": { "issuer_types": [ "bank", "funds-transfer provider", "trust company" ], "distribution": "registered EPIESP" }, "status": "in_force", "effective_date": null, "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Closed issuer trichotomy; distribution via registered EPIESP" }, "interpretation_note": "Authored in v0.9.2 to fill the JP.C5 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "jp", "bank_nonbank_routing", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "jp-epi-capital_requirements-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "Capital requirements are set by entity type under the Payment Services Act and the FSA framework (banking, funds-transfer, or trust licensing); there is no separate aggregate stablecoin capital cap.", "requirement_structured": { "basis": "by entity type (banking / funds-transfer / trust licensing)", "aggregate_cap": "none" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act; FSA framework (by entity type)", "pinpoint": "Capital — by entity type (banking / funds-transfer / trust); no separate aggregate cap", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Capital Requirements)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "jp-epi-cross_border_data-001", "jurisdiction": "JP", "authority": "PPC (APPI)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "The Act on the Protection of Personal Information (APPI) governs personal data and cross-border handling.", "requirement_structured": { "statute": "Act on the Protection of Personal Information (APPI)", "scope": "personal data + cross-border handling" }, "status": "in_force", "source": { "primary": "Act on the Protection of Personal Information (APPI)", "pinpoint": "Cross-border data — APPI governs personal data and cross-border handling", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; pending primary-source verification.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "jp-epi-disclosure_reporting-001", "jurisdiction": "JP", "authority": "Financial Services Agency (FSA)", "instrument_type": "e_money_token", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "EPI service providers register with the FSA and are subject to disclosure and reporting obligations, with supervisory coordination available.", "requirement_structured": { "registration": "FSA (EPIESP)", "disclosure": true }, "status": "in_force", "effective_date": null, "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "EPIESP registration; disclosure and supervisory reporting" }, "interpretation_note": "Authored in v0.9.2 to fill the JP.C8 constraint cell for the substrate sweep.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "jp", "disclosure_reporting", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "jp-epi-distribution-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "distribution", "requirement_summary": "Foreign-issued stablecoins may be handled by a registered EPIESP if it sets aside reserves in Japan equal to customers' holdings and the foreign issuer does not itself issue, redeem, or solicit to Japanese users. Intermediation and distribution therefore run through the registered EPIESP channel rather than the foreign issuer directly.", "requirement_structured": { "inbound_channel": "registered EPIESP with JP reserves equal to customer holdings; foreign issuer not soliciting JP users", "distribution_locus": "registered EPIESP (not the foreign issuer)" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Distribution — foreign tokens handled via a registered EPIESP holding JP reserves equal to customer holdings; foreign issuer may not issue/redeem/solicit to JP users", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Distribution and Offering Restrictions)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "operational_notes": [ { "note": "USDC was admitted through SBI VC Trade (a registered EPIESP) as the first inbound foreign-stablecoin instance — the working example of this channel. Regulatory approval 4 March 2025; launch 26 March 2025.", "as_of": "2025-03-26", "source": { "primary": "FSA approval of USDC admission via SBI VC Trade (EPIESP)", "url": "https://www.sbigroup.co.jp/english/news/pdf/2025/0304_a_en.pdf" } } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The load-bearing claim is the EPIESP inbound rule (a proposition of law); the USDC/SBI VC Trade admission is recorded as an operational illustration in operational_notes (Tier-2), so it is not projected as citable law.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "v0.7.1_claim_purity", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-implementation_status-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "implementation_status", "requirement_summary": "Live regime. Milestones: Electronic Payment Instruments regime in force (1 June 2023); USDC admitted via the intermediary channel (March 2025); Act No. 66 of 2025 enacted, relaxing trust-type reserves (June 2025); JPYC Inc. registered as a Type II funds-transfer provider (18 August 2025); JPYC, the first registered yen stablecoin, launched (27 October 2025); a megabank trust-structured stablecoin (MUFG, Mizuho, SMBC via Progmat and Project Pax) targeted by the end of FY2026 (31 March 2027).", "requirement_structured": { "regime_stage": "live", "milestones": [ "EPI regime in force 1 Jun 2023", "USDC admitted Mar 2025", "Act 66/2025 Jun 2025", "JPYC Inc. registered 18 Aug 2025", "JPYC launched 27 Oct 2025", "megabank trust token targeted by end FY2026 (31 Mar 2027)" ] }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act commencement + FSA registrations (JPYC; USDC via SBI VC Trade)", "pinpoint": "Timeline — EPI 1 Jun 2023; USDC Mar 2025; Act 66/2025 Jun 2025; JPYC 27 Oct 2025; megabank trust token by FY2026", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Implementation Timeline)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." }, { "citation": "USDC via SBI VC Trade (4 Mar 2025): https://www.sbigroup.co.jp/english/news/pdf/2025/0304_a_en.pdf. Act No. 66 of 2025 full enforcement scheduled 13 Jun 2026 (Cabinet orders pending)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). Japan is the most operationally advanced of the v0.4.0 additions, with multiple live yen tokens and a working inbound channel.", "confidence": "high", "claim_class": "tier2_operational", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-issuer_pathway-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "A closed trichotomy: only (a) banks (deposit-type), (b) registered funds-transfer service providers, and (c) trust companies or trust banks (trust-type) may issue Electronic Payment Instruments. Distribution and intermediation require registration as an Electronic Payment Instruments Exchange Service Provider (EPIESP). The issuer trichotomy is the binding eligibility constraint and the structural hallmark of the regime.", "requirement_structured": { "trichotomy": [ "banks (deposit-type)", "registered funds-transfer providers", "trust companies / trust banks (trust-type)" ], "intermediation": "registered Electronic Payment Instruments Exchange Service Provider (EPIESP)", "note": "the binding eligibility constraint and structural hallmark" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Issuer pathway — closed trichotomy (bank / funds-transfer / trust); intermediation via registered EPIESP", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Issuer Pathways and Eligibility)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.1 (Constraint 1: Issuer Eligibility — Japan trust-type sub-mode)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). Japan's trust-type issuer mode is the constraint sub-type the Architecture paper flags as differing materially in reserve treatment and bankruptcy-remoteness.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": "jp-foreign-stablecoin-recognition", "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-monetary_sovereignty-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "There is no aggregate cap. Japan does not prohibit foreign-currency tokens; it admits them through a registered Electronic Payment Instruments Exchange Service Provider (EPIESP) that holds reserves in Japan equal to customers' holdings, provided the foreign issuer does not itself issue, redeem, or solicit to Japanese users. This is an open-but-channelled monetary-sovereignty posture: the currency-of-denomination is not capped, but inbound foreign tokens are routed through a registered domestic intermediary holding local reserves.", "requirement_structured": { "aggregate_cap": "none", "foreign_tokens": "admitted via registered EPIESP holding reserves in Japan", "issuer_condition": "foreign issuer must not issue/redeem/solicit to Japanese users directly", "posture": "open-but-channelled" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Monetary sovereignty — no cap; foreign tokens admitted via registered EPIESP holding JP reserves", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Distribution and Offering Restrictions)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5 (Japan — open-but-channelled posture)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." }, { "citation": "Working example — USDC via SBI VC Trade (registered EPIESP, 4 Mar 2025): https://www.sbigroup.co.jp/english/news/pdf/2025/0304_a_en.pdf." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). Japan's C7 posture is the 'channelled-admission' model: distinct from the EU cap, the UAE channel restriction, and the PRC prohibition — it admits foreign tokens but only through a registered, locally-reserved intermediary.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "v0.9.1_verification_block", "binding_in_force_enacted" ], "verification": { "verified_by": "maintainer", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "url": "https://laws.e-gov.go.jp/", "pinpoint": "Monetary sovereignty — no cap; foreign tokens admitted via registered EPIESP holding JP reserves" } }, "binding_status": "in_force_enacted", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "maintainer", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": "jp-foreign-stablecoin-recognition", "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-permitted_activity_yield-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "Holders are not remunerated: Electronic Payment Instruments are payment instruments, and issuer economics come from reserve interest. Whether an intermediary-layer (EPIESP) lending service over an admitted foreign token is issuer-paid yield or a separate intermediary product is an open C3xC5 boundary question at the intermediary level, not a feature of the issuer-layer rule.", "requirement_structured": { "holder_yield": "prohibited (holders not remunerated)", "issuer_economics": "reserve interest", "intermediary_boundary_case": "EPIESP-layer lending over an admitted foreign token — intermediary-level, not issuer-paid yield (open C3xC5 question)" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Yield — holders not remunerated; issuer earns reserve interest", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Yield and Interest Treatment)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "operational_notes": [ { "note": "A secondary-layer lending service over USDC at SBI VC Trade (an EPIESP) has been reported, with a reported launch around March 2026 — the concrete instance of the intermediary-layer yield boundary case. Market-reported, not confirmed against the official text.", "as_of": "2026-03" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). On the C3 spine Japan is a prohibition-cluster member at the issuer layer; the intermediary-layer lending boundary case (the C3xC5 routing question) is flagged below and its concrete reported instance is in operational_notes (Tier-2).", "interpretive_flag": { "tension": "Whether an intermediary-layer (EPIESP) lending service over an admitted foreign token is issuer-paid yield or a separate intermediary product.", "resolution_channel": "FSA supervisory treatment of EPIESP-layer lending/yield services." }, "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "spine", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "v0.7.1_claim_purity", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-redemption-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "redemption", "requirement_summary": "Redemption is at par on demand. Funds-transfer-type tokens are subject to a 1,000,000 yen per-transfer cap.", "requirement_structured": { "redemption": "at par on demand", "funds_transfer_type": "JPY 1,000,000 per-transfer cap" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Redemption — at par on demand; funds-transfer-type JPY 1,000,000 per-transfer cap", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Redemption Mechanics)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). The JPY 1m per-transfer cap is specific to the funds-transfer issuer type.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-regulatory_authority-001", "jurisdiction": "JP", "authority": "FSA (Financial Services Agency)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "regulatory_authority", "requirement_summary": "Fiat-referenced, par-redeemable stablecoins are Electronic Payment Instruments under the Payment Services Act. The 2022 amendment took effect 1 June 2023 and created the category; Act No. 66 of 2025 (in force June 2025, with implementing cabinet orders to follow) relaxed the trust-type backing rule. The FSA is the single supervisor of issuers and intermediaries; Local Finance Bureaus administer funds-transfer and intermediary registrations under FSA delegation.", "requirement_structured": { "category": "Electronic Payment Instrument under the Payment Services Act", "created": "2022 amendment, in force 1 Jun 2023", "amended_by": "Act No. 66 of 2025 (in force Jun 2025)", "supervisor": "FSA (single)", "delegated_admin": "Local Finance Bureaus" }, "status": "in_force", "effective_date": "2023-06-01", "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime, in force 1 Jun 2023) as amended by Act No. 66 of 2025", "pinpoint": "Regulators — FSA single supervisor; Local Finance Bureaus by delegation", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Statutory Framework / Regulators)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). Japan is a mature, live regime: the FSA single-supervisor model and the EPI category are the structural anchors.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2023-06-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "jp-epi-reserve_backing-001", "jurisdiction": "JP", "authority": "FSA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "Electronic Payment Instrument (EPI)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "Full backing is the baseline; funds-transfer and bank types hold liquid backing. For the trust-type, Act No. 66 of 2025 permits up to fifty percent of issuance value to be held in low-risk short-term assets (Japanese or US government bonds with no more than three months remaining maturity, or terminable time deposits). The bond-eligibility detail was the subject of an FSA consultation that ran until 27 February 2026; final standards were pending at that date.", "requirement_structured": { "baseline": "full backing", "trust_type_relaxation": "up to 50% in low-risk short-term assets (JGB/US govt bonds <=3 months, or terminable time deposits) under Act No. 66 of 2025", "fsa_consultation": "bond-eligibility detail; ran to 27 Feb 2026; final standards pending" }, "status": "in_force", "effective_date": "2025-06-01", "source": { "primary": "Payment Services Act; Act No. 66 of 2025 (trust-type backing relaxation)", "pinpoint": "Reserve/backing — full backing baseline; trust-type up to 50% short-term low-risk assets (Act 66/2025)", "url": "https://laws.e-gov.go.jp/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Japan (Reserve and Backing Requirements)" }, { "citation": "Payment Services Act (Act No. 59 of 2009) — official English at Japanese Law Translation (japaneselawtranslation.go.jp)." }, { "citation": "Act No. 66 of 2025 (trust-type up to 50% short-term low-risk assets) is enacted; subordinate Cabinet orders take full effect 13 Jun 2026 (pending)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. The Act 66/2025 trust-type relaxation (up to 50% short-term low-risk assets) is the key 2025 change; the bond-eligibility standards were still pending after the 27 Feb 2026 consultation.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2025-06-01", "effective_until": null, "event_id": "jp-act66-2025-full-enforcement", "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "jp-epi-securities_classification-001", "jurisdiction": "JP", "authority": "Financial Services Agency (FSA)", "instrument_type": "e_money_token", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Electronic payment instruments (the stablecoin category) are regulated under the Payment Services Act and are distinct from securities regulated under the Financial Instruments and Exchange Act.", "requirement_structured": { "regime": "Payment Services Act (EPI)", "securities_regime": "FIEA", "securities": false }, "status": "in_force", "effective_date": null, "source": { "primary": "Payment Services Act (Electronic Payment Instruments regime); Financial Instruments and Exchange Act", "pinpoint": "EPI perimeter under the PSA vs. the FIEA securities perimeter" }, "interpretation_note": "Authored in v0.9.2 to fill the JP.C4 constraint cell for the substrate sweep.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "jp", "securities_classification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "kr-frs-aml_kyc-001", "jurisdiction": "KR", "authority": "FSC / KoFIU", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "aml_kyc", "requirement_summary": "IN FORCE: anti-money-laundering and Travel Rule obligations apply through the specified financial transaction information framework. Entities converting stablecoins to fiat for third parties are treated as virtual-asset service providers requiring FSC registration.", "requirement_structured": { "in_force": "AML + Travel Rule via the specified financial transaction information framework", "vasp_trigger": "converting stablecoins to fiat for third parties = VASP requiring FSC registration" }, "status": "in_force", "source": { "primary": "Act on Reporting and Use of Specific Financial Transaction Information; Virtual Asset User Protection Act", "pinpoint": "AML — Travel Rule + VASP registration for stablecoin-to-fiat conversion for third parties", "url": "https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=261099" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (AML / KYC Framework)" }, { "citation": "Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." }, { "citation": "AML/Travel Rule under the Act on Reporting and Using Specified Financial Transaction Information (in force since Mar 2021)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). This is an in-force layer alongside VAUPA; the issuance regime remains a pending bill.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "kr-frs-bank_nonbank_routing-001", "jurisdiction": "KR", "authority": "Financial Services Commission (FSC)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "With the issuer regime in bill form, the bank/non-bank routing architecture for compliant issuance is not yet established.", "requirement_structured": { "status": "pre-regime", "routing": "unsettled" }, "status": "proposed", "effective_date": null, "source": { "primary": "Draft Digital Asset Basic Act", "pinpoint": "Issuance/routing architecture — pending enactment" }, "interpretation_note": "Authored in v0.9.2 to fill the KR.C5 constraint cell for the substrate sweep.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "kr", "bank_nonbank_routing", "binding_pending_proposal" ], "binding_status": "pending_proposal", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "kr-frs-capital_requirements-001", "jurisdiction": "KR", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "DRAFT: minimum equity capital to be set by the enacted statute; reported figures range across drafts and are provisional (a press-versus-draft discrepancy). No stablecoin capital regime is in force.", "requirement_structured": { "in_force": "none", "draft": "minimum equity capital to be set by the enacted statute; reported figures provisional" }, "status": "proposed", "source": { "primary": "Draft Digital Asset Basic Act", "pinpoint": "Capital (draft) — minimum equity to be set on enactment; figures provisional; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Capital Requirements)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: not operative law; reported minimum-capital figures diverge across drafts and should not be cited as operative.", "confidence": "low", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-cross_border_data-001", "jurisdiction": "KR", "authority": "PIPC (PIPA)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "The Personal Information Protection Act (PIPA) governs data, including localisation.", "requirement_structured": { "statute": "Personal Information Protection Act (PIPA)", "scope": "data governance including localisation" }, "status": "in_force", "source": { "primary": "Personal Information Protection Act (PIPA)", "pinpoint": "Cross-border data — PIPA governs data including localisation", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; pending primary-source verification.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "kr-frs-disclosure_reporting-001", "jurisdiction": "KR", "authority": "Financial Services Commission (FSC)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "Disclosure and supervisory-coordination obligations for issuers await the enacted DABA.", "requirement_structured": { "status": "pre-regime" }, "status": "proposed", "effective_date": null, "source": { "primary": "Draft Digital Asset Basic Act", "pinpoint": "Disclosure/supervision — pending enactment" }, "interpretation_note": "Authored in v0.9.2 to fill the KR.C8 constraint cell for the substrate sweep.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "kr", "disclosure_reporting", "binding_pending_proposal" ], "binding_status": "pending_proposal", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "kr-frs-distribution-001", "jurisdiction": "KR", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "distribution", "requirement_summary": "No stablecoin-specific distribution regime is in force. DRAFT: foreign issuers would establish a local branch or subsidiary and obtain an FSC licence for payment, redemption, or remittance services, with brokered trading permitted on domestic exchanges. Cross-border stablecoins would be classified as a foreign-exchange means of payment under the Foreign Exchange Transactions Act.", "requirement_structured": { "in_force": "none", "draft_foreign_issuers": "local branch/subsidiary + FSC licence for payment/redemption/remittance; brokered trading on domestic exchanges", "draft_fx_classification": "cross-border stablecoins = FX means of payment" }, "status": "proposed", "source": { "primary": "Draft Digital Asset Basic Act; Foreign Exchange Transactions Act", "pinpoint": "Distribution (draft) — foreign issuers local branch/subsidiary + FSC licence; brokered exchange trading; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Distribution and Offering Restrictions)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: not operative law.", "confidence": "low", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-implementation_status-001", "jurisdiction": "KR", "authority": "FSC / BOK", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "implementation_status", "requirement_summary": "Phase-1 in force, Phase-2 pending. Milestones: Virtual Asset User Protection Act in force (19 Jul 2024); a Digital Asset Basic Act plus three stablecoin-specific bills before the National Assembly Political Affairs Committee (정무위) — as of late Apr 2026 they remained in the subcommittee (소위), with a full-committee session around mid-May 2026; a second-half-2026 passage goal described as uncertain, delayed by the won-stablecoin issuer-eligibility (51%) dispute (the Bank of Korea favouring a bank-majority consortium) and the June 2026 local elections / committee reconstitution.", "requirement_structured": { "regime_stage": "pre-regime (transition trigger on enactment)", "milestones": [ "VAUPA in force 19 Jul 2024", "DABA introduced Jun 2025; consolidated 2026", "consolidated bill off subcommittee agenda 12 May 2026", "H2 2026 passage goal (uncertain)" ] }, "status": "in_force", "effective_date": "2024-07-19", "source": { "primary": "Virtual Asset User Protection Act (in force 19 Jul 2024); draft Digital Asset Basic Act", "pinpoint": "Timeline — VAUPA in force 19 Jul 2024; DABA pending (off subcommittee 12 May 2026; H2 2026 goal, uncertain)", "url": "https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=261099" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Implementation Timeline)" }, { "citation": "Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." }, { "citation": "VAUPA commencement (19 Jul 2024): https://www.fsc.go.kr/no010101/82682. Digital Asset Basic Act bill (No. 2210736), pending: https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. Status records the in-force VAUPA maturity stage; the issuance regime is a pending bill. Re-verify the legislative timeline after the June elections.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Korean): the in-force VAUPA layer and the pending DABA bills are accurately represented. The earlier 'off the subcommittee agenda (12 May 2026)' wording is softened: sources show the bills remained in the subcommittee in late Apr 2026, so the exact procedural status was not clearly borne out. Overall characterisation (pending, H2 2026 goal, uncertain) is confirmed.", "confidence": "high", "claim_class": "tier2_operational", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2024-07-19", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "kr-frs-issuer_pathway-001", "jurisdiction": "KR", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "No stablecoin issuer is licensed; domestic won-stablecoin issuance is effectively prohibited under current law. Future eligibility is contested: the BOK seeks bank-led consortia holding at least fifty-one percent; the FSC favours a more fintech-inclusive model. These are draft provisions, not operative law, and reported minimum-capital figures diverge across drafts (a press-versus-draft discrepancy) and should be treated as provisional.", "requirement_structured": { "in_force": "won-stablecoin issuance effectively prohibited; no issuer licensed", "contested_eligibility": "BOK >=51% bank consortium vs FSC fintech-inclusive", "figures": "minimum-capital figures diverge across drafts (provisional)" }, "status": "proposed", "source": { "primary": "Virtual Asset User Protection Act (current law); draft Digital Asset Basic Act", "pinpoint": "Issuer pathway — won-issuance effectively prohibited; future eligibility contested (BOK vs FSC); NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Issuer Pathways and Eligibility)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.1 (Constraint 1: Issuer Eligibility)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: issuance is effectively prohibited today and the future pathway is contested (the BOK-vs-FSC eligibility fight is the principal item stalling the bill).\n\n[v0.9.5 verification] The KR issuer regime rests on the draft Digital Asset Basic Act (a bill); kept proposed. The in-force VAUPA layer is recorded separately.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "v0.9.5_verification", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": "kr-daba-enacted", "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-monetary_sovereignty-001", "jurisdiction": "KR", "authority": "BOK / FSC", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "No stablecoin-specific monetary-sovereignty regime is in force. DRAFT: cross-border won stablecoins would be classified as a foreign-exchange means of payment under the Foreign Exchange Transactions Act, engaging the capital-flow management regime. Won FX stability is the backdrop and the monetary-sovereignty contest (the central-bank-approval question) is the defining open issue and the principal item stalling the bill.", "requirement_structured": { "in_force_cap": "none", "draft": "cross-border won stablecoins classified as an FX means of payment (Foreign Exchange Transactions Act)", "backdrop": "won FX stability; BOK monetary-sovereignty concerns", "comparator": "structurally akin to Brazil's FX-reclassification of the cross-border leg" }, "status": "proposed", "source": { "primary": "Draft Digital Asset Basic Act; Foreign Exchange Transactions Act", "pinpoint": "Monetary sovereignty (draft) — cross-border won stablecoins as FX means of payment; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Distribution and Offering Restrictions)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5 (South Korea — monetary-sovereignty contest)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: no in-force C7 mechanism. The draft FX-means-of-payment classification echoes Brazil's câmbio reclassification (comparison by effect); the BOK/FSC sovereignty contest is what is stalling enactment.", "interpretive_flag": { "tension": "The monetary-sovereignty contest (won FX stability and the central-bank-approval question) is the defining open issue and the principal item stalling the bill.", "resolution_channel": "Enactment of the Digital Asset Basic Act and resolution of the BOK/FSC eligibility-and-consent question." }, "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-permitted_activity_yield-001", "jurisdiction": "KR", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "DRAFT (Value-Stabilised Assets Act track): prohibition on interest or discounts to holders. No yield regime is in force. The draft yield prohibition would align Korea with the United States, the European Union, and Japan, but it is not operative until enactment.", "requirement_structured": { "in_force": "none", "draft": "prohibition on interest or discounts to holders (Value-Stabilised Assets Act track)", "would_align_with": "US, EU, Japan (prohibition cluster)" }, "status": "proposed", "source": { "primary": "Draft Digital Asset Basic Act (Value-Stabilised Assets Act track)", "pinpoint": "Yield (draft) — prohibition on interest/discounts to holders; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Yield and Interest Treatment)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: not operative law. On the C3 spine, Korea is a draft member of the prohibition cluster.", "interpretive_flag": { "tension": "Korea's draft yield prohibition would align it with the United States, the European Union, and Japan, but it is not operative until enactment.", "resolution_channel": "Enactment of the Digital Asset Basic Act and its final text." }, "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "spine", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-redemption-001", "jurisdiction": "KR", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "redemption", "requirement_summary": "DRAFT: par issuance and redemption. No redemption regime is in force. Draft provisions only.", "requirement_structured": { "in_force": "none", "draft": "par issuance and redemption" }, "status": "proposed", "source": { "primary": "Draft Digital Asset Basic Act", "pinpoint": "Redemption (draft) — par issuance and redemption; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Redemption Mechanics)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: not operative law.", "confidence": "low", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-regulatory_authority-001", "jurisdiction": "KR", "authority": "FSC (would administer); BOK (consultative)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "regulatory_authority", "requirement_summary": "Two layers, only one in force. In force: the Virtual Asset User Protection Act (VAUPA), a user-protection and market-abuse regime, not an issuance-licensing framework. Pending: the Digital Asset Basic Act, which would create an issuance regime but remained an un-enacted bill as of late June 2026. Under the leading drafts the FSC would administer the issuance regime; the Bank of Korea (BOK) seeks a binding consultative role on monetary-sovereignty and foreign-exchange-stability grounds.", "requirement_structured": { "in_force_layer": "Virtual Asset User Protection Act (user-protection/market-abuse only)", "pending_layer": "Digital Asset Basic Act (issuance regime; not enacted)", "administrator": "FSC (under leading drafts)", "central_bank_role": "BOK seeks binding consultative role" }, "status": "in_force", "effective_date": "2024-07-19", "source": { "primary": "Virtual Asset User Protection Act (in force 19 Jul 2024); draft Digital Asset Basic Act", "pinpoint": "Regulators — FSC would administer issuance; BOK consultative; VAUPA in force, DABA pending", "url": "https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=261099" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Statutory Framework / Regulators)" }, { "citation": "Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." }, { "citation": "FSC commencement notice for the Virtual Asset User Protection Act (19 Jul 2024): https://www.fsc.go.kr/no010101/82682." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. Only the VAUPA user-protection layer is operative; the issuance regime is a pending bill. Taiwan transitioned to enacted-not-commenced on 2026-06-30 (VAS Act third reading), so South Korea is now the sole remaining pre-regime origin, holding the both-directions pending position alone (§3.4).", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2024-07-19", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "kr-frs-reserve_backing-001", "jurisdiction": "KR", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "won-referenced stablecoin (draft Digital Asset Basic Act)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "DRAFT: more than one hundred percent reserves in safe assets, bank- or custodian-held, segregated. No reserve regime is in force. Draft provisions only.", "requirement_structured": { "in_force": "none", "draft": ">100% reserves in safe assets, bank/custodian-held, segregated" }, "status": "proposed", "source": { "primary": "Draft Digital Asset Basic Act", "pinpoint": "Reserve/backing (draft) — >100% reserves in safe assets, bank/custodian-held, segregated; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §South Korea (Reserve and Backing Requirements)" }, { "citation": "Draft Digital Asset Basic Act (bill No. 2210736): https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP. Official primary text is Korean (law.go.kr); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL for the bill/announcement is provided (source.url), but this is a draft provision and is NOT operative law, so it is not upgraded and remains firm_summary. STATUS proposed: not operative law.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_pending_proposal" ], "binding_status": "pending_proposal", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "kr-frs-securities_classification-001", "jurisdiction": "KR", "authority": "Financial Services Commission (FSC)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Under the draft Digital Asset Basic Act, the securities characterization of won-referenced stablecoins is not yet fixed; there is no operative stablecoin securities pathway today.", "requirement_structured": { "status": "draft DABA", "securities": "unsettled" }, "status": "proposed", "effective_date": null, "source": { "primary": "Draft Digital Asset Basic Act", "pinpoint": "Securities characterization — pending the enacted DABA" }, "interpretation_note": "Authored in v0.9.2 to fill the KR.C4 constraint cell for the substrate sweep.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "kr", "securities_classification", "binding_pending_proposal" ], "binding_status": "pending_proposal", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-aml_kyc-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "aml_kyc", "requirement_summary": "AML/CFT obligations apply under MAS Notice PSN02 (payment services) and Notice PSN03 (digital payment tokens), including the FATF travel rule for digital-payment-token transfers, FATF-aligned KYC, transaction monitoring, and suspicious-transaction reporting.", "requirement_structured": { "notices": [ "MAS Notice PSN02 (payment services)", "MAS Notice PSN03 (digital payment tokens)" ], "travel_rule": "applies to DPT transfers", "standard": "FATF-aligned KYC, monitoring, STR" }, "status": "in_force", "source": { "primary": "MAS Notice PSN02; MAS Notice PSN03", "pinpoint": "PS Act 2019 DPT licensing; MAS Notices PSN02/PSN03 (AML/CFT, travel rule)", "url": "" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.19 (Singapore — AML / KYC Framework)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] PROMOTED to firm_summary: the PS Act 2019 DPT AML baseline IS in force (resolution_text-eligible per the verification), held at firm_summary pending capture of the official PS Act text URL.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_in_force_enacted", "verification_reviewed" ], "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "pinpoint": "PS Act 2019 DPT licensing; MAS Notices PSN02/PSN03 (AML/CFT, travel rule)" } }, "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-bank_nonbank_routing-001", "jurisdiction": "SG", "authority": "Monetary Authority of Singapore (MAS)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "MAS-regulated single-currency stablecoins are issued by banks or by major payment institutions under the Payment Services Act; reserve assets are held in segregation for the benefit of holders.", "requirement_structured": { "issuers": [ "bank", "major payment institution" ], "reserve_segregation": true }, "status": "in_force", "effective_date": null, "source": { "primary": "MAS Stablecoin Regulatory Framework; Payment Services Act 2019", "pinpoint": "Eligible issuers (banks / major payment institutions); reserve segregation" }, "interpretation_note": "Authored in v0.9.2 to fill the SG.C5 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] SG bank/non-bank routing under the PS Act baseline; binding status recorded.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "sg", "bank_nonbank_routing", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-capital_requirements-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "An SCS issuer must hold base capital of at least S$1 million or 50% of annual operating expenses, whichever is higher, plus liquid assets sufficient for an orderly wind-down. DTSP licensees (where granted) face a separate S$250,000 base-capital requirement, a S$10,000 annual licence fee, a Singapore-based compliance officer, and annual penetration testing.", "requirement_structured": { "base_capital": "max(S$1,000,000 ; 50% of annual operating expenses)", "wind_down": "liquid assets sufficient for orderly wind-down", "dtsp_base_capital": "S$250,000 + S$10,000 annual fee + SG compliance officer + annual pen-test" }, "status": "transitional", "effective_date": "2023-08-15", "source": { "primary": "MAS Single-Currency Stablecoin Regulatory Framework (15 Aug 2023); FSMA Part 9 (DTSP)", "pinpoint": "SCS framework: base capital and liquid-asset requirements", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.19 (Singapore — Capital Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: base capital and liquid-asset requirements" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2023-08-15", "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "sg-scs-cross_border_data-001", "jurisdiction": "SG", "authority": "MAS; PDPC", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "Cross-border personal-data transfer is governed by the Personal Data Protection Act 2012 (PDPA), which requires reasonable safeguards — consent, contract, certification, or transfer to a jurisdiction with comparable protection. MAS Outsourcing Guidelines and Technology Risk Management Guidelines apply to data hosting.", "requirement_structured": { "statute": "Personal Data Protection Act 2012 (PDPA)", "transfer_gates": [ "consent", "contract", "certification", "comparable-protection jurisdiction" ], "data_hosting": "MAS Outsourcing + Technology Risk Management Guidelines" }, "status": "in_force", "source": { "primary": "Personal Data Protection Act 2012 (PDPA); MAS Outsourcing and Technology Risk Management Guidelines", "pinpoint": "PDPA cross-border transfer safeguards; MAS data-hosting guidelines", "url": "" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.19 (Singapore — Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification. The PDPA gate set is materially lighter than the PRC PIPL/DSL regime.\n\n[v0.9.5 verification] SG cross-border data (PDPA) baseline in force; binding status recorded.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-distribution-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "distribution", "constraint_ref": "C8", "requirement_summary": "The 'MAS-regulated stablecoin' label is restricted to SCS-framework-compliant issuers; misrepresenting a token as MAS-regulated carries financial penalties or imprisonment and placement on the MAS Investor Alert List. Retail consumer protections prohibit high-risk activities such as lending or staking using stablecoins, and foreign-issued stablecoins remain DPTs under the general regime.", "requirement_structured": { "label_restriction": "'MAS-regulated stablecoin' label limited to SCS-compliant issuers", "misrepresentation": "financial penalty / imprisonment; MAS Investor Alert List", "retail_protection": "no lending or staking using stablecoins", "foreign_tokens": "remain DPTs under general regime" }, "status": "transitional", "source": { "primary": "Payment Services Act 2019 / MAS Single-Currency Stablecoin Regulatory Framework", "pinpoint": "SCS framework: label/disclosure on distribution", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), pp.19-20 (Singapore — Distribution and Offering Restrictions)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: label/disclosure on distribution" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "sg-scs-implementation_status-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "implementation_status", "requirement_summary": "The Payment Services Act came into force in January 2020; the SCS framework was finalised on 15 August 2023; the FSMA Part 9 DTSP regime took effect 30 June 2025 with no transitional arrangement; full SCS-framework implementation is targeted for mid-2026.", "requirement_structured": { "psa_in_force": "Jan 2020", "scs_finalised": "15 Aug 2023", "dtsp_effective": "30 Jun 2025 (no transition)", "full_scs_target": "mid-2026" }, "status": "transitional", "effective_date": "2023-08-15", "source": { "primary": "Payment Services Act 2019; MAS SCS framework; FSMA Part 9", "pinpoint": "Implementation timeline — PSA 2020; SCS Aug 2023; DTSP Jun 2025; full SCS mid-2026", "url": "" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.20 (Singapore — Implementation Timeline)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] SCS framework implementation pending legislation (expected mid-2026); operational record.", "confidence": "high", "claim_class": "tier2_operational", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending" ], "binding_status": "finalized_policy_pending", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2023-08-15", "effective_until": null, "event_id": null, "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-issuer_pathway-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "The MAS Single-Currency Stablecoin (SCS) framework applies only to stablecoins pegged to the Singapore Dollar or any G10 currency and issued in Singapore; tokens pegged to other assets or issued offshore stay under the general Digital Payment Token regime and may not use the 'MAS-regulated stablecoin' label. Non-bank SCS issuers with circulation above S$5 million must hold a Major Payment Institution (MPI) licence; those below are exempt from the framework but cannot use the label. Banks are exempt from the PSA licence requirement and may issue under their banking framework. Issuers must be incorporated in Singapore.", "requirement_structured": { "peg_scope": "SGD or any G10 currency, issued in Singapore", "mpi_threshold": "circulation > S$5,000,000 requires MPI licence", "below_threshold": "exempt but no 'MAS-regulated' label", "banks": "exempt from PSA licence", "incorporation": "must be incorporated in Singapore" }, "status": "transitional", "effective_date": "2023-08-15", "source": { "primary": "Payment Services Act 2019 (PSA, amended 2022); MAS Single-Currency Stablecoin Regulatory Framework (finalised 15 Aug 2023)", "pinpoint": "SCS framework — peg scope (SGD/G10, Singapore-issued); MPI licence > S$5m; Singapore incorporation", "url": "" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), pp.18-19 (Singapore — Issuer Pathways and Eligibility)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification (source.url to be filled). The S$5m threshold creates an opt-in regime for small issuers; the MPI + incorporation rules confine the framework to bank-led or institutional issuers in practice.\n\n[v0.9.5 verification] The SCS issuer scope is finalized-policy-pending, BUT the operative DPT licensing pathway under the PS Act 2019 is in force (status left transitional, NOT proposed — SG is a live regime, not pre-regime).", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending" ], "binding_status": "finalized_policy_pending", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2023-08-15", "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-monetary_sovereignty-001", "jurisdiction": "SG", "authority": "Monetary Authority of Singapore (MAS)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "There is no aggregate usage cap; foreign-currency-pegged tokens simply are not 'MAS-regulated stablecoins' and circulate as ordinary digital payment tokens, leaving market access open at the monetary-sovereignty layer.", "requirement_structured": { "usage_cap": null, "foreign_tokens": "DPT, not MAS-regulated SCS", "market_access": "open" }, "status": "transitional", "effective_date": null, "source": { "primary": "MAS Stablecoin Regulatory Framework; Payment Services Act 2019", "pinpoint": "SCS framework: SGD/G10 label scope; foreign-pegged tokens treated as ordinary DPTs", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "interpretation_note": "Authored in v0.9.2 to fill the SG.C7 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] CAVEAT: The no-aggregate-cap posture follows from in-force PS Act DPT treatment; the SCS SGD/G10 LABEL scope is finalized-policy-pending. Status corrected to transitional: the SGD/G10 SCS-label scope is part of the finalized-policy-pending SCS framework. The underlying 'foreign-pegged tokens circulate as ordinary DPTs / no aggregate cap' posture is PS-Act baseline (in force), noted in the flag.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "sg", "monetary_sovereignty", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: SGD/G10 label scope; foreign-pegged tokens treated as ordinary DPTs" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "sg-scs-permitted_activity_yield-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "Yield is not directly prohibited, but the MAS-regulated SCS label is restricted to SGD or G10-pegged tokens issued from Singapore-incorporated entities, and SCS issuers are forbidden from engaging in lending or staking. The activity prohibition (no lend/stake) is the operative yield-adjacent constraint rather than a flat interest ban.", "requirement_structured": { "direct_yield_ban": "not explicit", "issuer_lending_or_staking": "prohibited", "label_scope": "SGD or G10-pegged, Singapore-incorporated issuer" }, "status": "transitional", "effective_date": null, "source": { "primary": "MAS Single-Currency Stablecoin framework (Aug 2023) — issuer activity restrictions", "pinpoint": "SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.2 / p.5 (SG — Yield)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. Singapore shows that the yield dimension and the activity-restriction dimension can collapse into one another — useful contrast for the C3 spine.\n\n[v0.9.5 verification] HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "sg", "focus", "apac", "spine", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "sg-scs-redemption-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "redemption", "requirement_summary": "SCS holders are entitled to redemption at par value within 5 business days of a valid request, with no unreasonable fees or conditions, and customer assets are held under a statutory trust.", "requirement_structured": { "par_redemption": "at par within 5 business days of valid request", "fees": "no unreasonable fees or conditions", "trust": "statutory trust of customer assets" }, "status": "transitional", "effective_date": "2023-08-15", "source": { "primary": "MAS Single-Currency Stablecoin Regulatory Framework (15 Aug 2023)", "pinpoint": "SCS framework: redemption at par within 5 business days", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.18 (Singapore — Redemption Mechanics)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification. Contrast HK's 1-business-day par redemption.\n\n[v0.9.5 verification] HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: redemption at par within 5 business days" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2023-08-15", "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "sg-scs-regulatory_authority-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "regulatory_authority", "requirement_summary": "The MAS Single-Currency Stablecoin (SCS) framework, finalised August 2023, sits alongside the Payment Services Act 2019; a separate Digital Token Service Provider (DTSP) licensing regime operates under FSMA Part 9. MAS is the sole regulator.", "status": "in_force", "effective_date": null, "source": { "primary": "MAS Single-Currency Stablecoin framework (Aug 2023); Payment Services Act 2019; FSMA Part 9 (DTSP)", "pinpoint": "MAS authority under the Payment Services Act 2019" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.2 (Executive Summary) / p.5 / SG detailed entry" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] PROMOTED to firm_summary: MAS authority under the PS Act 2019 is in force; held at firm_summary pending capture of the official PS Act text URL.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "sg", "focus", "apac", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "verification_reviewed" ], "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "pinpoint": "MAS authority under the Payment Services Act 2019" } }, "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "sg-scs-reserve_backing-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "SCS reserves must be 100% backed in cash, cash equivalents, or short-term sovereign debt securities denominated in the pegged currency, valued at daily mark-to-market, segregated from the issuer's own assets, and held with MAS-approved custodians. Reserves are subject to monthly independent attestation and annual external audit, with audit reports publicly disclosed.", "requirement_structured": { "backing": "100% cash / cash equivalents / short-term sovereign debt in pegged currency", "valuation": "daily mark-to-market", "segregation": "segregated; MAS-approved custodians", "assurance": "monthly attestation + annual external audit, publicly disclosed" }, "status": "transitional", "effective_date": "2023-08-15", "source": { "primary": "MAS Single-Currency Stablecoin Regulatory Framework (15 Aug 2023)", "pinpoint": "SCS framework: 100% reserve in low-risk assets", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.18 (Singapore — Reserve and Backing Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification. Note the pegged-currency-denomination requirement on reserve assets, which ties reserve composition to the SGD/G10 peg scope.\n\n[v0.9.5 verification] HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: 100% reserve in low-risk assets" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2023-08-15", "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "sg-scs-securities_classification-001", "jurisdiction": "SG", "authority": "MAS", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "single-currency stablecoin (SCS)", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Token classification follows MAS's substance-over-form test: a token with capital-markets-product characteristics is regulated under the Securities and Futures Act (SFA), not the Payment Services Act, and falls outside the SCS framework entirely. Tokens marketed as offering yield or as investments would likely be classified as securities under the SFA. The destination-product classification analysis governs whether a routing architecture that converts SCS holdings into SFA-regulated capital-markets-product shares is permissible.", "requirement_structured": { "test": "MAS substance-over-form", "securities_regulator_statute": "Securities and Futures Act (SFA)", "yield_marketed_tokens": "likely securities under SFA, outside SCS", "routing_question": "turns on SFA classification of destination product" }, "status": "transitional", "source": { "primary": "Securities and Futures Act (SFA); MAS substance-over-form classification", "pinpoint": "SCS framework: 'MAS-regulated stablecoin' label vs DPT classification", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), pp.18-19 (Singapore — Issuer Pathways; Yield and Interest Treatment)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification. This is the SG instance of the securities-classification spine (C4): the SFA boundary is what removes yield-bearing or investment-marketed tokens from SCS scope.\n\n[v0.9.5 verification] HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "apac", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "new_dimension", "v0.7.0_claim_class", "v0.9.5_verification", "binding_finalized_policy_pending", "verification_reviewed" ], "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: 'MAS-regulated stablecoin' label vs DPT classification" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "sg-scs-legislation-enacted", "legal_status": "finalized_policy_pending", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-aml_kyc-001", "jurisdiction": "TW", "authority": "FSC", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "aml_kyc", "requirement_summary": "IN FORCE: AML registration under the amended Money Laundering Control Act and the VASP Registration Regulations (since 30 November 2024), requiring virtual-asset service providers to register and comply with AML/CFT obligations; the FATF travel rule applies. This is the only operative layer of the Taiwan regime.", "requirement_structured": { "in_force": "AML registration (amended Money Laundering Control Act + VASP Registration Regulations, 30 Nov 2024)", "travel_rule": "applies", "note": "the only operative layer of the Taiwan regime" }, "status": "in_force", "effective_date": "2024-11-30", "source": { "primary": "Money Laundering Control Act (as amended) + VASP Registration Regulations (in force 30 Nov 2024)", "pinpoint": "Money Laundering Control Act (洗錢防制法) Art. 6 (amended 31 Jul 2024); VASP registration regime in force 30 Nov 2024 (non-registration: up to 2 yr + NT$5m individuals / NT$50m entities); VASPs classified into 5 types", "url": "https://law.moj.gov.tw/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (AML / KYC Framework)" }, { "citation": "Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; VERIFIED against the official primary text in the v0.5.1 verification pass (source.url is the official instrument). This is the anchor in-force record for Taiwan: AML registration is the only operative obligation while commencement and subsidiary rules for the promulgated Virtual Asset Service Act remain pending.\n\n[v0.9.5 verification] NATIVE-LANGUAGE VERIFICATION (Chinese): confirmed against the official FSC text — the Money Laundering Control Act Art. 6 amendment and the VASP registration regime (in force 30 Nov 2024) are enacted and in force, so this cell is confirmed at resolution_text.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "resolution_text_verified", "v0.7.0_claim_class", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "VASP AML registration (in force 30 Nov 2024); Virtual Asset Service Act (bill)", "url": "https://law.moj.gov.tw/", "pinpoint": "Money Laundering Control Act (洗錢防制法) Art. 6 (amended 31 Jul 2024); VASP registration regime in force 30 Nov 2024 (non-registration: up to 2 yr + NT$5m individuals / NT$50m entities); VASPs classified into 5 types" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2024-11-30", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "tw-frs-bank_nonbank_routing-001", "jurisdiction": "TW", "authority": "Financial Supervisory Commission (FSC)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) sets the issuer regime; the bank/non-bank routing architecture for compliant issuance is delegated to FSC subsidiary legislation not yet made.", "requirement_structured": { "enacted_not_commenced": "bank/non-bank routing architecture delegated to FSC subsidiary legislation", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation" }, "status": "transitional", "effective_date": null, "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Issuance/routing architecture: delegated to FSC subsidiary legislation (enacted, not commenced)" }, "interpretation_note": "Authored in v0.9.2 (constraint sweep) for TW.C5 constraint cell for the substrate sweep.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-30", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "tw", "bank_nonbank_routing", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "tw-frs-capital_requirements-001", "jurisdiction": "TW", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) delegates capital requirements for stablecoin issuers to the FSC. The specific figures await FSC subsidiary legislation; no stablecoin capital regime is yet operative.", "requirement_structured": { "enacted_not_commenced": "FSC to specify capital under the Virtual Asset Service Act", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation" }, "status": "transitional", "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Capital: FSC to specify (enacted, not commenced; figures pending FSC subsidiary legislation)", "url": "https://english.ey.gov.tw/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Capital Requirements)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell stays firm_summary (non-citable). STATUS transitional: the VAS Act is enacted (third reading 30 Jun 2026) but not commenced; this provision awaits FSC subsidiary legislation.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "low", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-cross_border_data-001", "jurisdiction": "TW", "authority": "FSC / PDPA competent authority", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "The Personal Data Protection Act (PDPA) applies. Cross-border data transfer is subject to the PDPA and to competent-authority restrictions.", "requirement_structured": { "statute": "Personal Data Protection Act (PDPA)", "transfer_rule": "subject to PDPA + competent-authority restrictions" }, "status": "in_force", "source": { "primary": "Personal Data Protection Act (PDPA)", "pinpoint": "Cross-border data — PDPA + competent-authority restrictions", "url": "" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; pending primary-source verification.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "tw-frs-disclosure_reporting-001", "jurisdiction": "TW", "authority": "Financial Supervisory Commission (FSC)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) sets the framework; disclosure and supervisory-coordination obligations for stablecoin issuers take effect on commencement and their detail awaits FSC subsidiary legislation. Current operative obligations are AML-registration-based.", "requirement_structured": { "enacted_not_commenced": "disclosure and supervisory-coordination obligations", "current": "AML registration", "status_note": "awaiting FSC subsidiary legislation and commencement" }, "status": "transitional", "effective_date": null, "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced); AML registration regime", "pinpoint": "Disclosure/supervision: take effect on commencement (enacted, not commenced; detail pending subsidiary legislation)" }, "interpretation_note": "Authored in v0.9.2 (constraint sweep) for TW.C8 constraint cell for the substrate sweep.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-30", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "tw", "disclosure_reporting", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "tw-frs-distribution-001", "jurisdiction": "TW", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "distribution", "requirement_summary": "No stablecoin-specific distribution regime is yet operative. the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) sets the offering provisions, which take effect on commencement; commencement awaits FSC subsidiary legislation. The backdrop is the central bank's control of the NTD and the offshore-NTD posture.", "requirement_structured": { "enacted_not_commenced": "offering provisions take effect on commencement", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation" }, "status": "transitional", "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Distribution: offering provisions take effect on commencement (enacted, not commenced; pending FSC subsidiary legislation)", "url": "https://english.ey.gov.tw/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Distribution and Offering Restrictions)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell stays firm_summary (non-citable). STATUS transitional: the VAS Act is enacted (third reading 30 Jun 2026) but not commenced; this provision awaits FSC subsidiary legislation.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "low", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-implementation_status-001", "jurisdiction": "TW", "authority": "FSC / CBC", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "implementation_status", "requirement_summary": "Two temporal layers coexist. AML registration has operated since 30 November 2024. The Virtual Asset Service Act passed third reading on 30 June 2026 and was promulgated in Presidential Gazette No. 7872 on 22 July 2026. Its licensing and stablecoin provisions await subsidiary legislation and commencement; no licensed stablecoin issuer is evidenced in this snapshot, and the peg-currency policy remains unresolved.", "requirement_structured": { "regime_stage": "comprehensive statute promulgated; operative licensing layer pending commencement", "milestones": [ "AML registration in force 30 Nov 2024", "VASA committee first review 3 Jun 2026", "VASA passed third reading 30 Jun 2026", "VASA promulgated 22 Jul 2026; commencement and subsidiary rules pending" ], "issuers": "none licensed", "peg_currency": "undecided" }, "status": "in_force", "effective_date": "2024-11-30", "source": { "primary": "VASP Registration Regulations (30 Nov 2024); Virtual Asset Service Act, Presidential Gazette No. 7872", "pinpoint": "Gazette No. 7872, pp. 2-22; promulgation 22 Jul 2026. Commencement/subordinate-rule mapping pending", "url": "https://www.president.gov.tw/File/Doc/69812613-22f1-4288-940e-c40903b232e1" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Implementation Timeline)" }, { "citation": "Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." }, { "citation": "Virtual Asset Service Act promulgated in Presidential Gazette No. 7872 on 22 Jul 2026." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. Status records the in-force AML layer; the comprehensive statute is promulgated but its licensing provisions are not yet treated as operative. Article-level commencement and subordinate-rule mapping still require a named primary reviewer and independent second review.", "confidence": "high", "claim_class": "tier2_operational", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2024-11-30", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "tw-frs-issuer_pathway-001", "jurisdiction": "TW", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "No stablecoin issuer is licensed yet: the licensing regime is enacted but not yet commenced. The Virtual Asset Service Act, passed at third reading on 30 Jun 2026, requires an FSC licence for stablecoin issuance, available to a share company (corporation limited by shares), with banks expected to lead initial issuance. The Act awaits FSC subsidiary legislation (roughly nine subordinate items, indicative timetable around Q1 2027) and has no gazetted commencement date, so these provisions are enacted law not yet in force.", "requirement_structured": { "in_force": "no licensing regime in force; no issuer licensed yet", "enacted_not_commenced": "FSC licence; share company; banks to lead initially (VAS Act, third reading 30 Jun 2026)", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation; no gazetted commencement" }, "status": "transitional", "source": { "primary": "Virtual Asset Service Act, passed at third reading 30 Jun 2026 (committee first review 3 Jun 2026)", "pinpoint": "Issuer pathway: FSC licence; share company; banks lead. Enacted at third reading, not yet commenced (awaiting subsidiary legislation)", "url": "https://www.president.gov.tw/File/Doc/69812613-22f1-4288-940e-c40903b232e1" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Issuer Pathways and Eligibility)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.1 (Constraint 1: Issuer Eligibility)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6. STATUS transitional and binding_status made_not_commenced: the Virtual Asset Service Act is enacted (third reading 30 Jun 2026) but its issuer-licensing provisions are not yet commenced, awaiting FSC subsidiary legislation with no gazetted date. Evidence tier stays firm_summary: an official URL for the bill/announcement is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell is not upgraded to citable. The only in-force layer is AML registration (see tw-frs-aml_kyc-001).\n\n[v0.9.5 verification] The TW issuer regime rests on the Virtual Asset Service Act (虛擬資產服務法). NATIVE-LANGUAGE VERIFICATION (Chinese): confirmed against official FSC text: the Legislative Yuan Finance Committee completed the article-by-article first review (初審) on 3 Jun 2026 and resolved to send it to the plenary (no caucus negotiation). The stablecoin provisions match the register (FSC permission + prior central-bank consent; issuer = share company; min capital set by FSC; par issuance/redemption; no interest; reserves at domestic FIs, segregated). Procedurally then ahead of KR's DABA, still in subcommittee. The in-force VASP-AML registration layer is recorded separately.\n\n[v0.9.9 update] The bill passed third reading on 30 Jun 2026, the dateline of this draft, moving the cell from proposed to transitional (enacted, not commenced); binding_status moved from pending_proposal to made_not_commenced. Commencement awaits FSC subsidiary legislation (roughly nine subordinate items, indicative timetable around Q1 2027) with no gazetted date. In the time engine Taiwan is now a regime-in-transition destination: inbound edges are held at Category T and resolve to a channelled Category II on commencement, while origin edges stay Category III because enactment creates no exportable token.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "v0.9.5_verification", "binding_made_not_commenced", "v0.9.9_verification" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": "tw-vas-act-enacted", "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-monetary_sovereignty-001", "jurisdiction": "TW", "authority": "CBC (central bank)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) creates the framework, but no operative monetary-sovereignty cap is yet in force. The backdrop is the central bank's control of the NTD and the offshore-NTD posture; the peg currency for a Taiwan stablecoin (NTD vs USD) is officially undecided and is the defining open question, to be settled through commencement and FSC/CBC subsidiary rules.", "requirement_structured": { "enacted_not_commenced": "framework enacted; operative cap and peg-currency decision pending", "backdrop": "CBC control of NTD; offshore-NTD posture", "peg_currency": "officially undecided (NTD vs USD)", "ntd_peg": "engages monetary-sovereignty concerns directly", "usd_peg": "engages offshore-NTD and capital-flow concerns" }, "status": "transitional", "source": { "primary": "Presidential Gazette No. 7872 (Virtual Asset Service Act); CBC policy materials require separate mapping", "pinpoint": "Monetary sovereignty: framework enacted, operative cap and peg-currency decision pending (not commenced)", "url": "https://www.president.gov.tw/File/Doc/69812613-22f1-4288-940e-c40903b232e1" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Distribution and Offering Restrictions)" }, { "citation": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5 (Taiwan — monetary-sovereignty posture)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell stays firm_summary (non-citable). STATUS transitional: there is no in-force C7 cap; the peg-currency decision is the defining open issue (Matrix interpretive flag).\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "interpretive_flag": { "tension": "The peg-currency question (NTD vs USD) is the defining open issue: a NTD peg engages the central bank's monetary-sovereignty concerns; a USD peg engages offshore-NTD and capital-flow concerns.", "resolution_channel": "Enactment of the Virtual Asset Service Act and the central bank's ultimate posture." }, "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-permitted_activity_yield-001", "jurisdiction": "TW", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) prohibits paying interest or other returns to holders. This yield prohibition aligns Taiwan with the prohibition cluster (EU, Hong Kong) rather than the permission cluster (Switzerland, Brazil); it takes operative effect on commencement, which awaits FSC subsidiary legislation.", "requirement_structured": { "enacted_not_commenced": "prohibition on interest or other returns to holders", "would_align_with": "prohibition cluster (EU, HK)", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation" }, "status": "transitional", "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Yield: prohibition on interest/other returns to holders (enacted, not commenced; operative on commencement)", "url": "https://english.ey.gov.tw/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Yield and Interest Treatment)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell stays firm_summary (non-citable). STATUS transitional: the VAS Act is enacted (third reading 30 Jun 2026) but not commenced; this provision awaits FSC subsidiary legislation. On the C3 spine, Taiwan is now a member of the prohibition cluster (enacted at third reading 30 Jun 2026, not commenced).\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "interpretive_flag": { "tension": "Taiwan's yield prohibition, enacted but not commenced, aligns it with the prohibition cluster (EU, HK) rather than the permission cluster (Switzerland, Brazil), but its commencement and the FSC subsidiary legislation remain pending.", "resolution_channel": "Commencement of the Virtual Asset Service Act and its FSC subsidiary legislation." }, "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "spine", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-redemption-001", "jurisdiction": "TW", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "redemption", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) provides for par issuance and redemption. The operative detail awaits FSC subsidiary legislation; no redemption regime is yet operative.", "requirement_structured": { "enacted_not_commenced": "par issuance and redemption", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation" }, "status": "transitional", "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Redemption: par issuance and redemption (enacted, not commenced; pending FSC subsidiary legislation)", "url": "https://english.ey.gov.tw/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Redemption Mechanics)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell stays firm_summary (non-citable). STATUS transitional: the VAS Act is enacted (third reading 30 Jun 2026) but not commenced; this provision awaits FSC subsidiary legislation.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "low", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-regulatory_authority-001", "jurisdiction": "TW", "authority": "FSC (primary; consults the CBC)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "regulatory_authority", "requirement_summary": "Two layers, only one in force. In force: AML registration under the amended Money Laundering Control Act and the VASP Registration Regulations (effective 30 November 2024). Enacted but not commenced: the Virtual Asset Service Act, a comprehensive statute creating FSC licensing for virtual-asset services including stablecoin issuance, with mandatory central-bank consultation; passed at third reading 30 June 2026, awaiting FSC subsidiary legislation for commencement. The FSC is the primary regulator and consults the Central Bank of the Republic of China (Taiwan) (CBC) on stablecoin matters.", "requirement_structured": { "in_force_layer": "AML registration (amended Money Laundering Control Act + VASP Registration Regulations, 30 Nov 2024)", "enacted_not_commenced_layer": "Virtual Asset Service Act (promulgated 22 Jul 2026; licensing commencement pending)", "primary_regulator": "FSC", "central_bank_role": "CBC consulted (onshore-NTD posture is the live question)" }, "status": "in_force", "effective_date": "2024-11-30", "source": { "primary": "Money Laundering Control Act and VASP Registration Regulations; Virtual Asset Service Act, Presidential Gazette No. 7872", "pinpoint": "AML registration in force; VAS Act Arts. 2, 7-9; promulgated 22 Jul 2026, commencement mapping pending", "url": "https://www.president.gov.tw/File/Doc/69812613-22f1-4288-940e-c40903b232e1" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Statutory Framework / Regulators)" }, { "citation": "Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; the core point is confirmed against the official primary text in the v0.5.1 pass (source.url added); some operational detail remains pending and the tier is 'mixed'. Only the AML-registration layer is treated as operative in this snapshot; the issuance regime is promulgated but its commencement/subordinate-rule position still requires line-by-line legal review.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "mixed", "last_reviewed": "2026-06-27", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "v0.5.1_verification", "mixed_partial_verified", "v0.7.0_claim_class", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2024-11-30", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "medium", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "official", "uncertainty": "medium" } }, { "id": "tw-frs-reserve_backing-001", "jurisdiction": "TW", "authority": "FSC (would administer)", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "virtual asset / stablecoin (Virtual Asset Service Act, promulgated; commencement pending)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced) requires full reserves held at domestic financial institutions, segregated from the issuer's own property. The operative reserve detail awaits FSC subsidiary legislation; the only in-force layer is AML registration, which imposes no reserve requirements.", "requirement_structured": { "enacted_not_commenced": "full reserves at domestic financial institutions, segregated from issuer property", "status_note": "enacted at third reading, awaiting FSC subsidiary legislation; only AML registration operative" }, "status": "transitional", "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Reserve/backing: full reserves at domestic FIs, segregated (enacted, not commenced; pending FSC subsidiary legislation)", "url": "https://english.ey.gov.tw/" }, "secondary": [ { "citation": "Fan, Multi-Jurisdiction Stablecoin Compliance Matrix v0.9.6 (June 2026), §Taiwan (Reserve and Backing Requirements)" }, { "citation": "Virtual Asset Service Act, passed third reading 30 Jun 2026 (Executive Yuan referral: https://english.ey.gov.tw/). Official primary text is Chinese (law.moj.gov.tw); there is no official English translation (FSC English materials are summaries)." } ], "interpretation_note": "Provenance: transcribed from the author's Compliance Matrix v0.9.6; an official URL is provided (source.url), but there is no official English primary text and made_not_commenced provisions carry no operative resolution_text, so the cell stays firm_summary (non-citable). STATUS transitional: the VAS Act is enacted (third reading 30 Jun 2026) but not commenced; this provision awaits FSC subsidiary legislation.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-30", "version_added": "0.4.0", "tags": [ "apac", "focus", "from_matrix_v0.9.6", "v0.4.0_expansion", "draft_provision", "v0.5.1_verification", "draft_url_added", "v0.7.0_claim_class", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "tw-frs-securities_classification-001", "jurisdiction": "TW", "authority": "Financial Supervisory Commission (FSC)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Under the Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced), the securities characterization of stablecoins sits within the FSC's virtual-asset perimeter, but the operative boundary awaits FSC subsidiary legislation; today VASPs operate under AML registration without a settled securities classification.", "requirement_structured": { "enacted_not_commenced": "securities characterization within the FSC virtual-asset perimeter", "securities": "boundary pending FSC subsidiary legislation" }, "status": "transitional", "effective_date": null, "source": { "primary": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced); AML registration regime for VASPs", "pinpoint": "Securities characterization: within the FSC virtual-asset perimeter (enacted, not commenced; boundary pending subsidiary legislation)" }, "interpretation_note": "Authored in v0.9.2 (constraint sweep) for TW.C4 constraint cell for the substrate sweep.\n\n[v0.9.9 enactment] The Virtual Asset Service Act passed third reading on 30 Jun 2026, so this cell moves from proposed to transitional (binding_status pending_proposal -> made_not_commenced), matching tw-frs-issuer_pathway-001. The provision is enacted but not commenced; its operative detail awaits FSC subsidiary legislation, and the cell stays non-citable (firm_summary, no resolution_text).", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-30", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "tw", "securities_classification", "binding_made_not_commenced", "v0.9.9_tw_enactment" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "uk-frs-aml_kyc-001", "jurisdiction": "UK", "authority": "FCA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "aml_kyc", "requirement_summary": "The cryptoassets regime supersedes the previous Money Laundering Regulations registration regime by bringing cryptoasset activities into full FSMA scope, including AML/KYC obligations; the existing Money Laundering Regulations 2017 continue to apply alongside.", "requirement_structured": { "change": "cryptoassets brought into full FSMA scope (AML/KYC)", "supersedes": "previous MLR money-laundering registration regime", "alongside": "Money Laundering Regulations 2017 still apply" }, "status": "transitional", "effective_date": "2026-02-01", "source": { "primary": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; Money Laundering Regulations 2017", "pinpoint": "AML/KYC — full FSMA scope; MLR registration regime superseded", "url": "" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.15 (United Kingdom — AML / KYC Framework)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] MLRs 2017 AML baseline IS in force (distinct from the not-yet-commenced FSMA 2026 stablecoin regime); binding status recorded.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "uk-frs-bank_nonbank_routing-001", "jurisdiction": "UK", "authority": "FCA; Bank of England (systemic)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "Issuance is undertaken by FCA-authorized firms; systemic payment stablecoins fall additionally under Bank of England oversight, separating conduct authorization from systemic prudential supervision.", "requirement_structured": { "conduct_authoriser": "FCA", "systemic_supervisor": "Bank of England" }, "status": "in_force", "effective_date": null, "source": { "primary": "FSMA 2026 (conduct + systemic regimes); Banking Act 2009 (systemic)", "pinpoint": "Authorized-firm issuance; FCA conduct vs. BoE systemic split" }, "interpretation_note": "Authored in v0.9.2 to fill the UK.C5 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] Bank/non-bank routing under the FSMA 2026 perimeter; made-not-commenced.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "uk", "bank_nonbank_routing", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "uk-frs-capital_requirements-001", "jurisdiction": "UK", "authority": "FCA; Bank of England", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "The FCA published final rules for non-systemic UK-issued qualifying stablecoins in PS26/10 in June 2026. The Bank of England separately published a June 2026 systemic-stablecoin policy statement with a draft Code of Practice. Exact prudential obligations, systemic/non-systemic allocation and commencement still require record-level primary and independent legal review.", "requirement_structured": { "non_systemic": "FCA PS26/10 final rules (Jun 2026; commencement mapping pending)", "systemic": "Bank of England June 2026 policy statement and draft Code of Practice" }, "status": "transitional", "effective_date": "2027-10-25", "source": { "primary": "FCA PS26/10; Bank of England June 2026 systemic-stablecoin policy statement and draft Code", "pinpoint": "FCA PS26/10 Summary and Ch. 2-3; exact capital-rule mapping pending", "url": "https://www.fca.org.uk/publication/policy/ps26-10.pdf" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.14 (United Kingdom — Capital Requirements)" } ], "interpretation_note": "The public wording is updated to reflect PS26/10. The detailed capital proposition remains unverified until a named primary reviewer maps the made rules and an independent reviewer reconciles the result.\n\n[historical v0.9.5 note] The prior record rested on consultations; PS26/10 has since been published.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_pending_proposal" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2027-10-25", "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-cross_border_data-001", "jurisdiction": "UK", "authority": "ICO", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "UK GDPR applies (effectively mirroring EU GDPR post-Brexit). Cross-border data transfers to non-UK jurisdictions require an adequacy decision, an International Data Transfer Agreement (IDTA), or the UK Addendum to the EU Standard Contractual Clauses.", "requirement_structured": { "regime": "UK GDPR (mirrors EU GDPR)", "transfer_gates": [ "adequacy decision", "International Data Transfer Agreement (IDTA)", "UK Addendum to EU SCCs" ] }, "status": "in_force", "source": { "primary": "UK GDPR (Data Protection Act 2018)", "pinpoint": "Cross-border transfer — adequacy / IDTA / UK Addendum to EU SCCs", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.15 (United Kingdom — Cross-Border Data Treatment)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] Cross-border/data under the FSMA 2026 perimeter; made-not-commenced.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-custody-001", "jurisdiction": "UK", "authority": "FCA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "custody", "constraint_ref": "C2", "requirement_summary": "Any firm holding client crypto-assets for more than 24 hours, or with the ability to override client authority, is a regulated custodian requiring a safeguarding licence. This 24-hour custody rule has significant operational implications for wallet operators with UK user exposure.", "requirement_structured": { "trigger": "holding client crypto-assets > 24 hours, or ability to override client authority", "consequence": "regulated custodian; safeguarding licence required", "impact": "wallet operators with UK user exposure" }, "status": "transitional", "effective_date": "2026-02-01", "source": { "primary": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14", "pinpoint": "Custody — 24-hour rule; safeguarding licence for regulated custodians", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.15 (United Kingdom — Distribution and Offering Restrictions; custody rule)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification. This is the first record on the custody dimension; the 24-hour test is the operative custody trigger.\n\n[v0.9.5 verification] Custody under SI 2026/102 + FCA rules; made-not-commenced; held below resolution_text.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "new_dimension", "v0.7.0_claim_class", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-distribution-001", "jurisdiction": "UK", "authority": "FCA; HM Treasury", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "distribution", "constraint_ref": "C8", "requirement_summary": "Offshore firms 'involved' in a sale of a cryptoasset to a UK consumer are within territorial scope. UKQS transactions (in UKQS only) are carved out from the financial-promotions regime, except for lending and borrowing arrangements. HM Treasury's 21 April 2026 draft amendment SI signals intent to bring stablecoin payments using UKQS-authorised firms into regulated payment services (consultation closed 22 May 2026).", "requirement_structured": { "territorial": "offshore firms 'involved' in a sale to a UK consumer are in scope", "fin_promo_carveout": "UKQS-only transactions carved out, except lending/borrowing", "payments_proposal": "HM Treasury 21 Apr 2026 amendment SI — UKQS payments into regulated payment services" }, "status": "proposed", "source": { "primary": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; HM Treasury draft amendment SI (21 Apr 2026)", "pinpoint": "Distribution — offshore 'involved' test; UKQS financial-promotions carve-out; payments amendment", "url": "" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.15 (United Kingdom — Distribution and Offering Restrictions)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] Distribution rules rest on FCA consultation; pending.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_pending_proposal" ], "binding_status": "pending_proposal", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "uk-frs-implementation_status-001", "jurisdiction": "UK", "authority": "FCA; Bank of England; HM Treasury", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "implementation_status", "requirement_summary": "SI 2026/102 was made in February 2026 and the relevant issuer regime is scheduled to commence on 25 October 2027. The FCA published final stablecoin-issuance rules in PS26/10 in June 2026. The Bank of England published its systemic-stablecoin policy statement and draft Code of Practice in June 2026, followed by a joint Bank/FCA approach on 30 June 2026. Bank finalisation and record-level commencement mapping remain pending.", "requirement_structured": { "si_published": "Feb 2026 (made; relevant commencement 25 Oct 2027)", "boe_proposals": "10 Nov 2025", "hmt_amendment": "21 Apr 2026", "fca_final": "PS26/10 published Jun 2026", "boe_systemic": "policy statement and draft Code of Practice published Jun 2026", "joint_approach": "Bank/FCA publication 30 Jun 2026", "full_regime": "25 Oct 2027" }, "status": "transitional", "effective_date": "2027-10-25", "source": { "primary": "SI 2026/102; FCA PS26/10; Bank of England June 2026 policy statement/draft Code; Bank/FCA joint approach", "pinpoint": "Joint approach, Introduction and Table C; FCA PS26/10 Summary; commencement 25 Oct 2027", "url": "https://www.bankofengland.co.uk/paper/2026/boe-and-fcas-approach-to-joint-regulation-of-systemic-stablecoin-issuers" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), pp.16-17 (United Kingdom — Implementation Timeline)" } ], "interpretation_note": "The public wording is updated for the June 2026 FCA and Bank publications. This remains an unreviewed record: the final FCA rulebook, Bank draft/final status and statutory commencement must be mapped line by line and independently reconciled before currentness promotion.", "confidence": "high", "claim_class": "tier2_operational", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2027-10-25", "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-issuer_pathway-001", "jurisdiction": "UK", "authority": "FCA, HM Treasury", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "qualifying stablecoin", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "Issuers must be UK-incorporated. HM Treasury's policy note describes the regulated perimeter as triggered by any one of three lifecycle limbs (offering, redemption, backing-asset management) in the UK. However, Article 9M(2) of SI 2026/102, together with the corresponding amendment to FSMA s.418, requires all three limbs to be in the UK. This single-limb vs. all-three-limbs divergence is an open interpretive question.", "status": "transitional", "effective_date": "2026-02-01", "source": { "primary": "SI 2026/102, Art. 9M(2); FSMA s.418 (as amended); HM Treasury policy note", "pinpoint": "reg 9M(2) (issuing a qualifying stablecoin; all three limbs) vs HMT policy note (any one limb)", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), UK detailed entry / Comparison Table flag" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] HELD below resolution_text: SI 2026/102 reg 9M is real and confirmed and the three-limbs-vs-one-limb tension is genuine, BUT the regime is NOT yet operative — full commencement 25 Oct 2027. Made law, not yet in force. Status corrected in_force->transitional.", "interpretive_flag": { "tension": "Whether the UK regulated perimeter is triggered by any one lifecycle limb (HMT policy note) or requires all three limbs in the UK (SI 2026/102 Art. 9M(2) / FSMA s.418).", "resolution_channel": "FCA PS26/10 is published; reconcile its made rules with SI 2026/102 and the 25 Oct 2027 commencement." }, "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "uk", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_made_not_commenced", "verification_reviewed" ], "binding_status": "made_not_commenced", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "reg 9M(2) (issuing a qualifying stablecoin; all three limbs) vs HMT policy note (any one limb)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-monetary_sovereignty-001", "jurisdiction": "UK", "authority": "FCA; Bank of England (systemic)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "There is no aggregate usage cap on private tokens; the inbound treatment of foreign tokens is in transition pending the operation of the systemic regime, so the structural monetary-sovereignty pole is not yet stable.", "requirement_structured": { "usage_cap": null, "inbound": "in transition (systemic regime not yet operative)" }, "status": "transitional", "effective_date": null, "source": { "primary": "FSMA 2026; Bank of England systemic stablecoin regime", "pinpoint": "Monetary-sovereignty treatment of foreign tokens — pending systemic-regime operation" }, "interpretation_note": "Authored in v0.9.2 to fill the UK.C7 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] Monetary-sovereignty treatment under the FSMA 2026 perimeter; made-not-commenced (the time engine owns the 2027-10-25 flip).", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "uk", "monetary_sovereignty", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "uk-frs-permitted_activity_yield-001", "jurisdiction": "UK", "authority": "FCA, Bank of England", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "qualifying stablecoin", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "Yield is not expressly addressed in SI 2026/102. The FCA published PS26/10 final issuance rules in June 2026 and the Bank published its systemic policy/draft Code. The exact holder-yield and remuneration treatment has not yet been mapped and independently reviewed for this record, so no substantive conclusion is promoted.", "status": "consultation", "effective_date": null, "source": { "primary": "SI 2026/102; FCA PS26/10; Bank of England June 2026 systemic policy/draft Code", "pinpoint": "Holder-yield/remuneration mapping pending; do not infer from reserve remuneration", "url": "https://www.fca.org.uk/publication/policy/ps26-10.pdf" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.5 (Comparison Table — Yield to holders)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. UK is the least-settled of the six on yield; carried as consultation/low confidence pending FCA rules.\n\n[v0.9.5 verification] Yield/distribution treatment rests on FCA consultation; pending.", "interpretive_flag": { "tension": "Whether and how returns may be passed through to holders is not fixed in the SI; BoE signals constraint but the FCA rule is pending.", "resolution_channel": "Line-by-line mapping of FCA PS26/10 and the final Bank Code, followed by independent review." }, "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "uk", "focus", "spine", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_pending_proposal" ], "binding_status": "pending_proposal", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "consultation", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-redemption-001", "jurisdiction": "UK", "authority": "FCA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "redemption", "requirement_summary": "Redemption follows an issuer-controlled process within a backing-asset trust structure: third parties holding backing assets do so on trust for the benefit of stablecoin holders. Specific redemption mechanics are pending final FCA rules.", "requirement_structured": { "process": "issuer-controlled", "trust": "backing assets held on trust for holders", "mechanics": "pending final FCA rules" }, "status": "proposed", "source": { "primary": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102", "pinpoint": "Redemption — issuer-controlled; backing-asset trust structure", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.15 (United Kingdom — Redemption Mechanics)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification.\n\n[v0.9.5 verification] Redemption rules; made-not-commenced (operative 2027-10-25); held below resolution_text.", "confidence": "low", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-regulatory_authority-001", "jurisdiction": "UK", "authority": "FCA, Bank of England, HM Treasury", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "qualifying stablecoin", "dimension": "regulatory_authority", "requirement_summary": "The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, SI 2026/102, in force from February 2026, make issuing a qualifying stablecoin in the UK a regulated activity under FSMA. The FCA (conduct), Bank of England (systemic), and HM Treasury (perimeter) share authority. The FCA published PS26/10 final issuance rules in June 2026; the Bank's June 2026 systemic policy includes a draft Code of Practice, and the authorities published their joint approach on 30 June 2026. The relevant regime commences 25 October 2027.", "status": "transitional", "effective_date": "2027-10-25", "source": { "primary": "Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, SI 2026/102", "pinpoint": "FCA/BoE supervisory architecture under FSMA 2000 (as amended by SI 2026/102)", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.2 (Executive Summary) / p.5 / UK detailed entry" }, { "citation": "FCA PS26/10 (June 2026); Bank of England/FCA joint approach (30 June 2026)." } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3.\n\n[v0.9.5 verification] HELD below resolution_text: the supervisory architecture is established by SI 2026/102, which is made but commences 25 Oct 2027. Backing record for the scheduled UK commencement event.", "confidence": "high", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "uk", "focus", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_made_not_commenced", "verification_reviewed" ], "binding_status": "made_not_commenced", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "FCA/BoE supervisory architecture under FSMA 2000 (as amended by SI 2026/102)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": "2027-10-25", "effective_until": null, "event_id": "uk-systemic-regime-operative", "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-11", "review_status": "stale", "days_overdue": 40, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-reserve_backing-001", "jurisdiction": "UK", "authority": "FCA", "instrument_type": "fiat_referenced_stablecoin", "instrument_label_local": "UK qualifying stablecoin (UKQS)", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "SI 2026/102 requires 1:1 backing by a backing-asset pool with annual independent review. Backing assets are carved out from the collective-investment-scheme (CIS) and alternative-investment-fund (AIF) definitions, with the carve-out activated early ahead of full regime commencement; specific backing-asset composition rules are pending final FCA rules.", "requirement_structured": { "backing": "1:1 by backing-asset pool", "review": "annual independent review", "cis_aif_carveout": "backing assets carved out of CIS/AIF definitions (activated early)", "composition": "pending final FCA rules" }, "status": "transitional", "effective_date": "2026-02-01", "source": { "primary": "Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, SI 2026/102", "pinpoint": "1:1 backing; CIS/AIF carve-out for backing assets", "url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), pp.14-15 (United Kingdom — Reserve and Backing Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3; pending primary-source verification. The early CIS/AIF carve-out is the closest structural mirror among the six jurisdictions to US 1940-Act treatment of tokenised MMFs (enables 1940-Act-equivalent routing).\n\n[v0.9.5 verification] Reserve/backing under SI 2026/102 + FCA rules; made-not-commenced (operative 2027-10-25); held below resolution_text.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.3.0", "tags": [ "europe", "focus", "from_matrix_v0.9.3", "v0.3.0_backfill", "v0.7.0_claim_class", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "evidence_tier": "unverified", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "not_checked", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "official", "uncertainty": "high" } }, { "id": "uk-frs-securities_classification-001", "jurisdiction": "UK", "authority": "FCA; Bank of England (systemic)", "instrument_type": "fiat_referenced_stablecoin", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "Regulated stablecoins are brought within the FSMA financial-services perimeter as a payments-adjacent regulated activity rather than as transferable securities under the RAO's investment heads.", "requirement_structured": { "perimeter": "FSMA regulated activity (payments-adjacent)", "securities": false }, "status": "in_force", "effective_date": null, "source": { "primary": "Financial Services and Markets Act 2000 (Regulated Activities) Order; FSMA 2026 stablecoin provisions", "pinpoint": "Regulated-activity perimeter for stablecoins vs. the investment (securities) heads" }, "interpretation_note": "Authored in v0.9.2 to fill the UK.C4 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] Securities/RAO treatment under the FSMA 2026 perimeter; made-not-commenced.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "uk", "securities_classification", "v0.9.5_verification", "binding_made_not_commenced" ], "binding_status": "made_not_commenced", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "enacted_not_commenced", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 14, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "us-pss-bank_nonbank_routing-001", "jurisdiction": "US", "authority": "OCC/FDIC (bank issuers); SEC/CFTC (intermediaries under CLARITY §404)", "instrument_type": "payment_stablecoin", "instrument_label_local": "payment stablecoin / covered party", "dimension": "bank_nonbank_routing", "constraint_ref": "C5", "requirement_summary": "The regime separates roles along a routing chain. A bank operating as a Layer 1 issuer under the GENIUS Act operates under bank supervision; non-bank permitted issuers operate under the OCC/FDIC payment-stablecoin charter. CLARITY §404 adds an intermediary layer: 'covered parties' (digital-asset service providers and affiliates) may not pay yield on held balances, but may facilitate user-initiated activity. The author synthesises a generalisable three-layer routing architecture: (1) a compliant issuer layer (GENIUS-compliant payment stablecoin), (2) an authorised routing layer (the wallet/intermediary that executes the user's signed instruction), and (3) a yield-bearing tokenised cash-management layer (registered tokenised MMF). The binding question is which entity in the chain holds which authorisation, and whether the routing layer's action is a permitted facilitation or a prohibited yield/brokerage activity.", "requirement_structured": { "layers": [ "L1 compliant issuer (bank or non-bank PPSI)", "L2 authorised routing layer (wallet/intermediary)", "L3 yield-bearing tokenised cash management (registered MMF)" ], "binding_question": "authorisation held at each layer; facilitation vs. prohibited activity at L2" }, "status": "proposed", "effective_date": null, "source": { "primary": "GENIUS Act (issuer charters); CLARITY Act §404 'covered parties' (pending)", "pinpoint": "CLARITY Act Sec. 404 covered-party definition (H.R.3633, House-passed, not enacted)" }, "secondary": [ { "citation": "Fan, Cross-Border Stablecoin Architecture (Working Paper, May 2026), §4 (three-layer routing architecture) and §2.5 (Constraint 5)" }, { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), Pattern 1 (issuer/intermediary split) and Pattern 3" } ], "interpretation_note": "New dimension in v0.2.0-dev. Home for the §4 three-layer routing architecture and Constraint 5. Composes with securities_classification (the L2->L3 step is where C4 and C5 meet) and permitted_activity_yield (whether L2 facilitation is 'bona fide activity').\n\n[v0.9.5 verification] HELD below resolution_text: bank/non-bank routing rests on the CLARITY Act, a House-passed bill, not enacted law.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "anchor", "us", "routing", "architecture", "new_dimension", "from_portfolio", "v0.9.5_verification", "binding_pending_proposal", "verification_reviewed" ], "binding_status": "pending_proposal", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "pinpoint": "CLARITY Act Sec. 404 covered-party definition (H.R.3633, House-passed, not enacted)" } }, "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 7, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "us-pss-capital_requirements-001", "jurisdiction": "US", "authority": "OCC, FDIC", "instrument_type": "payment_stablecoin", "instrument_label_local": "payment stablecoin", "dimension": "capital_requirements", "constraint_ref": "C2", "requirement_summary": "De novo PPSIs must hold minimum capital of the greater of $5 million or the chartering-condition amount, for 36 months. An operational backstop of 12 months of operating expenses must be held in cash, FDIC-insured deposits, or short-dated Treasuries (<=93 days). Two consecutive quarter-ends below the capital or backstop requirement trigger mandatory liquidation.", "status": "proposed", "effective_date": null, "source": { "primary": "GENIUS Act capital provisions; OCC/FDIC NPRM (de novo capital; operational backstop; liquidation trigger)", "pinpoint": "capital left to OCC/FDIC rulemaking; figures from the OCC/FDIC NPRM (proposed)", "url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.8 (US — Capital Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. Capital half of the split reserve_capital dimension.\n\n[v0.9.5 verification] HELD below resolution_text: GENIUS leaves capital to rulemaking; the figures (min greater of $5m or chartering amount) come from the OCC/FDIC NPRM (proposed), not final law.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-17", "version_added": "0.2.0", "tags": [ "us", "anchor", "from_matrix_v0.9.3", "dimension_split", "v0.9.5_verification", "binding_pending_proposal", "verification_reviewed" ], "binding_status": "pending_proposal", "evidence_tier": "firm_summary", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "practitioner_corroboration", "against": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "pinpoint": "capital left to OCC/FDIC rulemaking; figures from the OCC/FDIC NPRM (proposed)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-04", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "proposed", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-04", "review_status": "stale", "days_overdue": 47, "sla_days": 7, "source_disposition": "official", "uncertainty": "high" } }, { "id": "us-pss-cross_border_data-001", "jurisdiction": "US", "authority": "OCC/FDIC; Federal Reserve; Treasury (foreign comparability)", "instrument_type": "payment_stablecoin", "dimension": "cross_border_data", "constraint_ref": "C6", "requirement_summary": "Issuers are subject to the Bank Secrecy Act and OFAC sanctions administration; there is no data-localization rule that bars supervisory information-sharing with foreign regulators.", "requirement_structured": { "aml_sanctions": "BSA + OFAC", "data_localization": false, "blocks_supervisory_sharing": false }, "status": "in_force", "effective_date": null, "source": { "primary": "GENIUS Act; Bank Secrecy Act; OFAC regulations", "pinpoint": "AML/sanctions perimeter; cross-border information-sharing" }, "interpretation_note": "Authored in v0.9.2 to fill the US.C6 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] US data/AML framework in force; binding status recorded; not separately line-verified.", "confidence": "medium", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "us", "cross_border_data", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "us-pss-disclosure_reporting-001", "jurisdiction": "US", "authority": "OCC/FDIC; Federal Reserve; Treasury (foreign comparability)", "instrument_type": "payment_stablecoin", "dimension": "disclosure_reporting", "constraint_ref": "C8", "requirement_summary": "Issuers must publish monthly reserve composition certified by an independent accountant and are subject to federal and state supervisory reporting; supervisory coordination is available.", "requirement_structured": { "reserve_disclosure": "monthly, certified", "supervision": "federal + state" }, "status": "in_force", "effective_date": null, "source": { "primary": "GENIUS Act", "pinpoint": "Monthly reserve certification and disclosure; supervisory reporting" }, "interpretation_note": "Authored in v0.9.2 to fill the US.C8 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] GENIUS disclosure/reporting framework; binding status recorded; not separately line-verified.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "us", "disclosure_reporting", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "us-pss-issuer_pathway-001", "jurisdiction": "US", "authority": "OCC/FDIC; Federal Reserve; Treasury (foreign comparability)", "instrument_type": "payment_stablecoin", "dimension": "issuer_pathway", "constraint_ref": "C1", "requirement_summary": "Permitted payment stablecoin issuers are a defined set: subsidiaries of insured depository institutions, federally qualified non-bank payment stablecoin issuers approved by the OCC, and state-qualified issuers operating under an OCC-certified comparable state regime. An authorizable private token exists.", "requirement_structured": { "permitted_issuers": [ "IDI subsidiary", "OCC-approved federal nonbank PPSI", "state-qualified issuer (comparable state regime)" ], "exportable_token": true }, "status": "in_force", "effective_date": null, "source": { "primary": "Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act)", "pinpoint": "GENIUS Act Sec. 3-4 (permitted payment stablecoin issuers: IDI subsidiaries; OCC-qualified non-banks; certified state regimes)", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text" }, "interpretation_note": "Authored in v0.9.2 to fill the US.C1 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] CAVEAT: CLARITY Act Sec. 404 covered-party definition is a House-passed bill (H.R.3633), NOT law; excluded from the citable proposition. Confirmed: GENIUS issuer eligibility (Sec. 3-4) is enacted. The cell's CLARITY Sec. 404 reference is a pending House bill, flagged out of the citable proposition.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "resolution_text", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "us", "issuer_pathway", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "pinpoint": "GENIUS Act Sec. 3-4 (permitted payment stablecoin issuers: IDI subsidiaries; OCC-qualified non-banks; certified state regimes)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "us-pss-monetary_sovereignty-001", "jurisdiction": "US", "authority": "OCC/FDIC; Federal Reserve; Treasury (foreign comparability)", "instrument_type": "payment_stablecoin", "dimension": "monetary_sovereignty", "constraint_ref": "C7", "requirement_summary": "The US issues the reserve currency and imposes no aggregate usage cap on private dollar tokens. A foreign payment stablecoin may be offered in the US only where the foreign regime is determined comparable by the Treasury and the issuer registers — an admission-by-determination channel rather than an open market.", "requirement_structured": { "usage_cap": null, "foreign_admission": "comparability determination + registration" }, "status": "in_force", "effective_date": null, "source": { "primary": "GENIUS Act", "pinpoint": "Foreign payment stablecoin issuers — comparability determination and registration" }, "interpretation_note": "Authored in v0.9.2 to fill the US.C7 constraint cell for the substrate sweep.\n\n[v0.9.5 verification] GENIUS framework (no non-USD usage cap); binding status recorded; not separately line-verified in this pass.", "confidence": "high", "claim_class": "tier1_legal", "evidence_tier": "firm_summary", "last_reviewed": "2026-06-27", "version_added": "0.9.2", "tags": [ "v0.9.2_cell_sweep", "us", "monetary_sovereignty", "v0.9.5_verification", "binding_in_force_enacted" ], "binding_status": "in_force_enacted", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "reviewer": null, "second_reviewer": null, "review_stage": "unreviewed", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "unavailable", "source_check_status": "source_unavailable", "effective_from": null, "effective_until": null, "event_id": "us-genius-act-effective", "legal_status": "operative", "uncertainty": "high", "freshness": { "as_of": "2026-08-20", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "days_overdue": null, "sla_days": 30, "source_disposition": "unavailable", "uncertainty": "high" } }, { "id": "us-pss-permitted_activity_yield-001", "jurisdiction": "US", "authority": "OCC, FDIC, Fed, Treasury (GENIUS); SEC/CFTC/Treasury joint rulemaking (CLARITY §404, pending)", "instrument_type": "payment_stablecoin", "instrument_label_local": "payment stablecoin", "dimension": "permitted_activity_yield", "constraint_ref": "C3", "requirement_summary": "GENIUS Act §4(a)(11) prohibits permitted/foreign payment stablecoin issuers from paying any form of interest or yield (cash, tokens, or other consideration) to a holder 'solely in connection with the holding, use, or retention' of a payment stablecoin. The word 'solely' is the textual hinge: it reaches payments tied to the act of holding, not payments produced by some other operative event (user-initiated routing, market-making, transfers). OCC NPRM §15.10(c)(4) and FDIC NPRM §350.3(b)(4) add a rebuttable presumption that affiliate / related-third-party arrangements (including white-label) violate the prohibition, rebuttable by written non-evasion showing; the anti-evasion rule (proposed §15.10(c)(6)) treats any sidestep arrangement as a violation. Permitted: merchant-funded discounts; issuer profit-sharing with non-affiliated white-label partners without yield pass-through. The intermediary layer is the pending CLARITY Act §404, extending the prohibition to 'covered parties' (digital-asset service providers and affiliates) under prongs (A) 'solely in connection with holding' and (B) 'economically or functionally equivalent' to bank-deposit interest.", "requirement_structured": { "passive_yield_to_holder": "prohibited (GENIUS §4(a)(11))", "textual_hinge": "'solely' (issuer layer) / 'economically or functionally equivalent' (CLARITY §404(c)(1)(B))", "activity_based_rewards": "permitted in principle; scope TBD by joint SEC/CFTC/Treasury rulemaking", "rulemaking_window": "within 12 months of CLARITY enactment", "civil_penalty": "up to $5,000,000 per violation (Treasury-assessed)" }, "status": "in_force", "effective_date": null, "source": { "primary": "GENIUS Act §4(a)(11); OCC NPRM §15.10(c)(4) / anti-evasion §15.10(c)(6); FDIC NPRM §350.3(b)(4); CLARITY Act (H.R. 3633) §404(c)(1) (Tillis-Alsobrooks text, 1 May 2026; affirmed final 5 May 2026)", "pinpoint": "GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention)", "url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.8 (US — Yield and Interest Treatment)" }, { "citation": "Fan, Narrowing the Section 404 Prohibition (Independent Policy Brief, 6 May 2026; SSRN), §VI six-factor test" } ], "interpretation_note": "ANCHOR / LIVE WINDOW. CLARITY §404 passed Senate Banking 15-9 on 14 May 2026 and awaits floor passage. The bona-fide-activity boundary is the open question; the author's position is that user-initiated routing into 1940-Act registered tokenised MMFs falls outside the prohibition because the operative step is the user's signed authorisation, not the holding (see securities_classification + bank_nonbank_routing records).\n\n[v0.9.5 verification] Confirmed: the Federal Register implementation notice quotes Sec. 4(a)(11) verbatim and matches the cell pinpoint. GENIUS is enacted and in force (status corrected proposed->in_force). LIVE DEVELOPMENT (Jun 2026): the Senate Banking Committee's CLARITY substitute (advanced 15-9 on 14 May 2026; placed on the Senate Legislative Calendar as Calendar No. 423 on 1 Jun 2026) carries the Tillis-Alsobrooks stablecoin-yield compromise, which prohibits digital-asset service providers from offering interest or yield for merely holding a stablecoin balance but allows stablecoin rewards and activity-linked incentives. That is the intermediary-layer (CLARITY Sec. 404) extension of the GENIUS issuer-level prohibition, and it supports this cell's standing position that user-initiated, activity-linked routing falls outside the holding prohibition. It is not yet law: the bill still needs Senate floor passage, reconciliation with the Senate Agriculture and House versions, and signature (see the contingent us-clarity-act-enacted event in the time engine).", "interpretive_flag": { "tension": "'bona fide activity' is undefined in the statute; the issuer-layer 'solely' and intermediary-layer 'economically or functionally equivalent' comparators leave the routing/market-making carve-out unsettled.", "resolution_channel": "Post-enactment joint SEC/CFTC/Treasury NPRM (12-month window); Senate Banking Committee Report as upstream legislative history; SEC Crypto Task Force written-input channel (open now)." }, "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "anchor", "us", "spine", "live-window", "section-404", "from_matrix_v0.9.3", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "pinpoint": "GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "us-pss-reserve_backing-001", "jurisdiction": "US", "authority": "OCC, FDIC", "instrument_type": "payment_stablecoin", "instrument_label_local": "payment stablecoin", "dimension": "reserve_backing", "constraint_ref": "C2", "requirement_summary": "1:1 backing of outstanding payment stablecoins at fair value is required by the enacted GENIUS Act (Sec. 4(a)(1)). The detailed list of PERMISSIBLE reserve assets is set by the OCC NPRM (proposed 12 CFR Sec. 15.11(b)) and is NOT yet final — that composition is a pending overlay, not part of the in-force statutory proposition.", "status": "in_force", "effective_date": null, "source": { "primary": "GENIUS Act Sec. 4(a)(1) (1:1 fair-value reserve backing)", "pinpoint": "GENIUS Act Sec. 4(a)(1) (1:1 fair-value backing of outstanding payment stablecoins)", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text" }, "secondary": [ { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), p.8 (US — Reserve and Backing Requirements)" } ], "interpretation_note": "Provenance: transcribed from author's Compliance Matrix v0.9.3. Reserve half of the split reserve_capital dimension.\n\n[v0.9.5 verification] CAVEAT: Permissible-asset composition (proposed 12 CFR Sec. 15.11(b)) is an OCC NPRM (pending), not final law. SPLIT per verification: the citable proposition is the enacted 1:1 backing (Sec. 4(a)(1)); the 12 CFR Sec. 15.11(b) permissible-asset detail is an OCC NPRM (proposed), moved out of the citation into a flagged pending overlay. Status corrected proposed->in_force for the 1:1.", "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "us", "anchor", "from_matrix_v0.9.3", "dimension_split", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "pinpoint": "GENIUS Act Sec. 4(a)(1) (1:1 fair-value backing of outstanding payment stablecoins)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": null, "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } }, { "id": "us-pss-securities_classification-001", "jurisdiction": "US", "authority": "SEC (Reves/Howey); SEC/CFTC market-structure boundary under CLARITY", "instrument_type": "payment_stablecoin", "instrument_label_local": "payment stablecoin", "dimension": "securities_classification", "constraint_ref": "C4", "requirement_summary": "A payment stablecoin structured to comply with the GENIUS Act (1:1 backing, no issuer yield, par redemption) is positioned as a non-security: under the Reves family-resemblance test the instrument resembles a payment/exchange medium rather than an investment note, and the absence of yield removes the principal Howey 'expectation of profit' hook. The contested boundary is not the stablecoin itself but the adjacent routing step: whether a wallet/intermediary that routes a user's payment-stablecoin balance into 1940-Act registered tokenised money market fund shares is thereby distributing securities and acting as a broker. The author's analysis (Reves' fourth factor — the presence of an alternative regulatory regime) argues registered-fund shares are already comprehensively regulated, weighing against re-characterising the routing as an unregistered securities activity.", "requirement_structured": { "stablecoin_itself": "non-security (GENIUS-compliant, non-yielding)", "contested_step": "routing payment-stablecoin balance -> registered tokenised MMF shares (a security)", "governing_tests": [ "Reves family-resemblance (esp. 4th factor)", "Howey", "broker definition under Exchange Act" ] }, "status": "in_force", "effective_date": null, "source": { "primary": "Reves v. Ernst & Young, 494 U.S. 56 (1990); SEC v. W.J. Howey Co., 328 U.S. 293 (1946); Investment Company Act of 1940 (registered MMFs); CLARITY Act market-structure provisions (pending)", "pinpoint": "GENIUS Act securities carve-out (amending the '33/'34 Acts and ICA40 for permitted payment stablecoins)", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text" }, "secondary": [ { "citation": "Fan, When Wallets Become Brokers: The Reves Fourth Factor and the Section 404 Boundary (SSRN, May 2026)" }, { "citation": "Fan, Reves' Fourth Factor and Stablecoin Routing Across Six Jurisdictions (submitted to Columbia, May 2026)" }, { "citation": "Fan, Compliance Matrix v0.9.3 (18 May 2026), Pattern 3 (registered-investment-product parallel track)" } ], "interpretation_note": "SECOND SPINE. This dimension is new in v0.2.0-dev and is the home for the author's largest body of work after yield. It composes directly with permitted_activity_yield (C3 x C4): the §404 yield carve-out and the securities/brokerage line are the same boundary viewed from two doctrines. Without this dimension the two Reves papers and §4 of the Architecture paper had no slot in the register.\n\n[v0.9.5 verification] CAVEAT: CLARITY market-structure overlay is pending (H.R.3633, House-passed) and is NOT part of this citable carve-out. Confirmed: GENIUS carves permitted-issuer payment stablecoins out of the securities laws (enacted). The Reves analysis is common-law backdrop; the CLARITY provisions are a pending bill, excluded. Status corrected proposed->in_force.", "interpretive_flag": { "tension": "Whether user-initiated routing into registered tokenised MMFs is (a) a permitted bona-fide activity outside §404 and (b) outside broker-dealer / securities-distribution characterisation, or instead disguised yield + unregistered securities activity.", "resolution_channel": "SEC Crypto Task Force; joint §404 rulemaking; potential Reves/Howey litigation; Committee Report language (author's §VIII proposal)." }, "confidence": "medium", "claim_class": "tier1_legal", "last_reviewed": "2026-06-27", "version_added": "0.2.0", "tags": [ "anchor", "us", "spine", "securities", "reves", "new_dimension", "from_portfolio", "v0.9.5_verification", "binding_in_force_enacted", "resolution_text_verified" ], "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "verification": { "verified_by": "external review (web retrieval against official sources)", "verified_on": "2026-06-27", "method": "official_text", "against": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "pinpoint": "GENIUS Act securities carve-out (amending the '33/'34 Acts and ICA40 for permitted payment stablecoins)" } }, "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "review_stage": "primary_reviewed_second_pending", "reconciliation_status": "not_started", "review_disagreement": null, "source_disposition": "official", "source_check_status": "checked", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "legal_status": "operative", "uncertainty": "low", "freshness": { "as_of": "2026-08-20", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "days_overdue": 24, "sla_days": 30, "source_disposition": "official", "uncertainty": "low" } } ], "corridors": [ { "corridor_id": "eu-us-eur-usd-settlement", "name": "European Union -> United States (EUR->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "US", "direction": "directed", "currencies": "EUR -> USD", "feasibility_class": "Category II (comparability determination required)", "compatibility_category": "I/II", "compatibility_pair": "EU-US", "divergence": { "kind": "interaction_sets", "against_pair": "EU-US", "pair_interaction_sets": [ "B", "D" ], "edge_interaction_sets": [ "A", "C", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "D" ], "infrastructure_overlap": "Project Agora (shared Western wholesale-settlement experimental path)", "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "note": "The asymmetric mirror of the dollar-into-Europe corridor, gated differently. A MiCA-authorized euro issuer does not thereby gain US access; entry turns on a §18 Treasury comparability determination, OCC registration, and US-held reserves. Because no comparability determination has been made to date, the corridor is Category II in practice: operable in principle, pending a determination that does not yet exist. The asymmetry is structural — the comparability gate is unilateral with no MiCA counterpart.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.2 (European Union -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (EU x US: Category I/II hybrid)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer", "directional_asymmetry" ] }, { "corridor_id": "hk-br-usd-stablecoin-settlement-001", "name": "HK → Brazil — USD-referenced stablecoin B2B settlement", "schema": "corridor/v2-rich", "origin": "HK", "destination": "BR", "direction": "directed", "legs": [ "HK", "BR" ], "feasibility_class": "Category I/II (dual authorization or partnership) — counterparty-conditional + size-capped", "compatibility_category": "I/II", "compatibility_pair": "BR-HK", "interaction_sets": [ "A", "D" ], "flow": "A USD-referenced stablecoin used as the settlement medium for a B2B cross-border flow, originating on the Hong Kong side and terminating on the Brazil side. Ticket size is the hinge: both Brazil crypto rails are capped per operation, so corridor feasibility differs sharply between sub-cap and above-cap tickets.\n", "boundary_analysis": [ { "leg": "HK", "role": "origination", "confidence": "medium_high", "sub_gates": [ { "id": "hk_issuer", "label": "Issuer side — Stablecoins Ordinance (Cap. 656)", "requirement": "A licence is required only if the stablecoin is (i) issued in Hong Kong, or (ii) referencing the HKD (in or outside HK), or (iii) actively marketed to the HK public. A USD-referenced coin is NOT HKD-referencing, so limb (ii) does not apply. Limb (i) \"issued in HK\" is currency-agnostic and turns on the HKMA factor test: place of incorporation; day-to-day management; minting/burning location; where reserve assets are managed; where the mint/redeem bank account is held.\n", "analysis": "The regime permits a USD-referenced FRS licence in principle (limb (i) is currency-agnostic), BUT no USD FRS has been licensed: the first cohort (10 Apr 2026) licensed only HKD-referenced issuers — Anchorpoint (FRS01, HKDAP = \"HKD At Par\") and HSBC (FRS02) — and HKMA commentary signals no near-term USD-pegged path. So for this corridor the live HK route for a USD coin is NOT a domestic FRS licence; it is an offshore-issued non-HKD FRS (e.g. a US issuer) that is not \"issued in HK\" on the factor test and not actively marketed to HK retail. (Note: HKDAP tracks USD only indirectly — the HKD is pegged to USD at 7.75–7.85 under the Linked Exchange Rate System — but it is legally an HKD instrument and is a different instrument from a USD coin.)\n", "record_refs": [ "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001" ] }, { "id": "hk_distribution", "label": "Distribution side — permitted offerors", "requirement": "Offering an FRS does not itself need a stablecoin licence, but only \"permitted offerors\" may offer an FRS in HK — even one issued offshore / non-HKD: the licensed FRS issuer, authorised institutions (banks), SFC-licensed VATPs, SFC Type 1 corporations, and SVF licensees. An FRS from an issuer not HK-licensed (e.g. a foreign non-HKD FRS) may be offered to professional investors only.\n", "analysis": "With no domestic USD FRS available, channel is the operative HK constraint: distribution of the USD coin must run through a permitted offeror, and (because the issuer is not HK-licensed) to professional investors only. The PI-only limb is not binding for B2B — institutional counterparties typically qualify as PIs.\n", "record_refs": [ "hk-frs-distribution-001", "hk-frs-monetary_sovereignty-001" ] }, { "id": "hk_settlement_tokenised", "label": "Settlement into tokenised funds — SFC securities perimeter", "requirement": "Where the flow routes a stablecoin balance into a tokenised money-market fund, that fund is a \"tokenised security\" under the SFO (an interest in a CIS). The SFC's Tokenised Securities Circular (2 Nov 2023, 23EC52/23EC53) applies \"same business, same risks, same rules\" on a see-through basis; dealing/ distribution needs the relevant SFC licence (Type 1, etc.). Absent SFC authorisation under Part IV SFO / prospectus compliance, the offer is PI-only.\n", "analysis": "HK analogue of the US Reves/§404 securities-classification spine: in HK a tokenised MMF is squarely a tokenised security, with SFC-authorised retail instances already live (retail tokenised MMFs authorised Q1 2025). HK gives a clean \"yes, it is a security, and here is the regulated path\".\n", "record_refs": [ "hk-frs-securities_classification-001" ], "gap_note": "No HK securities_classification record exists yet — this sub-gate is the spec for it." } ], "clears": "A B2B USD-stablecoin settlement clears the HK side where: the coin is an offshore non-HKD FRS not actively marketed to HK retail (a domestically-licensed USD FRS does not yet exist — first cohort is HKD-only); it is offered only via a permitted offeror to professional investors (B2B counterparties qualify); and any tokenised- fund leg uses an SFC-authorised tokenised product or is confined to PIs under the tokenised-securities-circular controls.\n", "breaks": "Issuing a USD-referenced stablecoin in HK (per the factor test) without an HKMA FRS licence; actively marketing the coin to the HK retail public; offering through a non-permitted offeror; or routing into a tokenised MMF/security and distributing it to HK retail without SFC authorisation / prospectus compliance (PI-only otherwise).\n", "sources": [ "Stablecoins Ordinance (Cap. 656), s.14(1) licensing; Schedule 2 minimum criteria", "HKMA Explanatory Note on Licensing of Stablecoin Issuers (29 Jul 2025) — 'issued in HK' factor test; permitted offerors; non-HKD FRS PI-only", "SFC Circulars on tokenised securities-related activities & tokenised SFC-authorised products (2 Nov 2023, 23EC52 / 23EC53)", "SFC circular permitting secondary trading of tokenised SFC-authorised products (20 Apr 2026) — CONFIRM date against SFC source", "Live cohort: HKMA first FRS licences 10 Apr 2026 — Anchorpoint (FRS01, HKDAP/HKD-referenced) + HSBC (FRS02, HKD-referenced); NO USD FRS licensed", "Live instances: SFC-authorised retail tokenised MMFs (Q1 2025)" ], "review_by": "2026-09-30" }, { "leg": "BR", "role": "termination", "confidence": "high", "sub_gates": [ { "id": "br_efx_rail", "label": "eFX rail — closing to crypto on the external leg", "requirement": "Res 561 (pub. 30 Apr 2026; in force 1 Oct 2026; amends Res 277/2022, which regulates the FX Law, Lei 14.286/2021) bars eFX providers from settling the external leg — provider ↔ foreign counterparty (contraparte no exterior) — with virtual assets; settlement must be via an FX operation or a non-resident BRL (reais) account. eFX is the mass/low-value retail rail: per-operation ceilings of USD 10k (unilateral transfers; same-owner transfers; and, new under 561, financial/capital-market investment transfers); it is not a high-value B2B rail.\n", "analysis": "The ban is specific to the eFX settlement leg, not a general stablecoin ban — crypto trading, custody, and other arrangements remain permitted under the VASP regime. The USD 10k eFX ceiling independently confirms eFX was never the natural B2B rail; the practical effect is to foreclose the \"reais → USDT → settle abroad on-chain\" eFX back-end (the Nomad/Braza-Bank-style rail).\n", "record_refs": [ "br-vasp-cross_border_data-001" ] }, { "id": "br_vasp_fx_rail", "label": "VASP-in-FX rail — open but capped", "requirement": "Res 521 (pub. 10 Nov 2025; in force 2 Feb 2026; amends the FX-law trio Res 277/278/279 that regulate Lei 14.286/2021 — inserting Art. 76-A into Res 277 as the \"ativos virtuais no mercado de câmbio\" hook) brings authorised VASPs' (SPSAVs') virtual-asset international payments/transfers into the FX market as legitimate câmbio operations, subject to a per-operation cap that bites WHEN THE FOREIGN COUNTERPARTY IS NOT a BCB-FX-authorised institution: USD 100k for a SPSAV; USD 500k for an FX-authorised institution (bank / DTVM / CTVM / corretora de câmbio). Audit + monthly FX reporting to the BCB from 4 May 2026.\n", "analysis": "For a USD-stablecoin B2B settlement the foreign counterparty is typically not BCB-FX-authorised, so the cap bites. The cap — not the rail choice — is usually the binding constraint for B2B ticket sizes; above it the flow reverts to traditional câmbio (bank FX desk / DTVM).\n", "record_refs": [ "br-vasp-issuer_pathway-001", "br-vasp-cross_border_data-001" ] }, { "id": "br_custody_assets", "label": "Custody, segregation & asset curation — Res 520", "requirement": "Res 520 (in force 2 Feb 2026) requires a documented patrimonial-segregation policy (Art. 28–30): client fiat in individualised accounts; client virtual assets in wallets distinct from the provider's own-operation wallets; the methods used for proof of reserves; and an independent audit of the provider's and clients' virtual assets on a BIENNIAL basis at reasonable-assurance level (Art. 30 III), with the report publicly disclosed on the provider's website (Art. 30 §1). Up to 5% own-asset co-mingling is allowed for immediate liquidity if identified/recorded. Asset curation (Art. 64+) PROHIBITS offering/intermediating algorithmic stablecoins or any fiat-pegged token without effective, verifiable liquid-asset backing; the \"ativo de reserva\" is defined as fiat + government bonds issued by the same government. Foreign custodians may be used only under home- country authorisation/supervision, with a Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets, and record access.\n", "analysis": "A USD stablecoin used in this corridor must be an auditable-reserve coin; an algorithmic or opaque-reserve coin is excluded at the Brazilian custody/listing gate regardless of the rail. The foreign-custodian conditions are directly relevant to the HK/offshore custody leg of this corridor.\n", "record_refs": [ "br-vasp-custody-001", "br-vasp-reserve_backing-001", "br-vasp-disclosure_reporting-001" ] } ], "clears": "Authorised-VASP-in-FX channel (Res 521), within the per-operation cap (USD 100k SPSAV / USD 500k FX-authorised institution where the foreign counterparty is not BCB-FX-authorised), with audit + monthly FX reporting from 4 May 2026 and Res 520 custody/segregation (Art. 28–30: proof-of-reserves, biennial reasonable-assurance audit, public report), using an auditable-reserve (non-algorithmic) stablecoin.\n", "breaks": "eFX back-end stablecoin settlement rail (Res 561) — closing 1 Oct 2026. Tickets above the SPSAV / FI per-operation caps (no crypto rail available — reverts to traditional câmbio). Algorithmic or non-auditable-reserve stablecoins (excluded by Res 520 asset-curation rules, Art. 64+).\n", "sources": [ "BCB Resolutions 519/2025, 520/2025, 521/2025 (pub. 10 Nov 2025; in force 2 Feb 2026; audit/reporting from 4 May 2026)", "BCB Resolution 561/2026 (pub. 30 Apr 2026; in force 1 Oct 2026; amends Res 277/2022)", "Res 520 Art. 28–30 (segregation; proof-of-reserves methods; biennial reasonable-assurance audit; public website disclosure); Art. 64+ (asset curation / algorithmic-stablecoin prohibition)", "Lei 14.286/2021 (Foreign Exchange Law) — the FX statute regulated by Res 277/278/279 and amended by Res 521/561 (legal authority: arts. 2-6, 10, 14, 15, 18, per the Res 521 recital)", "Res 277/2022 Art. 76-A (inserted by Res 521; new Título VIII-A) — the 'prestação de serviços de ativos virtuais incluída no mercado de câmbio' hook", "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais); Decreto 11.563/2023 (designates BCB; preserves CVM jurisdiction over securities-like tokens)", "Instrução Normativa BCB 701 (22 Jan 2026) — independent technical certification for intermediation/custody" ], "review_by": "2026-10-30" } ], "key_constraint": "The binding constraint is regulatory geography COMPOUNDED BY A SIZING CEILING, and the two legs gate on different axes. Brazil offers no single uniform crypto rail: the eFX mass-payment rail's external settlement leg is closing to crypto (Res 561, 1 Oct 2026) and is in any case capped at USD 10k/op, so a stablecoin B2B flow must use the authorised- VASP-in-FX channel (Res 521) — itself capped per operation (USD 100k SPSAV / USD 500k FX-authorised institution, where the foreign counterparty is not BCB-FX-authorised) and limited to auditable-reserve, non-algorithmic stablecoins (Res 520). Above those caps, neither crypto rail is available and the flow reverts to traditional câmbio. Hong Kong gates the SAME instrument on a different axis — not a numeric cap but a perimeter/ eligibility line: issued-in-HK FRS licensing, permitted-offeror distribution, professional-investor-only for non-HKD FRS (and, today, the absence of any licensed USD FRS — first cohort is HKD-only), and (if the flow touches a tokenised fund) the SFC securities perimeter. A single USD-stablecoin instrument therefore cannot serve both legs as one uniform rail: HK gates on WHO may issue/offer and TO WHOM; Brazil gates on WHICH rail and UP TO WHAT SIZE. Four-way composition (rail × cap × auditable-reserve × HK eligibility), not a single prohibition.\n", "us_doctrinal_link": "Both legs turn on the same question as US §404's bona-fide-activity carve-out: what activity is permitted on the regulated stablecoin rail. Brazil answers by rail-and-cap (eFX closed; VASP-in-FX open but capped), with a parallel securities axis: the BCB/CVM jurisdictional split (Decreto 11.563/2023 preserves CVM authority over securities-like tokens) is the Brazilian analogue of the US Reves/§404 securities-classification spine — though Brazil's C4 contribution is currently token-classification + asset-curation (Res 520), not yet a developed routing-into-tokenised-fund story (the CVM-175 fund analogue would be the true parallel to the US 1940-Act MMF routing question). HK answers by perimeter-and-eligibility and treats a tokenised MMF as a tokenised security. US remains the anchor instance; HK and Brazil are two contrasting resolutions of the identical boundary.\n", "watch_list": [ { "event": "BCB Res 561 in force", "date": "2026-10-01", "affects": [ "br_efx_rail" ] }, { "event": "BR VASP non-authorised-provider prohibition (Res 519/520) + 270-day grandfathering ends", "date": "2026-10-30", "affects": [ "br_vasp_fx_rail", "br_custody_assets" ] }, { "event": "eFX-modality Unicad registration deadline for already-authorised institutions (Res 561 Art 56-A)", "date": "2026-10-30", "affects": [ "br_efx_rail" ] }, { "event": "Unauthorised eFX providers must apply for payment-institution authorisation (Res 561 Art 56-B)", "date": "2027-05-31", "affects": [ "br_efx_rail" ] }, { "event": "IOF on stablecoin/FX ops — fato gerador created by Res 521; NO Receita Federal norm in force as of Jun 2026 (proposed IOF-Câmbio 3.5% vs 'private FX' 1.1% — in public consultation, no date)", "date": "unresolved", "affects": [ "br_vasp_fx_rail" ] }, { "event": "BR Travel Rule phase-in stage 1 — domestic PSAV-to-PSAV transfers (Res 520 Art. 89)", "date": "2027-02", "affects": [ "br_vasp_fx_rail" ] }, { "event": "BR Travel Rule full compliance — international transfers + carteiras autocustodiadas (Res 520 Art. 89)", "date": "2028-02-02", "affects": [ "br_vasp_fx_rail" ] }, { "event": "SFC tokenisation perimeter — secondary-trading circular bedding in", "date": "2026-Q3", "affects": [ "hk_settlement_tokenised" ] }, { "event": "HKMA second-cohort posture on non-HKD / USD-referenced pegs", "date": "pending", "affects": [ "hk_issuer" ] } ], "confidence": "medium", "last_reviewed": "2026-06-23", "valid_as_of": "2026-06-23", "phase_in_note": "Brazil is in rolling implementation: Res 561 in force 1 Oct 2026; non-authorised-provider prohibition and eFX-modality Unicad registration 30 Oct 2026; unauthorised eFX providers must seek payment-institution authorisation by 31 May 2027; Travel Rule fully phased by 2 Feb 2028; IOF treatment unresolved. A reader after mid-2026 should re-verify these moving parts before relying on the corridor.\n", "version_added": "0.1.0", "version_corrected": "0.3.1", "reviewed_against": "Firm/practitioner analysis of BCB Res 519/520/521 + 561 (Notabene, Cescon, BDO, Global Legal Insights, Conduit) and the official BCB normativo URLs (confirmed to exist); the article-level pinpoints (e.g. Res 520 Art 29/30, Res 561 ementa amending Res 277/2022) are taken from those firm summaries and NOT yet read against the official DOU/BCB text. Statutory base: Lei 14.286/2021 (FX) + Lei 14.478/2022 + Decreto 11.563/2023; the câmbio-inclusion hook Art. 76-A is a provision inserted into Res 277/2022 by Res 521 (confirmed against the Res 521 DOU text, Jun 2026 — not, as some firm summaries imply, an article of Lei 14.286/2021). HK side: Cap.656 + HKMA Explanatory Note + SFC 23EC52/23EC53; the HKDAP=HKD-referenced fact is confirmed from the Standard Chartered/Anchorpoint press release (Tier 1), HSBC HKD-referenced.\n" }, { "corridor_id": "hk-cn-hkd-cny-blocked", "name": "Hong Kong SAR -> Mainland China (HKD->CNY/CNH, blocked)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "CN", "direction": "directed", "currencies": "HKD -> CNY/CNH", "feasibility_class": "Blocked at destination (issuance prohibition)", "compatibility_category": "III", "compatibility_pair": "CN-HK", "divergence": { "kind": "interaction_sets", "against_pair": "CN-HK", "pair_interaction_sets": [ "A", "F" ], "edge_interaction_sets": [ "A", "D", "F" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "DC" ], "interaction_sets": [ "A", "D", "F" ], "infrastructure_overlap": "mBridge (shared multi-central-bank-digital-currency axis)", "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "note": "The mirror corridor is blocked at the destination. No foreign stablecoin, including an HKD-referenced one, may circulate in the mainland as a payment instrument. Only the regulatory and digital-financial archetypes are meaningful, and only at the level of data and capital flows. The contrast with the (also Category III) PRC->HK direction is the clearest single illustration of why corridors must be directed.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.8 (Hong Kong SAR -> Mainland China)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (HK x CN: Category III, prohibition axis — highest-stakes pair)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer", "blocked", "category_iii" ] }, { "corridor_id": "hk-us-hkd-usd-settlement", "name": "Hong Kong SAR -> United States (HKD->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "US", "direction": "directed", "currencies": "HKD -> USD", "feasibility_class": "Category II (comparability determination required)", "compatibility_category": "I/II", "compatibility_pair": "HK-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": "No shared production or pilot settlement rail; commercial rails subject to both regimes", "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "note": "In the reverse direction an HKD-referenced token entering the US meets the same §18 comparability gate as any other foreign token. The Hong Kong extraterritorial rule is not the binding constraint here; the US inbound gate is. Category II for the same reason the euro-into-US corridor is.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.4 (Hong Kong SAR -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x HK: Category I/II hybrid)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer", "directional_asymmetry" ] }, { "corridor_id": "jp-us-jpy-usd-settlement", "name": "Japan -> United States (JPY->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "US", "direction": "directed", "currencies": "JPY -> USD", "feasibility_class": "Category II (comparability determination required)", "compatibility_category": "I/II", "compatibility_pair": "JP-US", "divergence": { "kind": "interaction_sets", "against_pair": "JP-US", "pair_interaction_sets": [ "A", "C", "E", "F" ], "edge_interaction_sets": [ "A", "C" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": "Project Agora (shared Western wholesale-settlement experimental path)", "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "note": "The asymmetric mirror. A yen Electronic Payment Instrument (issued by a bank, registered funds-transfer provider, or trust bank) is freely exportable, but entering the US it meets the §18 comparability gate. No comparability determination has been made for any jurisdiction including Japan, so the corridor is Category II in this direction too — but for a different reason than inbound: there the channel is the gate, here the comparability determination is.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.19 (Japan -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: Category I/II hybrid)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer", "directional_asymmetry" ] }, { "corridor_id": "sg-hk-sgd-hkd-settlement", "name": "Singapore -> Hong Kong SAR (SGD->HKD settlement)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "HK", "direction": "directed", "currencies": "SGD -> HKD", "feasibility_class": "Category I (dual authorization available)", "compatibility_category": "I/II", "compatibility_pair": "HK-SG", "divergence": { "kind": "interaction_sets", "against_pair": "HK-SG", "pair_interaction_sets": [ "A", "F" ], "edge_interaction_sets": [ "A", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "D" ], "infrastructure_overlap": "Project Ensemble + Project Guardian alignment (Hong Kong and Singapore)", "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "origin_override": { "flag": "origin-egress override", "detail": "The June 2025 MAS Digital Token Service Provider statement constrains unlicensed Singapore-based operations serving offshore customers, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS" }, "note": "The most institutionally supported corridor in the Atlas: MAS and HKMA have a banking-supervision MoU and align Project Guardian with Project Ensemble, so the tokenized-asset and digital-financial archetypes are unusually live. Even so, a MAS-regulated single-currency stablecoin must be issued in Singapore and an HKD product still requires an HKMA licence, so dual authorization remains the baseline despite the cooperation.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.5 (Singapore -> Hong Kong SAR)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (SG x HK: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer", "origin_override" ] }, { "corridor_id": "us-eu-usd-eur-settlement", "name": "United States -> European Union (USD->EUR settlement)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "EU", "direction": "directed", "currencies": "USD -> EUR", "feasibility_class": "Category I (dual authorization available) — scale-capped", "compatibility_category": "I/II", "compatibility_pair": "EU-US", "divergence": { "kind": "interaction_sets", "against_pair": "EU-US", "pair_interaction_sets": [ "B", "D" ], "edge_interaction_sets": [ "A", "C", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "D" ], "infrastructure_overlap": "Project Agora (shared Western wholesale-settlement experimental path)", "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "note": "Demand is high and the corridor is operable, but the binding question is scale, not permission. A dollar token can be distributed via a MiCA-authorized issuer, yet once significant and used as a means of exchange it meets the Article 58(3) ceiling; the uncapped route is a euro sister token (Circle's euro authorization is the working example). An unauthorized dollar token cannot be lawfully distributed at all (the Tether delisting lesson).", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.1 (United States -> European Union)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (EU x US: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer" ] }, { "corridor_id": "us-hk-usd-hkd-settlement", "name": "United States -> Hong Kong SAR (USD->HKD settlement)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "HK", "direction": "directed", "currencies": "USD -> HKD", "feasibility_class": "Category I (dual authorization available)", "compatibility_category": "I/II", "compatibility_pair": "HK-US", "divergence": { "kind": "interaction_sets", "against_pair": "HK-US", "pair_interaction_sets": [ "A", "C" ], "edge_interaction_sets": [ "A", "C", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "D" ], "infrastructure_overlap": "No shared production or pilot settlement rail; commercial rails subject to both regimes", "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "note": "A dollar issuer seeking Hong Kong distribution confronts a first cohort that is HKD-only and bank-led. There is no general inbound recognition of a foreign dollar token for payment use; the operator needs a later HKMA licence for a non-HKD product (timing not public) or a partnership with a licensed HK issuer. The regulatory corridor is the gating archetype; the settlement corridor is contingent on it.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.3 (United States -> Hong Kong SAR)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x HK: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer" ] }, { "corridor_id": "us-jp-usd-jpy-settlement", "name": "United States -> Japan (USD->JPY settlement)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "JP", "direction": "directed", "currencies": "USD -> JPY", "feasibility_class": "Category II (channel determination required)", "compatibility_category": "I/II", "compatibility_pair": "JP-US", "divergence": { "kind": "interaction_sets", "against_pair": "JP-US", "pair_interaction_sets": [ "A", "C", "E", "F" ], "edge_interaction_sets": [ "A", "C" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.3 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": "Project Agora (shared Western wholesale-settlement experimental path)", "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "note": "A dollar issuer reaching into Japan does not meet automatic dual authorization; it meets a channel. A foreign-issued stablecoin circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, while the foreign issuer does not issue/redeem/solicit to Japanese users. The working example is USDC, admitted via SBI VC Trade (March 2025). Because the gating step is a recognition + registration channel-determination rather than mutual recognition, the corridor is Category II — the same class as entry into the US or the UAE — even though Japan is a fully live regime.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.3 (June 2026), §5.18 (United States -> Japan)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.3", "v0.5.0_corridor_layer" ] } ], "freshness": { "schema": "cbsr/freshness-report/v2", "as_of": "2026-08-20", "policy": { "sla_days_by_binding_status": { "pending_proposal": 7, "no_regime": 7, "made_not_commenced": 14, "finalized_policy_pending": 14, "in_force_enacted": 30, "prohibition": 30 }, "grace_days": 7 }, "counts": { "current": 0, "due_for_review": 0, "stale": 38, "unknown": 114 }, "source_disposition_counts": { "official": 103, "secondary": 0, "unavailable": 49, "not_applicable": 0 }, "review_stage_counts": { "primary_reviewed_second_pending": 41, "unreviewed": 111 }, "reviewer_coverage": { "primary_reviewer": { "count": 41, "denominator": 152 }, "independent_second_reviewer": { "count": 0, "denominator": 152 } }, "high_impact_sla": { "count": 50, "current_reconciled": 0, "breached_or_incomplete": 50 }, "decision_rule": "unconditional allow requires current evidence and reconciled independent second review" }, "review_coverage": { "records": 152, "primary_reviewer_present": 41, "second_reviewer_present": 0, "reconciled": 0, "official_source": 103, "decision_ready": 0 }, "citable_subset": { "filter": { "claim_class": "tier1_legal", "status": "in_force", "evidence_tier": "resolution_text", "description": "Lawyer-citable: a proposition of law (tier1_legal), currently in force, confirmed against the official statutory/regulatory text (resolution_text). Operational/market facts (tier2_operational) are excluded by kind even when well-sourced; draft provisions are excluded by status; unverified legal points are excluded by evidence_tier." }, "count": 46, "records": [ { "id": "ae-pt-distribution-001", "jurisdiction": "AE", "dimension": "distribution", "instrument": "CBUAE PTSR (Circular 2/2024)", "pinpoint": "Distribution — channel restriction; free-zone issuers carved out of onshore perimeter", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ae-pt-issuer_pathway-001", "jurisdiction": "AE", "dimension": "issuer_pathway", "instrument": "CBUAE PTSR (Circular 2/2024); VARA / ADGM-FSRA / DIFC-DFSA frameworks", "pinpoint": "Issuer pathways — DPT (CBUAE-licensed); FPT (foreign, VA/derivative-only); bank subsidiary; free-zone cannot issue AED", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ae-pt-monetary_sovereignty-001", "jurisdiction": "AE", "dimension": "monetary_sovereignty", "instrument": "CBUAE Payment Token Services Regulation (Circular 2/2024)", "pinpoint": "Channel restriction — merchants may accept only CBUAE-licensed Dirham Payment Tokens for goods/services; foreign tokens VA/derivative-only", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ae-pt-permitted_activity_yield-001", "jurisdiction": "AE", "dimension": "permitted_activity_yield", "instrument": "CBUAE PTSR (Circular 2/2024); ADGM-FSRA FRT framework", "pinpoint": "Yield — prohibited onshore; ADGM permits reserve income but bans investment/savings promotion", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ae-pt-regulatory_authority-001", "jurisdiction": "AE", "dimension": "regulatory_authority", "instrument": "CBUAE Payment Token Services Regulation (Circular 2/2024); VARA / ADGM-FSRA / DIFC-DFSA frameworks", "pinpoint": "Regulators — CBUAE onshore; VARA / ADGM-FSRA / DIFC-DFSA free zones", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ae-pt-reserve_backing-001", "jurisdiction": "AE", "dimension": "reserve_backing", "instrument": "CBUAE PTSR (Circular 2/2024); ADGM FRT framework", "pinpoint": "Reserve/backing — 100% segregated in UAE banks; bank-subsidiary >=50% cash + UAE govt bonds/CBUAE bills", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-aml_kyc-001", "jurisdiction": "BR", "dimension": "aml_kyc", "instrument": "Res BCB 520/2025 Art. 44 (Travel Rule) + Art. 89 (two-stage phase-in: domestic by Feb 2027, international by 2 Feb 2028) + Art. 88 (authorisation adjustment period — 270-day adequação; internal controls / cybersecurity / Law 13.810/2019); Res BCB 521/2025 (KYT / self-hosted wallets)", "pinpoint": "Res BCB 520/2025 (PLD/FTP obligations on SPSAVs; ≥3 responsible administrators including AML/CFT; GAFI Recs 15-16 alignment); Lei 14.478/2022", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-bank_nonbank_routing-001", "jurisdiction": "BR", "dimension": "bank_nonbank_routing", "instrument": "Lei 14.478/2022; BCB regulations", "pinpoint": "Res BCB 520/2025 Art. 20 (besides SPSAVs, only commercial/exchange/investment/multiple banks, Caixa, CTVM/DTVM and FX brokers may provide intermediation/custody, with restrictions); Art. 4 (SPSAV modalities)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-capital_requirements-001", "jurisdiction": "BR", "dimension": "capital_requirements", "instrument": "Resolução Conjunta CMN/BCB nº 14/2025; Res BCB 517/2025 (both 3 Nov 2025) — SPSAV minimum-capital methodology", "pinpoint": "Resolução Conjunta CMN/BCB nº 14/2025 + Res BCB nº 517/2025 (both 3 Nov 2025): minimum capital R$10,800,000 to R$37,200,000 scaled by the set of activities performed", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=517", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-custody-001", "jurisdiction": "BR", "dimension": "custody", "instrument": "Res BCB 520/2025 — patrimonial segregation (segregação patrimonial)", "pinpoint": "Res BCB 520/2025 (patrimonial segregation: client funds in individualised payment/deposit accounts; client virtual assets in segregated wallets; foreign-custodian conditions — home-country authorisation/supervision, Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-disclosure_reporting-001", "jurisdiction": "BR", "dimension": "disclosure_reporting", "instrument": "Res BCB 520/2025 (proof-of-reserves + biennial independent audit + published reports); Res BCB 521/2025 Art. 82-A (monthly BCB reporting); IN BCB 701 (22 Jan 2026)", "pinpoint": "Res BCB 520/2025 (proof of reserves; periodic audits; transparent information flows); Res BCB 521/2025 (monthly FX-operations reporting from 4 May 2026)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-issuer_pathway-001", "jurisdiction": "BR", "dimension": "issuer_pathway", "instrument": "Res BCB 519/2025 (authorisation regime); Res BCB 520/2025 Art. 4 (provider modalities)", "pinpoint": "Lei 14.478/2022 (BCB authorisation required to provide virtual-asset services); Res BCB 519/2025 (authorisation process); Res BCB 520/2025 Art. 4 (three SPSAV modalities: intermediária, custodiante, corretora), Art. 14 (sociedade limitada/anônima; ≥3 administrators; head office in Brazil); authorisation deadline 30 Oct 2026 (270 days)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=519", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-monetary_sovereignty-001", "jurisdiction": "BR", "dimension": "monetary_sovereignty", "instrument": "Res BCB 521/2025 (FX reclassification + caps); Res BCB 561/2026 (eFX exclusion); Lei 14.286/2021", "pinpoint": "Res BCB 521/2025 (amends Res 277/278/279 of 31 Dec 2022): virtual-asset services brought into the FX market — international payments/transfers, stablecoin trades, and payment of expenses abroad treated as câmbio operations; monthly reporting to the BCB from 4 May 2026", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=521", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-regulatory_authority-001", "jurisdiction": "BR", "dimension": "regulatory_authority", "instrument": "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais); Decreto 11.563/2023 (BCB as VASP authority; CVM carve-out for securities tokens)", "pinpoint": "Lei 14.478/2022 arts. 2-9; Decreto 11.563/2023 (BCB designated competent authority for virtual-asset services; CVM retains jurisdiction over tokens that are securities)", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-reserve_backing-001", "jurisdiction": "BR", "dimension": "reserve_backing", "instrument": "Res BCB 520/2025 — stablecoin definition + asset-curation / listing-policy rules", "pinpoint": "Res BCB 520/2025 Art. 2, III (reserve assets of a fiat-referenced token = the fiduciary currency and public debt issued by the same governments); Arts. 64+ (asset curation; algorithmic-stablecoin prohibition; proof of reserves)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "br-vasp-securities_classification-001", "jurisdiction": "BR", "dimension": "securities_classification", "instrument": "Lei 14.478/2022 + Decreto 11.563/2023 (CVM carve-out); CVM Parecer de Orientação 40; Resolução CVM 175 (investment funds)", "pinpoint": "Lei 14.478/2022; Decreto 11.563/2023 (BCB over payment/VASP activity; CVM jurisdiction preserved over tokens with securities characteristics)", "url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "ch-frs-aml_kyc-001", "jurisdiction": "CH", "dimension": "aml_kyc", "instrument": "FINMA Guidance 06/2024; Anti-Money Laundering Act (AMLA)", "pinpoint": "AML — identify every holder incl. intermediate holders; anonymous transfers prohibited", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ch-frs-issuer_pathway-001", "jurisdiction": "CH", "dimension": "issuer_pathway", "instrument": "Banking Act Art. 1b (FinTech licence); Banking Ordinance Art. 5(3)(f) (deposit exclusion); FINMA Guidance 06/2024", "pinpoint": "Issuer pathways — licensed-institution vs bank-guarantee exemption (BankO Art. 5(3)(f))", "url": "https://www.fedlex.admin.ch/eli/cc/2014/273/de", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ch-frs-monetary_sovereignty-001", "jurisdiction": "CH", "dimension": "monetary_sovereignty", "instrument": "FINMA Guidance 06/2024 (no usage cap); Banking Act framework", "pinpoint": "Monetary sovereignty — no usage cap; foreign-currency tokens unrestricted", "url": "https://www.fedlex.admin.ch/eli/cc/2014/273/de", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ch-frs-permitted_activity_yield-001", "jurisdiction": "CH", "dimension": "permitted_activity_yield", "instrument": "FINMA Guidance 06/2024; Banking Ordinance Art. 5(3)(f)", "pinpoint": "Yield permitted; bank guarantee must cover interest (structural constraint, not prohibition)", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ch-frs-regulatory_authority-001", "jurisdiction": "CH", "dimension": "regulatory_authority", "instrument": "Banking Act and Banking Ordinance; FINMA Guidance 06/2024 (Stablecoins)", "pinpoint": "FINMA as primary stablecoin supervisor; SNB for systemic FMIs; no bespoke statute", "url": "https://www.fedlex.admin.ch/eli/cc/1934/121/de", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "ch-frs-reserve_backing-001", "jurisdiction": "CH", "dimension": "reserve_backing", "instrument": "Banking Ordinance Art. 5(3)(f); FINMA Guidance 06/2024; Collective Investment Schemes Act (CISA)", "pinpoint": "Reserve/backing — no statutory schedule; guarantee covers principal + interest; CISA characterization risk", "url": "https://www.fedlex.admin.ch/eli/cc/2014/273/de", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "eu-emt-monetary_sovereignty-001", "jurisdiction": "EU", "dimension": "monetary_sovereignty", "instrument": "Regulation (EU) 2023/1114 (MiCA), Art. 58(3) (applying the Art. 23 means-of-exchange thresholds to non-EU-currency EMTs)", "pinpoint": "Art. 58(3) (applying Art. 23 mutatis mutandis to non-EU-currency EMTs)", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "eu-emt-permitted_activity_yield-001", "jurisdiction": "EU", "dimension": "permitted_activity_yield", "instrument": "Regulation (EU) 2023/1114 (MiCA), Article 50", "pinpoint": "Art. 50 (no interest paid to EMT holders)", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "eu-emt-regulatory_authority-001", "jurisdiction": "EU", "dimension": "regulatory_authority", "instrument": "Regulation (EU) 2023/1114 (MiCA)", "pinpoint": "Titles III/IV; EBA/ESMA/NCA supervisory architecture", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-capital_requirements-001", "jurisdiction": "HK", "dimension": "capital_requirements", "instrument": "Stablecoins Ordinance (Cap. 656), capital requirements", "pinpoint": "HK$25m paid-up capital (statutory)", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-distribution-001", "jurisdiction": "HK", "dimension": "distribution", "instrument": "Stablecoins Ordinance (Cap. 656), offering / distribution restrictions and offence provisions", "pinpoint": "permitted-offeror closed loop; HK$5m / 7-year offence", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-issuer_pathway-001", "jurisdiction": "HK", "dimension": "issuer_pathway", "instrument": "Stablecoins Ordinance (Cap. 656), licensing provisions", "pinpoint": "licensable regulated activities; s.8(1) licensing offence", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-monetary_sovereignty-001", "jurisdiction": "HK", "dimension": "monetary_sovereignty", "instrument": "Stablecoins Ordinance (Cap. 656) — HKD-referencing perimeter + non-HKD FRS professional-investor restriction", "pinpoint": "offshore HKD-referencing issuance is licensable; non-HKD FRS offering limited", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-permitted_activity_yield-001", "jurisdiction": "HK", "dimension": "permitted_activity_yield", "instrument": "Stablecoins Ordinance (Cap. 656), Schedule 2, s.15 (Non-interest bearing)", "pinpoint": "Sch. 2 s.15 (no interest on issued stablecoins)", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-redemption-001", "jurisdiction": "HK", "dimension": "redemption", "instrument": "Stablecoins Ordinance (Cap. 656), redemption requirements", "pinpoint": "par redemption within 1 business day", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-regulatory_authority-001", "jurisdiction": "HK", "dimension": "regulatory_authority", "instrument": "Stablecoins Ordinance (Cap. 656), in force 1 Aug 2025", "pinpoint": "HKMA as the licensing/supervisory authority", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "hk-frs-reserve_backing-001", "jurisdiction": "HK", "dimension": "reserve_backing", "instrument": "Stablecoins Ordinance (Cap. 656), reserve / backing requirements", "pinpoint": "100% backing; same-currency reserve with HKD/USD exception; segregation/trust", "url": "https://www.elegislation.gov.hk/hk/cap656", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-aml_kyc-001", "jurisdiction": "JP", "dimension": "aml_kyc", "instrument": "Payment Services Act (2022 amendment); FSA AML framework", "pinpoint": "AML — FATF travel rule operative; intermediary cold storage / trust segregation / liability-sharing", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-distribution-001", "jurisdiction": "JP", "dimension": "distribution", "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Distribution — foreign tokens handled via a registered EPIESP holding JP reserves equal to customer holdings; foreign issuer may not issue/redeem/solicit to JP users", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-issuer_pathway-001", "jurisdiction": "JP", "dimension": "issuer_pathway", "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Issuer pathway — closed trichotomy (bank / funds-transfer / trust); intermediation via registered EPIESP", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-monetary_sovereignty-001", "jurisdiction": "JP", "dimension": "monetary_sovereignty", "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Monetary sovereignty — no cap; foreign tokens admitted via registered EPIESP holding JP reserves", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "maintainer", "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-permitted_activity_yield-001", "jurisdiction": "JP", "dimension": "permitted_activity_yield", "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Yield — holders not remunerated; issuer earns reserve interest", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-redemption-001", "jurisdiction": "JP", "dimension": "redemption", "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Redemption — at par on demand; funds-transfer-type JPY 1,000,000 per-transfer cap", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "jp-epi-regulatory_authority-001", "jurisdiction": "JP", "dimension": "regulatory_authority", "instrument": "Payment Services Act (Electronic Payment Instruments regime, in force 1 Jun 2023) as amended by Act No. 66 of 2025", "pinpoint": "Regulators — FSA single supervisor; Local Finance Bureaus by delegation", "url": "https://laws.e-gov.go.jp/", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "kr-frs-aml_kyc-001", "jurisdiction": "KR", "dimension": "aml_kyc", "instrument": "Act on Reporting and Use of Specific Financial Transaction Information; Virtual Asset User Protection Act", "pinpoint": "AML — Travel Rule + VASP registration for stablecoin-to-fiat conversion for third parties", "url": "https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=261099", "last_reviewed": "2026-06-27", "source_last_checked": null, "next_review_due": null, "review_status": "unknown", "review_stage": "unreviewed", "reviewer": null, "second_reviewer": null, "source_disposition": "official" }, { "id": "tw-frs-aml_kyc-001", "jurisdiction": "TW", "dimension": "aml_kyc", "instrument": "Money Laundering Control Act (as amended) + VASP Registration Regulations (in force 30 Nov 2024)", "pinpoint": "Money Laundering Control Act (洗錢防制法) Art. 6 (amended 31 Jul 2024); VASP registration regime in force 30 Nov 2024 (non-registration: up to 2 yr + NT$5m individuals / NT$50m entities); VASPs classified into 5 types", "url": "https://law.moj.gov.tw/", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "us-pss-issuer_pathway-001", "jurisdiction": "US", "dimension": "issuer_pathway", "instrument": "Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act)", "pinpoint": "GENIUS Act Sec. 3-4 (permitted payment stablecoin issuers: IDI subsidiaries; OCC-qualified non-banks; certified state regimes)", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "us-pss-permitted_activity_yield-001", "jurisdiction": "US", "dimension": "permitted_activity_yield", "instrument": "GENIUS Act §4(a)(11); OCC NPRM §15.10(c)(4) / anti-evasion §15.10(c)(6); FDIC NPRM §350.3(b)(4); CLARITY Act (H.R. 3633) §404(c)(1) (Tillis-Alsobrooks text, 1 May 2026; affirmed final 5 May 2026)", "pinpoint": "GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention)", "url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "us-pss-reserve_backing-001", "jurisdiction": "US", "dimension": "reserve_backing", "instrument": "GENIUS Act Sec. 4(a)(1) (1:1 fair-value reserve backing)", "pinpoint": "GENIUS Act Sec. 4(a)(1) (1:1 fair-value backing of outstanding payment stablecoins)", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" }, { "id": "us-pss-securities_classification-001", "jurisdiction": "US", "dimension": "securities_classification", "instrument": "Reves v. Ernst & Young, 494 U.S. 56 (1990); SEC v. W.J. Howey Co., 328 U.S. 293 (1946); Investment Company Act of 1940 (registered MMFs); CLARITY Act market-structure provisions (pending)", "pinpoint": "GENIUS Act securities carve-out (amending the '33/'34 Acts and ICA40 for permitted payment stablecoins)", "url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "last_reviewed": "2026-06-27", "source_last_checked": "2026-06-27", "next_review_due": "2026-07-27", "review_status": "stale", "review_stage": "primary_reviewed_second_pending", "reviewer": "external review (web retrieval against official sources)", "second_reviewer": null, "source_disposition": "official" } ], "readiness": "structural candidates only; freshness and independent-review gates are separate" }, "decision_ready_citable_subset": { "filter": { "claim_class": "tier1_legal", "status": "in_force", "evidence_tier": "resolution_text", "description": "Lawyer-citable: a proposition of law (tier1_legal), currently in force, confirmed against the official statutory/regulatory text (resolution_text). Operational/market facts (tier2_operational) are excluded by kind even when well-sourced; draft provisions are excluded by status; unverified legal points are excluded by evidence_tier.", "review_status": "current", "review_stage": "reconciled", "source_disposition": "official" }, "count": 0, "records": [] }, "analysis": { "interaction_sets": { "schema": "cbsr-analysis/interaction_sets", "source": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §2.9 (Constraint Interactions)", "note": "The six interaction sets identify the constraint pairs through which joint binding generates composition problems. They are not exhaustive; they are the sets that generate the architectural composition problems analyzed in §3, §4, §6.", "sets": [ { "id": "A", "name": "Issuer Eligibility x Cross-Border Payment and Data Sovereignty", "constraints": "C1xC6", "mechanism": "Issuer eligibility depends in part on the entity's ability to comply with the host jurisdiction's disclosure, reporting, and supervisory information-sharing obligations. Where the entity's controlling person is subject to data-sovereignty constraints in another jurisdiction that limit supervisory information-sharing with the host supervisor, issuer eligibility may not be satisfiable even if the entity formally meets the licensing criteria.", "worked_example": "The PRC-Hong Kong interaction analyzed in §3 (Pattern A constraint)." }, { "id": "B", "name": "Yield Prohibition x Securities Classification", "constraints": "C3xC4", "mechanism": "The yield prohibition operates against the issuer, its affiliates, and (under CLARITY §404 as reported) its authorized agents; the securities-classification boundary operates against the routing arrangement connecting the non-yielding stablecoin to a yield-bearing instrument. Whether a routing arrangement falls within §404 turns on whether the routing entity functions as an authorized agent paying yield in connection with the stablecoin holding, or as a user-directed broker executing instructions to convert one asset into another.", "worked_example": "The §4 yield-separation analysis (Reves four-factor; the three-layer routing architecture)." }, { "id": "C", "name": "Bank/Non-Bank Status x Issuer Eligibility", "constraints": "C5xC1", "mechanism": "Issuer eligibility in many jurisdictions depends on bank or non-bank status (GENIUS creates separate bank/non-bank paths; MiCA separates credit institutions and EMIs). The architectural choice between bank and non-bank configuration in each jurisdiction must be made jointly across jurisdictions, because the cross-jurisdictional operation must compose with the choices made in each.", "worked_example": "US x UK and US x Switzerland configuration choices in §5.14." }, { "id": "D", "name": "Reserve Composition x Monetary Sovereignty", "constraints": "C2xC7", "mechanism": "Reserves of a stablecoin denominated in a reference currency are typically held in that currency at custodians supervised by that currency's monetary authority, so cross-border circulation volume generates reserve-asset demand and potential monetary-policy effects in the issuing jurisdiction. The Article 58(3) cap is the operative regulatory response; the Bank of England systemic proposals address the analog.", "worked_example": "US x EU (Article 58(3) cap on USD-referenced EMT scale)." }, { "id": "E", "name": "Securities Classification x Cross-Border Payment", "constraints": "C4xC6", "mechanism": "A routing arrangement that converts a non-security payment stablecoin into a security tokenized investment fund crosses the securities-classification boundary at the point of routing. Where the arrangement spans multiple jurisdictions (e.g., a GENIUS stablecoin routed to an EU UCITS fund), the cross-border payment instruction must satisfy the disclosure and routing requirements of both jurisdictions' securities laws.", "worked_example": "Cross-border Layer 1 -> Layer 3 routing in §6 (US x JP, EU x JP edges)." }, { "id": "F", "name": "Disclosure and Supervisory Coordination x All Other Constraints", "constraints": "C8xC1-7", "mechanism": "A second-order constraint: satisfying it requires the operator to satisfy every other constraint in a manner the relevant supervisors can verify through available disclosure and reporting mechanisms. Where supervisory coordination is underdeveloped, the burden of demonstrating compliance falls on the operator and may itself become binding on the operational pattern available.", "worked_example": "Every Category III pair (the PRC-touching and pre-regime axes in §5.14)." } ] }, "architectural_patterns": { "schema": "cbsr-analysis/architectural_patterns", "source": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §3.3, §4, §6", "prc_three_pattern_typology": { "source": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §3.3 (Three Architectural Patterns)", "boundary": "The cross-border PRC boundary is the practical consequence of the joint operation of Constraints 1 (issuer eligibility) and 6 (cross-border payment and data sovereignty) (Interaction Set A). As of Feb 2026 it is also anchored by an explicit written prohibition: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad, and restricts onshore RWA tokenisation (with CSRC 公告〔2026〕1号 guidance on offshore ABS-token issuance). What remains emergent (rather than categorically prohibited) is the Direct-Subsidiary-via-Hong-Kong pathway: the public record (absence of PRC-connected entities from the April 2026 HKMA first cohort; the Oct 2025 Ant/JD application withdrawals; the absence of state-owned bank affiliates despite Sep 2025 activity; the Oct 2025 CSRC tokenization guidance) shows it constrained by the data-sharing pattern, not by a categorical exclusion under the Stablecoins Ordinance.", "patterns": [ { "id": "A", "name": "Direct Subsidiary Licensing", "status": "currently_constrained", "description": "A PRC-connected group seeks FRS issuance through a wholly-owned Hong Kong subsidiary licensed under the Stablecoins Ordinance. Architecturally simplest and commercially most efficient (preserves equity control), and formally available (the Ordinance does not categorically exclude PRC-connected applicants).", "binding_constraint": "Interaction Set A: PRC cross-border data law (PIPL, DSL, the March 2024 CAC Cross-Border Provisions) limits the subsidiary's ability to share supervisory data with the HKMA and offshore counterparties as the supervisor expects.", "viability_conditions": [ "PRC modifies the cross-border data framework to permit supervisor-to-supervisor information-sharing with the HKMA on acceptable terms, OR", "the HKMA modifies its posture toward PRC-connected applicants." ] }, { "id": "B", "name": "Partnership Distribution", "status": "operationally_implemented", "description": "The PRC-connected group does not seek direct issuance; it partners with an already-licensed third-party issuer as a distribution partner. The group holds no reserves and has none of the issuer's disclosure/reporting obligations; it provides distribution access through existing commercial relationships and payment infrastructure.", "public_anchor": "The July 2025 Ant International announcement of a Circle USDC integration into Ant International's cross-border payment infrastructure; deployment in any jurisdiction is contingent on Circle's regulatory standing there.", "limitation": "Does not give the group equity-based participation in issuance economics: the reserve yield accrues to the partner issuer, not the group. Adequate where the commercial interest is payment-infrastructure value; unsatisfactory where it is reserve-yield capture." }, { "id": "C", "name": "Separated-Entity Architecture", "status": "constraint_derived_analytical_option", "description": "An analytical option suggested by the constraint framework but not confirmed by any public deployed example. Asks whether the four PRC-side constraints admit any configuration in which a licensable front-office entity is operationally connected to a PRC-side counterparty without yielding consolidation, control attribution, or excess cross-border data/capital flows. Specified at the level of the constraints, not any particular configuration.", "four_prc_constraints": [ "Accounting consolidation under the Accounting Standards for Business Enterprises (control = multi-factor).", "Related-party transaction disclosure under CSRC rules (material transactions).", "Outbound capital movement approval/registration under the SAFE framework (above thresholds).", "Data flows under PIPL, DSL, and the March 2024 CAC Cross-Border Provisions." ], "viability_conditions": [ "HKMA posture toward formally-compliant-but-operationally-connected applicants (unknown);", "PRC posture toward outbound service/technology-cooperation arrangements (unknown);", "commercial viability vs Pattern B given greater operational complexity (uncertain)." ] } ], "selection_logic": "Pattern B is adequate and currently implementable where the objective is payment-infrastructure integration without equity participation. Pattern C is the analytical option where the objective is reserve-yield capture and the operator accepts regulatory uncertainty. Pattern A becomes viable only if the boundary changes. Hybrid/per-jurisdiction selection is possible (e.g., Pattern B for the EU via a MiCA partner, Pattern A for the UK via direct SI 2026/102 authorization)." }, "three_layer_routing_architecture": { "source": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §4, §6 (Routing Architecture Design)", "summary": "A portable architecture separating yield-bearing tokenized cash management from payment-stablecoin functionality, anchored in the SEC's 24 Feb 2026 §6(c) relief for the WisdomTree Treasury MMF Digital Fund (WTGXX) and the Ant International-Circle example.", "layers": [ { "layer": 1, "name": "Compliant payment stablecoin", "description": "A non-yield-bearing payment stablecoin compliant with the local stablecoin regime (GENIUS / MiCA EMT / SI 2026/102 / MAS-SCS / HK Stablecoins Ordinance)." }, { "layer": 2, "name": "User-authorized routing", "description": "A routing function providing user-directed conversion between Layers 1 and 3, with audit-trail capability. Its regulatory status is broker-dealer (or broker-dealer-plus-authorized-agent)." }, { "layer": 3, "name": "Yield-bearing tokenized cash management", "description": "Shares of a registered investment company (or non-US equivalent: UCITS / AIF) whose portfolio generates yield; a distinct ownership position held by the user." } ], "routing_layer_functions": [ "Provide the user interface for the conversion election (affirmative election per conversion; disclose distinct ownership).", "Execute the conversion at the user's elected timing (transmit instruction to counterparties; settle).", "Record each conversion in the audit trail.", "Execute the reverse conversion (redeem Layer 3 shares; acquire Layer 1 balances).", "Distribute the Layer 3 yield to the user as a Layer 3 holder (not in connection with the Layer 1 balance).", "Report tax and regulatory information to the user, tax authorities, and supervisors." ], "operational_test_section_4_4": { "purpose": "The five factors that determine whether a routing arrangement falls on the permitted side of the §404 boundary (the boundary is functional: it depends on the operational facts).", "factors": [ { "factor": 1, "name": "Direction of the Conversion", "test": "User-directed, not issuer- or intermediary-directed; affirmative election per conversion, capable of being withheld; no intermediary discretion. Automated sweeps without per-conversion election fail." }, { "factor": 2, "name": "Disclosure of the Distinct Ownership Position", "test": "The intermediary must disclose, and the user must understand, that the investment-company shares are a distinct ownership position (a security) from the stablecoin balance (not a security). Failure if the user is unaware conversion occurred." }, { "factor": 3, "name": "Timing Independence", "test": "Timing determined by the user, not the intermediary's algorithm or the issuer's instruction; the user can defer indefinitely and withdraw. Conversion triggered by non-overridable automated rules fails." }, { "factor": 4, "name": "Yield Attribution", "test": "Yield attributed to the user as a Layer 3 holder and paid by the investment company / its transfer agent; not paid by the stablecoin issuer, an affiliate, or an intermediary acting as the issuer's authorized agent. Accounting/operational separation must be clear." }, { "factor": 5, "name": "Audit Trail", "test": "Each conversion records the user's election, time, amount, price, parties, and resulting positions; available to the user, supervisors, and (on dispute) counsel. The audit trail is the evidentiary mechanism for the functional boundary." } ] }, "design_principles": [ { "principle": 1, "name": "Separation of payment and yield functions at the protocol level", "derivation": "C3 (yield prohibition) x C4 (securities classification)", "statement": "The separation between Layer 1 (non-yielding) and Layer 3 (yield-bearing security) must be substantive, not nominal: distinct legal instruments, authorization, accounting, and disclosure." }, { "principle": 2, "name": "User-directed routing between layers", "derivation": "§4.4 Factor 1 (direction) + Factor 3 (timing)", "statement": "The Layer 1 <-> Layer 3 connection must be user-initiated and user-controlled, distinguishing the pattern from issuer-side yield arrangements within the §404 prohibition." }, { "principle": 3, "name": "Audit trail integrity", "derivation": "C8 (disclosure/coordination) + §4.4 Factor 5", "statement": "Each routing event generates a verifiable record (election, time, amount, price, parties, positions) — the evidentiary mechanism establishing the user-directed character to supervisors and courts." }, { "principle": 4, "name": "Per-jurisdiction authorization of each layer", "derivation": "C1 (issuer eligibility) + C5 (bank/non-bank) operating cross-jurisdictionally", "statement": "Each layer must be authorized in each operating jurisdiction under the applicable regime (Layer 1 stablecoin regime; Layer 3 funds regime; Layer 2 securities/intermediary regime). The pattern is one; the authorizations are multiple." }, { "principle": 5, "name": "Cross-jurisdictional portability of the pattern", "derivation": "§4.6 cross-jurisdictional compatibility analysis", "statement": "The design principles apply analogously in each receiving jurisdiction; only the specific authorizations differ. The architectural pattern is not intrinsically US-specific." }, { "principle": 6, "name": "Configurability against open regulatory developments", "derivation": "§7 open questions", "statement": "Architectural elements should be configurable so the operator can respond to the §7.1-§7.4 developments without fundamental redesign." } ] } }, "compatibility": { "schema": "cbsr-analysis/compatibility", "source": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (Pairwise Compatibility Analysis)", "jurisdictions": [ "US", "EU", "UK", "SG", "HK", "CN", "BR", "CH", "AE", "TW", "JP", "KR" ], "pair_count": 66, "categories": { "I": "Dual authorization compatible — operable under a single pattern with separate legal entities holding local authorizations under common control; the §6 routing architecture is portable across the pair.", "I/II": "Category I/II hybrid — not operable under dual direct authorization with the operator as issuer in both jurisdictions, but operable through partnership with a locally-authorized issuer in one jurisdiction (Category II), or via dual authorization through separate entities (Category I).", "II": "Partnership distribution required — operable only through a partnership arrangement with a locally-authorized issuer.", "III": "Composition problem unresolved — the constraints interact in ways the public regulatory record does not currently resolve; configurations may be analytically derivable but their viability depends on regulatory developments not yet completed." }, "category_iii_axes": { "prohibition": "The PRC prohibition axis: issuance is prohibited (now by explicit written law, 银发〔2026〕42号, in force 6 Feb 2026, which repealed the 2021 Notice and bars overseas RMB-pegged-stablecoin issuance and extraterritorial issuance by PRC-controlled entities); the §3.3 three-pattern typology supplies the responsive architectures.", "pre_regime": "The South Korea pre-regime axis: issuance is not prohibited but not yet authorizable (the Digital Asset Basic Act remains a bill); partnership and dual-authorization options become available only on enactment. Taiwan left this axis on 30 Jun 2026 when the VAS Act was enacted, moving to the enacted_not_commenced axis.", "counterparty_conditional": "The Brazil cross-border leg: the câmbio reclassification and the 1 Oct 2026 closure of the retail eFX rail leave the permitted channel running through a licensed VASP with an FX-authorised counterparty or within the per-operation cap.", "enacted_not_commenced": "The Taiwan enacted-but-not-commenced axis: the Virtual Asset Service Act passed third reading on 30 Jun 2026 but awaits FSC subsidiary legislation with no gazetted commencement, so no exportable token exists yet. Origin edges drag to Category III; inbound edges are held at Category T and resolve to a channelled Category II on commencement. Distinct from pre-regime (no regime at all) and from prohibition.", "prohibition+enacted_not_commenced": "PRC prohibition combined with Taiwan's enacted-but-not-commenced status: Category III on both legs for different reasons, plus a cross-strait political dimension.", "pre_regime+enacted_not_commenced": "Korea pre-regime combined with Taiwan enacted-but-not-commenced: neither leg has an exportable token, so Category III on both sides, for different reasons." }, "summary_observation": "No surveyed pair exhibits unilateral authorization recognition permitting a single entity to operate as issuer in both jurisdictions under one authorization; Category I (dual authorization) and Category II (partnership distribution) are the standard configurations. Category III arises along several axes (PRC prohibition; Korea pre-regime; Taiwan enacted-but-not-commenced; the counterparty-conditional Brazil leg). As of June 2026 there is no cross-border stablecoin operation in production crossing any Category III pair through direct subsidiary architecture; production solutions are Category II partnership arrangements (Ant International + Circle as anchor) or are limited to non-Category-III pairs.", "pairs": [ { "pair": "AE-BR", "jurisdictions": [ "AE", "BR" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "Non-mutual authorizations; câmbio reclassification + per-operation cap on the Brazil leg, the UAE Foreign Payment Token channel restriction onshore; both are channel/counterparty monetary-sovereignty mechanisms, not aggregate caps." }, { "pair": "AE-CH", "jurisdictions": [ "AE", "CH" ], "category": "I/II", "interaction_sets": [ "C", "F" ], "note": "Swiss and CBUAE/free-zone authorizations non-mutual; the Swiss holder-identification requirement and the UAE usage-channel restriction are operative; neither imposes an aggregate usage cap." }, { "pair": "AE-CN", "jurisdictions": [ "AE", "CN" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "PRC prohibition axis; UAE PTSR + free-zone regimes on the UAE leg; CBUAE and Hong Kong both participate in the mBridge platform, a wholesale-settlement channel distinct from private stablecoin issuance.", "category_iii_axis": "prohibition" }, { "pair": "AE-EU", "jurisdictions": [ "AE", "EU" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "Article 58(3) cap in the EU and the Foreign Payment Token channel restriction onshore in the UAE; a EUR MiCA EMT is not acceptable for onshore UAE goods/services payment without separate authorization." }, { "pair": "AE-HK", "jurisdictions": [ "AE", "HK" ], "category": "I/II", "interaction_sets": [ "A", "F" ], "note": "HKMA and CBUAE/free-zone authorizations non-mutual; both participate in distinct wholesale-settlement initiatives (HK's Project Ensemble; the UAE's mBridge participation); HKD/AED issuance under domestic central-bank perimeters." }, { "pair": "AE-JP", "jurisdictions": [ "AE", "JP" ], "category": "I/II", "interaction_sets": [ "A", "C", "D", "E", "F" ], "note": "Japan channel-determination inbound; CBUAE PTSR + free-zone regimes on the UAE leg, the PSA EPI regime on the JP leg." }, { "pair": "AE-KR", "jurisdictions": [ "AE", "KR" ], "category": "III", "interaction_sets": [ "A", "D", "F" ], "note": "South Korea pre-regime; CBUAE PTSR + free-zone regimes on the UAE leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "AE-SG", "jurisdictions": [ "AE", "SG" ], "category": "I/II", "interaction_sets": [ "A", "C" ], "note": "MAS and CBUAE/free-zone authorizations non-mutual; UAE channel restriction applies onshore; both host significant tokenization and free-zone/sandbox activity, providing partnership pathways." }, { "pair": "AE-TW", "jurisdictions": [ "AE", "TW" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; UAE PTSR + free-zone regimes on the UAE leg; only AML registration operative on the TW side. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "AE-UK", "jurisdictions": [ "AE", "UK" ], "category": "I/II", "interaction_sets": [ "A", "C" ], "note": "FCA does not confer CBUAE/free-zone authorization; UAE Foreign Payment Token channel restriction is the onshore inbound asymmetry; DIFC/ADGM provide recognition/licensing outside the onshore perimeter." }, { "pair": "AE-US", "jurisdictions": [ "AE", "US" ], "category": "I/II", "interaction_sets": [ "A", "C" ], "note": "GENIUS issuer is not a CBUAE Dirham Payment Token issuer; a USD Foreign Payment Token may be used onshore only to buy a virtual asset/derivative, not for goods/services (channel restriction)." }, { "pair": "BR-CH", "jurisdictions": [ "BR", "CH" ], "category": "I/II", "interaction_sets": [ "C", "D" ], "note": "Brazilian PSAV and Swiss authorizations non-mutual; câmbio reclassification on the Brazil leg, holder-identification on the Swiss leg; neither imposes a MiCA-style aggregate cap." }, { "pair": "BR-CN", "jurisdictions": [ "BR", "CN" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "PRC prohibition axis (§3 patterns on the PRC side); licensed-PSAV regime + câmbio reclassification on the Brazil side; PRC data/capital frameworks on PRC-touching elements.", "category_iii_axis": "prohibition" }, { "pair": "BR-EU", "jurisdictions": [ "BR", "EU" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "A MiCA EMI is not a Brazilian PSAV; câmbio reclassification + per-operation cap on the Brazil leg; a USD EMT additionally faces Article 58(3) in the EU. Two monetary-sovereignty mechanisms on opposite legs." }, { "pair": "BR-HK", "jurisdictions": [ "BR", "HK" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "An HKMA FRS licensee is not a Brazilian PSAV; the HKMA first cohort is HKD-referenced; a HKD token entering Brazil as payment crosses the câmbio reclassification and per-operation cap." }, { "pair": "BR-JP", "jurisdictions": [ "BR", "JP" ], "category": "I/II", "interaction_sets": [ "A", "C", "D", "E", "F" ], "note": "Japan channel-determination inbound; the BCB câmbio channel (licensed VASP) on the Brazil leg, the PSA EPI regime on the JP leg." }, { "pair": "BR-KR", "jurisdictions": [ "BR", "KR" ], "category": "III", "interaction_sets": [ "D", "F" ], "note": "South Korea pre-regime; the BCB câmbio channel (licensed VASP) on the Brazil leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "BR-SG", "jurisdictions": [ "BR", "SG" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "An MAS-SCS issuer is not a Brazilian PSAV; MAS DTSP statement constrains offshore Singapore-resident-targeting operations; câmbio reclassification + per-operation cap on the Brazil leg." }, { "pair": "BR-TW", "jurisdictions": [ "BR", "TW" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; Brazilian licensed-PSAV regime + câmbio reclassification on the Brazil leg; only AML registration operative on the TW side. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "BR-UK", "jurisdictions": [ "BR", "UK" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "FCA authorization does not confer PSAV status; BoE systemic framework on the UK side if systemic; câmbio reclassification + per-operation cap on the Brazil cross-border leg." }, { "pair": "BR-US", "jurisdictions": [ "BR", "US" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "GENIUS issuer is not a Brazilian PSAV; Brazil reclassifies the payment leg as câmbio with a per-operation cap binding against non-FX-authorised counterparties; Res 561 closes the retail eFX rail from 1 Oct 2026." }, { "pair": "CH-CN", "jurisdictions": [ "CH", "CN" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "PRC prohibition axis; the Swiss regime on the Swiss leg; PIPL/DSL/CAC on data flows.", "category_iii_axis": "prohibition" }, { "pair": "CH-EU", "jurisdictions": [ "CH", "EU" ], "category": "I/II", "interaction_sets": [ "C", "D" ], "note": "Despite EU-Switzerland data adequacy, MiCA and Swiss authorizations are non-mutual; Article 58(3) cap on the EU leg vs full holder identification on the Swiss leg." }, { "pair": "CH-HK", "jurisdictions": [ "CH", "HK" ], "category": "I/II", "interaction_sets": [ "C", "F" ], "note": "HKMA and Swiss authorizations non-mutual; the HKD-only first-cohort posture and the Swiss holder-identification requirement are operative; neither imposes a MiCA-style aggregate cap." }, { "pair": "CH-JP", "jurisdictions": [ "CH", "JP" ], "category": "I/II", "interaction_sets": [ "A", "C", "E", "F" ], "note": "Japan channel-determination inbound; the Swiss banking/FinTech licence regime on the Switzerland leg, the PSA EPI regime on the JP leg." }, { "pair": "CH-KR", "jurisdictions": [ "CH", "KR" ], "category": "III", "interaction_sets": [ "D", "F" ], "note": "South Korea pre-regime; the Swiss banking/FinTech licence regime on the Switzerland leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "CH-SG", "jurisdictions": [ "CH", "SG" ], "category": "I/II", "interaction_sets": [ "C", "F" ], "note": "MAS and Swiss authorizations non-mutual; both permit major-reference-currency stablecoins without a usage cap; the binding constraints are the Swiss holder-identification requirement and the MAS DTSP perimeter." }, { "pair": "CH-TW", "jurisdictions": [ "CH", "TW" ], "category": "III", "interaction_sets": [ "C", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; the Swiss regime on the Swiss leg; only AML registration operative on the TW side. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "CH-UK", "jurisdictions": [ "CH", "UK" ], "category": "I/II", "interaction_sets": [ "C", "F" ], "note": "FCA and Swiss authorizations non-mutual; UK systemic framework and the Swiss bank-guarantee / forthcoming payment-instrument-institution regime on parallel tracks; Swiss holder-identification constrains composability." }, { "pair": "CH-US", "jurisdictions": [ "CH", "US" ], "category": "I/II", "interaction_sets": [ "B", "C" ], "note": "GENIUS issuer not authorised under the Swiss Banking Act; Swiss leg needs separate authorization, partnership, or a bank-guarantee structure; FINMA holder-identification constrains composability; no CH usage cap." }, { "pair": "CN-EU", "jurisdictions": [ "CN", "EU" ], "category": "III", "interaction_sets": [ "A", "D", "F" ], "note": "Same as US x PRC for pattern selection (§3); Article 58(3) applies to any token circulating in the EU through PRC-connected architecture; PIPL/DSL/CAC apply to data flows.", "category_iii_axis": "prohibition" }, { "pair": "CN-HK", "jurisdictions": [ "CN", "HK" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "The most analytically loaded pair (highest stakes): geographic proximity and commercial integration create the strongest demand while the PRC data/capital frameworks plus the HKMA first-cohort posture create the most restrictive constraint set. §3 patterns are the operative options.", "category_iii_axis": "prohibition" }, { "pair": "CN-JP", "jurisdictions": [ "CN", "JP" ], "category": "III", "interaction_sets": [ "A", "C", "E", "F" ], "note": "PRC prohibits issuance and does not permit a foreign stablecoin to circulate as a payment instrument; the PSA EPI regime applies on the JP leg. Prohibition Category III, distinct from pre-regime.", "category_iii_axis": "prohibition" }, { "pair": "CN-KR", "jurisdictions": [ "CN", "KR" ], "category": "III", "interaction_sets": [ "D", "F" ], "note": "PRC prohibition axis; only the VAUPA is operative on the South Korea leg. Prohibition Category III, distinct from pre-regime.", "category_iii_axis": "prohibition" }, { "pair": "CN-SG", "jurisdictions": [ "CN", "SG" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "§3 patterns on the PRC side; MAS DTSP framework on the Singapore side; PIPL/DSL/CAC on data flows.", "category_iii_axis": "prohibition" }, { "pair": "CN-TW", "jurisdictions": [ "CN", "TW" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Combines PRC prohibition with Taiwan's enacted-but-not-commenced status (VAS Act third reading 30 Jun 2026, awaiting subsidiary legislation): no direct issuance architecture on either side, and the cross-strait political relationship further removes this pair from the resolvable set. Category III on both axes, but for different reasons: PRC prohibits issuance, while Taiwan has enacted law not yet operative and no exportable token yet.", "category_iii_axis": "prohibition+enacted_not_commenced" }, { "pair": "CN-UK", "jurisdictions": [ "CN", "UK" ], "category": "III", "interaction_sets": [ "A", "D", "F" ], "note": "Same pattern as US x PRC and EU x PRC.", "category_iii_axis": "prohibition" }, { "pair": "CN-US", "jurisdictions": [ "CN", "US" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "PRC prohibits issuance; §3 patterns apply (Pattern B / constrained A / analytical C); GENIUS applies on the US side, PRC data/capital frameworks on PRC-touching elements.", "category_iii_axis": "prohibition" }, { "pair": "EU-HK", "jurisdictions": [ "EU", "HK" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "Reference-currency asymmetry: a HKD HKMA-licensed token faces Article 58(3) if marketed to EU residents at scale; a EUR MiCA EMT is not eligible under the current HK cohort posture without a HK licence." }, { "pair": "EU-JP", "jurisdictions": [ "EU", "JP" ], "category": "I/II", "interaction_sets": [ "A", "C", "D", "E", "F" ], "note": "Japan channel-determination inbound; MiCA + Article 58(3) on the EU leg, the PSA EPI regime on the JP leg." }, { "pair": "EU-KR", "jurisdictions": [ "EU", "KR" ], "category": "III", "interaction_sets": [ "A", "D", "E", "F" ], "note": "South Korea pre-regime; MiCA + Article 58(3) on the EU leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "EU-SG", "jurisdictions": [ "EU", "SG" ], "category": "I/II", "interaction_sets": [ "A", "D" ], "note": "Dual authorization/partnership; MAS DTSP statement and the Article 58(3) cap constrain different sides of the pair." }, { "pair": "EU-TW", "jurisdictions": [ "EU", "TW" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; MiCA (incl. Article 58(3)) on the EU leg; only AML registration operative on the TW side. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "EU-UK", "jurisdictions": [ "EU", "UK" ], "category": "I", "interaction_sets": [ "C", "D" ], "note": "Post-Brexit, MiCA and FCA authorizations are non-mutual; dual authorization/partnership required; Article 58(3) cap and the BoE systemic framework address monetary sovereignty through distinct mechanisms." }, { "pair": "EU-US", "jurisdictions": [ "EU", "US" ], "category": "I/II", "interaction_sets": [ "B", "D" ], "note": "Issuer eligibility non-coextensive; Article 58(3) cap forces volume limit, EUR sister EMT, or non-MoE routing; §18 comparability is asymmetric (no MiCA reciprocal)." }, { "pair": "HK-JP", "jurisdictions": [ "HK", "JP" ], "category": "I/II", "interaction_sets": [ "A", "C", "E", "F" ], "note": "Japan channel-determination inbound; Stablecoins Ordinance + HKD-only first cohort on the Hong Kong leg, the PSA EPI regime on the JP leg." }, { "pair": "HK-KR", "jurisdictions": [ "HK", "KR" ], "category": "III", "interaction_sets": [ "A", "D", "F" ], "note": "South Korea pre-regime; Stablecoins Ordinance + HKD-only first cohort on the Hong Kong leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "HK-SG", "jurisdictions": [ "HK", "SG" ], "category": "I/II", "interaction_sets": [ "A", "F" ], "note": "Dual authorization/partnership; Project Ensemble (HKMA-led) provides an institutional interoperability channel, though it is not part of the stablecoin licensing regime." }, { "pair": "HK-TW", "jurisdictions": [ "HK", "TW" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; HKMA FRS regime on the Hong Kong leg; only AML registration operative on the TW side; an additional cross-strait political dimension the public record does not resolve. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "HK-UK", "jurisdictions": [ "HK", "UK" ], "category": "I/II", "interaction_sets": [ "A", "C" ], "note": "FCA authorization does not confer HKMA authorization; dual authorization/partnership required." }, { "pair": "HK-US", "jurisdictions": [ "HK", "US" ], "category": "I/II", "interaction_sets": [ "A", "C" ], "note": "HKMA first cohort is HKD-referenced; USD-referenced HK operations need a later licence or partnership with a HK-licensed issuer." }, { "pair": "JP-KR", "jurisdictions": [ "JP", "KR" ], "category": "III", "interaction_sets": [ "A", "C", "D", "E", "F" ], "note": "South Korea pre-regime; the PSA EPI regime on the JP leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "JP-SG", "jurisdictions": [ "JP", "SG" ], "category": "I/II", "interaction_sets": [ "A", "C", "E", "F" ], "note": "Japan channel-determination inbound; MAS single-currency framework + DTSP perimeter on the Singapore leg, the PSA EPI regime on the JP leg." }, { "pair": "JP-TW", "jurisdictions": [ "JP", "TW" ], "category": "III", "interaction_sets": [ "A", "C", "E", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; the PSA EPI regime on the JP leg. Category III via origin-drag, distinct from the mainland prohibition; inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "JP-UK", "jurisdictions": [ "JP", "UK" ], "category": "I/II", "interaction_sets": [ "A", "C", "E", "F" ], "note": "Japan channel-determination inbound; FSMA 2026 conduct + systemic regimes (operative 2027) on the UK leg, the PSA EPI regime on the JP leg." }, { "pair": "JP-US", "jurisdictions": [ "JP", "US" ], "category": "I/II", "interaction_sets": [ "A", "C", "E", "F" ], "note": "Japan inbound is a channel-determination (EPIESP registration, reserves in Japan, foreign-issuer non-solicitation), so the JP leg requires recognition and registration rather than mutual recognition." }, { "pair": "KR-SG", "jurisdictions": [ "KR", "SG" ], "category": "III", "interaction_sets": [ "D", "F" ], "note": "South Korea pre-regime; MAS single-currency framework + DTSP perimeter on the Singapore leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "KR-TW", "jurisdictions": [ "KR", "TW" ], "category": "III", "interaction_sets": [ "D", "F" ], "note": "Korea is pre-regime (DABA un-enacted) and Taiwan is enacted-but-not-commenced (VAS Act third reading 30 Jun 2026, awaiting subsidiary legislation): neither leg has an exportable token, so the pair is Category III on both sides, but for different reasons: Korea has no comprehensive regime yet, while Taiwan has enacted law not yet operative. Only the VAUPA on the KR leg and only AML registration on the TW leg.", "category_iii_axis": "pre_regime+enacted_not_commenced" }, { "pair": "KR-UK", "jurisdictions": [ "KR", "UK" ], "category": "III", "interaction_sets": [ "C", "D", "F" ], "note": "South Korea pre-regime; FSMA 2026 conduct + systemic regimes (operative 2027) on the UK leg; no issuance authorization on the KR side.", "category_iii_axis": "pre_regime" }, { "pair": "KR-US", "jurisdictions": [ "KR", "US" ], "category": "III", "interaction_sets": [ "A", "C", "D", "F" ], "note": "South Korea pre-regime (DABA un-enacted; won-issuance effectively prohibited); no issuance authorization on the KR side; GENIUS applies on the US side.", "category_iii_axis": "pre_regime" }, { "pair": "SG-TW", "jurisdictions": [ "SG", "TW" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; MAS-SCS + DTSP perimeter on the Singapore leg; only AML registration operative on the TW side. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "SG-UK", "jurisdictions": [ "SG", "UK" ], "category": "I/II", "interaction_sets": [ "A", "C" ], "note": "FCA and MAS authorizations non-mutual; BoE systemic framework and MAS-SCS on parallel tracks; HMT 21 Apr 2026 draft amendment SI's APAC interaction not yet operationally elaborated." }, { "pair": "SG-US", "jurisdictions": [ "SG", "US" ], "category": "I/II", "interaction_sets": [ "A", "E" ], "note": "Separate authorization paths; the MAS June 2025 DTSP statement constrains offshore operations targeting Singapore residents." }, { "pair": "TW-UK", "jurisdictions": [ "TW", "UK" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): no exportable token yet, so the TW leg drags the pair to Category III; FCA and BoE frameworks on the UK leg; only AML registration operative on the TW side. Inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement. (Both are regime-in-transition, but the UK exports an authorizable token and Taiwan does not yet.)", "category_iii_axis": "enacted_not_commenced" }, { "pair": "TW-US", "jurisdictions": [ "TW", "US" ], "category": "III", "interaction_sets": [ "A", "F" ], "note": "Taiwan enacted-but-not-commenced (VAS Act third reading 30 Jun 2026; awaiting FSC subsidiary legislation, no gazetted commencement): the issuer regime is enacted but not operative and there is no exportable token yet, so neither dual authorization nor partnership is available on the TW side and the pair is Category III via origin-drag; only AML registration operative. Distinct from PRC prohibition (not prohibited) and from Korea's pre-regime status (Taiwan has enacted law); inbound-to-Taiwan edges are held at Category T and resolve to a channelled Category II on commencement.", "category_iii_axis": "enacted_not_commenced" }, { "pair": "UK-US", "jurisdictions": [ "UK", "US" ], "category": "I", "interaction_sets": [ "B", "C" ], "note": "Non-coextensive but bridgeable via dual authorization/partnership; BoE systemic framework parallel; HMT 21 Apr 2026 draft amendment SI addresses FCA/BoE interactions." } ] }, "open_questions": { "schema": "cbsr-analysis/open_questions", "source": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §7 (Implementation and Open Questions)", "note": "Sections 7.1-7.4 are the four developments the paper identifies as determining which architectural options become operationally viable; 7.5 is the wholesale-settlement infrastructure-implications question. Each is preserved with its conditional regulatory status. v0.9.9: each open question now carries a trigger_kind aligning it with the flagship §3 typology (7.3 parameterization §3.7; 7.4 open-compositional §3.8; 7.2 resolved-tightening §3.9; 7.1 and 7.5 open-compositional). These are the non-horizon-moving trigger kinds, carried here rather than in the event calendar because none has a commencement to apply by date.", "questions": [ { "id": "7.1", "title": "Joint NPRM architecture (§404 implementation)", "question": "What will the joint Notice of Proposed Rulemaking that CLARITY §404 (as reported) directs the SEC, CFTC, and Treasury to issue within twelve months of enactment actually contain?", "affects": "The §4 yield-separation architecture and the permitted/prohibited boundary for routing arrangements.", "status": "unresolved", "conditional_flag": "Depends on enactment of CLARITY substantially as reported and on the joint NPRM's actual content (not yet issued).", "trigger_kind": "open-compositional", "trigger_kind_basis": "§3.8-adjacent: the joint NPRM is information/rulemaking whose resolution feeds the routing and market-structure architecture; contingent on CLARITY enactment, no commencement to apply by date." }, { "id": "7.2", "title": "People's Republic of China boundary stability", "question": "The PRC boundary tightened in writing in Feb 2026 (银发〔2026〕42号). Will it hold at that level, tighten further, or relax?", "affects": "The §3.3 three-pattern typology (especially Pattern A viability).", "status": "unresolved", "material_developments": [ "RESOLVED (tightening): 银发〔2026〕42号 (in force 6 Feb 2026) put the prohibition into explicit written law — overseas RMB-pegged-stablecoin issuance banned, extraterritorial issuance by PRC-controlled entities banned, onshore RWA tokenisation restricted (CSRC 公告〔2026〕1号);", "STILL-OPEN (relaxation paths): PRC modifies the cross-border data framework to facilitate HKMA supervisor-to-supervisor information-sharing;", "the HKMA announces a second cohort including one or more PRC-connected entities;", "the PRC publicly authorizes state-owned bank HK affiliates to apply/operate under HK licences." ], "conditional_flag": "The tightening has occurred (42号). None of the three relaxation developments has occurred as of publication; the §3.3 patterns are configured against the boundary as currently observed.", "trigger_kind": "resolved-tightening", "trigger_kind_basis": "§3.9: the PRC boundary's Feb-2026 written tightening (银发〔2026〕42号) is settled in the tightening direction while a reversing relaxation stays open." }, { "id": "7.3", "title": "Operationalization of the Article 58(3) cap", "question": "How will the EBA operationalize the Article 58(3) means-of-exchange cap (adopted methodology guidance and Member State competent-authority practice)?", "affects": "The §5.14 cross-currency cross-border analysis for USD-referenced stablecoins in the EU.", "status": "unresolved", "conditional_flag": "The EBA has not finalized the relevant methodology guidance; thresholds are one million daily transactions or EUR 200m daily value (quarterly average, means-of-exchange use).", "trigger_kind": "parameterization", "trigger_kind_basis": "§3.7: operationalization of the Article 58(3) means-of-exchange cap — sharpens the operative content of a constraint already in force without moving any class." }, { "id": "7.4", "title": "HKMA second-cohort composition", "question": "What will the composition of the second cohort of HKMA stablecoin licences be (currency coverage; PRC-connected applicants; USD-referenced products)?", "affects": "US x HK and EU x HK pair feasibility; PRC boundary stability (§7.2).", "status": "unresolved", "conditional_flag": "The HKMA has not announced the second cohort.", "trigger_kind": "open-compositional", "trigger_kind_basis": "§3.8: the HKMA second-cohort composition is information, not a change in law; its resolution feeds the PRC boundary-stability question (7.2)." }, { "id": "7.5", "title": "Project Agorá (BIS-led) and Project Ensemble (HKMA-led) implications", "question": "How will the wholesale-settlement experiments (Project Agorá, Project Ensemble, mBridge) interact with private stablecoin architectures at the infrastructure layer?", "affects": "The Digital-Financial corridor archetype and infrastructure-axis membership across edges.", "status": "unresolved", "conditional_flag": "Infrastructure implications are forward-looking; the Corridor Atlas develops the infrastructure layer.", "trigger_kind": "open-compositional", "trigger_kind_basis": "§5: the wholesale-settlement experiments are an open compositional/infrastructure question feeding the geopolitical-fracture reading; softer evidence tier, not a class-level trigger." } ] }, "computed": { "schema": "cbsr-analysis/computed_compatibility", "status": "preview", "method": "compose_directed(origin,destination) implements the Corridor Atlas v0.2.3 §3.2 algorithm — origin drag (no exportable token => Category III) then a destination-determined inbound class from the per-jurisdiction signal table — and is diffed against authored values. It is NOT asserted authoritative; disagreements are findings that localise where the Atlas (directed) and Architecture §5.14 (undirected) classifications diverge.", "jurisdiction_signals": { "US": { "regime_status": "live", "inbound_gate": "comparability", "exportable_token": true, "egress_override": false, "basis": "GENIUS Act; §18 comparability gate (us-pss-* records)" }, "EU": { "regime_status": "live", "inbound_gate": "open_capped", "exportable_token": true, "egress_override": false, "basis": "MiCA; Art. 58(3) cap — dual auth available (eu-emt-* records)" }, "UK": { "regime_status": "transition", "inbound_gate": "transition", "exportable_token": true, "egress_override": false, "basis": "FSMA 2026 conduct + systemic regimes operative 2027 (uk-frs-* records)" }, "SG": { "regime_status": "live", "inbound_gate": "open", "exportable_token": true, "egress_override": true, "basis": "MAS-SCS; June 2025 DTSP perimeter constrains offshore-to-SG (sg-frs-* records)" }, "HK": { "regime_status": "live", "inbound_gate": "open", "exportable_token": true, "egress_override": false, "basis": "Stablecoins Ordinance; HKD-only first cohort (hk-frs-* records)" }, "CN": { "regime_status": "prohibition", "inbound_gate": "prohibition", "exportable_token": false, "egress_override": true, "basis": "issuance prohibited; PIPL/DSL/CAC/SAFE on data/capital (cn-prc-* records)" }, "BR": { "regime_status": "live", "inbound_gate": "fx_counterparty", "exportable_token": true, "egress_override": false, "basis": "BCB câmbio reclassification; per-operation cap vs non-FX-authorised counterparty (br-* records)" }, "CH": { "regime_status": "live", "inbound_gate": "open", "exportable_token": true, "egress_override": false, "basis": "Banking Act/Ordinance; no usage cap; FINMA holder-ID (ch-frs-* records)" }, "AE": { "regime_status": "live", "inbound_gate": "usage_channel", "exportable_token": true, "egress_override": false, "basis": "CBUAE PTSR; Foreign Payment Token usage-channel restriction (ae-pt-* records)" }, "TW": { "regime_status": "transition", "inbound_gate": "transition", "exportable_token": false, "egress_override": false, "basis": "VAS Act enacted at third reading 30 Jun 2026; subsidiary legislation pending, no gazetted commencement; no exportable token yet (tw-frs-issuer_pathway-001 status=transitional)" }, "JP": { "regime_status": "live", "inbound_gate": "channel", "exportable_token": true, "egress_override": false, "basis": "Payment Services Act EPI regime; EPIESP inbound channel-determination (jp-epi-* records)" }, "KR": { "regime_status": "pre_regime", "inbound_gate": "pre_regime", "exportable_token": false, "egress_override": false, "basis": "VAUPA in force; DABA a bill (kr-frs-issuer_pathway-001 status=proposed)" } }, "pre_regime_crosscheck": { "from_signals": [ "KR" ], "from_records": [ "KR" ], "consistent": true }, "signal_provenance": { "discipline": "Every per-jurisdiction signal rests on tier1_legal records (propositions of law), never on tier2_operational (market) facts. This is what lets the computed layer — and any future date-aware compose() or constraint substrate — derive feasibility only from binding-law facts.", "by_jurisdiction": { "US": { "tier1_legal_basis": [ "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "tier2_operational_in_driving_dims": [] }, "EU": { "tier1_legal_basis": [ "eu-emt-issuer_pathway-001", "eu-emt-monetary_sovereignty-001", "eu-emt-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "UK": { "tier1_legal_basis": [ "uk-frs-distribution-001", "uk-frs-issuer_pathway-001", "uk-frs-monetary_sovereignty-001", "uk-frs-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "SG": { "tier1_legal_basis": [ "sg-scs-distribution-001", "sg-scs-issuer_pathway-001", "sg-scs-monetary_sovereignty-001", "sg-scs-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "HK": { "tier1_legal_basis": [ "hk-frs-distribution-001", "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001", "hk-frs-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "CN": { "tier1_legal_basis": [ "cn-prc-distribution-001", "cn-prc-issuer_pathway-001", "cn-prc-monetary_sovereignty-001", "cn-prc-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "BR": { "tier1_legal_basis": [ "br-vasp-issuer_pathway-001", "br-vasp-monetary_sovereignty-001", "br-vasp-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "CH": { "tier1_legal_basis": [ "ch-frs-distribution-001", "ch-frs-issuer_pathway-001", "ch-frs-monetary_sovereignty-001", "ch-frs-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "AE": { "tier1_legal_basis": [ "ae-pt-distribution-001", "ae-pt-issuer_pathway-001", "ae-pt-monetary_sovereignty-001", "ae-pt-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "TW": { "tier1_legal_basis": [ "tw-frs-distribution-001", "tw-frs-issuer_pathway-001", "tw-frs-monetary_sovereignty-001", "tw-frs-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "JP": { "tier1_legal_basis": [ "jp-epi-distribution-001", "jp-epi-issuer_pathway-001", "jp-epi-monetary_sovereignty-001", "jp-epi-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] }, "KR": { "tier1_legal_basis": [ "kr-frs-distribution-001", "kr-frs-issuer_pathway-001", "kr-frs-monetary_sovereignty-001", "kr-frs-regulatory_authority-001" ], "tier2_operational_in_driving_dims": [] } }, "violations": [], "clean": true }, "directed_edges": { "count": 9, "agree": 9, "agreement": "9/9", "edges": [ { "corridor_id": "eu-us-eur-usd-settlement", "edge": "EU->US", "computed_class": "II", "authored_class": "II", "agree": true, "rule": "destination_gate:comparability", "origin_override": false, "finding": null }, { "corridor_id": "hk-br-usd-stablecoin-settlement-001", "edge": "HK->BR", "computed_class": "II", "authored_class": "I/II", "agree": true, "rule": "destination_gate:fx_counterparty", "origin_override": false, "finding": null }, { "corridor_id": "hk-cn-hkd-cny-blocked", "edge": "HK->CN", "computed_class": "blocked", "authored_class": "blocked", "agree": true, "rule": "destination_gate:prohibition", "origin_override": false, "finding": null }, { "corridor_id": "hk-us-hkd-usd-settlement", "edge": "HK->US", "computed_class": "II", "authored_class": "II", "agree": true, "rule": "destination_gate:comparability", "origin_override": false, "finding": null }, { "corridor_id": "jp-us-jpy-usd-settlement", "edge": "JP->US", "computed_class": "II", "authored_class": "II", "agree": true, "rule": "destination_gate:comparability", "origin_override": false, "finding": null }, { "corridor_id": "sg-hk-sgd-hkd-settlement", "edge": "SG->HK", "computed_class": "I", "authored_class": "I", "agree": true, "rule": "destination_gate:open", "origin_override": true, "finding": null }, { "corridor_id": "us-eu-usd-eur-settlement", "edge": "US->EU", "computed_class": "I", "authored_class": "I", "agree": true, "rule": "destination_gate:open_capped", "origin_override": false, "finding": null }, { "corridor_id": "us-hk-usd-hkd-settlement", "edge": "US->HK", "computed_class": "I", "authored_class": "I", "agree": true, "rule": "destination_gate:open", "origin_override": false, "finding": null }, { "corridor_id": "us-jp-usd-jpy-settlement", "edge": "US->JP", "computed_class": "II", "authored_class": "II", "agree": true, "rule": "destination_gate:channel", "origin_override": false, "finding": null } ] }, "undirected_pairs": { "count": 66, "agree": 64, "agreement": "64/66", "pairs": [ { "pair": "EU-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "UK-US", "computed_category": "I/II*", "authored_category": "I", "agree": false, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": "uk_regime_in_transition" }, { "pair": "SG-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "HK-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CN-US", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CH-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "AE-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "TW-US", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "JP-US", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "KR-US", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "EU-UK", "computed_category": "I/II*", "authored_category": "I", "agree": false, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": "uk_regime_in_transition" }, { "pair": "EU-SG", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "EU-HK", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CN-EU", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-EU", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CH-EU", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "AE-EU", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "EU-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "EU-JP", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "EU-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "SG-UK", "computed_category": "I/II*", "authored_category": "I/II", "agree": true, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": null }, { "pair": "HK-UK", "computed_category": "I/II*", "authored_category": "I/II", "agree": true, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": null }, { "pair": "CN-UK", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-UK", "computed_category": "I/II*", "authored_category": "I/II", "agree": true, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": null }, { "pair": "CH-UK", "computed_category": "I/II*", "authored_category": "I/II", "agree": true, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": null }, { "pair": "AE-UK", "computed_category": "I/II*", "authored_category": "I/II", "agree": true, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": null }, { "pair": "TW-UK", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "JP-UK", "computed_category": "I/II*", "authored_category": "I/II", "agree": true, "basis": "one side is a regime-in-transition (operative later); Atlas flags T", "finding": null }, { "pair": "KR-UK", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "HK-SG", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CN-SG", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-SG", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CH-SG", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "AE-SG", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "SG-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "JP-SG", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "KR-SG", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "CN-HK", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-HK", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CH-HK", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "AE-HK", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "HK-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "HK-JP", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "HK-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-CN", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "CH-CN", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "AE-CN", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "CN-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "CN-JP", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "CN-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-CH", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "AE-BR", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "BR-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "BR-JP", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "BR-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "AE-CH", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CH-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "CH-JP", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "CH-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "AE-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "AE-JP", "computed_category": "I/II", "authored_category": "I/II", "agree": true, "basis": "both directions authorizable (dual authorization or partnership)", "finding": null }, { "pair": "AE-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "JP-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "KR-TW", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null }, { "pair": "JP-KR", "computed_category": "III", "authored_category": "III", "agree": true, "basis": "either direction is blocked / pre-regime / origin-dragged", "finding": null } ] }, "findings_by_cause": { "uk_regime_in_transition": [ "EU-UK", "UK-US" ] } }, "event_calendar": { "schema": "cbsr-analysis/event_calendar", "version": "v0.10.0", "as_of_base": "2026-06-30", "note": "Dated and contingent CHANGES IN LAW that move a jurisdiction's compose() signal. Every event is a tier1_legal event (a commencement/enactment), never a market launch, a product going live is tier2_operational and is recorded in a record's operational_notes, not here. 'scheduled' events have an effective_date and are applied by compose(as_of>=date); 'contingent' events have no firm date (a bill not yet enacted) and are NEVER applied by date; compose surfaces them as pending transitions that would change the verdict if enacted. The signal fields and their meaning are defined in scripts/compose.py. v0.9.5: UK commencement re-pinned to the gazetted day 2027-10-25 (SI 2026/102), precision=day, per the external verification, shifting every date-aware UK verdict by ~10 months. v0.9.6: added two contingent 'if enacted' events the verification surfaced as closest-to-flipping (US CLARITY Act, Senate Calendar No. 423; Singapore SCS implementing legislation, expected mid-2026). Both are contingent (no fixed date), so they do not move any compose(as_of) horizon yet; they are the standing machinery so that when a commencement date is fixed, the dependent cells' binding_status flips automatically. v0.9.9: (a) every event now carries a trigger_kind implementing the flagship §3 typology (see trigger_kind_legend); (b) added the 7th event, the EU MiCA Article 143(3) transitional expiry, as a structured intra-regime-gating item with the staggered national schedule and the second-order EMT-custody development, so the register itself carries the event the flagship §3.10 attributes to it (previously only in the eu-emt-regulatory_authority-001 requirement_summary prose, and in the old uniform framing). Its feasibility-class effect is empty, mirroring the JP control case, so it moves no compose() horizon. v0.10.0: split Japan's 1 Jun 2026 change into two events, adding the foreign-stablecoin recognition (Cabinet Office Ordinance) as an 8th event with a new inbound-recognition trigger kind (dated, in force, empty feasibility-class effect handled by conditioning), so the two same-day changes of flagship §3.6 and the dated recognition instance of §5.3 are each first-class; the horizon rule now enumerates inbound-recognition among the dated-but-horizon-inert kinds.", "status_values": { "scheduled": "legislated/announced with an effective_date (may carry precision=year); applied when as_of >= effective_date", "contingent": "depends on a development that has not occurred or carries no firm date (an unenacted bill, or an enacted law awaiting commencement with no gazetted date); never applied by date, only surfaced as a pending transition", "in_force": "already effective as of the base date; applied unconditionally" }, "events": [ { "id": "uk-systemic-regime-operative", "jurisdiction": "UK", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "status": "scheduled", "effective_date": "2027-10-25", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "fully-scheduled", "effect": [ { "field": "regime_status", "from": "transition", "to": "live" }, { "field": "inbound_gate", "from": "transition", "to": "open" } ], "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027.", "date_basis": "Gazetted commencement DAY: SI 2026/102 (FSMA 2000 (Cryptoassets) Regulations 2026) made 4 Feb 2026, full commencement 25 Oct 2027 (preparatory provisions from 25 Feb 2026). precision=day; a specific commencement date, not a modelled year.", "records": [ "uk-frs-regulatory_authority-001" ], "source_note": "effective_date corrected 2027-01-01 (modelled year) -> 2027-10-25 (gazetted commencement day) per the v0.9.5 external verification of SI 2026/102." }, { "id": "tw-vas-act-enacted", "jurisdiction": "TW", "title": "Taiwan Virtual Asset Service Act commencement (subsidiary legislation brings the issuer regime into force)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Commencement of the enacted Virtual Asset Service Act through its subsidiary legislation. The Act passed third reading on 30 Jun 2026; commencement awaits FSC subordinate rules and carries no gazetted date.", "claim_class": "tier1_legal", "trigger_kind": "enacted-not-commenced", "effect": [ { "field": "regime_status", "from": "transition", "to": "live" }, { "field": "inbound_gate", "from": "transition", "to": "channel" } ], "basis": "Virtual Asset Service Act enacted at third reading 30 Jun 2026; tw-frs-issuer_pathway-001 carries the enacted provisions as status=transitional (binding_status=made_not_commenced), awaiting FSC subsidiary legislation.", "date_basis": "Enacted at third reading on 30 Jun 2026, the dateline of this draft; commencement awaits subsidiary legislation (the FSC has flagged roughly nine subordinate items on an indicative timetable around Q1 2027), and no commencement date is gazetted, so this trigger is applied by no date. The Legislative Yuan Finance Committee completed the article-by-article first review (初審) on 3 Jun 2026 and resolved to send the bill to the plenary; third reading followed on 30 Jun 2026. On commencement the inbound gate moves to a channelled Category II route; the origin edges stay Category III, because enactment alone creates no exportable, comprehensively authorizable private token (issuers must still be licensed and issue under the new regime). Procedurally now ahead of KR's DABA, still in subcommittee.", "records": [ "tw-frs-issuer_pathway-001" ] }, { "id": "kr-daba-enacted", "jurisdiction": "KR", "title": "Korea Digital Asset Basic Act enacted (won-stablecoin issuer regime live)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Enactment and commencement of the Digital Asset Basic Act (currently a bill).", "claim_class": "tier1_legal", "trigger_kind": "contingent-no-date", "effect": [ { "field": "regime_status", "from": "pre_regime", "to": "live" }, { "field": "exportable_token", "from": false, "to": true }, { "field": "inbound_gate", "from": "pre_regime", "to": "channel" } ], "basis": "Draft Digital Asset Basic Act; kr-frs-issuer_pathway-001 carries the draft eligibility question as status=proposed.", "date_basis": "No firm enactment date. As of late Apr 2026 the Digital Asset Basic Act and three stablecoin-specific bills remained in the National Assembly Political Affairs Committee subcommittee (정무위 소위), with a full-committee session around mid-May 2026; an H2-2026 passage goal is described as uncertain, delayed by the won-stablecoin issuer-eligibility (51%) dispute (the Bank of Korea favouring a bank-majority consortium) and the June 2026 local elections / committee reconstitution. Procedurally less advanced than TW's VAS Act (already past committee first review).", "records": [ "kr-frs-issuer_pathway-001" ] }, { "id": "jp-act66-2025-full-enforcement", "jurisdiction": "JP", "title": "Japan Act No. 66 of 2025 full enforcement (trust-type reserve relaxation)", "status": "scheduled", "effective_date": "2026-06-01", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "dated-empty-effect", "effect": [], "basis": "Act No. 66 of 2025 relaxing trust-type reserve rules; refines an already-live EPI regime.", "date_basis": "Act No. 66 of 2025 promulgated 13 Jun 2025; took effect 1 Jun 2026 and is now in force as of the base date. Effect on compose() is NONE (control case): Japan is already 'live', so relaxing trust-type reserve composition moves no inbound gate and changes no edge class. Included to show the calendar distinguishes a change in law from a change in feasibility class. The same-date Cabinet Office Ordinance recognising equivalent foreign trust-type stablecoins is now recorded as its own first-class event (jp-foreign-stablecoin-recognition), not folded here.", "records": [ "jp-epi-reserve_backing-001" ] }, { "id": "jp-foreign-stablecoin-recognition", "jurisdiction": "JP", "title": "Japan recognises equivalent foreign trust-type stablecoins as Electronic Payment Instruments (Cabinet Office Ordinance)", "status": "in_force", "effective_date": "2026-06-01", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "inbound-recognition", "effect": [], "basis": "Cabinet Office Ordinance effective 1 Jun 2026 recognising foreign trust-type stablecoins judged equivalent to the Japanese regime as electronic payment instruments, admitted through a registered EPIESP; opens an inbound recognition channel whose reach is set by the equivalence criteria.", "date_basis": "Effective 1 Jun 2026 (same date as Act No. 66 full enforcement, but a distinct change with a different character). This is the second same-day change the paper separates at §3.6: not a domestic reserve adjustment but an inbound-side development that opens a recognition pathway for qualifying foreign trust-type stablecoins. Effect on edge class is handled by CONDITIONING, not asserted: a recognised foreign token reaches Japan through the recognition-and-registration channel the directed model already scores as Category II (channelled), and the operative reach of that channel turns on the equivalence determination (the open variable). No new class is asserted on its account beyond the existing Category II channelled treatment of inbound-to-Japan edges. This is the dated, concrete instance §5.3 refers to: recognition and equivalence functioning as the interoperability protocol of the regulatory layer, dated to a specific instrument on a specific day.", "records": [ "jp-epi-monetary_sovereignty-001", "jp-epi-issuer_pathway-001" ] }, { "id": "us-clarity-act-enacted", "jurisdiction": "US", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "claim_class": "tier1_legal", "trigger_kind": "contingent-no-date", "effect": [ { "field": "binding_status (us bank_nonbank_routing)", "from": "pending_proposal", "to": "in_force_enacted" }, { "field": "intermediary_yield_prohibition (CLARITY Sec. 404 covered parties)", "from": "pending", "to": "in_force" }, { "field": "securities_market_structure_overlay", "from": "pending", "to": "in_force" } ], "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays.", "date_basis": "No firm enactment date. 2026 passage is roughly even (Polymarket near 48% in late Jun 2026, down from about 74% a month earlier); the practical window requires Senate floor passage before the August recess. Modelled as contingent until a date is fixed.", "records": [ "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001", "us-pss-issuer_pathway-001" ] }, { "id": "sg-scs-legislation-enacted", "jurisdiction": "SG", "title": "Singapore SCS framework implementing legislation enacted (MAS-regulated stablecoin regime live)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Enactment of the implementing legislation for the MAS Single-Currency Stablecoin (SCS) framework (finalised 15 Aug 2023). MAS announced at the Nov 2025 Singapore FinTech Festival that it was ready to begin drafting; the framework is expected to take effect in mid-2026.", "claim_class": "tier1_legal", "trigger_kind": "contingent-not-class-change", "effect": [ { "field": "binding_status (sg SCS-specific cells)", "from": "finalized_policy_pending", "to": "in_force_enacted" }, { "field": "status (sg SCS-specific cells)", "from": "transitional", "to": "in_force" }, { "field": "MAS-regulated-stablecoin label", "from": "finalised_policy", "to": "operative" } ], "basis": "The PS Act 2019 DPT baseline is already in force. The SCS-specific framework is finalised MAS policy pending implementing legislation; the sg-scs-* requirement cells carry it as binding_status=finalized_policy_pending, status=transitional.", "date_basis": "No firm enactment date. MAS guidance points to a mid-2026 effective date; drafting was announced ready as of Nov 2025. Modelled as contingent until a date is fixed.", "records": [ "sg-scs-reserve_backing-001", "sg-scs-redemption-001", "sg-scs-permitted_activity_yield-001", "sg-scs-securities_classification-001", "sg-scs-capital_requirements-001", "sg-scs-distribution-001", "sg-scs-monetary_sovereignty-001", "sg-scs-issuer_pathway-001" ] }, { "id": "eu-mica-art143-transitional-expiry", "jurisdiction": "EU", "title": "EU MiCA Article 143(3) transitional grandfathering expiry (national side-doors close; admissible-token set narrows)", "status": "scheduled", "effective_date": "2026-07-01", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "intra-regime-gating", "effect": [], "basis": "MiCA Article 143(3) (Reg. (EU) 2023/1114) transitional grandfathering for CASPs providing services under pre-existing national law. eu-emt-regulatory_authority-001 carries the corrected staggered framing; this event carries the dated national schedule structurally so compose()/timeline can reflect it.", "date_basis": "1 July 2026 is the OUTER CAP: the longest window any Member State could grant under Article 143(3); ESMA has confirmed no extension. Beneath the cap the national windows are staggered and most have already closed: France, Malta and Luxembourg run the full window (to 1 July 2026); Germany and Ireland closed at 12 months (end 2025); Sweden at 9 months (late 2025); Finland, Latvia, Lithuania, Hungary, the Netherlands, Poland and Slovenia at 6 months (mid-2025). The deadline that binds a given corridor is the EARLIEST among the Member States it touches, not the cap. effective_date is set to the outer cap for the timeline; because the effect on feasibility class is empty (intra-regime gating, not a class transition), no compose() horizon shifts on this date.", "staggered_national_windows": [ { "member_states": [ "FR", "MT", "LU" ], "window_months": 18, "closes": "2026-07-01", "status": "full outer-cap window" }, { "member_states": [ "DE", "IE" ], "window_months": 12, "closes": "2025-12-30", "status": "closed" }, { "member_states": [ "SE" ], "window_months": 9, "closes": "2025-09-30", "status": "closed" }, { "member_states": [ "FI", "LV", "LT", "HU", "NL", "PL", "SI" ], "window_months": 6, "closes": "2025-06-30", "status": "closed" } ], "second_order": { "development": "expected secondary authorization for the custody and transfer of electronic-money tokens (EMTs)", "status": "open, no commencement to apply by date", "note": "recorded alongside the transitional expiry as the related second-order EU development; bears on Interaction Set D (reserve composition jointly binding with monetary sovereignty), not on any feasibility class." }, "scope_note": "Intra-regime gating: the directed model's feasibility classes capture whether a corridor can be authorized at all and by construction do not capture a change that alters WHO may operate within an already-live regime. This event closes national side-doors and narrows the set of admissible tokens without moving any class; the flagship treats the class-sensitivity measure's blind spot to this category as a stated scope limitation (§6).", "records": [ "eu-emt-regulatory_authority-001" ] }, { "id": "us-genius-act-effective", "jurisdiction": "US", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "status": "scheduled", "effective_date": "2027-01-18", "precision": "outer_cap", "claim_class": "tier1_legal", "trigger_kind": "scheduled-with-cap", "effect": [ { "field": "binding_status (us-pss §18 comparability gate)", "from": "made_not_commenced", "to": "in_force_enacted" } ], "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative.", "date_basis": "STATUTORY OUTER CAP, not a gazetted commencement day: 2027-01-18 = enactment 2025-07-18 + 18 months. May fall EARLIER (final rules + 120 days). precision=outer_cap — the latest the gate can commence, not a fixed day. At as_of_base 2026-06-30 no final implementing regulations had issued.", "records": [ "us-pss-monetary_sovereignty-001" ], "source_note": "Puts the register's first dated US horizon on the calendar. Feasibility-class effect is deliberately empty of signal fields: compose()'s US signal already codes the inbound gate as comparability, so commencement moves the gate's binding_status, not the class. The directed layer carries the class movement (as_of_timeline: T -> II @ 2027-01-18) — see corridor_directed()." } ], "trigger_kind_legend": { "purpose": "Every event carries a trigger_kind: the paper's typology of regulatory triggers by the kind of certainty each carries (flagship §3). It separates the one kind that moves a dated horizon from the kinds that do not, and names the intra-regime gating change a class-centric reading misses.", "kinds": { "fully-scheduled": "gazetted commencement date; applied by that date; the ONLY kind that moves a horizon (§3.1, UK).", "enacted-not-commenced": "passed into law but awaiting subsidiary legislation with no gazetted commencement; partly fired (§3.3, TW).", "contingent-no-date": "depends on an enactment that has not occurred; no date; surfaced only as an if-enacted branch (§3.2 US, §3.4 KR).", "contingent-not-class-change": "a pending enactment that hardens a binding status without moving any class, the baseline class already in force (§3.5, SG).", "parameterization": "operationalization of a constraint that already binds; sharpens the operative content of a class without moving one (§3.7, EBA, carried in open_questions).", "intra-regime-gating": "a DATED change in law that alters accessibility WITHIN a live regime (who may operate; which tokens are admissible) without moving any feasibility class (§3.10, EU MiCA).", "dated-empty-effect": "a dated, now-in-force change with an explicitly empty feasibility-class effect; the control case showing the calendar distinguishes a change in law from a change in feasibility class (§3.6, JP).", "inbound-recognition": "a dated, now-in-force change in law that opens an inbound recognition or equivalence channel for qualifying foreign instruments; its reach is set by the recognition criteria and is handled by conditioning (the existing Category II channelled treatment), so it asserts no new class (§3.6 second same-day change; §5.3 dated recognition instance, JP).", "open-compositional": "information rather than a change in law, whose resolution feeds another jurisdiction's analysis (§3.8, HK 2nd cohort, carried in open_questions).", "resolved-tightening": "an asymmetric posture: a boundary's recent movement is settled in one direction while a reversing development stays open (§3.9, PRC, carried in open_questions).", "scheduled-with-cap": "a statutory effective date expressed as an outer cap with an earlier conditional trigger (commences on the EARLIER of a fixed backstop or a rulemaking-dependent date). Dated, but the date is a ceiling rather than a gazetted day, so it may fire sooner (GENIUS Act s.20, US)." }, "horizon_rule": "Only fully-scheduled events move a compose() horizon. dated-empty-effect, intra-regime-gating, and inbound-recognition events are dated but move no feasibility class, so they appear on the timeline without changing any corridor's category, by design." } }, "legal_event_ontology": { "schema": "cbsr/legal-event-ontology/v1", "as_of": "2026-08-20", "states": [ "consultation", "proposed", "enacted_not_commenced", "finalized_policy_pending", "operative", "prohibited", "no_regime", "superseded" ], "allowed_transitions": { "consultation": [ "proposed", "finalized_policy_pending", "superseded" ], "proposed": [ "enacted_not_commenced", "operative", "superseded" ], "finalized_policy_pending": [ "enacted_not_commenced", "operative", "superseded" ], "enacted_not_commenced": [ "operative", "superseded" ], "operative": [ "superseded", "prohibited" ], "prohibited": [ "proposed", "enacted_not_commenced", "operative", "superseded" ], "no_regime": [ "consultation", "proposed", "enacted_not_commenced", "operative" ], "superseded": [] }, "date_rules": [ "effective_until must be later than effective_from", "proposed/consultation/finalized-policy/no-regime states do not form closed operative intervals", "superseded requires effective_until", "event links are reciprocal between source records and event_calendar" ], "coverage": { "records": 152, "linked_to_first_class_event": 20, "without_first_class_event": 132, "invalid": 0 }, "records": [ { "record_id": "ae-pt-aml_kyc-001", "jurisdiction": "AE", "dimension": "aml_kyc", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-bank_nonbank_routing-001", "jurisdiction": "AE", "dimension": "bank_nonbank_routing", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-capital_requirements-001", "jurisdiction": "AE", "dimension": "capital_requirements", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-cross_border_data-001", "jurisdiction": "AE", "dimension": "cross_border_data", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-distribution-001", "jurisdiction": "AE", "dimension": "distribution", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-implementation_status-001", "jurisdiction": "AE", "dimension": "implementation_status", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-issuer_pathway-001", "jurisdiction": "AE", "dimension": "issuer_pathway", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-monetary_sovereignty-001", "jurisdiction": "AE", "dimension": "monetary_sovereignty", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-permitted_activity_yield-001", "jurisdiction": "AE", "dimension": "permitted_activity_yield", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-redemption-001", "jurisdiction": "AE", "dimension": "redemption", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-regulatory_authority-001", "jurisdiction": "AE", "dimension": "regulatory_authority", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-reserve_backing-001", "jurisdiction": "AE", "dimension": "reserve_backing", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "ae-pt-securities_classification-001", "jurisdiction": "AE", "dimension": "securities_classification", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "br-vasp-aml_kyc-001", "jurisdiction": "BR", "dimension": "aml_kyc", "legal_status": "operative", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "br-vasp-bank_nonbank_routing-001", "jurisdiction": "BR", "dimension": "bank_nonbank_routing", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "br-vasp-capital_requirements-001", "jurisdiction": "BR", "dimension": "capital_requirements", "legal_status": "operative", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "br-vasp-cross_border_data-001", "jurisdiction": "BR", "dimension": "cross_border_data", "legal_status": "operative", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "br-vasp-custody-001", "jurisdiction": "BR", "dimension": "custody", "legal_status": "operative", "effective_from": "2026-02-02", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "br-vasp-disclosure_reporting-001", "jurisdiction": "BR", "dimension": "disclosure_reporting", 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"legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-disclosure_reporting-001", "jurisdiction": "TW", "dimension": "disclosure_reporting", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-distribution-001", "jurisdiction": "TW", "dimension": "distribution", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-implementation_status-001", "jurisdiction": "TW", "dimension": "implementation_status", "legal_status": "operative", "effective_from": "2024-11-30", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-issuer_pathway-001", "jurisdiction": "TW", "dimension": "issuer_pathway", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": "tw-vas-act-enacted", "validation": "valid", "issues": [] }, { "record_id": "tw-frs-monetary_sovereignty-001", "jurisdiction": "TW", "dimension": "monetary_sovereignty", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-permitted_activity_yield-001", "jurisdiction": "TW", "dimension": "permitted_activity_yield", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-redemption-001", "jurisdiction": "TW", "dimension": "redemption", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-regulatory_authority-001", "jurisdiction": "TW", "dimension": "regulatory_authority", "legal_status": "operative", "effective_from": "2024-11-30", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-reserve_backing-001", "jurisdiction": "TW", "dimension": "reserve_backing", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "tw-frs-securities_classification-001", "jurisdiction": "TW", "dimension": "securities_classification", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-aml_kyc-001", "jurisdiction": "UK", "dimension": "aml_kyc", "legal_status": "operative", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-bank_nonbank_routing-001", "jurisdiction": "UK", "dimension": "bank_nonbank_routing", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-capital_requirements-001", "jurisdiction": "UK", "dimension": "capital_requirements", "legal_status": "enacted_not_commenced", "effective_from": "2027-10-25", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-cross_border_data-001", "jurisdiction": "UK", "dimension": "cross_border_data", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-custody-001", "jurisdiction": "UK", "dimension": "custody", "legal_status": "enacted_not_commenced", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-distribution-001", "jurisdiction": "UK", "dimension": "distribution", "legal_status": "proposed", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-implementation_status-001", "jurisdiction": "UK", "dimension": "implementation_status", "legal_status": "enacted_not_commenced", "effective_from": "2027-10-25", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-issuer_pathway-001", "jurisdiction": "UK", "dimension": "issuer_pathway", "legal_status": "enacted_not_commenced", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-monetary_sovereignty-001", "jurisdiction": "UK", "dimension": "monetary_sovereignty", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-permitted_activity_yield-001", "jurisdiction": "UK", "dimension": "permitted_activity_yield", "legal_status": "consultation", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-redemption-001", "jurisdiction": "UK", "dimension": "redemption", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-regulatory_authority-001", "jurisdiction": "UK", "dimension": "regulatory_authority", "legal_status": "enacted_not_commenced", "effective_from": "2027-10-25", "effective_until": null, "event_id": "uk-systemic-regime-operative", "validation": "valid", "issues": [] }, { "record_id": "uk-frs-reserve_backing-001", "jurisdiction": "UK", "dimension": "reserve_backing", "legal_status": "enacted_not_commenced", "effective_from": "2026-02-01", "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "uk-frs-securities_classification-001", "jurisdiction": "UK", "dimension": "securities_classification", "legal_status": "enacted_not_commenced", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "us-pss-bank_nonbank_routing-001", "jurisdiction": "US", "dimension": "bank_nonbank_routing", "legal_status": "proposed", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "validation": "valid", "issues": [] }, { "record_id": "us-pss-capital_requirements-001", "jurisdiction": "US", "dimension": "capital_requirements", "legal_status": "proposed", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "us-pss-cross_border_data-001", "jurisdiction": "US", "dimension": "cross_border_data", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "us-pss-disclosure_reporting-001", "jurisdiction": "US", "dimension": "disclosure_reporting", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "us-pss-issuer_pathway-001", "jurisdiction": "US", "dimension": "issuer_pathway", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "validation": "valid", "issues": [] }, { "record_id": "us-pss-monetary_sovereignty-001", "jurisdiction": "US", "dimension": "monetary_sovereignty", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": "us-genius-act-effective", "validation": "valid", "issues": [] }, { "record_id": "us-pss-permitted_activity_yield-001", "jurisdiction": "US", "dimension": "permitted_activity_yield", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "validation": "valid", "issues": [] }, { "record_id": "us-pss-reserve_backing-001", "jurisdiction": "US", "dimension": "reserve_backing", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": null, "validation": "valid", "issues": [] }, { "record_id": "us-pss-securities_classification-001", "jurisdiction": "US", "dimension": "securities_classification", "legal_status": "operative", "effective_from": null, "effective_until": null, "event_id": "us-clarity-act-enacted", "validation": "valid", "issues": [] } ], "limitations": "A null event_id means no event has been modelled for that record; it is not evidence that no legal event exists." }, "computed_timeline": { "schema": "cbsr-analysis/computed_timeline", "status": "preview", "as_of_base": "2026-06-30", "method": "Date-aware compose(): signals_as_of(date) applies every scheduled/in_force event in the event calendar with effective_date <= date, then re-runs the Atlas algorithm. Contingent events (a bill not yet enacted) are never applied by date — they are shown as hypothetical 'class_if_enacted' branches. Every event is a tier1_legal change in law backed by tier1_legal records (enforced); a market launch is never an event. NOT asserted authoritative.", "event_provenance": { "clean": true, "violations": [], "discipline": "the time engine advances only on tier1_legal events backed by tier1_legal records" }, "headline": "The directed edge US->UK is Category III/T while the UK regime is in transition and becomes Category I (dual authorization) once the systemic regime is operative (modelled 2027). The regime-in-transition caveat on UK undirected pairs (I/II*) resolves at the same horizon. The EU-UK and UK-US undirected pairs remain findings AFTER that horizon because their residual is STRUCTURAL — the Atlas scores live-live as I/II (dual-authorization-or-partnership) while Architecture §5.14 authored them as cleanly bridgeable I — not temporal. The time engine thus separates a regime-in-transition artifact (resolves by date) from a genuine modelling difference (does not).", "events": [ { "id": "uk-systemic-regime-operative", "jurisdiction": "UK", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "status": "scheduled", "effective_date": "2027-10-25", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "fully-scheduled", "effect": [ { "field": "regime_status", "from": "transition", "to": "live" }, { "field": "inbound_gate", "from": "transition", "to": "open" } ], "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027.", "date_basis": "Gazetted commencement DAY: SI 2026/102 (FSMA 2000 (Cryptoassets) Regulations 2026) made 4 Feb 2026, full commencement 25 Oct 2027 (preparatory provisions from 25 Feb 2026). precision=day; a specific commencement date, not a modelled year.", "records": [ "uk-frs-regulatory_authority-001" ], "source_note": "effective_date corrected 2027-01-01 (modelled year) -> 2027-10-25 (gazetted commencement day) per the v0.9.5 external verification of SI 2026/102." }, { "id": "tw-vas-act-enacted", "jurisdiction": "TW", "title": "Taiwan Virtual Asset Service Act commencement (subsidiary legislation brings the issuer regime into force)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Commencement of the enacted Virtual Asset Service Act through its subsidiary legislation. The Act passed third reading on 30 Jun 2026; commencement awaits FSC subordinate rules and carries no gazetted date.", "claim_class": "tier1_legal", "trigger_kind": "enacted-not-commenced", "effect": [ { "field": "regime_status", "from": "transition", "to": "live" }, { "field": "inbound_gate", "from": "transition", "to": "channel" } ], "basis": "Virtual Asset Service Act enacted at third reading 30 Jun 2026; tw-frs-issuer_pathway-001 carries the enacted provisions as status=transitional (binding_status=made_not_commenced), awaiting FSC subsidiary legislation.", "date_basis": "Enacted at third reading on 30 Jun 2026, the dateline of this draft; commencement awaits subsidiary legislation (the FSC has flagged roughly nine subordinate items on an indicative timetable around Q1 2027), and no commencement date is gazetted, so this trigger is applied by no date. The Legislative Yuan Finance Committee completed the article-by-article first review (初審) on 3 Jun 2026 and resolved to send the bill to the plenary; third reading followed on 30 Jun 2026. On commencement the inbound gate moves to a channelled Category II route; the origin edges stay Category III, because enactment alone creates no exportable, comprehensively authorizable private token (issuers must still be licensed and issue under the new regime). Procedurally now ahead of KR's DABA, still in subcommittee.", "records": [ "tw-frs-issuer_pathway-001" ] }, { "id": "kr-daba-enacted", "jurisdiction": "KR", "title": "Korea Digital Asset Basic Act enacted (won-stablecoin issuer regime live)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Enactment and commencement of the Digital Asset Basic Act (currently a bill).", "claim_class": "tier1_legal", "trigger_kind": "contingent-no-date", "effect": [ { "field": "regime_status", "from": "pre_regime", "to": "live" }, { "field": "exportable_token", "from": false, "to": true }, { "field": "inbound_gate", "from": "pre_regime", "to": "channel" } ], "basis": "Draft Digital Asset Basic Act; kr-frs-issuer_pathway-001 carries the draft eligibility question as status=proposed.", "date_basis": "No firm enactment date. As of late Apr 2026 the Digital Asset Basic Act and three stablecoin-specific bills remained in the National Assembly Political Affairs Committee subcommittee (정무위 소위), with a full-committee session around mid-May 2026; an H2-2026 passage goal is described as uncertain, delayed by the won-stablecoin issuer-eligibility (51%) dispute (the Bank of Korea favouring a bank-majority consortium) and the June 2026 local elections / committee reconstitution. Procedurally less advanced than TW's VAS Act (already past committee first review).", "records": [ "kr-frs-issuer_pathway-001" ] }, { "id": "jp-act66-2025-full-enforcement", "jurisdiction": "JP", "title": "Japan Act No. 66 of 2025 full enforcement (trust-type reserve relaxation)", "status": "scheduled", "effective_date": "2026-06-01", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "dated-empty-effect", "effect": [], "basis": "Act No. 66 of 2025 relaxing trust-type reserve rules; refines an already-live EPI regime.", "date_basis": "Act No. 66 of 2025 promulgated 13 Jun 2025; took effect 1 Jun 2026 and is now in force as of the base date. Effect on compose() is NONE (control case): Japan is already 'live', so relaxing trust-type reserve composition moves no inbound gate and changes no edge class. Included to show the calendar distinguishes a change in law from a change in feasibility class. The same-date Cabinet Office Ordinance recognising equivalent foreign trust-type stablecoins is now recorded as its own first-class event (jp-foreign-stablecoin-recognition), not folded here.", "records": [ "jp-epi-reserve_backing-001" ] }, { "id": "jp-foreign-stablecoin-recognition", "jurisdiction": "JP", "title": "Japan recognises equivalent foreign trust-type stablecoins as Electronic Payment Instruments (Cabinet Office Ordinance)", "status": "in_force", "effective_date": "2026-06-01", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "inbound-recognition", "effect": [], "basis": "Cabinet Office Ordinance effective 1 Jun 2026 recognising foreign trust-type stablecoins judged equivalent to the Japanese regime as electronic payment instruments, admitted through a registered EPIESP; opens an inbound recognition channel whose reach is set by the equivalence criteria.", "date_basis": "Effective 1 Jun 2026 (same date as Act No. 66 full enforcement, but a distinct change with a different character). This is the second same-day change the paper separates at §3.6: not a domestic reserve adjustment but an inbound-side development that opens a recognition pathway for qualifying foreign trust-type stablecoins. Effect on edge class is handled by CONDITIONING, not asserted: a recognised foreign token reaches Japan through the recognition-and-registration channel the directed model already scores as Category II (channelled), and the operative reach of that channel turns on the equivalence determination (the open variable). No new class is asserted on its account beyond the existing Category II channelled treatment of inbound-to-Japan edges. This is the dated, concrete instance §5.3 refers to: recognition and equivalence functioning as the interoperability protocol of the regulatory layer, dated to a specific instrument on a specific day.", "records": [ "jp-epi-monetary_sovereignty-001", "jp-epi-issuer_pathway-001" ] }, { "id": "us-clarity-act-enacted", "jurisdiction": "US", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "claim_class": "tier1_legal", "trigger_kind": "contingent-no-date", "effect": [ { "field": "binding_status (us bank_nonbank_routing)", "from": "pending_proposal", "to": "in_force_enacted" }, { "field": "intermediary_yield_prohibition (CLARITY Sec. 404 covered parties)", "from": "pending", "to": "in_force" }, { "field": "securities_market_structure_overlay", "from": "pending", "to": "in_force" } ], "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays.", "date_basis": "No firm enactment date. 2026 passage is roughly even (Polymarket near 48% in late Jun 2026, down from about 74% a month earlier); the practical window requires Senate floor passage before the August recess. Modelled as contingent until a date is fixed.", "records": [ "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001", "us-pss-issuer_pathway-001" ] }, { "id": "sg-scs-legislation-enacted", "jurisdiction": "SG", "title": "Singapore SCS framework implementing legislation enacted (MAS-regulated stablecoin regime live)", "status": "contingent", "effective_date": null, "precision": "none", "trigger": "Enactment of the implementing legislation for the MAS Single-Currency Stablecoin (SCS) framework (finalised 15 Aug 2023). MAS announced at the Nov 2025 Singapore FinTech Festival that it was ready to begin drafting; the framework is expected to take effect in mid-2026.", "claim_class": "tier1_legal", "trigger_kind": "contingent-not-class-change", "effect": [ { "field": "binding_status (sg SCS-specific cells)", "from": "finalized_policy_pending", "to": "in_force_enacted" }, { "field": "status (sg SCS-specific cells)", "from": "transitional", "to": "in_force" }, { "field": "MAS-regulated-stablecoin label", "from": "finalised_policy", "to": "operative" } ], "basis": "The PS Act 2019 DPT baseline is already in force. The SCS-specific framework is finalised MAS policy pending implementing legislation; the sg-scs-* requirement cells carry it as binding_status=finalized_policy_pending, status=transitional.", "date_basis": "No firm enactment date. MAS guidance points to a mid-2026 effective date; drafting was announced ready as of Nov 2025. Modelled as contingent until a date is fixed.", "records": [ "sg-scs-reserve_backing-001", "sg-scs-redemption-001", "sg-scs-permitted_activity_yield-001", "sg-scs-securities_classification-001", "sg-scs-capital_requirements-001", "sg-scs-distribution-001", "sg-scs-monetary_sovereignty-001", "sg-scs-issuer_pathway-001" ] }, { "id": "eu-mica-art143-transitional-expiry", "jurisdiction": "EU", "title": "EU MiCA Article 143(3) transitional grandfathering expiry (national side-doors close; admissible-token set narrows)", "status": "scheduled", "effective_date": "2026-07-01", "precision": "day", "claim_class": "tier1_legal", "trigger_kind": "intra-regime-gating", "effect": [], "basis": "MiCA Article 143(3) (Reg. (EU) 2023/1114) transitional grandfathering for CASPs providing services under pre-existing national law. eu-emt-regulatory_authority-001 carries the corrected staggered framing; this event carries the dated national schedule structurally so compose()/timeline can reflect it.", "date_basis": "1 July 2026 is the OUTER CAP: the longest window any Member State could grant under Article 143(3); ESMA has confirmed no extension. Beneath the cap the national windows are staggered and most have already closed: France, Malta and Luxembourg run the full window (to 1 July 2026); Germany and Ireland closed at 12 months (end 2025); Sweden at 9 months (late 2025); Finland, Latvia, Lithuania, Hungary, the Netherlands, Poland and Slovenia at 6 months (mid-2025). The deadline that binds a given corridor is the EARLIEST among the Member States it touches, not the cap. effective_date is set to the outer cap for the timeline; because the effect on feasibility class is empty (intra-regime gating, not a class transition), no compose() horizon shifts on this date.", "staggered_national_windows": [ { "member_states": [ "FR", "MT", "LU" ], "window_months": 18, "closes": "2026-07-01", "status": "full outer-cap window" }, { "member_states": [ "DE", "IE" ], "window_months": 12, "closes": "2025-12-30", "status": "closed" }, { "member_states": [ "SE" ], "window_months": 9, "closes": "2025-09-30", "status": "closed" }, { "member_states": [ "FI", "LV", "LT", "HU", "NL", "PL", "SI" ], "window_months": 6, "closes": "2025-06-30", "status": "closed" } ], "second_order": { "development": "expected secondary authorization for the custody and transfer of electronic-money tokens (EMTs)", "status": "open, no commencement to apply by date", "note": "recorded alongside the transitional expiry as the related second-order EU development; bears on Interaction Set D (reserve composition jointly binding with monetary sovereignty), not on any feasibility class." }, "scope_note": "Intra-regime gating: the directed model's feasibility classes capture whether a corridor can be authorized at all and by construction do not capture a change that alters WHO may operate within an already-live regime. This event closes national side-doors and narrows the set of admissible tokens without moving any class; the flagship treats the class-sensitivity measure's blind spot to this category as a stated scope limitation (§6).", "records": [ "eu-emt-regulatory_authority-001" ] }, { "id": "us-genius-act-effective", "jurisdiction": "US", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "status": "scheduled", "effective_date": "2027-01-18", "precision": "outer_cap", "claim_class": "tier1_legal", "trigger_kind": "scheduled-with-cap", "effect": [ { "field": "binding_status (us-pss §18 comparability gate)", "from": "made_not_commenced", "to": "in_force_enacted" } ], "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative.", "date_basis": "STATUTORY OUTER CAP, not a gazetted commencement day: 2027-01-18 = enactment 2025-07-18 + 18 months. May fall EARLIER (final rules + 120 days). precision=outer_cap — the latest the gate can commence, not a fixed day. At as_of_base 2026-06-30 no final implementing regulations had issued.", "records": [ "us-pss-monetary_sovereignty-001" ], "source_note": "Puts the register's first dated US horizon on the calendar. Feasibility-class effect is deliberately empty of signal fields: compose()'s US signal already codes the inbound gate as comparability, so commencement moves the gate's binding_status, not the class. The directed layer carries the class movement (as_of_timeline: T -> II @ 2027-01-18) — see corridor_directed()." } ], "edge_timelines": [ { "edge": "EU->US", "as_of_base": "2026-06-30", "today_class": "II", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "II", "class_after": "II", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "II", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null }, { "edge": "HK->BR", "as_of_base": "2026-06-30", "today_class": "II", "scheduled_transitions": [], "pending_contingent": [], "next_scheduled_change": null }, { "edge": "HK->CN", "as_of_base": "2026-06-30", "today_class": "blocked", "scheduled_transitions": [], "pending_contingent": [], "next_scheduled_change": null }, { "edge": "HK->US", "as_of_base": "2026-06-30", "today_class": "II", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "II", "class_after": "II", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "II", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null }, { "edge": "JP->US", "as_of_base": "2026-06-30", "today_class": "II", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "II", "class_after": "II", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "II", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null }, { "edge": "SG->HK", "as_of_base": "2026-06-30", "today_class": "I", "scheduled_transitions": [], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "sg-scs-legislation-enacted", "title": "Singapore SCS framework implementing legislation enacted (MAS-regulated stablecoin regime live)", "trigger": "Enactment of the implementing legislation for the MAS Single-Currency Stablecoin (SCS) framework (finalised 15 Aug 2023). MAS announced at the Nov 2025 Singapore FinTech Festival that it was ready to begin drafting; the framework is expected to take effect in mid-2026.", "class_if_enacted": "I", "would_change": false, "basis": "The PS Act 2019 DPT baseline is already in force. The SCS-specific framework is finalised MAS policy pending implementing legislation; the sg-scs-* requirement cells carry it as binding_status=finalized_policy_pending, status=transitional." } ], "next_scheduled_change": null }, { "edge": "US->EU", "as_of_base": "2026-06-30", "today_class": "I", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "I", "class_after": "I", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "I", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null }, { "edge": "US->HK", "as_of_base": "2026-06-30", "today_class": "I", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "I", "class_after": "I", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "I", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null }, { "edge": "US->JP", "as_of_base": "2026-06-30", "today_class": "II", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "II", "class_after": "II", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "II", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null } ], "illustration_edge_timelines": [ { "edge": "US->UK", "as_of_base": "2026-06-30", "today_class": "T", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "T", "class_after": "T", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." }, { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "T", "class_after": "I", "changed": true, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "T", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "T", "class_after": "I", "changed": true, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } }, { "edge": "UK->US", "as_of_base": "2026-06-30", "today_class": "II", "scheduled_transitions": [ { "date": "2027-01-18", "precision": "outer_cap", "status": "scheduled", "event_id": "us-genius-act-effective", "title": "US GENIUS Act takes effect; §18 foreign-issuer comparability gate becomes operative (outer cap ≤ 2027-01-18)", "class_before": "II", "class_after": "II", "changed": false, "basis": "GENIUS Act s.20: the Act takes effect on the EARLIER of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations. On commencement the s.18 comparability gate moves from made_not_commenced to operative." }, { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "II", "class_after": "II", "changed": false, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } ], "pending_contingent": [ { "date": null, "status": "contingent", "event_id": "us-clarity-act-enacted", "title": "US CLARITY Act enacted (digital-asset market structure; intermediary yield + routing layer live)", "trigger": "Enactment of the Digital Asset Market Clarity Act (H.R. 3633). On the Senate Legislative Calendar as Calendar No. 423 (reported 1 Jun 2026); still requires Senate floor passage, reconciliation with the Senate Agriculture and House versions, and Presidential signature.", "class_if_enacted": "II", "would_change": false, "basis": "GENIUS is already in force (the issuer-level layer). CLARITY is the pending market-structure layer (H.R. 3633): us-pss-bank_nonbank_routing-001 binds on it, and the us-pss-permitted_activity_yield-001 / us-pss-securities_classification-001 / us-pss-issuer_pathway-001 cells carry its Sec. 404 and market-structure parts as flagged pending overlays." } ], "next_scheduled_change": null }, { "edge": "EU->UK", "as_of_base": "2026-06-30", "today_class": "T", "scheduled_transitions": [ { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "T", "class_after": "I", "changed": true, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } ], "pending_contingent": [], "next_scheduled_change": { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "T", "class_after": "I", "changed": true, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } }, { "edge": "UK->EU", "as_of_base": "2026-06-30", "today_class": "I", "scheduled_transitions": [ { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "I", "class_after": "I", "changed": false, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } ], "pending_contingent": [], "next_scheduled_change": null }, { "edge": "HK->UK", "as_of_base": "2026-06-30", "today_class": "T", "scheduled_transitions": [ { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "T", "class_after": "I", "changed": true, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } ], "pending_contingent": [], "next_scheduled_change": { "date": "2027-10-25", "precision": "day", "status": "scheduled", "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "class_before": "T", "class_after": "I", "changed": true, "basis": "FSMA 2026 framework via SI 2026/102: made 4 Feb 2026; the BoE systemic-stablecoin regime and FCA conduct regime become operative on full commencement 25 Oct 2027." } } ], "undirected_agreement_over_time": [ { "as_of": "2026-06-30", "undirected_agreement": "64/66", "transition_caveated_pairs": { "count": 8, "pairs": [ "UK-US", "EU-UK", "SG-UK", "HK-UK", "BR-UK", "CH-UK", "AE-UK", "JP-UK" ] }, "residual_findings": [ { "pair": "UK-US", "computed": "I/II*", "authored": "I" }, { "pair": "EU-UK", "computed": "I/II*", "authored": "I" } ] }, { "as_of": "2026-06-01", "undirected_agreement": "64/66", "transition_caveated_pairs": { "count": 8, "pairs": [ "UK-US", "EU-UK", "SG-UK", "HK-UK", "BR-UK", "CH-UK", "AE-UK", "JP-UK" ] }, "residual_findings": [ { "pair": "UK-US", "computed": "I/II*", "authored": "I" }, { "pair": "EU-UK", "computed": "I/II*", "authored": "I" } ] }, { "as_of": "2026-07-01", "undirected_agreement": "64/66", "transition_caveated_pairs": { "count": 8, "pairs": [ "UK-US", "EU-UK", "SG-UK", "HK-UK", "BR-UK", "CH-UK", "AE-UK", "JP-UK" ] }, "residual_findings": [ { "pair": "UK-US", "computed": "I/II*", "authored": "I" }, { "pair": "EU-UK", "computed": "I/II*", "authored": "I" } ] }, { "as_of": "2027-01-18", "undirected_agreement": "64/66", "transition_caveated_pairs": { "count": 8, "pairs": [ "UK-US", "EU-UK", "SG-UK", "HK-UK", "BR-UK", "CH-UK", "AE-UK", "JP-UK" ] }, "residual_findings": [ { "pair": "UK-US", "computed": "I/II*", "authored": "I" }, { "pair": "EU-UK", "computed": "I/II*", "authored": "I" } ] }, { "as_of": "2027-10-25", "undirected_agreement": "64/66", "transition_caveated_pairs": { "count": 0, "pairs": [] }, "residual_findings": [ { "pair": "UK-US", "computed": "I/II", "authored": "I" }, { "pair": "EU-UK", "computed": "I/II", "authored": "I" } ] } ] }, "constraint_substrate": { "schema": "cbsr-analysis/constraint_substrate", "version": "0.9.2", "status": "preview", "note": "The constraint substrate gives each (jurisdiction x constraint C1-C8) a structured POLE from a controlled vocabulary, each citing the tier1_legal record(s) it is transcribed from. compose_via_substrate() derives a corridor's feasibility by composing two jurisdictions' poles through the six interaction-set rules (analysis/interaction_sets.json), instead of reading a hand-curated inbound gate. A pole is present ONLY where a tier1_legal record backs it; cells with no record are absent and read as 'unset', and the deriver returns 'indeterminate' for any corridor whose load-bearing poles are unset rather than guessing. Pole ASSIGNMENT is currently authored (transcribed from the records); verifying each assignment against the primary text is part of the verification backlog — exactly the liability that bounds this layer's coverage.", "pole_vocabulary": { "C1": [ "open", "licence_gated", "closed_set", "host_currency_first", "no_pathway", "prohibition" ], "C2": [ "prescribed_hqla", "prescribed_flex", "informational" ], "C3": [ "permitted", "prohibited_issuer", "prohibited_incl_agents", "silent" ], "C4": [ "payment_instrument", "contested_routing", "security" ], "C5": [ "bank_only", "bank_and_nonbank", "layered_separation", "unset" ], "C6": [ "open", "transfer_gated", "localized", "restrictive" ], "C7": [ "open", "usage_capped", "channelled", "prohibition" ], "C8": [ "coordinated", "constrained" ] }, "attribute_keys": { "exportable_token": "C1 — whether an authorizable, exportable private token exists (origin-drag input)", "blocks_supervisory_sharing": "C6 — whether data-sovereignty constraints limit supervisory information-sharing (Set A input)", "supervisory_sharing": "C8 — whether the entity can satisfy host supervisory information-sharing (Set A / F input)" }, "cells": { "US": { "C2": { "pole": "prescribed_hqla", "derived_from": [ "us-pss-reserve_backing-001" ] }, "C3": { "pole": "prohibited_incl_agents", "derived_from": [ "us-pss-permitted_activity_yield-001" ] }, "C4": { "pole": "contested_routing", "note": "GENIUS payment stablecoin positioned outside the securities perimeter; the routing-into-yield step is the contested boundary.", "derived_from": [ "us-pss-securities_classification-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "us-pss-bank_nonbank_routing-001" ] }, "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "us-pss-issuer_pathway-001" ] }, "C7": { "pole": "channelled", "derived_from": [ "us-pss-monetary_sovereignty-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "us-pss-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "us-pss-disclosure_reporting-001" ] } }, "EU": { "C2": { "pole": "prescribed_hqla", "derived_from": [ "eu-emt-reserve_backing-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "eu-emt-permitted_activity_yield-001" ] }, "C7": { "pole": "usage_capped", "note": "MiCA Art. 23 caps non-EU-currency EMT usage at EUR 200m/day or 1m tx/day; dual authorization otherwise available.", "derived_from": [ "eu-emt-monetary_sovereignty-001" ] }, "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "eu-emt-issuer_pathway-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "eu-emt-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "eu-emt-disclosure_reporting-001" ] }, "C4": { "pole": "payment_instrument", "derived_from": [ "eu-emt-securities_classification-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "eu-emt-bank_nonbank_routing-001" ] } }, "UK": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "uk-frs-issuer_pathway-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "uk-frs-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "uk-frs-distribution-001" ] }, "C2": { "pole": "prescribed_hqla", "derived_from": [ "uk-frs-custody-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "uk-frs-permitted_activity_yield-001" ] }, "C4": { "pole": "payment_instrument", "derived_from": [ "uk-frs-securities_classification-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "uk-frs-bank_nonbank_routing-001" ] } }, "SG": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "sg-scs-issuer_pathway-001" ] }, "C7": { "pole": "open", "derived_from": [ "sg-scs-monetary_sovereignty-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "sg-scs-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "sg-scs-distribution-001" ] }, "C2": { "pole": "prescribed_hqla", "derived_from": [ "sg-scs-reserve_backing-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "sg-scs-permitted_activity_yield-001" ] }, "C4": { "pole": "payment_instrument", "derived_from": [ "sg-scs-securities_classification-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "sg-scs-bank_nonbank_routing-001" ] } }, "HK": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "note": "Licence required for FRS issuers and for HKD-referencing issuers outside HK; first cohort HKD-focused but an authorizable token exists.", "derived_from": [ "hk-frs-issuer_pathway-001" ] }, "C2": { "pole": "prescribed_hqla", "derived_from": [ "hk-frs-capital_requirements-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "hk-frs-permitted_activity_yield-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "note": "PDPO governs personal data; not a data-localization/supervisory-sharing blocker.", "derived_from": [ "hk-frs-cross_border_data-001" ] }, "C7": { "pole": "open", "note": "No aggregate usage cap on non-HKD tokens at the monetary-sovereignty layer.", "derived_from": [ "hk-frs-monetary_sovereignty-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "hk-frs-disclosure_reporting-001" ] }, "C4": { "pole": "payment_instrument", "derived_from": [ "hk-frs-securities_classification-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "hk-frs-bank_nonbank_routing-001" ] } }, "CN": { "C1": { "pole": "prohibition", "attributes": { "exportable_token": false }, "note": "No domestic issuance pathway; 2017 ICO Notice (94公告) policy continued and 银发〔2026〕42号 (in force 6 Feb 2026) is the operative prohibition (it repealed the 2021 Notice 银发〔2021〕237号 and broadened the banned act from token-offering financing to issuing virtual currency).", "derived_from": [ "cn-prc-issuer_pathway-001" ] }, "C2": { "pole": "informational", "note": "Capital rules not operative because issuance is prohibited.", "derived_from": [ "cn-prc-capital_requirements-001" ] }, "C6": { "pole": "transfer_gated", "attributes": { "blocks_supervisory_sharing": true }, "note": "PIPL/DSL transfer gates and important-data rules reach non-PRC firms; constrain supervisory information-sharing.", "derived_from": [ "cn-prc-cross_border_data-001" ] }, "C7": { "pole": "prohibition", "note": "Issuance prohibited; no admitted foreign-token usage channel.", "derived_from": [ "cn-prc-monetary_sovereignty-001" ] }, "C8": { "pole": "constrained", "attributes": { "supervisory_sharing": false }, "derived_from": [ "cn-prc-distribution-001" ] }, "C3": { "pole": "silent", "derived_from": [ "cn-prc-permitted_activity_yield-001" ] }, "C4": { "pole": "security", "derived_from": [ "cn-prc-securities_classification-001" ] } }, "BR": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "br-vasp-issuer_pathway-001" ] }, "C7": { "pole": "channelled", "derived_from": [ "br-vasp-monetary_sovereignty-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "br-vasp-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "br-vasp-disclosure_reporting-001" ] }, "C2": { "pole": "prescribed_hqla", "derived_from": [ "br-vasp-capital_requirements-001" ] }, "C3": { "pole": "silent", "derived_from": [ "br-vasp-permitted_activity_yield-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "br-vasp-bank_nonbank_routing-001" ] } }, "CH": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "ch-frs-issuer_pathway-001" ] }, "C7": { "pole": "open", "derived_from": [ "ch-frs-monetary_sovereignty-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "ch-frs-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "ch-frs-disclosure_reporting-001" ] }, "C2": { "pole": "prescribed_hqla", "derived_from": [ "ch-frs-reserve_backing-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "ch-frs-permitted_activity_yield-001" ] }, "C5": { "pole": "layered_separation", "derived_from": [ "ch-frs-bank_nonbank_routing-001" ] } }, "AE": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": true }, "derived_from": [ "ae-pt-issuer_pathway-001" ] }, "C7": { "pole": "channelled", "derived_from": [ "ae-pt-monetary_sovereignty-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "ae-pt-cross_border_data-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "ae-pt-distribution-001" ] }, "C2": { "pole": "prescribed_hqla", "derived_from": [ "ae-pt-reserve_backing-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "ae-pt-permitted_activity_yield-001" ] }, "C4": { "pole": "payment_instrument", "derived_from": [ "ae-pt-securities_classification-001" ] }, "C5": { "pole": "bank_and_nonbank", "derived_from": [ "ae-pt-bank_nonbank_routing-001" ] } }, "TW": { "C1": { "pole": "licence_gated", "attributes": { "exportable_token": false }, "derived_from": [ "tw-frs-issuer_pathway-001" ], "note": "Approval-gated issuer pathway legislated (Virtual Asset Service Act, third reading 30 Jun 2026) but not yet commenced; no exportable token until licences issue after commencement (FSC timetable: subsidiary legislation ~Q1 2027, operator re-application ~Q1 2028). licence_gated with exportable_token:false is the enacted-not-commenced signature: a legislated pathway exists (so not no_pathway), but no token is exportable yet (so TW-origin edges stay Category III via the origin drag), mirroring the UK regime-in-transition C1 with C7 unset, so the substrate returns indeterminate inbound and the time engine owns the commencement." }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "tw-frs-cross_border_data-001" ] } }, "JP": { "C1": { "pole": "closed_set", "attributes": { "exportable_token": true }, "note": "Closed trichotomy (bank / funds-transfer / trust); distribution via registered EPIESP.", "derived_from": [ "jp-epi-issuer_pathway-001" ] }, "C2": { "pole": "prescribed_flex", "derived_from": [ "jp-epi-capital_requirements-001" ] }, "C3": { "pole": "prohibited_issuer", "derived_from": [ "jp-epi-permitted_activity_yield-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "jp-epi-cross_border_data-001" ] }, "C7": { "pole": "channelled", "note": "Foreign tokens admitted via a registered EPIESP holding JP reserves equal to customer holdings.", "derived_from": [ "jp-epi-monetary_sovereignty-001" ] }, "C8": { "pole": "coordinated", "attributes": { "supervisory_sharing": true }, "derived_from": [ "jp-epi-disclosure_reporting-001" ] }, "C4": { "pole": "payment_instrument", "derived_from": [ "jp-epi-securities_classification-001" ] }, "C5": { "pole": "layered_separation", "derived_from": [ "jp-epi-bank_nonbank_routing-001" ] } }, "KR": { "C1": { "pole": "no_pathway", "attributes": { "exportable_token": false }, "derived_from": [ "kr-frs-issuer_pathway-001" ] }, "C6": { "pole": "open", "attributes": { "blocks_supervisory_sharing": false }, "derived_from": [ "kr-frs-cross_border_data-001" ] } } } }, "computed_substrate": { "schema": "cbsr-analysis/computed_substrate", "status": "preview", "method": "compose_via_substrate(origin, destination) derives feasibility by composing the two jurisdictions' C1-C8 poles through the six interaction-set rules (origin drag; destination inbound from C7xC1; Set A data-sovereignty overlay) — NOT the single inbound-gate shortcut. It returns 'indeterminate' where a load-bearing pole is unset, so coverage is bounded by the constraint-cell backlog. Where definite, it is cross-checked against the signal-table compose(); a disagreement would be a finding.", "substrate_provenance": { "clean": true, "violations": [], "discipline": "every pole cites tier1_legal records; the substrate never rests on a market fact" }, "coverage": { "cells_populated": 80, "cells_total": 96, "coverage_note": "poles exist only where a tier1_legal record backs them; the remaining unset cells are the genuinely-unsettled ones (KR pre-regime; UK and TW regime-in-transition, C7 unset; CN C5, BR C4). Pole ASSIGNMENT is authored from the records and is itself subject to the verification backlog.", "authored_corridors_definite": "9/9", "directed_edges_derivable": "115/132", "indeterminate_edges_note": "remaining indeterminate edges are those into UK and TW (regimes in transition, C7 unset) that are not already origin-dragged to III — the time engine, not the substrate, owns that", "fully_participating_nodes": [ "AE", "BR", "CH", "CN", "EU", "HK", "JP", "KR", "SG", "US" ] }, "cross_check": { "disagreements_with_signal": [], "clean": true, "scope": "checked all 132 directed edges; 115 definite, all match the signal compose()" }, "authored_corridor_derivations": [ { "edge": "EU->US", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "HK->BR", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "HK->CN", "substrate_class": "blocked", "signal_class": "blocked", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "C": "dest C1=prohibition (issuance prohibited)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C']." }, { "edge": "HK->US", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "JP->US", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "SG->HK", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=open (dual authorization available)", "C": "dest C1=licence_gated (authorizable)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C', 'D']." }, { "edge": "US->EU", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=usage_capped (dual authorization, scale-capped)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "US->HK", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=open (dual authorization available)", "C": "dest C1=licence_gated (authorizable)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C', 'D']." }, { "edge": "US->JP", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." } ], "illustration_triangle_derivations": [ { "edge": "HK->JP", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "JP->HK", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=open (dual authorization available)", "C": "dest C1=licence_gated (authorizable)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C', 'D']." }, { "edge": "HK->CN", "substrate_class": "blocked", "signal_class": "blocked", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "C": "dest C1=prohibition (issuance prohibited)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C']." }, { "edge": "CN->HK", "substrate_class": "III", "signal_class": "III", "definite": true, "agree_with_signal": true, "rule": "origin_drag:no_exportable_token", "set_verdicts": { "C": "origin_drag" }, "missing_poles": [], "explain": "CN has no exportable, authorizable private token (C1=prohibition); lawful options are partnership/coordination, not direct issuance." }, { "edge": "JP->CN", "substrate_class": "blocked", "signal_class": "blocked", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "C": "dest C1=prohibition (issuance prohibited)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C']." }, { "edge": "CN->JP", "substrate_class": "III", "signal_class": "III", "definite": true, "agree_with_signal": true, "rule": "origin_drag:no_exportable_token", "set_verdicts": { "C": "origin_drag" }, "missing_poles": [], "explain": "CN has no exportable, authorizable private token (C1=prohibition); lawful options are partnership/coordination, not direct issuance." } ], "cross_region_derivations": [ { "edge": "US->EU", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=usage_capped (dual authorization, scale-capped)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "EU->US", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "US->JP", "substrate_class": "II", "signal_class": "II", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=channelled (channel determination required)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." }, { "edge": "EU->HK", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=open (dual authorization available)", "C": "dest C1=licence_gated (authorizable)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['C', 'D']." }, { "edge": "US->UK", "substrate_class": "indeterminate", "signal_class": "T", "definite": false, "agree_with_signal": null, "rule": "missing_load_bearing_poles", "set_verdicts": {}, "missing_poles": [ "UK.C7" ], "explain": "cannot derive US->UK from constraints: poles unset for UK.C7." }, { "edge": "AE->EU", "substrate_class": "I", "signal_class": "I", "definite": true, "agree_with_signal": true, "rule": "substrate_interaction_sets", "set_verdicts": { "D": "dest C7=usage_capped (dual authorization, scale-capped)" }, "missing_poles": [], "explain": "derived from constraint poles via interaction sets ['D']." } ] }, "verification_worklist": { "schema": "cbsr-analysis/verification_worklist", "version": "0.9.4", "status": "preview", "note": "Per-cell gap analysis for the primary-source verification pass. Verification itself is external work (confirming each claim against the official text) and is never fabricated; this artifact scopes that work. The liability it tracks is the same one stated since v0.7: every compose()/substrate result rests on these still-unverified cells, and the constraint substrate stays dark for a corridor until the relevant cells are verified.", "headline": { "tier1_legal_unverified": 23, "all_unverified_lack_url": false, "by_jurisdiction": { "UK": 8, "CN": 7, "KR": 3, "TW": 3, "SG": 2 }, "by_constraint": { "C1": 1, "C2": 5, "C3": 2, "C4": 2, "C5": 3, "C6": 3, "C8": 4 } }, "tier_requirements": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "items": [ { "id": "cn-prc-aml_kyc-001", "jurisdiction": "CN", "constraint_ref": null, "dimension": "aml_kyc", "claim_class": "tier1_legal", "status": "in_force", "instrument": "Anti-Money Laundering Law of the PRC; PBOC AML/CFT regulations; 2017 ICO Notice (94 公告)", "pinpoint": "AML — PRC AML Law; PBOC AML/CFT; crypto AML scrutiny under 94 公告", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "cn-prc-bank_nonbank_routing-001", "jurisdiction": "CN", "constraint_ref": "C5", "dimension": "bank_nonbank_routing", "claim_class": "tier1_legal", "status": "in_force", "instrument": "PBOC framework; 2021 inter-ministerial Notice", "pinpoint": "Absence of a compliant issuance/routing architecture", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "cn-prc-capital_requirements-001", "jurisdiction": "CN", "constraint_ref": "C2", "dimension": "capital_requirements", "claim_class": "tier1_legal", "status": "in_force", "instrument": "HKMA capital rules (HK entity); SAFE outbound-investment registration; Accounting Standards for Business Enterprises", "pinpoint": "Capital — N/A domestically; indirect HK HK$25m + SAFE registration + consolidation", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "cn-prc-cross_border_data-001", "jurisdiction": "CN", "constraint_ref": "C6", "dimension": "cross_border_data", "claim_class": "tier1_legal", "status": "in_force", "instrument": "Personal Information Protection Law (PIPL, eff. 1 Nov 2021); Data Security Law (DSL, eff. 1 Sep 2021); CAC Provisions on Promoting and Regulating Cross-Border Data Flows (22 Mar 2024)", "pinpoint": "PIPL three-gate outbound transfer; DSL important-data review; March 2024 threshold relief; FTZ negative lists", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "cn-prc-distribution-001", "jurisdiction": "CN", "constraint_ref": "C8", "dimension": "distribution", "claim_class": "tier1_legal", "status": "in_force", "instrument": "PRC prohibition on cryptocurrency promotion/offering/trading within territory; CSRC A-share disclosure rules; SAFE outbound-capital controls; PBOC/CAC October 2025 guidance", "pinpoint": "Domestic distribution prohibited; three indirect-pathway constraint layers (A-share / SAFE / PBOC-CAC)", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "cn-prc-implementation_status-001", "jurisdiction": "CN", "constraint_ref": null, "dimension": "implementation_status", "claim_class": "tier2_operational", "status": "in_force", "instrument": "94 公告 (2017); DSL (2021); PIPL (2021); 2024 cross-border data Provisions; HKMA April 2026 first-license cohort", "pinpoint": "Implementation timeline — stable prohibition; 2017-2026 milestones", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "firm_summary" }, { "id": "cn-prc-permitted_activity_yield-001", "jurisdiction": "CN", "constraint_ref": "C3", "dimension": "permitted_activity_yield", "claim_class": "tier1_legal", "status": "in_force", "instrument": "PBOC et al. Notice on Preventing Token Fundraising Risks (2017); related circulars", "pinpoint": "Prohibition context — no permitted issuer to which a yield rule could attach", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "cn-prc-reserve_backing-001", "jurisdiction": "CN", "constraint_ref": "C2", "dimension": "reserve_backing", "claim_class": "tier1_legal", "status": "in_force", "instrument": "PRC prohibition on domestic issuance; HKMA reserve rules apply to HK-licensed entity (indirect pathway)", "pinpoint": "Reserve — N/A domestically; indirect HK pathway + A-share consolidation", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "hk-frs-implementation_status-001", "jurisdiction": "HK", "constraint_ref": null, "dimension": "implementation_status", "claim_class": "tier2_operational", "status": "in_force", "instrument": "Stablecoins Ordinance (Cap. 656) commencement + HKMA licensing actions", "pinpoint": "Timeline Jan 2022 -> Q3 2026; first cohort 10 Apr 2026", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "firm_summary" }, { "id": "kr-frs-bank_nonbank_routing-001", "jurisdiction": "KR", "constraint_ref": "C5", "dimension": "bank_nonbank_routing", "claim_class": "tier1_legal", "status": "proposed", "instrument": "Draft Digital Asset Basic Act", "pinpoint": "Issuance/routing architecture — pending enactment", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "kr-frs-disclosure_reporting-001", "jurisdiction": "KR", "constraint_ref": "C8", "dimension": "disclosure_reporting", "claim_class": "tier1_legal", "status": "proposed", "instrument": "Draft Digital Asset Basic Act", "pinpoint": "Disclosure/supervision — pending enactment", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "kr-frs-securities_classification-001", "jurisdiction": "KR", "constraint_ref": "C4", "dimension": "securities_classification", "claim_class": "tier1_legal", "status": "proposed", "instrument": "Draft Digital Asset Basic Act", "pinpoint": "Securities characterization — pending the enacted DABA", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "sg-scs-cross_border_data-001", "jurisdiction": "SG", "constraint_ref": "C6", "dimension": "cross_border_data", "claim_class": "tier1_legal", "status": "in_force", "instrument": "Personal Data Protection Act 2012 (PDPA); MAS Outsourcing and Technology Risk Management Guidelines", "pinpoint": "PDPA cross-border transfer safeguards; MAS data-hosting guidelines", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "sg-scs-implementation_status-001", "jurisdiction": "SG", "constraint_ref": null, "dimension": "implementation_status", "claim_class": "tier2_operational", "status": "transitional", "instrument": "Payment Services Act 2019; MAS SCS framework; FSMA Part 9", "pinpoint": "Implementation timeline — PSA 2020; SCS Aug 2023; DTSP Jun 2025; full SCS mid-2026", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "firm_summary" }, { "id": "sg-scs-issuer_pathway-001", "jurisdiction": "SG", "constraint_ref": "C1", "dimension": "issuer_pathway", "claim_class": "tier1_legal", "status": "transitional", "instrument": "Payment Services Act 2019 (PSA, amended 2022); MAS Single-Currency Stablecoin Regulatory Framework (finalised 15 Aug 2023)", "pinpoint": "SCS framework — peg scope (SGD/G10, Singapore-issued); MPI licence > S$5m; Singapore incorporation", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "tw-frs-bank_nonbank_routing-001", "jurisdiction": "TW", "constraint_ref": "C5", "dimension": "bank_nonbank_routing", "claim_class": "tier1_legal", "status": "transitional", "instrument": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced)", "pinpoint": "Issuance/routing architecture: delegated to FSC subsidiary legislation (enacted, not commenced)", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "tw-frs-disclosure_reporting-001", "jurisdiction": "TW", "constraint_ref": "C8", "dimension": "disclosure_reporting", "claim_class": "tier1_legal", "status": "transitional", "instrument": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced); AML registration regime", "pinpoint": "Disclosure/supervision: take effect on commencement (enacted, not commenced; detail pending subsidiary legislation)", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "tw-frs-securities_classification-001", "jurisdiction": "TW", "constraint_ref": "C4", "dimension": "securities_classification", "claim_class": "tier1_legal", "status": "transitional", "instrument": "Virtual Asset Service Act (enacted at third reading 30 Jun 2026, not commenced); AML registration regime for VASPs", "pinpoint": "Securities characterization: within the FSC virtual-asset perimeter (enacted, not commenced; boundary pending subsidiary legislation)", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-aml_kyc-001", "jurisdiction": "UK", "constraint_ref": null, "dimension": "aml_kyc", "claim_class": "tier1_legal", "status": "transitional", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; Money Laundering Regulations 2017", "pinpoint": "AML/KYC — full FSMA scope; MLR registration regime superseded", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-capital_requirements-001", "jurisdiction": "UK", "constraint_ref": "C2", "dimension": "capital_requirements", "claim_class": "tier1_legal", "status": "transitional", "instrument": "FCA PS26/10; Bank of England June 2026 systemic-stablecoin policy statement and draft Code", "pinpoint": "FCA PS26/10 Summary and Ch. 2-3; exact capital-rule mapping pending", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-cross_border_data-001", "jurisdiction": "UK", "constraint_ref": "C6", "dimension": "cross_border_data", "claim_class": "tier1_legal", "status": "in_force", "instrument": "UK GDPR (Data Protection Act 2018)", "pinpoint": "Cross-border transfer — adequacy / IDTA / UK Addendum to EU SCCs", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-custody-001", "jurisdiction": "UK", "constraint_ref": "C2", "dimension": "custody", "claim_class": "tier1_legal", "status": "transitional", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14", "pinpoint": "Custody — 24-hour rule; safeguarding licence for regulated custodians", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-distribution-001", "jurisdiction": "UK", "constraint_ref": "C8", "dimension": "distribution", "claim_class": "tier1_legal", "status": "proposed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; HM Treasury draft amendment SI (21 Apr 2026)", "pinpoint": "Distribution — offshore 'involved' test; UKQS financial-promotions carve-out; payments amendment", "has_url": false, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "source.url (official-text pointer)", "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "source.url (official-text pointer)", "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-implementation_status-001", "jurisdiction": "UK", "constraint_ref": null, "dimension": "implementation_status", "claim_class": "tier2_operational", "status": "transitional", "instrument": "SI 2026/102; FCA PS26/10; Bank of England June 2026 policy statement/draft Code; Bank/FCA joint approach", "pinpoint": "Joint approach, Introduction and Table C; FCA PS26/10 Summary; commencement 25 Oct 2027", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "firm_summary" }, { "id": "uk-frs-permitted_activity_yield-001", "jurisdiction": "UK", "constraint_ref": "C3", "dimension": "permitted_activity_yield", "claim_class": "tier1_legal", "status": "consultation", "instrument": "SI 2026/102; FCA PS26/10; Bank of England June 2026 systemic policy/draft Code", "pinpoint": "Holder-yield/remuneration mapping pending; do not infer from reserve remuneration", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-redemption-001", "jurisdiction": "UK", "constraint_ref": null, "dimension": "redemption", "claim_class": "tier1_legal", "status": "proposed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102", "pinpoint": "Redemption — issuer-controlled; backing-asset trust structure", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" }, { "id": "uk-frs-reserve_backing-001", "jurisdiction": "UK", "constraint_ref": "C2", "dimension": "reserve_backing", "claim_class": "tier1_legal", "status": "transitional", "instrument": "Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026, SI 2026/102", "pinpoint": "1:1 backing; CIS/AIF carve-out for backing assets", "has_url": true, "missing_for": { "firm_summary": [ "practitioner/law-firm corroboration of the load-bearing point", "named primary reviewer" ], "mixed": [ "confirmation of the core point against the text at source.pinpoint", "named primary reviewer" ], "resolution_text": [ "confirmation against the official statutory/normative text at source.pinpoint", "source_last_checked (date the cited URL was opened)", "named primary reviewer", "independent second reviewer", "reconciled disposition" ] }, "recommended_next_tier": "resolution_text" } ] }, "stakeholder_database": { "schema": "cbsr-analysis/stakeholder_database", "version": "0.9.4", "status": "preview", "note": "Operationalizes the Corridor Atlas §8 stakeholder-projection concept. A controlled set of actor personas, each mapped to (a) the C1–C8 constraints that bear on it and (b) the corridor archetypes (RC/SC/TC/DC) it engages. The projection profile_for(stakeholder, edge) RE-PROJECTS the already-derived corridor class, the substrate poles, and the edge's inbound mechanism through a persona's lens — it introduces NO new legal facts and inherits the verification status of the cells it reads (so a profile is preview, not citable authority, until those cells are verified). The persona list is the register's operationalization and is itself subject to confirmation against the §8 source text.", "archetype_legend": { "RC": "Regulatory", "SC": "Stablecoin Settlement", "TC": "Tokenized-Asset", "DC": "Digital-Financial" }, "stakeholders": { "issuer": { "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "primary_constraints": [ "C1", "C2", "C7" ], "archetypes": [ "SC" ], "reads": { "origin": [ "C1", "C2" ], "dest": [ "C1", "C7" ] } }, "distributor": { "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "primary_constraints": [ "C5", "C3", "C4" ], "archetypes": [ "DC" ], "reads": { "origin": [ "C5", "C3" ], "dest": [ "C5", "C3", "C4" ] } }, "reserve_custodian": { "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "primary_constraints": [ "C2", "C6" ], "archetypes": [ "SC", "RC" ], "reads": { "origin": [ "C2", "C6" ], "dest": [ "C2" ] } }, "home_regulator": { "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "primary_constraints": [ "C6", "C8", "C7" ], "archetypes": [ "RC" ], "reads": { "origin": [ "C6", "C8", "C7" ], "dest": [ "C8" ] } }, "host_regulator": { "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "primary_constraints": [ "C1", "C7", "C8" ], "archetypes": [ "RC" ], "reads": { "origin": [ "C1" ], "dest": [ "C1", "C7", "C8" ] } }, "corporate_treasury": { "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "primary_constraints": [ "C7", "C4", "C2" ], "archetypes": [ "DC" ], "reads": { "origin": [ "C2" ], "dest": [ "C7", "C4" ] } }, "token_holder": { "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "primary_constraints": [ "C4", "C3", "C2" ], "archetypes": [ "TC" ], "reads": { "origin": [ "C2" ], "dest": [ "C4", "C3" ] } } } }, "computed_stakeholder_profiles": { "schema": "cbsr-analysis/computed_stakeholder_profiles", "version": "0.9.4", "status": "preview", "method": "profile_for(stakeholder, edge) re-projects the derived corridor class, the substrate poles, and the edge inbound mechanism through each Atlas §8 persona. No new legal facts: every line is read from an existing record and every profile cites its backing tier1_legal records. Profiles are preview and inherit the verification status of the cells they read.", "personas": [ "issuer", "distributor", "reserve_custodian", "home_regulator", "host_regulator", "corporate_treasury", "token_holder" ], "corridors_projected": [ "EU->US", "HK->BR", "HK->CN", "HK->US", "JP->US", "SG->HK", "US->EU", "US->HK", "US->JP" ], "provenance": { "records_cited": 51, "missing_records": [], "nontier1_profiles": [], "clean": true }, "profiles": [ { "edge": "EU->US", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As an EU issuer, issuance is authorization-gated; entry into US is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "eu-emt-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "EU", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "eu-emt-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" } ], "provenance": { "records": [ "eu-emt-issuer_pathway-001", "eu-emt-reserve_backing-001", "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "EU->US", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As a distributor/wallet into US: bank and non-bank issuers admitted; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "eu-emt-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "EU", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "eu-emt-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "us-pss-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" } ], "provenance": { "records": [ "eu-emt-bank_nonbank_routing-001", "eu-emt-permitted_activity_yield-001", "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "EU->US", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As reserve custodian for the EU issuer: reserve must be high-quality liquid assets; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "eu-emt-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "EU", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "eu-emt-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "eu-emt-cross_border_data-001", "eu-emt-reserve_backing-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "EU->US", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As the EU (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into US, the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "eu-emt-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "EU", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "eu-emt-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "EU", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "usage_capped", "record": "eu-emt-monetary_sovereignty-001", "implication": "scale / usage capped" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "eu-emt-cross_border_data-001", "eu-emt-disclosure_reporting-001", "eu-emt-monetary_sovereignty-001", "us-pss-disclosure_reporting-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "EU->US", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As the US (host) regulator: foreign tokens — foreign tokens admitted only via a determination / channel; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "eu-emt-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "eu-emt-issuer_pathway-001", "us-pss-disclosure_reporting-001", "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "EU->US", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As a corporate treasury using the EU->US rail: foreign tokens admitted only via a determination / channel; feasibility is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "eu-emt-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" } ], "provenance": { "records": [ "eu-emt-reserve_backing-001", "us-pss-monetary_sovereignty-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "EU->US", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As an institutional holder in US: classification turns on the routing structure; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "EU", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "eu-emt-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" } ], "provenance": { "records": [ "eu-emt-reserve_backing-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As an HK issuer, issuance is authorization-gated; entry into BR is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "br-vasp-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "br-vasp-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" } ], "provenance": { "records": [ "br-vasp-issuer_pathway-001", "br-vasp-monetary_sovereignty-001", "hk-frs-capital_requirements-001", "hk-frs-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 0 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As a distributor/wallet into BR: bank and non-bank issuers admitted; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "hk-frs-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "br-vasp-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C3", "constraint_name": "yield", "pole": "silent", "record": "br-vasp-permitted_activity_yield-001", "implication": "yield treatment unsettled" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C4", "constraint_name": "securities classification", "pole": null, "implication": "pole unset — indeterminate at the substrate level" } ], "provenance": { "records": [ "br-vasp-bank_nonbank_routing-001", "br-vasp-permitted_activity_yield-001", "hk-frs-bank_nonbank_routing-001", "hk-frs-permitted_activity_yield-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As reserve custodian for the HK issuer: reserve must be high-quality liquid assets; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "hk-frs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "br-vasp-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "br-vasp-capital_requirements-001", "hk-frs-capital_requirements-001", "hk-frs-cross_border_data-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As the HK (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into BR, the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "hk-frs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "br-vasp-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "br-vasp-disclosure_reporting-001", "hk-frs-cross_border_data-001", "hk-frs-disclosure_reporting-001", "hk-frs-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As the BR (host) regulator: foreign tokens — foreign tokens admitted only via a determination / channel; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "br-vasp-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "br-vasp-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "br-vasp-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "br-vasp-disclosure_reporting-001", "br-vasp-issuer_pathway-001", "br-vasp-monetary_sovereignty-001", "hk-frs-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 0 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As a corporate treasury using the HK->BR rail: foreign tokens admitted only via a determination / channel; feasibility is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "br-vasp-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C4", "constraint_name": "securities classification", "pole": null, "implication": "pole unset — indeterminate at the substrate level" } ], "provenance": { "records": [ "br-vasp-monetary_sovereignty-001", "hk-frs-capital_requirements-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 2 cell(s), 0 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->BR", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": null, "headline": "As an institutional holder in BR: pole unset — indeterminate at the substrate level; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C4", "constraint_name": "securities classification", "pole": null, "implication": "pole unset — indeterminate at the substrate level" }, { "side": "dest", "jurisdiction": "BR", "side_constraint": "C3", "constraint_name": "yield", "pole": "silent", "record": "br-vasp-permitted_activity_yield-001", "implication": "yield treatment unsettled" } ], "provenance": { "records": [ "br-vasp-permitted_activity_yield-001", "hk-frs-capital_requirements-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 2 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As an HK issuer, issuance is authorization-gated; entry into CN is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "prohibition", "record": "cn-prc-issuer_pathway-001", "implication": "issuance prohibited" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "prohibition", "record": "cn-prc-monetary_sovereignty-001", "implication": "foreign tokens prohibited" } ], "provenance": { "records": [ "cn-prc-issuer_pathway-001", "cn-prc-monetary_sovereignty-001", "hk-frs-capital_requirements-001", "hk-frs-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As a distributor/wallet into CN: pole unset — indeterminate at the substrate level; the corridor is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "hk-frs-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": null, "implication": "pole unset — indeterminate at the substrate level" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C3", "constraint_name": "yield", "pole": "silent", "record": "cn-prc-permitted_activity_yield-001", "implication": "yield treatment unsettled" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "security", "record": "cn-prc-securities_classification-001", "implication": "treated as a security / unauthorized offering" } ], "provenance": { "records": [ "cn-prc-permitted_activity_yield-001", "cn-prc-securities_classification-001", "hk-frs-bank_nonbank_routing-001", "hk-frs-permitted_activity_yield-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As reserve custodian for the HK issuer: reserve must be high-quality liquid assets; the corridor is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "hk-frs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "informational", "record": "cn-prc-capital_requirements-001", "implication": "reserve disclosure only" } ], "provenance": { "records": [ "cn-prc-capital_requirements-001", "hk-frs-capital_requirements-001", "hk-frs-cross_border_data-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As the HK (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into CN, the corridor is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "hk-frs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "constrained", "record": "cn-prc-distribution-001", "implication": "supervisory coordination constrained" } ], "provenance": { "records": [ "cn-prc-distribution-001", "hk-frs-cross_border_data-001", "hk-frs-disclosure_reporting-001", "hk-frs-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As the CN (host) regulator: foreign tokens — foreign tokens prohibited; the corridor is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "prohibition", "record": "cn-prc-issuer_pathway-001", "implication": "issuance prohibited" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "prohibition", "record": "cn-prc-monetary_sovereignty-001", "implication": "foreign tokens prohibited" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "constrained", "record": "cn-prc-distribution-001", "implication": "supervisory coordination constrained" } ], "provenance": { "records": [ "cn-prc-distribution-001", "cn-prc-issuer_pathway-001", "cn-prc-monetary_sovereignty-001", "hk-frs-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As a corporate treasury using the HK->CN rail: foreign tokens prohibited; feasibility is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "prohibition", "record": "cn-prc-monetary_sovereignty-001", "implication": "foreign tokens prohibited" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "security", "record": "cn-prc-securities_classification-001", "implication": "treated as a security / unauthorized offering" } ], "provenance": { "records": [ "cn-prc-monetary_sovereignty-001", "cn-prc-securities_classification-001", "hk-frs-capital_requirements-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->CN", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "blocked", "signal_class": "blocked", "agree_with_signal": true, "archetypes_engaged": [], "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "headline": "As an institutional holder in CN: treated as a security / unauthorized offering; the corridor is blocked.", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "security", "record": "cn-prc-securities_classification-001", "implication": "treated as a security / unauthorized offering" }, { "side": "dest", "jurisdiction": "CN", "side_constraint": "C3", "constraint_name": "yield", "pole": "silent", "record": "cn-prc-permitted_activity_yield-001", "implication": "yield treatment unsettled" } ], "provenance": { "records": [ "cn-prc-permitted_activity_yield-001", "cn-prc-securities_classification-001", "hk-frs-capital_requirements-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As an HK issuer, issuance is authorization-gated; entry into US is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" } ], "provenance": { "records": [ "hk-frs-capital_requirements-001", "hk-frs-issuer_pathway-001", "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As a distributor/wallet into US: bank and non-bank issuers admitted; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "hk-frs-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "us-pss-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" } ], "provenance": { "records": [ "hk-frs-bank_nonbank_routing-001", "hk-frs-permitted_activity_yield-001", "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As reserve custodian for the HK issuer: reserve must be high-quality liquid assets; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "hk-frs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "hk-frs-capital_requirements-001", "hk-frs-cross_border_data-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As the HK (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into US, the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "hk-frs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "hk-frs-cross_border_data-001", "hk-frs-disclosure_reporting-001", "hk-frs-monetary_sovereignty-001", "us-pss-disclosure_reporting-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As the US (host) regulator: foreign tokens — foreign tokens admitted only via a determination / channel; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "hk-frs-issuer_pathway-001", "us-pss-disclosure_reporting-001", "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As a corporate treasury using the HK->US rail: foreign tokens admitted only via a determination / channel; feasibility is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" } ], "provenance": { "records": [ "hk-frs-capital_requirements-001", "us-pss-monetary_sovereignty-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "HK->US", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As an institutional holder in US: classification turns on the routing structure; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" } ], "provenance": { "records": [ "hk-frs-capital_requirements-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 0 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As an JP issuer, issuance limited to a defined set of entities; entry into US is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "closed_set", "record": "jp-epi-issuer_pathway-001", "implication": "issuance limited to a defined set of entities" }, { "side": "origin", "jurisdiction": "JP", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_flex", "record": "jp-epi-capital_requirements-001", "implication": "reserve prescribed with some flexibility" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" } ], "provenance": { "records": [ "jp-epi-capital_requirements-001", "jp-epi-issuer_pathway-001", "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As a distributor/wallet into US: bank and non-bank issuers admitted; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "layered_separation", "record": "jp-epi-bank_nonbank_routing-001", "implication": "roles separated by licensed function" }, { "side": "origin", "jurisdiction": "JP", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "jp-epi-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "us-pss-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" } ], "provenance": { "records": [ "jp-epi-bank_nonbank_routing-001", "jp-epi-permitted_activity_yield-001", "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As reserve custodian for the JP issuer: reserve prescribed with some flexibility; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_flex", "record": "jp-epi-capital_requirements-001", "implication": "reserve prescribed with some flexibility" }, { "side": "origin", "jurisdiction": "JP", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "jp-epi-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "jp-epi-capital_requirements-001", "jp-epi-cross_border_data-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As the JP (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into US, the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "jp-epi-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "JP", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "jp-epi-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "JP", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "jp-epi-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "jp-epi-cross_border_data-001", "jp-epi-disclosure_reporting-001", "jp-epi-monetary_sovereignty-001", "us-pss-disclosure_reporting-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As the US (host) regulator: foreign tokens — foreign tokens admitted only via a determination / channel; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "closed_set", "record": "jp-epi-issuer_pathway-001", "implication": "issuance limited to a defined set of entities" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "jp-epi-issuer_pathway-001", "us-pss-disclosure_reporting-001", "us-pss-issuer_pathway-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As a corporate treasury using the JP->US rail: foreign tokens admitted only via a determination / channel; feasibility is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_flex", "record": "jp-epi-capital_requirements-001", "implication": "reserve prescribed with some flexibility" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" } ], "provenance": { "records": [ "jp-epi-capital_requirements-001", "us-pss-monetary_sovereignty-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "JP->US", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination", "detail": "Unilateral Treasury comparability determination (on SCRC recommendation) + OCC registration + US-held reserves; none granted to date.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "headline": "As an institutional holder in US: classification turns on the routing structure; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "JP", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_flex", "record": "jp-epi-capital_requirements-001", "implication": "reserve prescribed with some flexibility" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "contested_routing", "record": "us-pss-securities_classification-001", "implication": "classification turns on the routing structure" }, { "side": "dest", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" } ], "provenance": { "records": [ "jp-epi-capital_requirements-001", "us-pss-permitted_activity_yield-001", "us-pss-securities_classification-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As an SG issuer, issuance is authorization-gated; entry into HK is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "sg-scs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "SG", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "sg-scs-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" } ], "provenance": { "records": [ "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001", "sg-scs-issuer_pathway-001", "sg-scs-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As a distributor/wallet into HK: bank and non-bank issuers admitted; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "sg-scs-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "SG", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "sg-scs-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "hk-frs-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "hk-frs-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "hk-frs-bank_nonbank_routing-001", "hk-frs-permitted_activity_yield-001", "hk-frs-securities_classification-001", "sg-scs-bank_nonbank_routing-001", "sg-scs-permitted_activity_yield-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 4 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As reserve custodian for the SG issuer: reserve must be high-quality liquid assets; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "sg-scs-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "SG", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "sg-scs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "hk-frs-capital_requirements-001", "sg-scs-cross_border_data-001", "sg-scs-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As the SG (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into HK, the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "sg-scs-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "SG", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "sg-scs-distribution-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "SG", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "sg-scs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "hk-frs-disclosure_reporting-001", "sg-scs-cross_border_data-001", "sg-scs-distribution-001", "sg-scs-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 4 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As the HK (host) regulator: foreign tokens — no usage cap; dual authorization available; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "sg-scs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "hk-frs-disclosure_reporting-001", "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001", "sg-scs-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As a corporate treasury using the SG->HK rail: no usage cap; dual authorization available; feasibility is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "sg-scs-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "hk-frs-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "hk-frs-monetary_sovereignty-001", "hk-frs-securities_classification-001", "sg-scs-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "SG->HK", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "headline": "As an institutional holder in HK: treated as a payment instrument, not a security; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "SG", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "sg-scs-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "hk-frs-securities_classification-001", "implication": "treated as a payment instrument, not a security" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" } ], "provenance": { "records": [ "hk-frs-permitted_activity_yield-001", "hk-frs-securities_classification-001", "sg-scs-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As an US issuer, issuance is authorization-gated; entry into EU is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "eu-emt-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "usage_capped", "record": "eu-emt-monetary_sovereignty-001", "implication": "scale / usage capped" } ], "provenance": { "records": [ "eu-emt-issuer_pathway-001", "eu-emt-monetary_sovereignty-001", "us-pss-issuer_pathway-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As a distributor/wallet into EU: bank and non-bank issuers admitted; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "us-pss-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "eu-emt-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "eu-emt-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "eu-emt-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "eu-emt-bank_nonbank_routing-001", "eu-emt-permitted_activity_yield-001", "eu-emt-securities_classification-001", "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As reserve custodian for the US issuer: reserve must be high-quality liquid assets; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "us-pss-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "eu-emt-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "eu-emt-reserve_backing-001", "us-pss-cross_border_data-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As the US (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into EU, the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "us-pss-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "eu-emt-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "eu-emt-disclosure_reporting-001", "us-pss-cross_border_data-001", "us-pss-disclosure_reporting-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 4 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As the EU (host) regulator: foreign tokens — scale / usage capped; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "eu-emt-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "usage_capped", "record": "eu-emt-monetary_sovereignty-001", "implication": "scale / usage capped" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "eu-emt-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "eu-emt-disclosure_reporting-001", "eu-emt-issuer_pathway-001", "eu-emt-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As a corporate treasury using the US->EU rail: scale / usage capped; feasibility is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "usage_capped", "record": "eu-emt-monetary_sovereignty-001", "implication": "scale / usage capped" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "eu-emt-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "eu-emt-monetary_sovereignty-001", "eu-emt-securities_classification-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->EU", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day or EUR 200m/day). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "headline": "As an institutional holder in EU: treated as a payment instrument, not a security; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "eu-emt-securities_classification-001", "implication": "treated as a payment instrument, not a security" }, { "side": "dest", "jurisdiction": "EU", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "eu-emt-permitted_activity_yield-001", "implication": "issuer may not pay yield" } ], "provenance": { "records": [ "eu-emt-permitted_activity_yield-001", "eu-emt-securities_classification-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As an US issuer, issuance is authorization-gated; entry into HK is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" } ], "provenance": { "records": [ "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001", "us-pss-issuer_pathway-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 0 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As a distributor/wallet into HK: bank and non-bank issuers admitted; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "us-pss-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "hk-frs-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "hk-frs-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "hk-frs-bank_nonbank_routing-001", "hk-frs-permitted_activity_yield-001", "hk-frs-securities_classification-001", "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As reserve custodian for the US issuer: reserve must be high-quality liquid assets; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "us-pss-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "hk-frs-capital_requirements-001", "implication": "reserve must be high-quality liquid assets" } ], "provenance": { "records": [ "hk-frs-capital_requirements-001", "us-pss-cross_border_data-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As the US (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into HK, the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "us-pss-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "hk-frs-disclosure_reporting-001", "us-pss-cross_border_data-001", "us-pss-disclosure_reporting-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 4 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As the HK (host) regulator: foreign tokens — no usage cap; dual authorization available; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "hk-frs-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "hk-frs-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "hk-frs-disclosure_reporting-001", "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As a corporate treasury using the US->HK rail: no usage cap; dual authorization available; feasibility is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "open", "record": "hk-frs-monetary_sovereignty-001", "implication": "no usage cap; dual authorization available" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "hk-frs-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "hk-frs-monetary_sovereignty-001", "hk-frs-securities_classification-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->HK", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "I", "signal_class": "I", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "headline": "As an institutional holder in HK: treated as a payment instrument, not a security; the corridor is broadly feasible (Category I).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "hk-frs-securities_classification-001", "implication": "treated as a payment instrument, not a security" }, { "side": "dest", "jurisdiction": "HK", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "hk-frs-permitted_activity_yield-001", "implication": "issuer may not pay yield" } ], "provenance": { "records": [ "hk-frs-permitted_activity_yield-001", "hk-frs-securities_classification-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "issuer", "label": "Stablecoin issuer (L1)", "lens": "May I issue, and will my token be admitted into the destination?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "SC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As an US issuer, issuance is authorization-gated; entry into JP is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "closed_set", "record": "jp-epi-issuer_pathway-001", "implication": "issuance limited to a defined set of entities" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "jp-epi-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" } ], "provenance": { "records": [ "jp-epi-issuer_pathway-001", "jp-epi-monetary_sovereignty-001", "us-pss-issuer_pathway-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 0 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "distributor", "label": "Distributor / wallet / PSP (L2 routing)", "lens": "What may I do in the routing chain without becoming an unlicensed issuer or broker?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As a distributor/wallet into JP: roles separated by licensed function; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "bank_and_nonbank", "record": "us-pss-bank_nonbank_routing-001", "implication": "bank and non-bank issuers admitted" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_incl_agents", "record": "us-pss-permitted_activity_yield-001", "implication": "issuer and agents may not pay yield" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C5", "constraint_name": "bank/non-bank routing", "pole": "layered_separation", "record": "jp-epi-bank_nonbank_routing-001", "implication": "roles separated by licensed function" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "jp-epi-permitted_activity_yield-001", "implication": "issuer may not pay yield" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "jp-epi-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "jp-epi-bank_nonbank_routing-001", "jp-epi-permitted_activity_yield-001", "jp-epi-securities_classification-001", "us-pss-bank_nonbank_routing-001", "us-pss-permitted_activity_yield-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 5 cell(s), 3 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "reserve_custodian", "label": "Reserve custodian", "lens": "What reserve composition and segregation must I hold, and is data sharing constrained?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC", "SC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As reserve custodian for the US issuer: reserve must be high-quality liquid assets; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "us-pss-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_flex", "record": "jp-epi-capital_requirements-001", "implication": "reserve prescribed with some flexibility" } ], "provenance": { "records": [ "jp-epi-capital_requirements-001", "us-pss-cross_border_data-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 2 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "home_regulator", "label": "Home (origin) regulator", "lens": "Can I supervise outbound use and share information with the host?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As the US (home) regulator: no data-localization barrier to supervisory sharing; supervising outbound use into JP, the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C6", "constraint_name": "cross-border/data", "pole": "open", "record": "us-pss-cross_border_data-001", "implication": "no data-localization barrier to supervisory sharing" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "us-pss-disclosure_reporting-001", "implication": "supervisory coordination available" }, { "side": "origin", "jurisdiction": "US", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "us-pss-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "jp-epi-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "jp-epi-disclosure_reporting-001", "us-pss-cross_border_data-001", "us-pss-disclosure_reporting-001", "us-pss-monetary_sovereignty-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 4 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "host_regulator", "label": "Host (destination) regulator", "lens": "Under what conditions may a foreign token circulate here?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "RC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As the JP (host) regulator: foreign tokens — foreign tokens admitted only via a determination / channel; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "licence_gated", "record": "us-pss-issuer_pathway-001", "implication": "issuance is authorization-gated" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C1", "constraint_name": "issuer eligibility", "pole": "closed_set", "record": "jp-epi-issuer_pathway-001", "implication": "issuance limited to a defined set of entities" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "jp-epi-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C8", "constraint_name": "disclosure/supervisory", "pole": "coordinated", "record": "jp-epi-disclosure_reporting-001", "implication": "supervisory coordination available" } ], "provenance": { "records": [ "jp-epi-disclosure_reporting-001", "jp-epi-issuer_pathway-001", "jp-epi-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 4 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "corporate_treasury", "label": "Corporate treasury (rail user)", "lens": "Can I move value on this rail, at scale, and how do I book it?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "DC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As a corporate treasury using the US->JP rail: foreign tokens admitted only via a determination / channel; feasibility is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C7", "constraint_name": "monetary sovereignty", "pole": "channelled", "record": "jp-epi-monetary_sovereignty-001", "implication": "foreign tokens admitted only via a determination / channel" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "jp-epi-securities_classification-001", "implication": "treated as a payment instrument, not a security" } ], "provenance": { "records": [ "jp-epi-monetary_sovereignty-001", "jp-epi-securities_classification-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" }, { "edge": "US->JP", "stakeholder": "token_holder", "label": "Institutional holder / investor (TC)", "lens": "What am I holding — is it a security, is it yield-bearing, is the reserve sound?", "corridor_class": "II", "signal_class": "II", "agree_with_signal": true, "archetypes_engaged": [ "TC" ], "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "headline": "As an institutional holder in JP: treated as a payment instrument, not a security; the corridor is feasible pending a determination (Category II).", "reading": [ { "side": "origin", "jurisdiction": "US", "side_constraint": "C2", "constraint_name": "reserve/capital", "pole": "prescribed_hqla", "record": "us-pss-reserve_backing-001", "implication": "reserve must be high-quality liquid assets" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C4", "constraint_name": "securities classification", "pole": "payment_instrument", "record": "jp-epi-securities_classification-001", "implication": "treated as a payment instrument, not a security" }, { "side": "dest", "jurisdiction": "JP", "side_constraint": "C3", "constraint_name": "yield", "pole": "prohibited_issuer", "record": "jp-epi-permitted_activity_yield-001", "implication": "issuer may not pay yield" } ], "provenance": { "records": [ "jp-epi-permitted_activity_yield-001", "jp-epi-securities_classification-001", "us-pss-reserve_backing-001" ], "all_tier1_legal": true, "nontier1": [] }, "verification_status": "preview — rests on 3 cell(s), 1 not yet verified to resolution_text; profile is not citable authority until those are verified" } ] }, "computed_corridor_skeletons": { "schema": "cbsr-analysis/computed_corridor_skeletons", "version": "0.9.4", "status": "preview", "method": "For each derivable directed edge without a hand-authored rich corridor record, derive the feasibility class (from the substrate), the inbound mechanism test + administrator (re-projected from the destination's C1/C7 record), a baseline archetype set, and the directed interaction sets. No new facts: empirical fields (infrastructure_overlap, bespoke detail, curated archetypes, prose) are left null as a per-edge enrichment backlog. Class is cross-checked against the signal compose(); every skeleton cites its backing tier1_legal records.", "coverage": { "authored_rich_corridors": 9, "computed_skeletons": 106, "edges_with_a_record": 115, "edges_total": 132, "indeterminate_edges": 17, "indeterminate_note": "indeterminate edges are those into the UK and Taiwan (inbound gate in transition) that are not origin-dragged — the time engine's domain" }, "cross_check": { "disagreements_with_signal": [], "clean": true }, "provenance": { "nontier1_skeletons": [], "clean": true }, "skeletons": [ { "corridor_id": "us-sg-skeleton", "origin": "US", "destination": "SG", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_pair": "SG-US", "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "origin_drag": false, "infrastructure_overlap": null, "provenance": { "records": [ "sg-scs-issuer_pathway-001", "sg-scs-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "us-cn-skeleton", "origin": "US", "destination": "CN", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_pair": "CN-US", "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "origin_drag": false, "infrastructure_overlap": null, "provenance": { "records": [ "cn-prc-regulatory_authority-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "us-br-skeleton", "origin": "US", "destination": "BR", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_pair": "BR-US", "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "origin_drag": false, "infrastructure_overlap": null, "provenance": { "records": [ "br-vasp-issuer_pathway-001", "br-vasp-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "us-ch-skeleton", "origin": "US", "destination": "CH", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_pair": "CH-US", "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "origin_drag": false, "infrastructure_overlap": null, "provenance": { "records": [ "ch-frs-issuer_pathway-001", "ch-frs-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "us-ae-skeleton", "origin": "US", "destination": "AE", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_pair": "AE-US", "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "origin_drag": false, "infrastructure_overlap": null, "provenance": { "records": [ "ae-pt-issuer_pathway-001", "ae-pt-monetary_sovereignty-001", "us-pss-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "us-kr-skeleton", "origin": "US", "destination": "KR", "direction": "directed", 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"feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_pair": "AE-KR", "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "origin_drag": true, "infrastructure_overlap": null, "provenance": { "records": [ "ae-pt-issuer_pathway-001", "ae-pt-monetary_sovereignty-001", "kr-frs-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "kr-tw-skeleton", "origin": "KR", "destination": "TW", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_pair": "KR-TW", "inbound_mechanism": { "test": "No operative inbound regime (draft VAS Act)", "administrator": "FSC (Taiwan)", "detail": null }, "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "origin_drag": true, "infrastructure_overlap": null, "provenance": { "records": [ "kr-frs-issuer_pathway-001", "tw-frs-issuer_pathway-001", "tw-frs-monetary_sovereignty-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] }, { "corridor_id": "kr-jp-skeleton", "origin": "KR", "destination": "JP", "direction": "directed", "tier": "computed_skeleton", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_pair": "JP-KR", "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "origin_drag": true, "infrastructure_overlap": null, "provenance": { "records": [ "jp-epi-issuer_pathway-001", "jp-epi-monetary_sovereignty-001", "kr-frs-issuer_pathway-001" ], "all_tier1_legal": true }, "enrichment_status": "computed skeleton — derived fields only", "enrichment_backlog": [ "infrastructure_overlap", "bespoke_inbound_detail", "curated_archetypes", "prose_note", "primary_source_verification" ] } ] }, "computed_convergence": { "schema": "cbsr-analysis/computed_convergence", "version": "v0.9.9", "dimension": "permitted_activity_yield", "method": "Reshapes the existing permitted_activity_yield cells (one per jurisdiction) into the cross-jurisdiction view the flagship §4.5 describes. Asserts NO new facts: every field is copied from a record. The functional boundary and its per-jurisdiction placement are read from the records' binding_status / evidence_tier / source.", "finding": "Independent legislative systems are converging on the same functional boundary around stablecoin yield: yield paid for merely HOLDING the instrument is prohibited, while ACTIVITY-LINKED rewards are permitted. The boundary is decided by the same functional test across jurisdictions (conversion-direction, ownership-disclosure, timing-independence, yield-attribution, audit-trail — the Architecture paper's test).", "discipline": "Convergence is asserted at citable depth ONLY where the cell is tier1_legal + in_force_enacted + resolution_text AND both sides of the functional line are documented — which today is the United States alone. Singapore is recorded as a sibling restriction. In-force one-sided holder-yield prohibitions (EU, HK, JP, AE) are recorded on the prohibited side but the two-sided line is carried as backlog for them, not asserted as drawing the same line. Switzerland is the documented counter-example. Drafts are flagged as would-align-if-enacted. This is the register's own citable-purity discipline; it is what keeps the convergence a finding, not an impression.", "anchor": { "record_id": "us-pss-permitted_activity_yield-001", "jurisdiction": "US", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "claim_class": "tier1_legal", "instrument": "GENIUS Act §4(a)(11); OCC NPRM §15.10(c)(4) / anti-evasion §15.10(c)(6); FDIC NPRM §350.3(b)(4); CLARITY Act (H.R. 3633) §404(c)(1) (Tillis-Alsobrooks text, 1 May 2026; affirmed final 5 May 2026)", "pinpoint": "GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention)", "url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "citable": true, "role": "anchor", "line_both_sides": { "holder_yield": "prohibited — GENIUS Act §4(a)(11): no interest/yield 'in connection with the holding, use, or retention' of a payment stablecoin (in force).", "activity_rewards": "permitted — the pending market-structure layer (Senate Banking substitute, Tillis–Alsobrooks compromise) allows stablecoin rewards / activity-linked incentives while prohibiting yield for holding a balance (carried as a flagged pending overlay)." } }, "sibling": { "record_id": "sg-scs-permitted_activity_yield-001", "jurisdiction": "SG", "binding_status": "finalized_policy_pending", "evidence_tier": "firm_summary", "claim_class": "tier1_legal", "instrument": "MAS Single-Currency Stablecoin framework (Aug 2023) — issuer activity restrictions", "pinpoint": "SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope", "url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "citable": false, "role": "sibling", "sibling_form": "The MAS Single-Currency Stablecoin framework forbids the issuer from lending or staking the reserve, holding the token to a pure means of payment rather than a yield product — a sibling expression of the same principle. binding_status=finalized_policy_pending, so not asserted at citable depth." }, "counter_example": { "record_id": "ch-frs-permitted_activity_yield-001", "jurisdiction": "CH", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "claim_class": "tier1_legal", "instrument": "FINMA Guidance 06/2024; Banking Ordinance Art. 5(3)(f)", "pinpoint": "Yield permitted; bank guarantee must cover interest (structural constraint, not prohibition)", "url": "https://www.finma.ch/en/news/2024/07/20240726-m-am-06-24-stablecoins/", "citable": true, "role": "counter_example", "counter_form": "Paying yield to holders is NOT prohibited — the clearest survey example of a regime where holder yield is permitted but structurally constrained (FINMA Guidance 06/2024; the bank guarantee must cover interest). Recorded explicitly so the convergence is not overstated." }, "holder_prohibition_in_force": [ { "record_id": "eu-emt-permitted_activity_yield-001", "jurisdiction": "EU", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "claim_class": "tier1_legal", "instrument": "Regulation (EU) 2023/1114 (MiCA), Article 50", "pinpoint": "Art. 50 (no interest paid to EMT holders)", "url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "citable": true, "side": "holder-yield-prohibited (in force)", "two_sided_line_status": "backlog — the holder-yield prohibition is in force and citable-quality, but the activity-rewards-permitted half is not yet verified for this jurisdiction, so the full two-sided convergence line is not asserted here." }, { "record_id": "hk-frs-permitted_activity_yield-001", "jurisdiction": "HK", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "claim_class": "tier1_legal", "instrument": "Stablecoins Ordinance (Cap. 656), Schedule 2, s.15 (Non-interest bearing)", "pinpoint": "Sch. 2 s.15 (no interest on issued stablecoins)", "url": "https://www.elegislation.gov.hk/hk/cap656", "citable": true, "side": "holder-yield-prohibited (in force)", "two_sided_line_status": "backlog — the holder-yield prohibition is in force and citable-quality, but the activity-rewards-permitted half is not yet verified for this jurisdiction, so the full two-sided convergence line is not asserted here." }, { "record_id": "jp-epi-permitted_activity_yield-001", "jurisdiction": "JP", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "claim_class": "tier1_legal", "instrument": "Payment Services Act (Electronic Payment Instruments regime)", "pinpoint": "Yield — holders not remunerated; issuer earns reserve interest", "url": "https://laws.e-gov.go.jp/", "citable": true, "side": "holder-yield-prohibited (in force)", "two_sided_line_status": "backlog — the holder-yield prohibition is in force and citable-quality, but the activity-rewards-permitted half is not yet verified for this jurisdiction, so the full two-sided convergence line is not asserted here." }, { "record_id": "ae-pt-permitted_activity_yield-001", "jurisdiction": "AE", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "claim_class": "tier1_legal", "instrument": "CBUAE PTSR (Circular 2/2024); ADGM-FSRA FRT framework", "pinpoint": "Yield — prohibited onshore; ADGM permits reserve income but bans investment/savings promotion", "url": "https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation", "citable": true, "side": "holder-yield-prohibited (in force)", "two_sided_line_status": "backlog — the holder-yield prohibition is in force and citable-quality, but the activity-rewards-permitted half is not yet verified for this jurisdiction, so the full two-sided convergence line is not asserted here." } ], "draft_would_align": [ { "record_id": "kr-frs-permitted_activity_yield-001", "jurisdiction": "KR", "binding_status": "pending_proposal", "evidence_tier": "firm_summary", "claim_class": "tier1_legal", "instrument": "Draft Digital Asset Basic Act (Value-Stabilised Assets Act track)", "pinpoint": "Yield (draft) — prohibition on interest/discounts to holders; NOT in force", "url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP", "citable": false, "side": "holder-yield-prohibited (DRAFT — not in force)", "status_note": "The draft prohibits interest/returns to holders; would align this jurisdiction with the prohibited side if enacted (see the contingent event in the event calendar)." }, { "record_id": "tw-frs-permitted_activity_yield-001", "jurisdiction": "TW", "binding_status": "pending_proposal", "evidence_tier": "firm_summary", "claim_class": "tier1_legal", "instrument": "Draft Virtual Asset Service Act", "pinpoint": "Yield (draft) — prohibition on interest/other returns; NOT in force", "url": "https://english.ey.gov.tw/", "citable": false, "side": "holder-yield-prohibited (DRAFT — not in force)", "status_note": "The draft prohibits interest/returns to holders; would align this jurisdiction with the prohibited side if enacted (see the contingent event in the event calendar)." } ], "backlog_or_not_applicable": [ { "record_id": "uk-frs-permitted_activity_yield-001", "jurisdiction": "UK", "binding_status": "pending_proposal", "evidence_tier": null, "claim_class": "tier1_legal", "instrument": "SI 2026/102 (silent on yield); Bank of England Nov 2025 materials (60/40 backing; pass-through constrained)", "pinpoint": "BoE Nov 2025 backing-split / pass-through position; FCA rules pending", "url": null, "citable": false, "status_note": "Backlog: yield is not expressly addressed in SI 2026/102; the BoE Nov-2025 pass-through position and FCA rules are pending (pending_proposal)." }, { "record_id": "br-vasp-permitted_activity_yield-001", "jurisdiction": "BR", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "claim_class": "tier1_legal", "instrument": "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais); BCB implementing rulemaking", "pinpoint": "Res BCB 520/2025 (VASPs may not offer credit to clients or raise funds from the public except via share issuance; client virtual assets may not be used for proprietary operations except staking and qualified/professional-investor transactions)", "url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "citable": false, "status_note": "Backlog: the VASP framework and BCB implementing rulemaking are still being finalized (firm_summary); pass-through treatment not yet at resolution_text depth." }, { "record_id": "cn-prc-permitted_activity_yield-001", "jurisdiction": "CN", "binding_status": "prohibition", "evidence_tier": null, "claim_class": "tier1_legal", "instrument": "PBOC et al. Notice on Preventing Token Fundraising Risks (2017); related circulars", "pinpoint": "Prohibition context — no permitted issuer to which a yield rule could attach", "url": null, "citable": false, "status_note": "Not applicable: private issuance is prohibited, so there is no lawful domestic issuer to which a yield rule could attach; the yield question does not arise." } ], "summary_counts": { "citable_two_sided_anchor": 1, "sibling": 1, "counter_example": 1, "holder_prohibition_in_force_one_side_citable": 4, "draft_would_align": 2, "backlog_or_not_applicable": 3, "total_jurisdictions": 12 }, "provenance": { "clean": true, "asserts_new_facts": false, "note": "Every field is copied from an existing permitted_activity_yield record; this product only reshapes and tiers them.", "generalizes_to": "The same shape applies to monetary_sovereignty and other typed dimensions; convergence is checkable because yield is one of the typed dimensions every jurisdiction record carries." } }, "computed_forward_view": { "schema": "cbsr-analysis/computed_forward_view", "version": "v0.11.0", "generated": "2026-07-09T00:00:00Z", "as_of_base": "2026-06-30", "method": "Per-jurisdiction re-sort of the trigger register (Atlas §4.4). For each jurisdiction it lists its own pending events (flagged class-moving vs accessibility-only), the inbound and outbound directed edges that change feasibility class under the pending set (each attributed to the trigger causing it), and the counterpart jurisdictions on the other end ranked by exposure. Movements are read from computed_corridor_states.json; events from the event calendar. No new facts are asserted.", "reading_key": { "class_moving": "an inbound/outbound edge that changes feasibility class under a pending trigger", "accessibility_only": "a pending event in this jurisdiction that changes who may operate or which tokens are admissible WITHIN a live regime, without moving any class (intra-regime gating, a control case, a recognition pathway, or an in-force parameterization) — §3.10/§6: a low class-sensitivity position must be read as 'no class flip pending', not 'nothing happening'" }, "provenance": { "asserts_new_facts": false, "derived_from": [ "analysis/computed_corridor_states.json", "analysis/event_calendar.json" ], "regenerated": "v0.11.0: forward view re-derived from the register's own frozen forward transition set (analysis/forward_transition_set.json); US carries its own class-moving trigger (us-genius-act-effective, §18 comparability-gate commencement, dated outer cap 2027-01-18) on 8 inbound edges. Self-contained: no frontend dependency." }, "jurisdictions": { "US": { "jurisdiction": "US", "own_pending_events": [ { "event_id": "us-genius-act-effective", "title": "US GENIUS Act §18 foreign-issuer comparability gate commences (enacted-not-commenced; outer cap ≤ 2027-01-18)", "trigger_kind": "scheduled-with-cap", "status": "scheduled", "effective_date": "2027-01-18", "moves_class": true, "accessibility_only": false } ], "summary": { "own_driven_inbound": 8, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 3, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "T", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "T", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "US's own pending trigger reclassifies 8 inbound and 0 outbound corridor(s). This is the FIRST dated horizon (outer cap ≤2027-01-18), earlier than the UK's gazetted 2027-10-25. Separately, 2 inbound and 3 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1)." }, "EU": { "jurisdiction": "EU", "own_pending_events": [ { "event_id": "eu-mica-art143-transitional-expiry", "title": "EU MiCA Article 143(3) transitional grandfathering expiry (national side-doors close; admissible-token set narrows)", "trigger_kind": "intra-regime-gating", "status": "scheduled", "effective_date": "2026-07-01", "moves_class": false, "accessibility_only": true } ], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 1 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "I", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "I", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "EU's own pending change is accessibility-only (intra-regime-gating): it changes who may operate and which tokens are admissible within the live regime, without moving any feasibility class. Read EU's low class-sensitivity position as 'no class flip pending', not as 'nothing happening' (§3.10/§6). Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "UK": { "jurisdiction": "UK", "own_pending_events": [ { "event_id": "uk-systemic-regime-operative", "title": "UK systemic stablecoin regime + FCA conduct regime operative (SI 2026/102 full commencement)", "trigger_kind": "fully-scheduled", "status": "scheduled", "effective_date": "2027-10-25", "moves_class": true, "accessibility_only": false } ], "summary": { "own_driven_inbound": 8, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 3, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "T", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "T", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "UK's own pending trigger reclassifies 8 inbound and 0 outbound corridor(s). Separately, 2 inbound and 3 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), US (1)." }, "SG": { "jurisdiction": "SG", "own_pending_events": [ { "event_id": "sg-scs-legislation-enacted", "title": "Singapore SCS framework implementing legislation enacted (MAS-regulated stablecoin regime live)", "trigger_kind": "contingent-not-class-change", "status": "contingent", "effective_date": null, "moves_class": false, "accessibility_only": true } ], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 1 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "I", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "I", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "SG's own pending change is accessibility-only (contingent-not-class-change): it changes who may operate and which tokens are admissible within the live regime, without moving any feasibility class. Read SG's low class-sensitivity position as 'no class flip pending', not as 'nothing happening' (§3.10/§6). Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "HK": { "jurisdiction": "HK", "own_pending_events": [], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "I", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "I", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "HK has no class-moving or accessibility-changing pending event of its own. Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "CN": { "jurisdiction": "CN", "own_pending_events": [], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 0, "counterpart_driven_outbound": 1, "accessibility_only_own_events": 0 }, "inbound_reclassified": [], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "III", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "CN has no class-moving or accessibility-changing pending event of its own. Separately, 0 inbound and 1 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (1)." }, "BR": { "jurisdiction": "BR", "own_pending_events": [], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "BR has no class-moving or accessibility-changing pending event of its own. Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "CH": { "jurisdiction": "CH", "own_pending_events": [], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "I", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "I", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "CH has no class-moving or accessibility-changing pending event of its own. Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "AE": { "jurisdiction": "AE", "own_pending_events": [], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "AE has no class-moving or accessibility-changing pending event of its own. Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "JP": { "jurisdiction": "JP", "own_pending_events": [ { "event_id": "jp-act66-2025-full-enforcement", "title": "Japan Act No. 66 of 2025 full enforcement (trust-type reserve relaxation)", "trigger_kind": "dated-empty-effect", "status": "in_force", "effective_date": "2026-06-01", "moves_class": false, "accessibility_only": true }, { "event_id": "jp-foreign-stablecoin-recognition", "title": "Japan recognises equivalent foreign trust-type stablecoins as Electronic Payment Instruments (Cabinet Office Ordinance)", "trigger_kind": "inbound-recognition", "status": "in_force", "effective_date": "2026-06-01", "moves_class": false, "accessibility_only": true } ], "summary": { "own_driven_inbound": 0, "own_driven_outbound": 0, "counterpart_driven_inbound": 2, "counterpart_driven_outbound": 4, "accessibility_only_own_events": 2 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "III", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "II", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" }, { "counterpart": "TW", "from": "T", "to": "II", "via_trigger": "tw-vas-act-enacted", "trigger_jurisdiction": "TW", "timing": "contingent (if enacted)" }, { "counterpart": "UK", "from": "T", "to": "I", "via_trigger": "uk-systemic-regime-operative", "trigger_jurisdiction": "UK", "timing": "scheduled 2027-10-25" }, { "counterpart": "US", "from": "T", "to": "II", "via_trigger": "us-genius-act-effective", "trigger_jurisdiction": "US", "timing": "scheduled ≤2027-01-18 (outer cap)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "TW", "edges_affected": 2, "inbound": 1, "outbound": 1 }, { "counterpart": "UK", "edges_affected": 1, "inbound": 0, "outbound": 1 }, { "counterpart": "US", "edges_affected": 1, "inbound": 0, "outbound": 1 } ], "supervisor_reading": "JP's own pending change is accessibility-only (dated-empty-effect, inbound-recognition): it changes who may operate and which tokens are admissible within the live regime, without moving any feasibility class. Read JP's low class-sensitivity position as 'no class flip pending', not as 'nothing happening' (§3.10/§6). Separately, 2 inbound and 4 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2), TW (2), UK (1), US (1)." }, "TW": { "jurisdiction": "TW", "own_pending_events": [ { "event_id": "tw-vas-act-enacted", "title": "Taiwan Virtual Asset Service Act commencement (subsidiary legislation brings the issuer regime into force)", "trigger_kind": "enacted-not-commenced", "status": "contingent", "effective_date": null, "moves_class": true, "accessibility_only": false } ], "summary": { "own_driven_inbound": 9, "own_driven_outbound": 9, "counterpart_driven_inbound": 1, "counterpart_driven_outbound": 1, "accessibility_only_own_events": 0 }, "inbound_reclassified": [ { "counterpart": "KR", "from": "III", "to": "T", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" } ], "outbound_reclassified": [ { "counterpart": "KR", "from": "pre_regime", "to": "III", "via_trigger": "kr-daba-enacted", "trigger_jurisdiction": "KR", "timing": "contingent (if enacted)" } ], "counterpart_exposure": [ { "counterpart": "KR", "edges_affected": 2, "inbound": 1, "outbound": 1 } ], "supervisor_reading": "TW's own pending trigger reclassifies 9 inbound and 9 outbound corridor(s). (Enacted-not-commenced; two outbound edges — TW→CN, TW→KR — are held by their destinations and do not move.) Separately, 1 inbound and 1 outbound corridor(s) reclassify when counterparts enact. Most exposed counterpart(s): KR (2)." }, "KR": { "jurisdiction": "KR", "own_pending_events": [ { "event_id": "kr-daba-enacted", "title": "Korea Digital Asset Basic Act enacted + commenced (won-stablecoin issuer regime live)", "trigger_kind": "contingent-no-date", "status": "contingent", "effective_date": null, "moves_class": true, "accessibility_only": false } ], "summary": { "own_driven_inbound": 11, "own_driven_outbound": 10, "counterpart_driven_inbound": 0, "counterpart_driven_outbound": 0, "accessibility_only_own_events": 0 }, "inbound_reclassified": [], "outbound_reclassified": [], "counterpart_exposure": [], "supervisor_reading": "KR's own pending trigger reclassifies 11 inbound and 10 outbound corridor(s)." } } }, "verification_ledger": { "schema": "cbsr/verification_ledger", "version": "v0.11.0", "performed_by": "external review (web retrieval against official sources), 2026-06-27", "discipline": "Citability is capped by the binding status of the cited instrument, independent of whether the official text was located. resolution_text is applied ONLY where binding_status==in_force_enacted AND the proposition was confirmed against official text. made_not_commenced / finalized_policy_pending / pending_proposal cells receive the official URL + binding_status but are held at firm_summary; prohibition cells stay unset.", "buckets": { "EU": "in_force_enacted", "US": "mixed", "UK": "made_not_commenced", "HK": "in_force_enacted", "SG": "split", "CN": "prohibition", "BR": "in_force_enacted", "TW": "split", "KR": "split" }, "clusters": { "EU": { "instrument": "MiCA — Regulation (EU) 2023/1114", "binding_status": "in_force_enacted", "official_url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "note": "Fully applicable 30 Dec 2024; Titles III/IV (ARTs/EMTs) from 30 Jun 2024." }, "US": { "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "mixed", "official_url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "note": "GENIUS enacted and in force; the OCC/FDIC NPRMs and CLARITY Act are pending and NOT law." }, "UK": { "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "note": "SI 2026/102 made 4 Feb 2026; FULL COMMENCEMENT 25 Oct 2027. Not in-force law yet." }, "HK": { "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "note": "Gazetted commencement 1 Aug 2025; s.8(1) licensing offence in force." }, "SG": { "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "split", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "note": "PS Act 2019 (DPT licensing, AML/travel-rule) in force; SCS-specific framework is finalized MAS policy still awaiting implementing legislation (expected mid-2026)." }, "CN": { "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml", "note": "Confirmed against csrc.gov.cn original-language official text. 42号 (6 Feb 2026) repealed the 2021 Notice and continues the total-prohibition stance, adding a written overseas RMB-pegged-stablecoin issuance ban and RWA rules." }, "BR": { "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "note": "Confirmed against original-language official text (BCB normativos + Lei 14.478). Enacted and in force 2 Feb 2026; Res 521 FX reporting from 4 May 2026." }, "TW": { "instrument": "VASP AML registration (in force 30 Nov 2024); Virtual Asset Service Act (bill)", "binding_status": "split", "official_url": null, "note": "AML registration in force; VAS Act is a draft bill. Original-language text not line-verified." }, "KR": { "instrument": "Virtual Asset User Protection Act (in force 19 Jul 2024); Digital Asset Basic Act (bill)", "binding_status": "split", "official_url": null, "note": "VAUPA in force; DABA is a draft bill. Original-language text not line-verified." } }, "entries": [ { "cell": "eu-emt-permitted_activity_yield-001", "jurisdiction": "EU", "instrument": "MiCA — Regulation (EU) 2023/1114", "binding_status": "in_force_enacted", "official_url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "Art. 50 (no interest paid to EMT holders)", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed against the official MiCA text: Art. 50 prohibits interest to EMT holders." }, { "cell": "eu-emt-monetary_sovereignty-001", "jurisdiction": "EU", "instrument": "MiCA — Regulation (EU) 2023/1114", "binding_status": "in_force_enacted", "official_url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "Art. 58(3) (applying Art. 23 mutatis mutandis to non-EU-currency EMTs)", "verdict": "confirmed_with_refinement", "applied_tier": "resolution_text", "status_after": "in_force", "note": "LABEL RECONCILED: the operative pinpoint, the requirement summary, and source.primary now all read Art. 58(3) (which applies the Art. 23 thresholds mutatis mutandis to non-EU-currency EMTs); the summary and primary previously read bare 'Article 23'. SIGNALS and the corridor records already cite Art. 58(3), so this reconciles the cell across all three fields." }, { "cell": "eu-emt-regulatory_authority-001", "jurisdiction": "EU", "instrument": "MiCA — Regulation (EU) 2023/1114", "binding_status": "in_force_enacted", "official_url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "Titles III/IV; EBA/ESMA/NCA supervisory architecture", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: MiCA Titles III/IV and the EBA/ESMA/NCA architecture." }, { "cell": "eu-emt-reserve_backing-001", "jurisdiction": "EU", "instrument": "MiCA — Regulation (EU) 2023/1114", "binding_status": "in_force_enacted", "official_url": "https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng", "pinpoint": "reserve composition set in MiCA + Level-2 RTS; deposit-% pinpoint pending RTS line-read", "verdict": "not_line_verified", "applied_tier": "firm_summary", "status_after": "in_force", "note": "HELD at firm_summary: MiCA is in force, but the deposit-percentage figures (EMT >=60% / ART >=30% bank deposits) are set in the Level-2 RTS and were NOT line-verified against the article text in this pass." }, { "cell": "us-pss-permitted_activity_yield-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "pinpoint": "GENIUS Act Sec. 4(a)(11) (no interest/yield in connection with holding, use, or retention)", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: the Federal Register implementation notice quotes Sec. 4(a)(11) verbatim and matches the cell pinpoint. GENIUS is enacted and in force (status corrected proposed->in_force). LIVE DEVELOPMENT (Jun 2026): the Senate Banking Committee's CLARITY substitute (advanced 15-9 on 14 May 2026; placed on the Senate Legislative Calendar as Calendar No. 423 on 1 Jun 2026) carries the Tillis-Alsobrooks stablecoin-yield compromise, which prohibits digital-asset service providers from offering interest or yield for merely holding a stablecoin balance but allows stablecoin rewards and activity-linked incentives. That is the intermediary-layer (CLARITY Sec. 404) extension of the GENIUS issuer-level prohibition, and it supports this cell's standing position that user-initiated, activity-linked routing falls outside the holding prohibition. It is not yet law: the bill still needs Senate floor passage, reconciliation with the Senate Agriculture and House versions, and signature (see the contingent us-clarity-act-enacted event in the time engine)." }, { "cell": "us-pss-securities_classification-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "pinpoint": "GENIUS Act securities carve-out (amending the '33/'34 Acts and ICA40 for permitted payment stablecoins)", "verdict": "confirmed_carveout", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: GENIUS carves permitted-issuer payment stablecoins out of the securities laws (enacted). The Reves analysis is common-law backdrop; the CLARITY provisions are a pending bill, excluded. Status corrected proposed->in_force." }, { "cell": "us-pss-reserve_backing-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "pinpoint": "GENIUS Act Sec. 4(a)(1) (1:1 fair-value backing of outstanding payment stablecoins)", "verdict": "confirmed_statute_only", "applied_tier": "resolution_text", "status_after": "in_force", "note": "SPLIT per verification: the citable proposition is the enacted 1:1 backing (Sec. 4(a)(1)); the 12 CFR Sec. 15.11(b) permissible-asset detail is an OCC NPRM (proposed), moved out of the citation into a flagged pending overlay. Status corrected proposed->in_force for the 1:1." }, { "cell": "us-pss-issuer_pathway-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": "https://www.congress.gov/bill/119th-congress/senate-bill/1582/text", "pinpoint": "GENIUS Act Sec. 3-4 (permitted payment stablecoin issuers: IDI subsidiaries; OCC-qualified non-banks; certified state regimes)", "verdict": "confirmed_genius_part", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: GENIUS issuer eligibility (Sec. 3-4) is enacted. The cell's CLARITY Sec. 404 reference is a pending House bill, flagged out of the citable proposition." }, { "cell": "us-pss-capital_requirements-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "pending_proposal", "official_url": "https://www.federalregister.gov/documents/2025/09/19/2025-18226/genius-act-implementation", "pinpoint": "capital left to OCC/FDIC rulemaking; figures from the OCC/FDIC NPRM (proposed)", "verdict": "rests_on_proposed_rule", "applied_tier": "firm_summary", "status_after": "proposed", "note": "HELD below resolution_text: GENIUS leaves capital to rulemaking; the figures (min greater of $5m or chartering amount) come from the OCC/FDIC NPRM (proposed), not final law." }, { "cell": "us-pss-bank_nonbank_routing-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "pending_proposal", "official_url": null, "pinpoint": "CLARITY Act Sec. 404 covered-party definition (H.R.3633, House-passed, not enacted)", "verdict": "rests_on_pending_bill", "applied_tier": "firm_summary", "status_after": "proposed", "note": "HELD below resolution_text: bank/non-bank routing rests on the CLARITY Act, a House-passed bill, not enacted law." }, { "cell": "us-pss-monetary_sovereignty-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "Foreign payment stablecoin issuers — comparability determination and registration", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "GENIUS framework (no non-USD usage cap); binding status recorded; not separately line-verified in this pass." }, { "cell": "us-pss-cross_border_data-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "AML/sanctions perimeter; cross-border information-sharing", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "US data/AML framework in force; binding status recorded; not separately line-verified." }, { "cell": "us-pss-disclosure_reporting-001", "jurisdiction": "US", "instrument": "GENIUS Act (Pub. L., signed 18 Jul 2025); OCC/FDIC NPRMs + CLARITY Act (H.R.3633) pending", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "Monthly reserve certification and disclosure; supervisory reporting", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "GENIUS disclosure/reporting framework; binding status recorded; not separately line-verified." }, { "cell": "uk-frs-issuer_pathway-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "reg 9M(2) (issuing a qualifying stablecoin; all three limbs) vs HMT policy note (any one limb)", "verdict": "confirmed_instrument_interpretive_tension_real", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text: SI 2026/102 reg 9M is real and confirmed and the three-limbs-vs-one-limb tension is genuine, BUT the regime is NOT yet operative — full commencement 25 Oct 2027. Made law, not yet in force. Status corrected in_force->transitional." }, { "cell": "uk-frs-regulatory_authority-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "FCA/BoE supervisory architecture under FSMA 2000 (as amended by SI 2026/102)", "verdict": "made_not_in_force", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text: the supervisory architecture is established by SI 2026/102, which is made but commences 25 Oct 2027. Backing record for the scheduled UK commencement event." }, { "cell": "uk-frs-reserve_backing-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "1:1 backing; CIS/AIF carve-out for backing assets", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "transitional", "note": "Reserve/backing under SI 2026/102 + FCA rules; made-not-commenced (operative 2027-10-25); held below resolution_text." }, { "cell": "uk-frs-custody-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "Custody — 24-hour rule; safeguarding licence for regulated custodians", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "transitional", "note": "Custody under SI 2026/102 + FCA rules; made-not-commenced; held below resolution_text." }, { "cell": "uk-frs-redemption-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "Redemption — issuer-controlled; backing-asset trust structure", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "proposed", "note": "Redemption rules; made-not-commenced (operative 2027-10-25); held below resolution_text." }, { "cell": "uk-frs-capital_requirements-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA PS26/10; Bank of England June 2026 draft Code", "binding_status": "made_not_commenced", "official_url": "https://www.fca.org.uk/publication/policy/ps26-10.pdf", "pinpoint": "FCA PS26/10 Summary and Chapters 2-3; detailed capital-rule mapping pending", "verdict": "official_lead_confirmed_mapping_pending", "applied_tier": "unverified", "status_after": "transitional", "note": "FCA PS26/10 is official and published; the record remains unverified and non-current until a named primary reviewer maps the made rules and an independent reviewer reconciles the proposition." }, { "cell": "uk-frs-permitted_activity_yield-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "pending_proposal", "official_url": null, "pinpoint": "BoE Nov 2025 backing-split / pass-through position; FCA rules pending", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "consultation", "note": "Yield/distribution treatment rests on FCA consultation; pending." }, { "cell": "uk-frs-distribution-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "pending_proposal", "official_url": "", "pinpoint": "Distribution — offshore 'involved' test; UKQS financial-promotions carve-out; payments amendment", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "proposed", "note": "Distribution rules rest on FCA consultation; pending." }, { "cell": "uk-frs-cross_border_data-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": "https://www.legislation.gov.uk/uksi/2026/102/contents/made", "pinpoint": "Cross-border transfer — adequacy / IDTA / UK Addendum to EU SCCs", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "Cross-border/data under the FSMA 2026 perimeter; made-not-commenced." }, { "cell": "uk-frs-aml_kyc-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "in_force_enacted", "official_url": "", "pinpoint": "AML/KYC — full FSMA scope; MLR registration regime superseded", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "transitional", "note": "MLRs 2017 AML baseline IS in force (distinct from the not-yet-commenced FSMA 2026 stablecoin regime); binding status recorded." }, { "cell": "uk-frs-securities_classification-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": null, "pinpoint": "Regulated-activity perimeter for stablecoins vs. the investment (securities) heads", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "Securities/RAO treatment under the FSMA 2026 perimeter; made-not-commenced." }, { "cell": "uk-frs-bank_nonbank_routing-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": null, "pinpoint": "Authorized-firm issuance; FCA conduct vs. BoE systemic split", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "Bank/non-bank routing under the FSMA 2026 perimeter; made-not-commenced." }, { "cell": "uk-frs-monetary_sovereignty-001", "jurisdiction": "UK", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102; FCA CP25/14, CP25/15", "binding_status": "made_not_commenced", "official_url": null, "pinpoint": "Monetary-sovereignty treatment of foreign tokens — pending systemic-regime operation", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "transitional", "note": "Monetary-sovereignty treatment under the FSMA 2026 perimeter; made-not-commenced (the time engine owns the 2027-10-25 flip)." }, { "cell": "hk-frs-permitted_activity_yield-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "Sch. 2 s.15 (no interest on issued stablecoins)", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed against the Ordinance: Sch. 2 s.15 prohibits interest on issued stablecoins." }, { "cell": "hk-frs-reserve_backing-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "100% backing; same-currency reserve with HKD/USD exception; segregation/trust", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: statutory 100% backing + trust/segregation; the HKD-can-be-USD exception is confirmed." }, { "cell": "hk-frs-redemption-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "par redemption within 1 business day", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: par redemption within one business day." }, { "cell": "hk-frs-capital_requirements-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "HK$25m paid-up capital (statutory)", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed for the statutory HK$25m paid-up minimum. The HK$3m liquid-asset and 12-month-opex figures are HKMA Guideline detail (guidance)." }, { "cell": "hk-frs-monetary_sovereignty-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "offshore HKD-referencing issuance is licensable; non-HKD FRS offering limited", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: offshore HKD-referencing issuance is licensable; non-HKD FRS offering is limited." }, { "cell": "hk-frs-issuer_pathway-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "licensable regulated activities; s.8(1) licensing offence", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: the licensable-activities perimeter and the s.8(1) licensing offence." }, { "cell": "hk-frs-regulatory_authority-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "HKMA as the licensing/supervisory authority", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: HKMA authority under the Ordinance." }, { "cell": "hk-frs-distribution-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "permitted-offeror closed loop; HK$5m / 7-year offence", "verdict": "confirmed", "applied_tier": "resolution_text", "status_after": "in_force", "note": "Confirmed: the permitted-offeror closed loop and the HK$5m / 7-year distribution offence." }, { "cell": "hk-frs-aml_kyc-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "AMLO + Ordinance AML obligations on licensees", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "PROMOTED to firm_summary: HK AML obligations rest on the AMLO + the Ordinance (in force); not separately line-verified to the AML pinpoint in this pass." }, { "cell": "hk-frs-cross_border_data-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": "https://www.elegislation.gov.hk/hk/cap656", "pinpoint": "PDPO (Cap. 486) data obligations; HKMA outsourcing/data guidance", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "PROMOTED to firm_summary: HK data obligations rest on the PDPO (in force); not separately line-verified." }, { "cell": "hk-frs-securities_classification-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "HKMA stablecoin perimeter vs. the SFO securities/futures definitions", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "HK securities classification (SFO backdrop); binding status recorded; remains firm_summary." }, { "cell": "hk-frs-bank_nonbank_routing-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "Licensing of issuers (bank and non-bank); not bank-only", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "HK bank/non-bank routing under the Ordinance; binding status recorded; remains firm_summary." }, { "cell": "hk-frs-disclosure_reporting-001", "jurisdiction": "HK", "instrument": "Stablecoins Ordinance (Cap. 656) + HKMA Guidelines", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "Disclosure, reserve attestation and supervisory reporting", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "HK disclosure/reporting under the Ordinance + HKMA Guideline; binding status recorded; remains firm_summary." }, { "cell": "sg-scs-aml_kyc-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "in_force_enacted", "official_url": "", "pinpoint": "PS Act 2019 DPT licensing; MAS Notices PSN02/PSN03 (AML/CFT, travel rule)", "verdict": "confirmed_in_force_baseline", "applied_tier": "firm_summary", "status_after": "in_force", "note": "PROMOTED to firm_summary: the PS Act 2019 DPT AML baseline IS in force (resolution_text-eligible per the verification), held at firm_summary pending capture of the official PS Act text URL." }, { "cell": "sg-scs-regulatory_authority-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "MAS authority under the Payment Services Act 2019", "verdict": "confirmed_in_force_baseline", "applied_tier": "firm_summary", "status_after": "in_force", "note": "PROMOTED to firm_summary: MAS authority under the PS Act 2019 is in force; held at firm_summary pending capture of the official PS Act text URL." }, { "cell": "sg-scs-reserve_backing-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: 100% reserve in low-risk assets", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute." }, { "cell": "sg-scs-redemption-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: redemption at par within 5 business days", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute." }, { "cell": "sg-scs-permitted_activity_yield-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute." }, { "cell": "sg-scs-securities_classification-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: 'MAS-regulated stablecoin' label vs DPT classification", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute." }, { "cell": "sg-scs-capital_requirements-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: base capital and liquid-asset requirements", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute." }, { "cell": "sg-scs-distribution-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: label/disclosure on distribution", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "HELD below resolution_text and status corrected to transitional: an SCS-FRAMEWORK requirement (finalized MAS policy, 15 Aug 2023) whose implementing legislation is still being drafted (expected mid-2026) — finalized policy, not enacted statute." }, { "cell": "sg-scs-monetary_sovereignty-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "https://www.mas.gov.sg/news/media-releases/2023/mas-finalises-stablecoin-regulatory-framework", "pinpoint": "SCS framework: SGD/G10 label scope; foreign-pegged tokens treated as ordinary DPTs", "verdict": "rests_on_finalized_policy_not_statute", "applied_tier": "firm_summary", "status_after": "transitional", "note": "Status corrected to transitional: the SGD/G10 SCS-label scope is part of the finalized-policy-pending SCS framework. The underlying 'foreign-pegged tokens circulate as ordinary DPTs / no aggregate cap' posture is PS-Act baseline (in force), noted in the flag." }, { "cell": "sg-scs-issuer_pathway-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "", "pinpoint": "SCS framework — peg scope (SGD/G10, Singapore-issued); MPI licence > S$5m; Singapore incorporation", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "transitional", "note": "The SCS issuer scope is finalized-policy-pending, BUT the operative DPT licensing pathway under the PS Act 2019 is in force (status left transitional, NOT proposed — SG is a live regime, not pre-regime)." }, { "cell": "sg-scs-implementation_status-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "finalized_policy_pending", "official_url": "", "pinpoint": "Implementation timeline — PSA 2020; SCS Aug 2023; DTSP Jun 2025; full SCS mid-2026", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "transitional", "note": "SCS framework implementation pending legislation (expected mid-2026); operational record." }, { "cell": "sg-scs-cross_border_data-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "in_force_enacted", "official_url": "", "pinpoint": "PDPA cross-border transfer safeguards; MAS data-hosting guidelines", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "SG cross-border data (PDPA) baseline in force; binding status recorded." }, { "cell": "sg-scs-bank_nonbank_routing-001", "jurisdiction": "SG", "instrument": "Payment Services Act 2019 (enacted) + MAS Single-Currency Stablecoin Framework (finalized policy, pending legislation)", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "Eligible issuers (banks / major payment institutions); reserve segregation", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "SG bank/non-bank routing under the PS Act baseline; binding status recorded." }, { "cell": "cn-prc-issuer_pathway-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml", "pinpoint": "银发〔2026〕42号 (virtual-currency-related business activities in the PRC are illegal financial activities, strictly prohibited; the prohibited act is upgraded from '代币发行融资' (token-offering financing, 2021) to '发行虚拟货币' (issuing virtual currency), now reaching non-fundraising / airdrop / utility issuance)", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Chinese): operative-instrument citation updated to 银发〔2026〕42号, which repealed the 2021 Notice and broadened the issuance prohibition. No domestic issuance pathway exists; CN stays the prohibition pole." }, { "cell": "cn-prc-regulatory_authority-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml", "pinpoint": "银发〔2026〕42号 (a coordinated multi-agency prohibition perimeter; eight ministries plus the cyberspace administration and the two supreme judicial organs)", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Chinese): citation updated to the in-force 银发〔2026〕42号 (repealing 银发〔2021〕237号)." }, { "cell": "cn-prc-capital_requirements-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "", "pinpoint": "Capital — N/A domestically; indirect HK HK$25m + SAFE registration + consolidation", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition)." }, { "cell": "cn-prc-reserve_backing-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "", "pinpoint": "Reserve — N/A domestically; indirect HK pathway + A-share consolidation", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition)." }, { "cell": "cn-prc-permitted_activity_yield-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": null, "pinpoint": "Prohibition context — no permitted issuer to which a yield rule could attach", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition)." }, { "cell": "cn-prc-securities_classification-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml", "pinpoint": "银发〔2026〕42号 (token issuance treated as illegal public fundraising / illegal financial activity); CSRC 公告〔2026〕1号 (RWA asset-backed-securities-token guidance: filing system + negative list for onshore-asset offshore ABS-token issuance)", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Chinese): added the CSRC 公告〔2026〕1号 RWA ABS-token guidance issued alongside 42号; citation updated." }, { "cell": "cn-prc-distribution-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml", "pinpoint": "Domestic distribution prohibited; three indirect-pathway constraint layers (A-share / SAFE / PBOC-CAC)", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Chinese): the unpublished 2025 PBOC/CAC signalling is now written law (银发〔2026〕42号)." }, { "cell": "cn-prc-monetary_sovereignty-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": "https://www.csrc.gov.cn/csrc/c100028/c7614318/content.shtml", "pinpoint": "银发〔2026〕42号 — 未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币 (no entity, domestic or overseas, may issue RMB-pegged stablecoins overseas without approval); 境内主体及其控制的境外主体不得在境外发行虚拟货币 (PRC-controlled entities may not issue virtual currencies abroad); RWA tokenisation restrictions", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Chinese) — MATERIAL CURRENCY FIX: the previously cited basis ('PBOC October 2025 verbal guidance') is replaced. The RMB-pegged-stablecoin prohibition is now WRITTEN, in-force law: 银发〔2026〕42号 (6 Feb 2026), confirmed against the csrc.gov.cn official text, which also explicitly repealed the 2021 Notice (银发〔2021〕237号同时废止). Substance unchanged: CN remains the prohibition pole; this is a provenance + currency correction, not a re-classification." }, { "cell": "cn-prc-bank_nonbank_routing-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "prohibition", "official_url": null, "pinpoint": "Absence of a compliant issuance/routing architecture", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "Prohibition/absence-of-regime cell: the 2017/2021 Notices establish a prohibition; there is no affirmative permitted-activity rule to confirm, so this stays unset (not promotable to resolution_text as a positive proposition)." }, { "cell": "cn-prc-cross_border_data-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "in_force_enacted", "official_url": null, "pinpoint": "PIPL three-gate outbound transfer; DSL important-data review; March 2024 threshold relief; FTZ negative lists", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "PIPL/DSL/CAC data regime is in force, but the specific outbound-transfer thresholds were NOT line-verified against original-language official text in this pass; kept unset." }, { "cell": "cn-prc-aml_kyc-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "in_force_enacted", "official_url": "", "pinpoint": "AML — PRC AML Law; PBOC AML/CFT; crypto AML scrutiny under 94 公告", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "PIPL/DSL/CAC data regime is in force, but the specific outbound-transfer thresholds were NOT line-verified against original-language official text in this pass; kept unset." }, { "cell": "cn-prc-implementation_status-001", "jurisdiction": "CN", "instrument": "《关于进一步防范和处置虚拟货币等相关风险的通知》(银发〔2026〕42号, eff. 6 Feb 2026; repealed 银发〔2021〕237号) + 2017 ICO Notice (94公告) + CSRC 公告〔2026〕1号", "binding_status": "no_regime", "official_url": "", "pinpoint": "Implementation timeline — stable prohibition; 2017-2026 milestones", "verdict": "binding_status_recorded", "applied_tier": "unverified", "status_after": "in_force", "note": "No affirmative issuance regime exists in the PRC (operational/absence record)." }, { "cell": "br-vasp-permitted_activity_yield-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (VASPs may not offer credit to clients or raise funds from the public except via share issuance; client virtual assets may not be used for proprietary operations except staking and qualified/professional-investor transactions)", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): binding_status corrected pending_proposal -> in_force_enacted. Res BCB 520/2025 (in force 2 Feb 2026) confirmed against official text: it prohibits credit offering and public fundraising except by share issuance and restricts client-asset use to staking / qualified-investor transactions. Held at firm_summary because the specific stablecoin yield PASS-THROUGH question (whether a compliant issuer may pass reserve yield to holders) remains unsettled pending further BCB rulemaking." }, { "cell": "br-vasp-aml_kyc-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (PLD/FTP obligations on SPSAVs; ≥3 responsible administrators including AML/CFT; GAFI Recs 15-16 alignment); Lei 14.478/2022", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-regulatory_authority-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "pinpoint": "Lei 14.478/2022 arts. 2-9; Decreto 11.563/2023 (BCB designated competent authority for virtual-asset services; CVM retains jurisdiction over tokens that are securities)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-issuer_pathway-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=519", "pinpoint": "Lei 14.478/2022 (BCB authorisation required to provide virtual-asset services); Res BCB 519/2025 (authorisation process); Res BCB 520/2025 Art. 4 (three SPSAV modalities: intermediária, custodiante, corretora), Art. 14 (sociedade limitada/anônima; ≥3 administrators; head office in Brazil); authorisation deadline 30 Oct 2026 (270 days)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-capital_requirements-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=517", "pinpoint": "Resolução Conjunta CMN/BCB nº 14/2025 + Res BCB nº 517/2025 (both 3 Nov 2025): minimum capital R$10,800,000 to R$37,200,000 scaled by the set of activities performed", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-custody-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (patrimonial segregation: client funds in individualised payment/deposit accounts; client virtual assets in segregated wallets; foreign-custodian conditions — home-country authorisation/supervision, Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-reserve_backing-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 Art. 2, III (reserve assets of a fiat-referenced token = the fiduciary currency and public debt issued by the same governments); Arts. 64+ (asset curation; algorithmic-stablecoin prohibition; proof of reserves)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-securities_classification-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.planalto.gov.br/ccivil_03/_ato2019-2022/2022/lei/l14478.htm", "pinpoint": "Lei 14.478/2022; Decreto 11.563/2023 (BCB over payment/VASP activity; CVM jurisdiction preserved over tokens with securities characteristics)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-cross_border_data-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521", "pinpoint": "Res BCB 521 — per-operation caps (USD 100k SPSAV / USD 500k FX-FI when counterparty not FX-authorised); amends the Res 277/278/279 FX trio, inserting Art. 76-A into Res 277/2022 as the câmbio-inclusion hook (legal base: Lei 14.286/2021)", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "in_force", "note": "Lei 14.478/2022 is enacted framework law (binding status recorded); original-language text not line-verified in this pass, so the cell stays firm_summary." }, { "cell": "br-vasp-monetary_sovereignty-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=521", "pinpoint": "Res BCB 521/2025 (amends Res 277/278/279 of 31 Dec 2022): virtual-asset services brought into the FX market — international payments/transfers, stablecoin trades, and payment of expenses abroad treated as câmbio operations; monthly reporting to the BCB from 4 May 2026", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-disclosure_reporting-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 (proof of reserves; periodic audits; transparent information flows); Res BCB 521/2025 (monthly FX-operations reporting from 4 May 2026)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "br-vasp-bank_nonbank_routing-001", "jurisdiction": "BR", "instrument": "Lei 14.478/2022 + Res BCB 519/520/521 (in force 2 Feb 2026) + Res Conjunta CMN/BCB 14/2025 + Res BCB 517/2025 + Decreto 11.563/2023", "binding_status": "in_force_enacted", "official_url": "https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolução BCB&numero=520", "pinpoint": "Res BCB 520/2025 Art. 20 (besides SPSAVs, only commercial/exchange/investment/multiple banks, Caixa, CTVM/DTVM and FX brokers may provide intermediation/custody, with restrictions); Art. 4 (SPSAV modalities)", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Portuguese): confirmed against the official BCB text. The Lei 14.478/2022 framework as implemented by Res BCB 519/520/521 (in force 2 Feb 2026) is enacted law, so this cell is promoted to resolution_text." }, { "cell": "tw-frs-issuer_pathway-001", "jurisdiction": "TW", "instrument": "VASP AML registration (in force 30 Nov 2024); Virtual Asset Service Act (promulgated 22 Jul 2026; commencement mapping pending)", "binding_status": "made_not_commenced", "official_url": "https://www.president.gov.tw/File/Doc/69812613-22f1-4288-940e-c40903b232e1", "pinpoint": "Presidential Gazette No. 7872, pp. 2-22; stablecoin provisions and commencement require independent mapping", "verdict": "official_promulgation_confirmed_mapping_pending", "applied_tier": "firm_summary", "status_after": "transitional", "note": "Presidential Gazette No. 7872 confirms promulgation on 22 Jul 2026. The record remains firm_summary and non-current: article-level commencement, subordinate rules and independent review are not complete. The in-force VASP-AML registration layer is recorded separately." }, { "cell": "kr-frs-issuer_pathway-001", "jurisdiction": "KR", "instrument": "Virtual Asset User Protection Act (in force 19 Jul 2024); Digital Asset Basic Act (bill)", "binding_status": "pending_proposal", "official_url": "https://opinion.lawmaking.go.kr/gcom/nsmLmSts/out/2210736/detailRP", "pinpoint": "Issuer pathway — won-issuance effectively prohibited; future eligibility contested (BOK vs FSC); NOT in force", "verdict": "binding_status_recorded", "applied_tier": "firm_summary", "status_after": "proposed", "note": "The KR issuer regime rests on the draft Digital Asset Basic Act (a bill); kept proposed. The in-force VAUPA layer is recorded separately." }, { "cell": "kr-frs-implementation_status-001", "jurisdiction": "KR", "instrument": "Virtual Asset User Protection Act (in force 19 Jul 2024); Digital Asset Basic Act (bill)", "binding_status": "in_force_enacted", "official_url": "https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=261099", "pinpoint": "Timeline — VAUPA in force 19 Jul 2024; DABA pending (off subcommittee 12 May 2026; H2 2026 goal, uncertain)", "verdict": "binding_status_recorded", "applied_tier": "mixed", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Korean): the in-force VAUPA layer and the pending DABA bills are accurately represented. The earlier 'off the subcommittee agenda (12 May 2026)' wording is softened: sources show the bills remained in the subcommittee in late Apr 2026, so the exact procedural status was not clearly borne out. Overall characterisation (pending, H2 2026 goal, uncertain) is confirmed." }, { "cell": "tw-frs-aml_kyc-001", "jurisdiction": "TW", "instrument": "VASP AML registration (in force 30 Nov 2024); Virtual Asset Service Act (bill)", "binding_status": "in_force_enacted", "official_url": "https://law.moj.gov.tw/", "pinpoint": "Money Laundering Control Act (洗錢防制法) Art. 6 (amended 31 Jul 2024); VASP registration regime in force 30 Nov 2024 (non-registration: up to 2 yr + NT$5m individuals / NT$50m entities); VASPs classified into 5 types", "verdict": "confirmed_against_official_text", "applied_tier": "resolution_text", "status_after": "in_force", "note": "NATIVE-LANGUAGE VERIFICATION (Chinese): confirmed against the official FSC text — the Money Laundering Control Act Art. 6 amendment and the VASP registration regime (in force 30 Nov 2024) are enacted and in force, so this cell is confirmed at resolution_text." } ] }, "computed_corridors_directed": { "schema": "cbsr-analysis/computed_corridors_directed", "generated": "2026-08-20", "register_version": "0.11.0", "source": "Unifies the register's own layers: authored corridors (root *.yaml), computed skeletons (analysis/computed_corridor_skeletons.json), and the event-calendar transition edges. No new facts; compatibility_category is taken from the §5.14 matrix.", "note": "Directed-edge interaction_sets are the Atlas per-direction refinement and may differ from the undirected §5.14 pair; only the compatibility_category is a hard cross-layer relationship and is enforced. From v0.10.0 every class_code is DERIVED, not authored: tools/class_rule.py:class_of applies the Corridor Atlas v0.2.5 destination-first precedence (prohibition > no-regime > origin-drag > in-transition > operative gate type) to data/signal_table.json, and tools/recompute_classes.py re-derives all 132 and diffs them against this artifact. `materialized_from` is a PRODUCTION-provenance partition (9 authored + 106 skeleton + 17 event-calendar transition edges) and is orthogonal to class: 25 edges now carry an as_of_timeline, not 17.", "coverage": { "edges_total": 132, "ordered_pairs_expected": 132, "authored": 9, "computed_skeleton": 106, "computed_transition": 17, "class_distribution": { "I": 32, "II": 24, "III": 29, "T": 25, "blocked": 11, "pre_regime": 11 }, "timeline_edges": 25 }, "provenance": { "clean": true, "basis": "Every class_code is recomputed from data/signal_table.json by the published rule tools/class_rule.py:class_of. The rule reads exactly two signals -- the destination's `inbound_gate` and the origin's `token_regime` -- both claim_class=tier1_legal, and never reads `token_in_issue` (tier2_operational). The signal-provenance guarantee is enforced by SIG1 and demonstrated empirically by `recompute_classes.py --prove-tier2-inert`, which flips every market signal and asserts no class moves. Each edge's class_basis records which precedence step decided it, on whose signal, resting on which instrument, at what binding_status.", "class_rule": "destination-first precedence (Corridor Atlas v0.2.5 §3.4/§4.1)", "signal_table": "analysis/signal_table.json", "record_ref": "132/132 edges carry a class_basis.record_ref into a published node record (123 of them at match=same_instrument); backlog VB-11 is closed for this register, because the 152 node records ARE shipped here and the locator can be supplied rather than declined. `match: related_dimension` marks a locator that is the right dimension but a different instrument from the one the class rests on; every such case, and every binding-status divergence between the signal and the record it cites, is emitted as a finding in analysis/signal_table.json:record_binding_findings rather than reconciled away." }, "cross_check": { "clean": true, "category_mismatches": [] }, "edges": [ { "corridor_id": "us-eu-usd-eur-settlement", "name": "United States -> European Union (USD->EUR settlement)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "EU", "direction": "directed", "currencies": "USD -> EUR", "feasibility_class": "Category I (dual authorization available) — scale-capped", "compatibility_category": "I/II", "compatibility_pair": "EU-US", "divergence": { "kind": "interaction_sets", "against_pair": "EU-US", "pair_interaction_sets": [ "B", "D" ], "edge_interaction_sets": [ "A", "C", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (US and EU)." }, "inbound_mechanism": { "test": "MiCA EMT authorization wall + Article 58(3) means-of-exchange cap", "detail": "A non-EUR token faces enhanced reporting and, once significant and used as a means of exchange, the Article 58(3) ceiling (one million transactions/day and EUR 200m/day — both thresholds, per MiCA Art. 23(1) applied mutatis mutandis; EBA operative methodology pending). A EUR sister EMT via a MiCA-authorized issuer avoids the cap.", "administrator": "EBA / national competent authorities" }, "note": "Demand is high and the corridor is operable, but the binding question is scale, not permission. A dollar token can be distributed via a MiCA-authorized issuer, yet once significant and used as a means of exchange it meets the Article 58(3) ceiling; the uncapped route is a euro sister token (Circle's euro authorization is the working example). An unauthorized dollar token cannot be lawfully distributed at all (the Tether delisting lesson).", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.1 (United States -> European Union)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (EU x US: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer" ], "materialized_from": "authored", "authored_source_file": "us-eu-usd-eur-settlement.yaml", "class_code": "I", "origin_drag": false, "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-uk-directed", "name": "US -> UK (USD->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "UK", "direction": "directed", "currencies": "USD -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I", "compatibility_pair": "UK-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "B", "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (US and UK)." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-sg-directed", "name": "US -> SG (USD->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "SG", "direction": "directed", "currencies": "USD -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "SG-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "US on Project Agora; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "us-hk-usd-hkd-settlement", "name": "United States -> Hong Kong SAR (USD->HKD settlement)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "HK", "direction": "directed", "currencies": "USD -> HKD", "feasibility_class": "Category I (dual authorization available)", "compatibility_category": "I/II", "compatibility_pair": "HK-US", "divergence": { "kind": "interaction_sets", "against_pair": "HK-US", "pair_interaction_sets": [ "A", "C" ], "edge_interaction_sets": [ "A", "C", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "US on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token anywhere; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or a partnership with a licensed issuer.", "administrator": "HKMA" }, "note": "A dollar issuer seeking Hong Kong distribution confronts a first cohort that is HKD-only and bank-led. There is no general inbound recognition of a foreign dollar token for payment use; the operator needs a later HKMA licence for a non-HKD product (timing not public) or a partnership with a licensed HK issuer. The regulatory corridor is the gating archetype; the settlement corridor is contingent on it.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.3 (United States -> Hong Kong SAR)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x HK: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer" ], "materialized_from": "authored", "authored_source_file": "us-hk-usd-hkd-settlement.yaml", "class_code": "I", "origin_drag": false, "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-cn-directed", "name": "US -> CN (USD->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "CN", "direction": "directed", "currencies": "USD -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-US", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "US on Project Agora; CN on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "us-br-directed", "name": "US -> BR (USD->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "BR", "direction": "directed", "currencies": "USD -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "US on Project Agora; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-ch-directed", "name": "US -> CH (USD->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "CH", "direction": "directed", "currencies": "USD -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (US and CH)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-ae-directed", "name": "US -> AE (USD->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "AE", "direction": "directed", "currencies": "USD -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "US on Project Agora; AE on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-jp-usd-jpy-settlement", "name": "United States -> Japan (USD->JPY settlement)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "JP", "direction": "directed", "currencies": "USD -> JPY", "feasibility_class": "Category II (channel determination required)", "compatibility_category": "I/II", "compatibility_pair": "JP-US", "divergence": { "kind": "interaction_sets", "against_pair": "JP-US", "pair_interaction_sets": [ "A", "C", "E", "F" ], "edge_interaction_sets": [ "A", "C" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (US and JP)." }, "inbound_mechanism": { "test": "Japan Electronic Payment Instruments inbound channel-determination", "detail": "Foreign token circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, with the foreign issuer not issuing/redeeming/soliciting to Japanese users (recognition + registration, not mutual recognition).", "administrator": "FSA / Local Finance Bureaus" }, "note": "A dollar issuer reaching into Japan does not meet automatic dual authorization; it meets a channel. A foreign-issued stablecoin circulates only via a registered EPIESP holding reserves in Japan equal to customer holdings, while the foreign issuer does not issue/redeem/solicit to Japanese users. The working example is USDC, admitted via SBI VC Trade (March 2025). Because the gating step is a recognition + registration channel-determination rather than mutual recognition, the corridor is Category II — the same class as entry into the US or the UAE — even though Japan is a fully live regime.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.18 (United States -> Japan)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer" ], "materialized_from": "authored", "authored_source_file": "us-jp-usd-jpy-settlement.yaml", "class_code": "II", "origin_drag": false, "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "us-tw-directed", "name": "US -> TW (USD->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "TW", "direction": "directed", "currencies": "USD -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "TW-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "US on Project Agora; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "us-kr-directed", "name": "US -> KR (USD->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "US", "destination": "KR", "direction": "directed", "currencies": "USD -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "KR-US", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (US and KR)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "eu-us-eur-usd-settlement", "name": "European Union -> United States (EUR->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "US", "direction": "directed", "currencies": "EUR -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "compatibility_category": "I/II", "compatibility_pair": "EU-US", "divergence": { "kind": "interaction_sets", "against_pair": "EU-US", "pair_interaction_sets": [ "B", "D" ], "edge_interaction_sets": [ "A", "C", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (EU and US)." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "note": "The asymmetric mirror of the dollar-into-Europe corridor, gated differently. A MiCA-authorized euro issuer does not thereby gain US access; entry turns on a §18 Treasury comparability determination, OCC registration, and US-held reserves. The §18 gate is not yet in force (§20: effective on the earlier of 2027-01-18 or final rules + 120 days), so the edge is regime-in-transition today and resolves to Category II on commencement. ‘No determination has been granted’ is a market observation; ‘the gate is not yet available’ is the proposition of law. The asymmetry is structural — the comparability gate is unilateral with no MiCA counterpart.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.2 (European Union -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (EU x US: Category I/II hybrid)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer", "directional_asymmetry" ], "materialized_from": "authored", "authored_source_file": "eu-us-eur-usd-settlement.yaml", "class_code": "T", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "eu-uk-directed", "name": "EU -> UK (EUR->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "UK", "direction": "directed", "currencies": "EUR -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I", "compatibility_pair": "EU-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (EU and UK)." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "eu-sg-directed", "name": "EU -> SG (EUR->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "SG", "direction": "directed", "currencies": "EUR -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "EU-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "EU on Project Agora; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "eu-hk-directed", "name": "EU -> HK (EUR->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "HK", "direction": "directed", "currencies": "EUR -> HKD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "EU-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "EU on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "eu-cn-directed", "name": "EU -> CN (EUR->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "CN", "direction": "directed", "currencies": "EUR -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-EU", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "EU on Project Agora; CN on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "eu-br-directed", "name": "EU -> BR (EUR->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "BR", "direction": "directed", "currencies": "EUR -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-EU", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "EU on Project Agora; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "eu-ch-directed", "name": "EU -> CH (EUR->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "CH", "direction": "directed", "currencies": "EUR -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-EU", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (EU and CH)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "eu-ae-directed", "name": "EU -> AE (EUR->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "AE", "direction": "directed", "currencies": "EUR -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-EU", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "EU on Project Agora; AE on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "eu-jp-directed", "name": "EU -> JP (EUR->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "JP", "direction": "directed", "currencies": "EUR -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "EU-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (EU and JP)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "eu-tw-directed", "name": "EU -> TW (EUR->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "TW", "direction": "directed", "currencies": "EUR -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "EU-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "EU on Project Agora; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "eu-kr-directed", "name": "EU -> KR (EUR->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "EU", "destination": "KR", "direction": "directed", "currencies": "EUR -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "EU-KR", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (EU and KR)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "uk-us-directed", "name": "UK -> US (GBP->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "US", "direction": "directed", "currencies": "GBP -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "class_code": "T", "compatibility_category": "I", "compatibility_pair": "UK-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (UK and US)." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "uk-eu-directed", "name": "UK -> EU (GBP->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "EU", "direction": "directed", "currencies": "GBP -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I", "compatibility_pair": "EU-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (UK and EU)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "uk-sg-directed", "name": "UK -> SG (GBP->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "SG", "direction": "directed", "currencies": "GBP -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "SG-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "UK on Project Agora; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "uk-hk-directed", "name": "UK -> HK (GBP->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "HK", "direction": "directed", "currencies": "GBP -> HKD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "HK-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "UK on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "uk-cn-directed", "name": "UK -> CN (GBP->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "CN", "direction": "directed", "currencies": "GBP -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-UK", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "UK on Project Agora; CN on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "uk-br-directed", "name": "UK -> BR (GBP->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "BR", "direction": "directed", "currencies": "GBP -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "UK on Project Agora; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "uk-ch-directed", "name": "UK -> CH (GBP->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "CH", "direction": "directed", "currencies": "GBP -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (UK and CH)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "uk-ae-directed", "name": "UK -> AE (GBP->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "AE", "direction": "directed", "currencies": "GBP -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "UK on Project Agora; AE on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "uk-jp-directed", "name": "UK -> JP (GBP->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "JP", "direction": "directed", "currencies": "GBP -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "JP-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (UK and JP)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "uk-tw-directed", "name": "UK -> TW (GBP->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "TW", "direction": "directed", "currencies": "GBP -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "TW-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "UK on Project Agora; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "uk-kr-directed", "name": "UK -> KR (GBP->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "UK", "destination": "KR", "direction": "directed", "currencies": "GBP -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "KR-UK", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (UK and KR)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "sg-us-directed", "name": "SG -> US (SGD->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "US", "direction": "directed", "currencies": "SGD -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "SG-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; US on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-eu-directed", "name": "SG -> EU (SGD->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "EU", "direction": "directed", "currencies": "SGD -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "EU-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; EU on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-uk-directed", "name": "SG -> UK (SGD->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "UK", "direction": "directed", "currencies": "SGD -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "SG-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; UK on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-hk-sgd-hkd-settlement", "name": "Singapore -> Hong Kong SAR (SGD->HKD settlement)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "HK", "direction": "directed", "currencies": "SGD -> HKD", "feasibility_class": "Category I (dual authorization available)", "compatibility_category": "I/II", "compatibility_pair": "HK-SG", "divergence": { "kind": "interaction_sets", "against_pair": "HK-SG", "pair_interaction_sets": [ "A", "F" ], "edge_interaction_sets": [ "A", "D" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "D" ], "infrastructure_overlap": { "bloc": "ensemble", "note": "HKMA Project Ensemble and MAS Project Guardian alignment (SG and HK); SG's formal Project Ensemble membership is a Tier-2 attribution pending primary verification (verification_backlog VB-02)." }, "inbound_mechanism": { "test": "HKMA fiat-referenced-stablecoin licence", "detail": "Licence required to issue in Hong Kong or to issue an HKD-referenced token; the first cohort is HKD-only and bank-led, so a non-HKD or crypto-native issuer needs a later licence or partnership.", "administrator": "HKMA" }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": "The June 2025 MAS Digital Token Service Provider statement constrains unlicensed Singapore-based operations serving offshore customers, so the origin co-governs an otherwise destination-gated edge." }, "note": "The most institutionally supported corridor in the Atlas: MAS and HKMA have a banking-supervision MoU and align Project Guardian with Project Ensemble, so the tokenized-asset and digital-financial archetypes are unusually live. Even so, a MAS-regulated single-currency stablecoin must be issued in Singapore and an HKD product still requires an HKMA licence, so dual authorization remains the baseline despite the cooperation.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.5 (Singapore -> Hong Kong SAR)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (SG x HK: Category I/II hybrid — undirected §5.14 pair; see this edge's `divergence` field)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer", "origin_override" ], "materialized_from": "authored", "authored_source_file": "sg-hk-sgd-hkd-settlement.yaml", "class_code": "I", "origin_drag": false, "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "sg-cn-directed", "name": "SG -> CN (SGD->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "CN", "direction": "directed", "currencies": "SGD -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-SG", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; CN on mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-br-directed", "name": "SG -> BR (SGD->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "BR", "direction": "directed", "currencies": "SGD -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-ch-directed", "name": "SG -> CH (SGD->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "CH", "direction": "directed", "currencies": "SGD -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; CH on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-ae-directed", "name": "SG -> AE (SGD->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "AE", "direction": "directed", "currencies": "SGD -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; AE on mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-jp-directed", "name": "SG -> JP (SGD->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "JP", "direction": "directed", "currencies": "SGD -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "JP-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; JP on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-tw-directed", "name": "SG -> TW (SGD->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "TW", "direction": "directed", "currencies": "SGD -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "SG-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "sg-kr-directed", "name": "SG -> KR (SGD->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "SG", "destination": "KR", "direction": "directed", "currencies": "SGD -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "KR-SG", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "SG on Project Ensemble; KR on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "administrator": "MAS", "detail": null } }, { "corridor_id": "hk-us-hkd-usd-settlement", "name": "Hong Kong SAR -> United States (HKD->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "US", "direction": "directed", "currencies": "HKD -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "compatibility_category": "I/II", "compatibility_pair": "HK-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "HK on Project Ensemble + mBridge; US on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "note": "In the reverse direction an HKD-referenced token entering the US meets the same §18 comparability gate as any other foreign token. The Hong Kong extraterritorial rule is not the binding constraint here; the US inbound gate is. Regime-in-transition for the same reason the euro-into-US corridor is: the §18 gate is enacted but not yet operative (§20). It resolves to Category II on commencement.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.4 (Hong Kong SAR -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x HK: Category I/II hybrid)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer", "directional_asymmetry" ], "materialized_from": "authored", "authored_source_file": "hk-us-hkd-usd-settlement.yaml", "class_code": "T", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "hk-eu-directed", "name": "HK -> EU (HKD->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "EU", "direction": "directed", "currencies": "HKD -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "EU-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "HK on Project Ensemble + mBridge; EU on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "hk-uk-directed", "name": "HK -> UK (HKD->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "UK", "direction": "directed", "currencies": "HKD -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "HK-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "HK on Project Ensemble + mBridge; UK on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "hk-sg-directed", "name": "HK -> SG (HKD->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "SG", "direction": "directed", "currencies": "HKD -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "HK-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "ensemble", "note": "HKMA Project Ensemble and MAS Project Guardian alignment (HK and SG); SG's formal Project Ensemble membership is a Tier-2 attribution pending primary verification (verification_backlog VB-02)." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "hk-cn-hkd-cny-blocked", "name": "Hong Kong SAR -> Mainland China (HKD->CNY/CNH, blocked)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "CN", "direction": "directed", "currencies": "HKD -> CNY/CNH", "feasibility_class": "Blocked at destination (issuance prohibition)", "compatibility_category": "III", "compatibility_pair": "CN-HK", "divergence": { "kind": "interaction_sets", "against_pair": "CN-HK", "pair_interaction_sets": [ "A", "F" ], "edge_interaction_sets": [ "A", "D", "F" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "DC" ], "interaction_sets": [ "A", "D", "F" ], "infrastructure_overlap": { "bloc": "mbridge", "note": "Both ends on mBridge (HK and CN)." }, "inbound_mechanism": { "test": "Destination prohibition", "detail": "No foreign stablecoin may circulate as a payment instrument in the mainland and no mainland entity may issue one. The prohibition is written, in-force law: 银发〔2026〕42号 (eight-ministry Notice, in force 6 Feb 2026; it repealed the 2021 Notice 银发〔2021〕237号) bars unauthorised overseas issuance of RMB-pegged stablecoins (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币) and PRC-controlled entities issuing virtual currencies abroad. PRC cross-border data and capital rules (PIPL, DSL, CAC Cross-Border Provisions, SAFE) govern any data or capital leg.", "administrator": "PBOC / CAC / SAFE" }, "note": "The mirror corridor is blocked at the destination. No foreign stablecoin, including an HKD-referenced one, may circulate in the mainland as a payment instrument. Only the regulatory and digital-financial archetypes are meaningful, and only at the level of data and capital flows. The contrast with the (also Category III) PRC->HK direction is the clearest single illustration of why corridors must be directed.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.8 (Hong Kong SAR -> Mainland China)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (HK x CN: Category III, prohibition axis — highest-stakes pair)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer", "blocked", "category_iii" ], "materialized_from": "authored", "authored_source_file": "hk-cn-hkd-cny-blocked.yaml", "class_code": "blocked", "origin_drag": false, "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "hk-br-usd-stablecoin-settlement-001", "name": "HK → Brazil — USD-referenced stablecoin B2B settlement", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "BR", "direction": "directed", "legs": [ "HK", "BR" ], "feasibility_class": "Category II (directed edge: channelled — counterparty-conditional + size-capped; the undirected HK-BR pair is I/II)", "compatibility_category": "I/II", "compatibility_pair": "BR-HK", "interaction_sets": [ "A", "D" ], "flow": "A USD-referenced stablecoin used as the settlement medium for a B2B cross-border flow, originating on the Hong Kong side and terminating on the Brazil side. Ticket size is the hinge: both Brazil crypto rails are capped per operation, so corridor feasibility differs sharply between sub-cap and above-cap tickets.\n", "boundary_analysis": [ { "leg": "HK", "role": "origination", "confidence": "medium_high", "sub_gates": [ { "id": "hk_issuer", "label": "Issuer side — Stablecoins Ordinance (Cap. 656)", "requirement": "A licence is required only if the stablecoin is (i) issued in Hong Kong, or (ii) referencing the HKD (in or outside HK), or (iii) actively marketed to the HK public. A USD-referenced coin is NOT HKD-referencing, so limb (ii) does not apply. Limb (i) \"issued in HK\" is currency-agnostic and turns on the HKMA factor test: place of incorporation; day-to-day management; minting/burning location; where reserve assets are managed; where the mint/redeem bank account is held.\n", "analysis": "The regime permits a USD-referenced FRS licence in principle (limb (i) is currency-agnostic), BUT no USD FRS has been licensed: the first cohort (10 Apr 2026) licensed only HKD-referenced issuers — Anchorpoint (FRS01, HKDAP = \"HKD At Par\") and HSBC (FRS02) — and HKMA commentary signals no near-term USD-pegged path. So for this corridor the live HK route for a USD coin is NOT a domestic FRS licence; it is an offshore-issued non-HKD FRS (e.g. a US issuer) that is not \"issued in HK\" on the factor test and not actively marketed to HK retail. (Note: HKDAP tracks USD only indirectly — the HKD is pegged to USD at 7.75–7.85 under the Linked Exchange Rate System — but it is legally an HKD instrument and is a different instrument from a USD coin.)\n", "record_refs": [ "hk-frs-issuer_pathway-001", "hk-frs-monetary_sovereignty-001" ] }, { "id": "hk_distribution", "label": "Distribution side — permitted offerors", "requirement": "Offering an FRS does not itself need a stablecoin licence, but only \"permitted offerors\" may offer an FRS in HK — even one issued offshore / non-HKD: the licensed FRS issuer, authorised institutions (banks), SFC-licensed VATPs, SFC Type 1 corporations, and SVF licensees. An FRS from an issuer not HK-licensed (e.g. a foreign non-HKD FRS) may be offered to professional investors only.\n", "analysis": "With no domestic USD FRS available, channel is the operative HK constraint: distribution of the USD coin must run through a permitted offeror, and (because the issuer is not HK-licensed) to professional investors only. The PI-only limb is not binding for B2B — institutional counterparties typically qualify as PIs.\n", "record_refs": [ "hk-frs-distribution-001", "hk-frs-monetary_sovereignty-001" ] }, { "id": "hk_settlement_tokenised", "label": "Settlement into tokenised funds — SFC securities perimeter", "requirement": "Where the flow routes a stablecoin balance into a tokenised money-market fund, that fund is a \"tokenised security\" under the SFO (an interest in a CIS). The SFC's Tokenised Securities Circular (2 Nov 2023, 23EC52/23EC53) applies \"same business, same risks, same rules\" on a see-through basis; dealing/ distribution needs the relevant SFC licence (Type 1, etc.). Absent SFC authorisation under Part IV SFO / prospectus compliance, the offer is PI-only.\n", "analysis": "HK analogue of the US Reves/§404 securities-classification spine: in HK a tokenised MMF is squarely a tokenised security, with SFC-authorised retail instances already live (retail tokenised MMFs authorised Q1 2025). HK gives a clean \"yes, it is a security, and here is the regulated path\".\n", "record_refs": [ "hk-frs-securities_classification-001" ], "gap_note": "No HK securities_classification record exists yet — this sub-gate is the spec for it." } ], "clears": "A B2B USD-stablecoin settlement clears the HK side where: the coin is an offshore non-HKD FRS not actively marketed to HK retail (a domestically-licensed USD FRS does not yet exist — first cohort is HKD-only); it is offered only via a permitted offeror to professional investors (B2B counterparties qualify); and any tokenised- fund leg uses an SFC-authorised tokenised product or is confined to PIs under the tokenised-securities-circular controls.\n", "breaks": "Issuing a USD-referenced stablecoin in HK (per the factor test) without an HKMA FRS licence; actively marketing the coin to the HK retail public; offering through a non-permitted offeror; or routing into a tokenised MMF/security and distributing it to HK retail without SFC authorisation / prospectus compliance (PI-only otherwise).\n", "sources": [ "Stablecoins Ordinance (Cap. 656), s.14(1) licensing; Schedule 2 minimum criteria", "HKMA Explanatory Note on Licensing of Stablecoin Issuers (29 Jul 2025) — 'issued in HK' factor test; permitted offerors; non-HKD FRS PI-only", "SFC Circulars on tokenised securities-related activities & tokenised SFC-authorised products (2 Nov 2023, 23EC52 / 23EC53)", "SFC circular permitting secondary trading of tokenised SFC-authorised products (20 Apr 2026)", "Live cohort: HKMA first FRS licences 10 Apr 2026 — Anchorpoint (FRS01, HKDAP/HKD-referenced) + HSBC (FRS02, HKD-referenced); NO USD FRS licensed", "Live instances: SFC-authorised retail tokenised MMFs (Q1 2025)" ], "review_by": "2026-09-30" }, { "leg": "BR", "role": "termination", "confidence": "high", "sub_gates": [ { "id": "br_efx_rail", "label": "eFX rail — closing to crypto on the external leg", "requirement": "Res 561 (pub. 30 Apr 2026; in force 1 Oct 2026; amends Res 277/2022, which regulates the FX Law, Lei 14.286/2021) bars eFX providers from settling the external leg — provider ↔ foreign counterparty (contraparte no exterior) — with virtual assets; settlement must be via an FX operation or a non-resident BRL (reais) account. eFX is the mass/low-value retail rail: per-operation ceilings of USD 10k (unilateral transfers; same-owner transfers; and, new under 561, financial/capital-market investment transfers); it is not a high-value B2B rail.\n", "analysis": "The ban is specific to the eFX settlement leg, not a general stablecoin ban — crypto trading, custody, and other arrangements remain permitted under the VASP regime. The USD 10k eFX ceiling independently confirms eFX was never the natural B2B rail; the practical effect is to foreclose the \"reais → USDT → settle abroad on-chain\" eFX back-end (the Nomad/Braza-Bank-style rail).\n", "record_refs": [ "br-vasp-cross_border_data-001" ] }, { "id": "br_vasp_fx_rail", "label": "VASP-in-FX rail — open but capped", "requirement": "Res 521 (pub. 10 Nov 2025; in force 2 Feb 2026; amends the FX-law trio Res 277/278/279 that regulate Lei 14.286/2021 — inserting Art. 76-A into Res 277 as the \"ativos virtuais no mercado de câmbio\" hook) brings authorised VASPs' (SPSAVs') virtual-asset international payments/transfers into the FX market as legitimate câmbio operations, subject to a per-operation cap that bites WHEN THE FOREIGN COUNTERPARTY IS NOT a BCB-FX-authorised institution: USD 100k for a SPSAV; USD 500k for an FX-authorised institution (bank / DTVM / CTVM / corretora de câmbio). Audit + monthly FX reporting to the BCB from 4 May 2026.\n", "analysis": "For a USD-stablecoin B2B settlement the foreign counterparty is typically not BCB-FX-authorised, so the cap bites. The cap — not the rail choice — is usually the binding constraint for B2B ticket sizes; above it the flow reverts to traditional câmbio (bank FX desk / DTVM).\n", "record_refs": [ "br-vasp-issuer_pathway-001", "br-vasp-cross_border_data-001" ] }, { "id": "br_custody_assets", "label": "Custody, segregation & asset curation — Res 520", "requirement": "Res 520 (in force 2 Feb 2026) requires a documented patrimonial-segregation policy (Art. 28–30): client fiat in individualised accounts; client virtual assets in wallets distinct from the provider's own-operation wallets; the methods used for proof of reserves; and an independent audit of the provider's and clients' virtual assets on a BIENNIAL basis at reasonable-assurance level (Art. 30 III), with the report publicly disclosed on the provider's website (Art. 30 §1). Up to 5% own-asset co-mingling is allowed for immediate liquidity if identified/recorded. Asset curation (Art. 64+) PROHIBITS offering/intermediating algorithmic stablecoins or any fiat-pegged token without effective, verifiable liquid-asset backing; the \"ativo de reserva\" is defined as fiat + government bonds issued by the same government. Foreign custodians may be used only under home- country authorisation/supervision, with a Brazil representative, enforceable guarantees, formal segregation of Brazilian clients' assets, and record access.\n", "analysis": "A USD stablecoin used in this corridor must be an auditable-reserve coin; an algorithmic or opaque-reserve coin is excluded at the Brazilian custody/listing gate regardless of the rail. The foreign-custodian conditions are directly relevant to the HK/offshore custody leg of this corridor.\n", "record_refs": [ "br-vasp-custody-001", "br-vasp-reserve_backing-001", "br-vasp-disclosure_reporting-001" ] } ], "clears": "Authorised-VASP-in-FX channel (Res 521), within the per-operation cap (USD 100k SPSAV / USD 500k FX-authorised institution where the foreign counterparty is not BCB-FX-authorised), with audit + monthly FX reporting from 4 May 2026 and Res 520 custody/segregation (Art. 28–30: proof-of-reserves, biennial reasonable-assurance audit, public report), using an auditable-reserve (non-algorithmic) stablecoin.\n", "breaks": "eFX back-end stablecoin settlement rail (Res 561) — closing 1 Oct 2026. Tickets above the SPSAV / FI per-operation caps (no crypto rail available — reverts to traditional câmbio). Algorithmic or non-auditable-reserve stablecoins (excluded by Res 520 asset-curation rules, Art. 64+).\n", "sources": [ "BCB Resolutions 519/2025, 520/2025, 521/2025 (pub. 10 Nov 2025; in force 2 Feb 2026; audit/reporting from 4 May 2026)", "BCB Resolution 561/2026 (pub. 30 Apr 2026; in force 1 Oct 2026; amends Res 277/2022)", "Res 520 Art. 28–30 (segregation; proof-of-reserves methods; biennial reasonable-assurance audit; public website disclosure); Art. 64+ (asset curation / algorithmic-stablecoin prohibition)", "Lei 14.286/2021 (Foreign Exchange Law) — the FX statute regulated by Res 277/278/279 and amended by Res 521/561 (legal authority: arts. 2-6, 10, 14, 15, 18, per the Res 521 recital)", "Res 277/2022 Art. 76-A (inserted by Res 521; new Título VIII-A) — the 'prestação de serviços de ativos virtuais incluída no mercado de câmbio' hook", "Lei 14.478/2022 (Marco Legal dos Ativos Virtuais); Decreto 11.563/2023 (designates BCB; preserves CVM jurisdiction over securities-like tokens)", "Instrução Normativa BCB 701 (22 Jan 2026) — independent technical certification for intermediation/custody" ], "review_by": "2026-10-30" } ], "key_constraint": "The binding constraint is regulatory geography COMPOUNDED BY A SIZING CEILING, and the two legs gate on different axes. Brazil offers no single uniform crypto rail: the eFX mass-payment rail's external settlement leg is closing to crypto (Res 561, 1 Oct 2026) and is in any case capped at USD 10k/op, so a stablecoin B2B flow must use the authorised- VASP-in-FX channel (Res 521) — itself capped per operation (USD 100k SPSAV / USD 500k FX-authorised institution, where the foreign counterparty is not BCB-FX-authorised) and limited to auditable-reserve, non-algorithmic stablecoins (Res 520). Above those caps, neither crypto rail is available and the flow reverts to traditional câmbio. Hong Kong gates the SAME instrument on a different axis — not a numeric cap but a perimeter/ eligibility line: issued-in-HK FRS licensing, permitted-offeror distribution, professional-investor-only for non-HKD FRS (and, today, the absence of any licensed USD FRS — first cohort is HKD-only), and (if the flow touches a tokenised fund) the SFC securities perimeter. A single USD-stablecoin instrument therefore cannot serve both legs as one uniform rail: HK gates on WHO may issue/offer and TO WHOM; Brazil gates on WHICH rail and UP TO WHAT SIZE. Four-way composition (rail × cap × auditable-reserve × HK eligibility), not a single prohibition.\n", "us_doctrinal_link": "Both legs turn on the same question as US §404's bona-fide-activity carve-out: what activity is permitted on the regulated stablecoin rail. Brazil answers by rail-and-cap (eFX closed; VASP-in-FX open but capped), with a parallel securities axis: the BCB/CVM jurisdictional split (Decreto 11.563/2023 preserves CVM authority over securities-like tokens) is the Brazilian analogue of the US Reves/§404 securities-classification spine — though Brazil's C4 contribution is currently token-classification + asset-curation (Res 520), not yet a developed routing-into-tokenised-fund story (the CVM-175 fund analogue would be the true parallel to the US 1940-Act MMF routing question). HK answers by perimeter-and-eligibility and treats a tokenised MMF as a tokenised security. US remains the anchor instance; HK and Brazil are two contrasting resolutions of the identical boundary.\n", "watch_list": [ { "event": "BCB Res 561 in force", "date": "2026-10-01", "affects": [ "br_efx_rail" ] }, { "event": "BR VASP non-authorised-provider prohibition (Res 519/520) + 270-day grandfathering ends", "date": "2026-10-30", "affects": [ "br_vasp_fx_rail", "br_custody_assets" ] }, { "event": "eFX-modality Unicad registration deadline for already-authorised institutions (Res 561 Art 56-A)", "date": "2026-10-30", "affects": [ "br_efx_rail" ] }, { "event": "Unauthorised eFX providers must apply for payment-institution authorisation (Res 561 Art 56-B)", "date": "2027-05-31", "affects": [ "br_efx_rail" ] }, { "event": "IOF on stablecoin/FX ops — fato gerador created by Res 521; NO Receita Federal norm in force as of Jun 2026 (proposed IOF-Câmbio 3.5% vs 'private FX' 1.1% — in public consultation, no date)", "date": "unresolved", "affects": [ "br_vasp_fx_rail" ] }, { "event": "BR Travel Rule phase-in stage 1 — domestic PSAV-to-PSAV transfers (Res 520 Art. 89)", "date": "2027-02", "affects": [ "br_vasp_fx_rail" ] }, { "event": "BR Travel Rule full compliance — international transfers + carteiras autocustodiadas (Res 520 Art. 89)", "date": "2028-02-02", "affects": [ "br_vasp_fx_rail" ] }, { "event": "SFC tokenisation perimeter — secondary-trading circular bedding in", "date": "2026-Q3", "affects": [ "hk_settlement_tokenised" ] }, { "event": "HKMA second-cohort posture on non-HKD / USD-referenced pegs", "date": "pending", "affects": [ "hk_issuer" ] } ], "confidence": "medium", "last_reviewed": "2026-06-23", "valid_as_of": "2026-06-23", "phase_in_note": "Brazil is in rolling implementation: Res 561 in force 1 Oct 2026; non-authorised-provider prohibition and eFX-modality Unicad registration 30 Oct 2026; unauthorised eFX providers must seek payment-institution authorisation by 31 May 2027; Travel Rule fully phased by 2 Feb 2028; IOF treatment unresolved. A reader after mid-2026 should re-verify these moving parts before relying on the corridor.\n", "version_added": "0.1.0", "version_corrected": "0.3.1", "reviewed_against": "Firm/practitioner analysis of BCB Res 519/520/521 + 561 (Notabene, Cescon, BDO, Global Legal Insights, Conduit) and the official BCB normativo URLs (confirmed to exist); the article-level pinpoints (e.g. Res 520 Art 29/30, Res 561 ementa amending Res 277/2022) are taken from those firm summaries and NOT yet read against the official DOU/BCB text. Statutory base: Lei 14.286/2021 (FX) + Lei 14.478/2022 + Decreto 11.563/2023; the câmbio-inclusion hook Art. 76-A is a provision inserted into Res 277/2022 by Res 521 (confirmed against the Res 521 DOU text, Jun 2026 — not, as some firm summaries imply, an article of Lei 14.286/2021). HK side: Cap.656 + HKMA Explanatory Note + SFC 23EC52/23EC53; the HKDAP=HKD-referenced fact is confirmed from the Standard Chartered/Anchorpoint press release (Tier 1), HSBC HKD-referenced.\n", "materialized_from": "authored", "authored_source_file": "hk-br-usd-stablecoin-settlement.yaml", "class_code": "II", "infrastructure_overlap": { "bloc": "none", "note": "HK on Project Ensemble + mBridge; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "verification_backlog": [ { "field": "boundary_analysis[0].sources[3]", "instrument": "SFC circular permitting secondary trading of tokenised SFC-authorised products (20 Apr 2026)", "open_question": "confirm date against SFC source", "status": "open" } ], "origin_drag": false, "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "hk-ch-directed", "name": "HK -> CH (HKD->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "CH", "direction": "directed", "currencies": "HKD -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "HK on Project Ensemble + mBridge; CH on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "hk-ae-directed", "name": "HK -> AE (HKD->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "AE", "direction": "directed", "currencies": "HKD -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "mbridge", "note": "Both ends on mBridge (HK and AE)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "hk-jp-directed", "name": "HK -> JP (HKD->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "JP", "direction": "directed", "currencies": "HKD -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "HK-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "HK on Project Ensemble + mBridge; JP on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "hk-tw-directed", "name": "HK -> TW (HKD->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "TW", "direction": "directed", "currencies": "HKD -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "HK-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "HK on Project Ensemble + mBridge; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "hk-kr-directed", "name": "HK -> KR (HKD->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "HK", "destination": "KR", "direction": "directed", "currencies": "HKD -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "HK-KR", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "HK on Project Ensemble + mBridge; KR on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "cn-us-directed", "name": "CN -> US (CNY->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "US", "direction": "directed", "currencies": "CNY -> USD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-US", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CN on mBridge; US on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "GENIUS Act regime enacted 2025-07-18, §18 inbound gate not yet operative (§20); inbound gate not reached because the origin has no exportable authorizable token (Category III via origin drag)", "administrator": "US Treasury (SCRC) / OCC", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-eu-directed", "name": "CN -> EU (CNY->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "EU", "direction": "directed", "currencies": "CNY -> EUR", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-EU", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CN on mBridge; EU on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-uk-directed", "name": "CN -> UK (CNY->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "UK", "direction": "directed", "currencies": "CNY -> GBP", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-UK", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CN on mBridge; UK on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "FSMA 2026 regime — in transition (systemic regime pending)", "administrator": "FCA / Bank of England", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-sg-directed", "name": "CN -> SG (CNY->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "SG", "direction": "directed", "currencies": "CNY -> SGD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-SG", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "CN on mBridge; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-hk-directed", "name": "CN -> HK (CNY->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "HK", "direction": "directed", "currencies": "CNY -> HKD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-HK", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "mbridge", "note": "Both ends on mBridge (CN and HK)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-br-directed", "name": "CN -> BR (CNY->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "BR", "direction": "directed", "currencies": "CNY -> BRL", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "BR-CN", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "CN on mBridge; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-ch-directed", "name": "CN -> CH (CNY->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "CH", "direction": "directed", "currencies": "CNY -> CHF", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CH-CN", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CN on mBridge; CH on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-ae-directed", "name": "CN -> AE (CNY->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "AE", "direction": "directed", "currencies": "CNY -> AED", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "AE-CN", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "mbridge", "note": "Both ends on mBridge (CN and AE)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-jp-directed", "name": "CN -> JP (CNY->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "JP", "direction": "directed", "currencies": "CNY -> JPY", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-JP", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CN on mBridge; JP on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-tw-directed", "name": "CN -> TW (CNY->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "TW", "direction": "directed", "currencies": "CNY -> NTD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CN-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "CN on mBridge; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30, not yet commenced; inbound gate not reached because the origin has no exportable authorizable token (Category III via origin drag)", "administrator": "FSC + CBC (dual approval)", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "CN", "signal": "token_regime", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "record_ref": "cn-prc-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "cn-kr-directed", "name": "CN -> KR (CNY->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CN", "destination": "KR", "direction": "directed", "currencies": "CNY -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "CN-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CN on mBridge; KR on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": "A destination with no authorizable issuance pathway dominates the origin’s issuance gap: there is nothing to receive into, whatever the origin holds." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } }, "origin_override": { "flag": "origin-egress override", "status": "active", "basis": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "administrator": "SAFE / CAC / PBOC", "detail": null } }, { "corridor_id": "br-us-directed", "name": "BR -> US (BRL->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "US", "direction": "directed", "currencies": "BRL -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "BR-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; US on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "br-eu-directed", "name": "BR -> EU (BRL->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "EU", "direction": "directed", "currencies": "BRL -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "BR-EU", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; EU on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "br-uk-directed", "name": "BR -> UK (BRL->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "UK", "direction": "directed", "currencies": "BRL -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "BR-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; UK on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "br-sg-directed", "name": "BR -> SG (BRL->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "SG", "direction": "directed", "currencies": "BRL -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "BR-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "br-hk-directed", "name": "BR -> HK (BRL->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "HK", "direction": "directed", "currencies": "BRL -> HKD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "BR-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; HK on Project Ensemble + mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "br-cn-directed", "name": "BR -> CN (BRL->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "CN", "direction": "directed", "currencies": "BRL -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "BR-CN", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; CN on mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "br-ch-directed", "name": "BR -> CH (BRL->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "CH", "direction": "directed", "currencies": "BRL -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "BR-CH", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; CH on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "br-ae-directed", "name": "BR -> AE (BRL->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "AE", "direction": "directed", "currencies": "BRL -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-BR", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; AE on mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "br-jp-directed", "name": "BR -> JP (BRL->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "JP", "direction": "directed", "currencies": "BRL -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; JP on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "br-tw-directed", "name": "BR -> TW (BRL->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "TW", "direction": "directed", "currencies": "BRL -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "BR-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "br-kr-directed", "name": "BR -> KR (BRL->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "BR", "destination": "KR", "direction": "directed", "currencies": "BRL -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "BR-KR", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "BR on no shared wholesale-settlement experiment; KR on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "ch-us-directed", "name": "CH -> US (CHF->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "US", "direction": "directed", "currencies": "CHF -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "CH-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (CH and US)." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "ch-eu-directed", "name": "CH -> EU (CHF->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "EU", "direction": "directed", "currencies": "CHF -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-EU", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (CH and EU)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ch-uk-directed", "name": "CH -> UK (CHF->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "UK", "direction": "directed", "currencies": "CHF -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "CH-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "F" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (CH and UK)." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ch-sg-directed", "name": "CH -> SG (CHF->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "SG", "direction": "directed", "currencies": "CHF -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "CH on Project Agora; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "ch-hk-directed", "name": "CH -> HK (CHF->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "HK", "direction": "directed", "currencies": "CHF -> HKD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CH on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ch-cn-directed", "name": "CH -> CN (CHF->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "CN", "direction": "directed", "currencies": "CHF -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CH-CN", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CH on Project Agora; CN on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "ch-br-directed", "name": "CH -> BR (CHF->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "BR", "direction": "directed", "currencies": "CHF -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-CH", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "CH on Project Agora; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ch-ae-directed", "name": "CH -> AE (CHF->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "AE", "direction": "directed", "currencies": "CHF -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-CH", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "CH on Project Agora; AE on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ch-jp-directed", "name": "CH -> JP (CHF->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "JP", "direction": "directed", "currencies": "CHF -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "CH-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (CH and JP)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ch-tw-directed", "name": "CH -> TW (CHF->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "TW", "direction": "directed", "currencies": "CHF -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "CH-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "CH on Project Agora; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "ch-kr-directed", "name": "CH -> KR (CHF->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "CH", "destination": "KR", "direction": "directed", "currencies": "CHF -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "CH-KR", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (CH and KR)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "ae-us-directed", "name": "AE -> US (AED->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "US", "direction": "directed", "currencies": "AED -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "AE-US", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "AE on mBridge; US on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "ae-eu-directed", "name": "AE -> EU (AED->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "EU", "direction": "directed", "currencies": "AED -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "AE-EU", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "AE on mBridge; EU on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ae-uk-directed", "name": "AE -> UK (AED->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "UK", "direction": "directed", "currencies": "AED -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "AE-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "AE on mBridge; UK on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ae-sg-directed", "name": "AE -> SG (AED->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "SG", "direction": "directed", "currencies": "AED -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "AE-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "AE on mBridge; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "ae-hk-directed", "name": "AE -> HK (AED->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "HK", "direction": "directed", "currencies": "AED -> HKD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "AE-HK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "mbridge", "note": "Both ends on mBridge (AE and HK)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ae-cn-directed", "name": "AE -> CN (AED->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "CN", "direction": "directed", "currencies": "AED -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "AE-CN", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "mbridge", "note": "Both ends on mBridge (AE and CN)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "ae-br-directed", "name": "AE -> BR (AED->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "BR", "direction": "directed", "currencies": "AED -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-BR", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "AE on mBridge; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ae-ch-directed", "name": "AE -> CH (AED->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "CH", "direction": "directed", "currencies": "AED -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "AE-CH", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "AE on mBridge; CH on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ae-jp-directed", "name": "AE -> JP (AED->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "JP", "direction": "directed", "currencies": "AED -> JPY", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "AE on mBridge; JP on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "JP", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "record_ref": "jp-epi-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "ae-tw-directed", "name": "AE -> TW (AED->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "TW", "direction": "directed", "currencies": "AED -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "AE-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "AE on mBridge; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "ae-kr-directed", "name": "AE -> KR (AED->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "AE", "destination": "KR", "direction": "directed", "currencies": "AED -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "AE-KR", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "AE on mBridge; KR on Project Agora. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "jp-us-jpy-usd-settlement", "name": "Japan -> United States (JPY->USD settlement)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "US", "direction": "directed", "currencies": "JPY -> USD", "feasibility_class": "Regime-in-transition (destination regime enacted, not yet operative; resolves to Category II on the earlier of 2027-01-18 or 120 days after final rules)", "compatibility_category": "I/II", "compatibility_pair": "JP-US", "divergence": { "kind": "interaction_sets", "against_pair": "JP-US", "pair_interaction_sets": [ "A", "C", "E", "F" ], "edge_interaction_sets": [ "A", "C" ], "reason": "Directed-edge operative interaction sets (Corridor Atlas v0.2.5 §5, read at the destination inbound gate for THIS direction) differ from the undirected pairwise sets (Architecture §5.14). The Atlas generalizes the §5.12/§5.14 undirected pairs into directed edges and re-derives the operative interaction sets per direction; the compatibility CATEGORY agrees, the interaction-set list may differ by direction. This divergence is declared, not silent." }, "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (JP and US)." }, "inbound_mechanism": { "test": "GENIUS Act §18 comparability determination + OCC registration; US-held reserves — enacted 2025-07-18, gate not yet operative (§20)", "detail": "The §18 pathway (unilateral Treasury comparability determination on SCRC recommendation + OCC registration + US-held reserves) is NOT YET AVAILABLE: per §20 the Act takes effect on the earlier of 2027-01-18 (18 months after enactment) or 120 days after the primary federal payment stablecoin regulators issue final regulations, and at the 2026-06-30 snapshot only proposed rules had issued (OCC NPRM, FR 2026-03-02, comments closed 2026-05-01; FDIC and FinCEN/OFAC NPRMs 2026-04-10; Treasury §4(c) NPRM April 2026). Earlier prose read ‘none granted to date’, which states a MARKET observation (no determination has been made) where a proposition of law is required (the gate is not in force) — the claim-class error Citable by Construction §2.1 exists to prevent.", "administrator": "US Treasury (Stablecoin Certification Review Committee) / OCC" }, "note": "The asymmetric mirror. A yen Electronic Payment Instrument (issued by a bank, registered funds-transfer provider, or trust bank) is freely exportable, but entering the US it meets the §18 comparability gate. The §18 comparability gate is enacted but not yet operative (§20), so the corridor is regime-in-transition today and resolves to Category II on commencement — for a different reason than inbound: there the channel is the gate, here the comparability determination is.", "source": { "primary": "Fan, Cross-Border Digital-Finance Corridor Atlas v0.2.5 (June 2026), §5.19 (Japan -> United States)", "secondary": "Fan, Cross-Border Stablecoin Architecture v3 (Twelve Jurisdictions, June 2026), §5.14 (US x JP: Category I/II hybrid)" }, "valid_as_of": "2026-06", "evidence_tier": "firm_summary", "version_added": "0.5.0", "tags": [ "corridor", "directed_edge", "from_atlas_v0.2.5", "v0.5.0_corridor_layer", "directional_asymmetry" ], "materialized_from": "authored", "authored_source_file": "jp-us-jpy-usd-settlement.yaml", "class_code": "T", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "US", "signal": "inbound_gate", "signal_value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "record_ref": "us-pss-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "us-genius-act-effective", "effective_date": "2027-01-18", "date_kind": "outer_cap", "status": "scheduled_with_cap", "resolves_to": "II", "basis": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations." } ], "contingent": [] } }, { "corridor_id": "jp-eu-directed", "name": "JP -> EU (JPY->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "EU", "direction": "directed", "currencies": "JPY -> EUR", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "EU-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (JP and EU)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "EU", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "mixed", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "record_ref": "eu-emt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "jp-uk-directed", "name": "JP -> UK (JPY->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "UK", "direction": "directed", "currencies": "JPY -> GBP", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category I at 2027-10-25)", "class_code": "T", "compatibility_category": "I/II", "compatibility_pair": "JP-UK", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "E", "F" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (JP and UK)." }, "inbound_mechanism": { "test": "FCA conduct + BoE systemic regime (adopted; operative 2027-10-25)", "administrator": "FCA / Bank of England", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [ { "event_id": "uk-systemic-regime-operative", "effective_date": "2027-10-25", "date_kind": "gazetted", "status": "scheduled", "resolves_to": "I", "basis": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative." } ], "contingent": [] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "UK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "record_ref": "uk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "jp-sg-directed", "name": "JP -> SG (JPY->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "SG", "direction": "directed", "currencies": "JPY -> SGD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "JP-SG", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "none", "note": "JP on Project Agora; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "SG", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "record_ref": "sg-scs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } } }, { "corridor_id": "jp-hk-directed", "name": "JP -> HK (JPY->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "HK", "direction": "directed", "currencies": "JPY -> HKD", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "HK-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "JP on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "HK", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "record_ref": "hk-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "jp-cn-directed", "name": "JP -> CN (JPY->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "CN", "direction": "directed", "currencies": "JPY -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-JP", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "JP on Project Agora; CN on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "jp-br-directed", "name": "JP -> BR (JPY->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "BR", "direction": "directed", "currencies": "JPY -> BRL", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "BR-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "none", "note": "JP on Project Agora; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "BR", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "record_ref": "br-vasp-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "jp-ch-directed", "name": "JP -> CH (JPY->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "CH", "direction": "directed", "currencies": "JPY -> CHF", "feasibility_class": "Category I (dual authorization available)", "class_code": "I", "compatibility_category": "I/II", "compatibility_pair": "CH-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "C", "D" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (JP and CH)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "CH", "signal": "inbound_gate", "signal_value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "FINMA authorization (banking / DLT framework).", "record_ref": "ch-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "jp-ae-directed", "name": "JP -> AE (JPY->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "AE", "direction": "directed", "currencies": "JPY -> AED", "feasibility_class": "Category II (determination / channel required)", "class_code": "II", "compatibility_category": "I/II", "compatibility_pair": "AE-JP", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "D" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "JP on Project Agora; AE on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_gate", "governing_jurisdiction": "AE", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "firm_summary", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "record_ref": "ae-pt-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "jp-tw-directed", "name": "JP -> TW (JPY->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "TW", "direction": "directed", "currencies": "JPY -> NTD", "feasibility_class": "Regime-in-transition (destination regime adopted, not yet operative; resolves to Category II at pending (contingent, no gazetted date))", "class_code": "T", "compatibility_category": "III", "compatibility_pair": "JP-TW", "archetypes": [ "RC", "SC", "TC", "DC" ], "interaction_sets": [ "A", "C", "E", "F" ], "infrastructure_overlap": { "bloc": "none", "note": "JP on Project Agora; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30; FSC-approval inbound gate on commencement", "administrator": "FSC + CBC (dual approval)", "detail": null }, "as_of_timeline": { "today_class": "T", "as_of_base": "2026-06-30", "scheduled": [], "contingent": [ { "event_id": "tw-vas-act-commencement", "effective_date": null, "date_kind": "ungazetted", "status": "contingent", "resolves_to": "II", "basis": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition." } ] }, "materialized_from": "computed_transition", "origin_drag": false, "class_basis": { "rule": "destination_in_transition", "governing_jurisdiction": "TW", "signal": "inbound_gate", "signal_value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "record_ref": "tw-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } } }, { "corridor_id": "jp-kr-directed", "name": "JP -> KR (JPY->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "JP", "destination": "KR", "direction": "directed", "currencies": "JPY -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "JP-KR", "archetypes": [ "RC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (JP and KR)." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": null }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "tw-us-directed", "name": "TW -> US (NTD->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "US", "direction": "directed", "currencies": "NTD -> USD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "TW-US", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; US on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "GENIUS Act regime enacted 2025-07-18, §18 inbound gate not yet operative (§20); inbound gate not reached because the origin has no exportable authorizable token (Category III via origin drag)", "administrator": "US Treasury (SCRC) / OCC", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-eu-directed", "name": "TW -> EU (NTD->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "EU", "direction": "directed", "currencies": "NTD -> EUR", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "EU-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; EU on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-uk-directed", "name": "TW -> UK (NTD->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "UK", "direction": "directed", "currencies": "NTD -> GBP", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "TW-UK", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; UK on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "FSMA 2026 regime — in transition (systemic regime pending)", "administrator": "FCA / Bank of England", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-sg-directed", "name": "TW -> SG (NTD->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "SG", "direction": "directed", "currencies": "NTD -> SGD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "SG-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-hk-directed", "name": "TW -> HK (NTD->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "HK", "direction": "directed", "currencies": "NTD -> HKD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "HK-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; HK on Project Ensemble + mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-cn-directed", "name": "TW -> CN (NTD->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "CN", "direction": "directed", "currencies": "NTD -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; CN on mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": "A destination prohibition dominates the origin’s issuance gap: no partnership or coordination route exists into a jurisdiction that bans the instrument. 银发〔2026〕42号, in force 2026-02-06." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } } }, { "corridor_id": "tw-br-directed", "name": "TW -> BR (NTD->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "BR", "direction": "directed", "currencies": "NTD -> BRL", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "BR-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-ch-directed", "name": "TW -> CH (NTD->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "CH", "direction": "directed", "currencies": "NTD -> CHF", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CH-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; CH on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-ae-directed", "name": "TW -> AE (NTD->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "AE", "direction": "directed", "currencies": "NTD -> AED", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "AE-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; AE on mBridge. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-jp-directed", "name": "TW -> JP (NTD->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "JP", "direction": "directed", "currencies": "NTD -> JPY", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "JP-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; JP on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "TW", "signal": "token_regime", "signal_value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "evidence_tier": "mixed", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "record_ref": "tw-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } } }, { "corridor_id": "tw-kr-directed", "name": "TW -> KR (NTD->KRW directed edge)", "schema": "corridor/v3-directed-edge", "origin": "TW", "destination": "KR", "direction": "directed", "currencies": "NTD -> KRW", "feasibility_class": "Pre-regime (no operative destination regime yet)", "class_code": "pre_regime", "compatibility_category": "III", "compatibility_pair": "KR-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "TW on no shared wholesale-settlement experiment; KR on Project Agora. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "No operative inbound regime (draft DABA)", "administrator": "FSC (Korea)", "detail": "A destination with no authorizable issuance pathway dominates the origin’s issuance gap: there is nothing to receive into, whatever the origin holds." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_no_regime", "governing_jurisdiction": "KR", "signal": "inbound_gate", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "record_ref": "kr-frs-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } } }, { "corridor_id": "kr-us-directed", "name": "KR -> US (KRW->USD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "US", "direction": "directed", "currencies": "KRW -> USD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "KR-US", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (KR and US)." }, "inbound_mechanism": { "test": "GENIUS Act regime enacted 2025-07-18, §18 inbound gate not yet operative (§20); inbound gate not reached because the origin has no exportable authorizable token (Category III via origin drag)", "administrator": "US Treasury (SCRC) / OCC", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-eu-directed", "name": "KR -> EU (KRW->EUR directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "EU", "direction": "directed", "currencies": "KRW -> EUR", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "EU-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (KR and EU)." }, "inbound_mechanism": { "test": "MiCA authorization; significant-EMT scale caps (Art. 23)", "administrator": "EBA / ESMA / national competent authorities", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-uk-directed", "name": "KR -> UK (KRW->GBP directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "UK", "direction": "directed", "currencies": "KRW -> GBP", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "KR-UK", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (KR and UK)." }, "inbound_mechanism": { "test": "FSMA 2026 regime — in transition (systemic regime pending)", "administrator": "FCA / Bank of England", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-sg-directed", "name": "KR -> SG (KRW->SGD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "SG", "direction": "directed", "currencies": "KRW -> SGD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "KR-SG", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "KR on Project Agora; SG on Project Ensemble. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as DPTs", "administrator": "MAS", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-hk-directed", "name": "KR -> HK (KRW->HKD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "HK", "direction": "directed", "currencies": "KRW -> HKD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "HK-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "KR on Project Agora; HK on Project Ensemble + mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "HKMA stablecoin licensing", "administrator": "HKMA", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-cn-directed", "name": "KR -> CN (KRW->CNY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "CN", "direction": "directed", "currencies": "KRW -> CNY", "feasibility_class": "Blocked at destination (issuance / circulation prohibited)", "class_code": "blocked", "compatibility_category": "III", "compatibility_pair": "CN-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "KR on Project Agora; CN on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "Issuance and circulation prohibited", "administrator": "PBOC / CAC", "detail": "A destination prohibition dominates the origin’s issuance gap: no partnership or coordination route exists into a jurisdiction that bans the instrument. 银发〔2026〕42号, in force 2026-02-06." }, "origin_drag": false, "materialized_from": "computed_skeleton", "class_basis": { "rule": "destination_prohibition", "governing_jurisdiction": "CN", "signal": "inbound_gate", "signal_value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "evidence_tier": "resolution_text", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "record_ref": "cn-prc-monetary_sovereignty-001", "record_ref_meta": { "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-br-directed", "name": "KR -> BR (KRW->BRL directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "BR", "direction": "directed", "currencies": "KRW -> BRL", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "BR-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "KR on Project Agora; BR on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "BCB VASP / FX-counterparty channel", "administrator": "Banco Central do Brasil", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-ch-directed", "name": "KR -> CH (KRW->CHF directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "CH", "direction": "directed", "currencies": "KRW -> CHF", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "CH-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (KR and CH)." }, "inbound_mechanism": { "test": "FINMA authorization (banking / DLT framework)", "administrator": "FINMA", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-ae-directed", "name": "KR -> AE (KRW->AED directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "AE", "direction": "directed", "currencies": "KRW -> AED", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "AE-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "cross-bloc", "note": "KR on Project Agora; AE on mBridge. Rival bloc rails, not mutually interoperable: no shared production or pilot settlement rail (commercial rails subject to both regimes)." }, "inbound_mechanism": { "test": "CBUAE Payment Token Services licensing (usage channel)", "administrator": "CBUAE", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-jp-directed", "name": "KR -> JP (KRW->JPY directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "JP", "direction": "directed", "currencies": "KRW -> JPY", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "JP-KR", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "agora", "note": "Both ends on Project Agora (KR and JP)." }, "inbound_mechanism": { "test": "PSA Electronic Payment Instruments channel (registered EPIESP)", "administrator": "FSA (Japan)", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } }, { "corridor_id": "kr-tw-directed", "name": "KR -> TW (KRW->NTD directed edge)", "schema": "corridor/v3-directed-edge", "origin": "KR", "destination": "TW", "direction": "directed", "currencies": "KRW -> NTD", "feasibility_class": "Category III (no direct issuance; partnership / coordination route)", "class_code": "III", "compatibility_category": "III", "compatibility_pair": "KR-TW", "archetypes": [ "RC", "DC" ], "interaction_sets": [ "C" ], "infrastructure_overlap": { "bloc": "none", "note": "KR on Project Agora; TW on no shared wholesale-settlement experiment. At least one end off the shared experiments." }, "inbound_mechanism": { "test": "Virtual Asset Service Act enacted 2026-06-30, not yet commenced; inbound gate not reached because the origin has no exportable authorizable token (Category III via origin drag)", "administrator": "FSC + CBC (dual approval)", "detail": null }, "origin_drag": true, "materialized_from": "computed_skeleton", "class_basis": { "rule": "origin_drag", "governing_jurisdiction": "KR", "signal": "token_regime", "signal_value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "evidence_tier": "mixed", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "record_ref": "kr-frs-issuer_pathway-001", "record_ref_meta": { "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "origin_override": { "flag": "origin-egress override", "status": "conditional_dormant", "basis": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "administrator": "MOEF / Bank of Korea (foreign-exchange controls)", "detail": null } } ], "artifact_revision": "0.10.0", "artifact_revision_date": "2026-07-08" }, "signal_table": { "schema": "cbsr-analysis/signal_table", "version": "0.10.0", "generated": "2026-08-20", "register_version": "0.10.0", "as_of": "2026-06-30", "what_this_is": "The per-jurisdiction signals from which every one of the 132 directed corridor classes is derived by the published rule tools/class_rule.py:class_of. GENERATED — do not edit. The signal VALUES are curated in analysis/signal_table.source.json; scripts/gen_signal_table.py joins them to the register's 152 node records and populates `record_ref`, which closes the corridor-layer face of finding C1 (backlog VB-11).", "independence_note": "This table was NOT reverse-engineered from the shipped class_codes -- the failure mode docs/PROPOSAL_signal_table.md warned about. It was written from the primary-source legal facts and it CONTRADICTS the v0.9.99 artifact on 12 of the 132 edges (8 inbound-US: II -> T, per GENIUS s.20; TW->CN and KR->CN: III -> blocked; CN->KR and TW->KR: III -> pre_regime, per the Atlas's destination-first precedence). Those 12 edges were then corrected in the artifact, not the table. A signal table that agrees with the artifact by construction proves nothing; one that overturns it proves the recompute is real.", "record_ref_status": "POPULATED on 39 of 60 signals, from the register's own node records; 21 carry an explicit, reasoned `record_ref_gap` instead of a fabricated locator (citation firewall, Citable by Construction §4.3). VB-11 is closed for this register: the 152 node records ARE published here, so the locator is supplied rather than declined. A `record_ref` is tagged `match: same_instrument` only where the record rests on the very instrument the signal names; otherwise `related_dimension`, and the difference is emitted under `record_binding_findings` rather than smoothed over.", "source_of_record": { "path": "analysis/signal_table.source.json", "sha256": "9cf0ee30542b8beaf409c67ab584792a788c5dbcf4aa202a853d5752de70140d", "note": "SG4: the curated values are hashed so a silent edit is detectable. The values were written from the primary instruments and CONTRADICT the pre-v0.10.0 corridor artifact on 12 of 132 edges; a signal table that agreed with the artifact by construction would prove nothing." }, "axes": { "claim_class": [ "tier1_legal", "tier2_operational" ], "evidence_tier": [ "resolution_text", "mixed", "firm_summary", "unset" ], "binding_status": [ "in_force_enacted", "made_not_commenced", "finalized_policy_pending", "pending_proposal", "no_regime", null ] }, "gates_over_this_file": { "SIG1": "signal-provenance (Citable by Construction s.4.2): every signal the class function READS must be claim_class == tier1_legal. `token_in_issue` is tier2_operational and is never read -- proved by a negative test that flips it and asserts no class moves.", "SIG2": "binding-status cap (Citable by Construction s.3.1/s.4.2): a signal at evidence_tier == resolution_text must have binding_status == in_force_enacted. This is why the US and UK inbound gates are capped at `mixed` even though their statutory text has been read: an instrument must be IN FORCE, not merely located, to carry the top provenance tier. The cap is what produces the US -> `T` reclassification (VB-06/E1).", "SIG3": "every tier1_legal signal carries a non-empty `instrument` string.", "PR1": "tools/recompute_classes.py: class_of(origin, destination) over this table reproduces all 132 class_codes and all as_of_timeline resolves_to values in the artifact, exactly.", "SG1": "every class-driving signal's record_ref resolves to an existing tier1_legal node record.", "SG2": "a same_instrument record_ref whose record_binding_status differs from the signal's must declare a divergence reason.", "SG3": "token_in_issue (tier2_operational) carries no record_ref.", "SG4": "the curated source's sha256 is stamped, so an unreviewed edit to the values is detectable." }, "class_rule": { "name": "destination-first precedence (Corridor Atlas v0.2.5, s.3.4 and s.4.1)", "atlas_quote": "Three classes are determined entirely by the destination ... the destination sets the class on every edge except the twenty-seven where an origin-side issuance gap overrides it.", "precedence": [ "1. inbound_gate.value == 'prohibited' -> blocked (destination prohibition dominates: Atlas 'every edge terminating in Mainland China is Blocked')", "2. inbound_gate.value == 'none' -> pre_regime (destination has no authorizable pathway to receive into)", "3. origin token_regime.value != 'authorizable' -> III (origin drag: no exportable, comprehensively authorizable token)", "4. inbound_gate.binding_status == 'made_not_commenced' -> T (regime adopted, not yet operative)", "5. otherwise the operative gate type: authorization -> I; channel|comparability -> II" ], "why_origin_drag_ranks_third": "A prohibition and a pre-regime absence are terminal facts about the destination: no origin-side token, present or future, can complete the corridor. Category III means 'the composition is unresolved; partnership or coordination routes remain', which is FALSE where the destination bans the instrument outright. Ranking origin drag above them (as the artifact did through v0.9.99) produced TW->CN and KR->CN reading `III` -- 'partnership route' -- while their own prose read 'Issuance and circulation prohibited'. That is the eighth review's NF-1, in the optimistic direction. Fixed in v0.10.0.", "origin_drag_reads_a_legal_signal": "Origin drag reads `token_regime` (tier1_legal: is there an authorizable issuance regime IN FORCE at the origin?), never `token_in_issue` (tier2_operational: does a circulating token exist?). This is NF-3. The distinction is load-bearing for the US: no federal payment-stablecoin authorization is in force (GENIUS s.20), but state trust / money-transmitter regimes authorize USD payment-stablecoin issuance today, so token_regime == authorizable on a LEGAL ground, not because USDC happens to exist. The same reading keeps the UK a token-holding origin (EMRs 2011 e-money) while its NEW comprehensive regime is made-not-commenced." }, "record_binding_findings": { "posture": "Disagreement between the signal layer and the node-record layer is surfaced as a finding, never resolved by overwriting either layer (Citable by Construction §5.2). D1 = the two layers disagree on the binding status of the SAME instrument (the load-bearing case is US §18: Act-enacted vs section-operative — errata E1 / VB-06). D2 = the record covers the dimension under a DIFFERENT instrument (US and UK token_regime — VB-09 stays open).", "count": 20, "class_driving_count": 10, "findings": [ { "kind": "D2_instrument_divergence", "jurisdiction": "US", "signal": "token_regime", "record_id": "us-pss-issuer_pathway-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "in_force_enacted", "class_driving": true, "reason": "The signal rests on the state trust-company / money-transmitter regimes (e.g. NYDFS 23 NYCRR Part 200) that authorize USD payment-stablecoin issuance today. The register carries no record for those state regimes; `us-pss-issuer_pathway-001` records the FEDERAL GENIUS Act layer, whose §3 issuance prohibition bites only from the §20 effective date. Same dimension, different instrument. Whether a state-authorized issuer is an 'exportable, comprehensively authorizable token' for Atlas purposes is the open question in VB-09; if the answer is no, all 11 outbound-US edges fall to Category III.", "backlog_ref": "VB-09" }, { "kind": "D1_binding_status_divergence", "jurisdiction": "US", "signal": "inbound_gate", "record_id": "us-pss-monetary_sovereignty-001", "signal_binding_status": "made_not_commenced", "record_binding_status": "in_force_enacted", "class_driving": true, "reason": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "backlog_ref": "VB-06" }, { "kind": "D1_binding_status_divergence", "jurisdiction": "US", "signal": "yield_line", "record_id": "us-pss-permitted_activity_yield-001", "signal_binding_status": "made_not_commenced", "record_binding_status": "in_force_enacted", "class_driving": false, "reason": "Same §20 effective-date distinction as US.inbound_gate: the record codes the Act, the signal codes §4(a)(11)'s operative bite.", "backlog_ref": "VB-06" }, { "kind": "D2_instrument_divergence", "jurisdiction": "UK", "signal": "token_regime", "record_id": "uk-frs-issuer_pathway-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "made_not_commenced", "class_driving": true, "reason": "The signal rests on the Electronic Money Regulations 2011 (SI 2011/99), under which GBP e-money issuance is authorizable today. `uk-frs-issuer_pathway-001` records the NEW comprehensive regime (SI 2026/102), which is made-not-commenced and does not remove the existing pathway. Same dimension, different instrument.", "backlog_ref": "VB-09" }, { "kind": "D2_instrument_divergence", "jurisdiction": "UK", "signal": "yield_line", "record_id": "uk-frs-permitted_activity_yield-001", "signal_binding_status": "made_not_commenced", "record_binding_status": "pending_proposal", "class_driving": false, "reason": "`uk-frs-permitted_activity_yield-001` is coded `pending_proposal` (SI 2026/102 is silent on yield; the Bank of England Nov 2025 materials are a consultation). The signal codes the made-not-commenced regime's restriction. Different instruments within one dimension.", "backlog_ref": null }, { "kind": "D1_binding_status_divergence", "jurisdiction": "SG", "signal": "token_regime", "record_id": "sg-scs-issuer_pathway-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "finalized_policy_pending", "class_driving": true, "reason": "The record bundles the in-force Payment Services Act 2019 baseline with the finalized-policy Single-Currency Stablecoin framework and is coded by the SCS layer (finalized_policy_pending). The signal is coded by the PSA baseline, which is what determines the class. Divergence declared.", "backlog_ref": null }, { "kind": "D1_binding_status_divergence", "jurisdiction": "SG", "signal": "inbound_gate", "record_id": "sg-scs-monetary_sovereignty-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "finalized_policy_pending", "class_driving": true, "reason": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "SG", "signal": "egress_override", "record_id": "sg-scs-distribution-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "finalized_policy_pending", "class_driving": false, "reason": "`sg-scs-distribution-001` carries the PSA 2019 / MAS SCS distribution perimeter. The signal rests on the MAS Digital Token Service Provider statement (June 2025), which the register does not carry as a separate record. Nearest dimension, different instrument.", "backlog_ref": null }, { "kind": "D1_binding_status_divergence", "jurisdiction": "CN", "signal": "token_regime", "record_id": "cn-prc-issuer_pathway-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "prohibition", "class_driving": true, "reason": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "backlog_ref": null }, { "kind": "D1_binding_status_divergence", "jurisdiction": "CN", "signal": "inbound_gate", "record_id": "cn-prc-monetary_sovereignty-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "prohibition", "class_driving": true, "reason": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "CN", "signal": "egress_override", "record_id": "cn-prc-cross_border_data-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "in_force_enacted", "class_driving": false, "reason": "The record carries PIPL / DSL / CAC — the cross-border DATA half of the override. The mainland capital-flow half (SAFE) is not separately recorded. Partial locator, declared as such.", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "CN", "signal": "yield_line", "record_id": "cn-prc-permitted_activity_yield-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "prohibition", "class_driving": false, "reason": "The signal value is `n_a` (a prohibition leaves no yield question to answer). The record rests on the 2017 token-fundraising notice, not on 42号.", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "BR", "signal": "yield_line", "record_id": "br-vasp-permitted_activity_yield-001", "signal_binding_status": null, "record_binding_status": "in_force_enacted", "class_driving": false, "reason": "the record covers permitted_activity_yield under a different instrument", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "CH", "signal": "yield_line", "record_id": "ch-frs-permitted_activity_yield-001", "signal_binding_status": null, "record_binding_status": "in_force_enacted", "class_driving": false, "reason": "the record covers permitted_activity_yield under a different instrument", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "AE", "signal": "yield_line", "record_id": "ae-pt-permitted_activity_yield-001", "signal_binding_status": null, "record_binding_status": "in_force_enacted", "class_driving": false, "reason": "the record covers permitted_activity_yield under a different instrument", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "JP", "signal": "yield_line", "record_id": "jp-epi-permitted_activity_yield-001", "signal_binding_status": null, "record_binding_status": "in_force_enacted", "class_driving": false, "reason": "the record covers permitted_activity_yield under a different instrument", "backlog_ref": null }, { "kind": "D2_instrument_divergence", "jurisdiction": "TW", "signal": "inbound_gate", "record_id": "tw-frs-monetary_sovereignty-001", "signal_binding_status": "made_not_commenced", "record_binding_status": "made_not_commenced", "class_driving": true, "reason": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion.", "backlog_ref": "VB-R1" }, { "kind": "D1_binding_status_divergence", "jurisdiction": "KR", "signal": "token_regime", "record_id": "kr-frs-issuer_pathway-001", "signal_binding_status": "no_regime", "record_binding_status": "pending_proposal", "class_driving": true, "reason": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "backlog_ref": null }, { "kind": "D1_binding_status_divergence", "jurisdiction": "KR", "signal": "inbound_gate", "record_id": "kr-frs-monetary_sovereignty-001", "signal_binding_status": "no_regime", "record_binding_status": "pending_proposal", "class_driving": true, "reason": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "backlog_ref": null }, { "kind": "D1_binding_status_divergence", "jurisdiction": "KR", "signal": "egress_override", "record_id": "kr-frs-monetary_sovereignty-001", "signal_binding_status": "in_force_enacted", "record_binding_status": "pending_proposal", "class_driving": false, "reason": "`kr-frs-monetary_sovereignty-001` cites the Foreign Exchange Transactions Act — the instrument the conditional, dormant Korea-FX override rests on.", "backlog_ref": null } ] }, "signals": { "US": { "jurisdiction_name": "United States", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "State trust-company / money-transmitter regimes authorizing USD payment-stablecoin issuance (e.g. NYDFS 23 NYCRR Part 200). The federal layer (GENIUS Act, Pub. L. 119-27, enacted 2025-07-18) is NOT yet in force: s.3's issuance prohibition bites only from the s.20 effective date.", "operative_date": null, "evidence_tier": "firm_summary", "note": "Origin-drag input. Whether a state-authorized issuer counts as an 'exportable, comprehensively authorizable token' for Atlas purposes is the open question in VB-09. If the answer is no, all 11 outbound-US edges fall to III and the I/II structure changes -- the reductio the eighth review's NF-3 raised. Stated here rather than left implicit in a market record.", "backlog_ref": "VB-09", "record_ref": { "record_id": "us-pss-issuer_pathway-001", "dimension": "issuer_pathway", "match": "related_dimension", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal", "backlog_ref": "VB-09", "note": "The signal rests on the state trust-company / money-transmitter regimes (e.g. NYDFS 23 NYCRR Part 200) that authorize USD payment-stablecoin issuance today. The register carries no record for those state regimes; `us-pss-issuer_pathway-001` records the FEDERAL GENIUS Act layer, whose §3 issuance prohibition bites only from the §20 effective date. Same dimension, different instrument. Whether a state-authorized issuer is an 'exportable, comprehensively authorizable token' for Atlas purposes is the open question in VB-09; if the answer is no, all 11 outbound-US edges fall to Category III." } }, "inbound_gate": { "value": "comparability", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "GENIUS Act s.18 (foreign payment-stablecoin issuer comparability determination by the Secretary of the Treasury on SCRC recommendation + OCC registration + US-held reserves), effective per s.20 on the earlier of 18 months after enactment (2027-01-18) or 120 days after the primary federal payment stablecoin regulators issue final regulations.", "operative_date": "2027-01-18", "date_kind": "outer_cap", "resolves_to": "II", "evidence_tier": "mixed", "evidence_tier_cap_reason": "SIG2: the instrument is made_not_commenced, so it cannot carry resolution_text however carefully its text has been read (Citable by Construction s.2.3, s.3.1). Its s.20 effective-date rule IS confirmed against the primary record.", "snapshot_fact": "At 2026-06-30 no final implementing regulations had issued: OCC NPRM (published FR 2026-03-02, comments closed 2026-05-01), FDIC NPRM and FinCEN/OFAC joint NPRM (both 2026-04-10), Treasury s.4(c) NPRM (April 2026), NCUA proposal (February 2026). So the 2027-01-18 outer cap binds, and it may fall sooner.", "backlog_ref": "VB-06", "note": "This single signal is the correction that drives E1 / F-US-1 / E8: the s.18 gate is NOT 'available but unused', it is NOT YET AVAILABLE. Coding it as an in-force Category II gate let a market observation ('none granted to date') do a proposition of law's work.", "record_ref": { "record_id": "us-pss-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T.", "divergence": "`us-pss-monetary_sovereignty-001` cites the GENIUS Act, pinpoint 'Foreign payment stablecoin issuers — comparability determination and registration' — the same §18 gate the signal names. The record codes the ACT as in_force_enacted (it is: enacted 2025-07-18); the signal codes the GATE, which §20 makes effective on the earlier of 2027-01-18 or final-rules + 120 days. Act-enacted is not section-operative. This is errata E1 / VB-06, and it is the divergence that moves the 8 inbound-US edges from II to T." } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No general export/egress restriction on outbound USD stablecoins.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "prohibited_for_holding", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "GENIUS Act s.4(a)(11): no issuer-paid yield to holders 'solely in connection with the holding, use, or retention' of a payment stablecoin.", "evidence_tier": "mixed", "note": "Feasibility s.4.5 enrichment. Never read by the class function.", "record_ref": { "record_id": "us-pss-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal", "backlog_ref": "VB-06", "note": "Same §20 effective-date distinction as US.inbound_gate: the record codes the Act, the signal codes §4(a)(11)'s operative bite.", "divergence": "Same §20 effective-date distinction as US.inbound_gate: the record codes the Act, the signal codes §4(a)(11)'s operative bite." } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT (USDC, PYUSD, ... in circulation). ENRICHMENT ONLY. Must never touch class_code -- SIG1. A negative test flips this value and asserts all 132 classes are unchanged.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "EU": { "jurisdiction_name": "European Union", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "MiCA (Reg. (EU) 2023/1114) Title IV: e-money-token authorization; applicable from 2024-06-30.", "operative_date": null, "evidence_tier": "firm_summary", "record_ref": { "record_id": "eu-emt-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "MiCA authorization wall (Titles III/IV) with the Art. 58(3) means-of-exchange ceiling extending Arts. 22/23/24(3) mutatis mutandis to EMTs denominated in a non-Member-State currency. Art. 23(1) is CONJUNCTIVE: 1,000,000 transactions/day AND EUR 200,000,000/day (quarterly average).", "operative_date": null, "resolves_to": "I", "evidence_tier": "mixed", "note": "The 'and' (not 'or') is F-EU / VB-07; the papers still write 'or' (errata E2). The EBA operative measurement methodology is pending -- an open parameterization (Feasibility s.3.7), which sharpens the class without moving it.", "backlog_ref": "VB-07", "record_ref": { "record_id": "eu-emt-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No MiCA export/egress restriction on outbound EMTs.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "prohibited_for_holding", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "MiCA Art. 50: no interest on EMTs; remuneration or other benefit related to the length of time an EMT is held is treated as interest. In force 2024-06-30.", "evidence_tier": "firm_summary", "backlog_ref": "VB-R2", "record_ref": { "record_id": "eu-emt-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "UK": { "jurisdiction_name": "United Kingdom", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Electronic Money Regulations 2011 (SI 2011/99): GBP e-money issuance is authorizable today. The NEW comprehensive regime (FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102) is made-not-commenced and does not remove the existing pathway.", "operative_date": null, "evidence_tier": "firm_summary", "backlog_ref": "VB-09", "record_ref": { "record_id": "uk-frs-issuer_pathway-001", "dimension": "issuer_pathway", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-09", "note": "The signal rests on the Electronic Money Regulations 2011 (SI 2011/99), under which GBP e-money issuance is authorizable today. `uk-frs-issuer_pathway-001` records the NEW comprehensive regime (SI 2026/102), which is made-not-commenced and does not remove the existing pathway. Same dimension, different instrument.", "divergence": "The signal rests on the Electronic Money Regulations 2011 (SI 2011/99), under which GBP e-money issuance is authorizable today. `uk-frs-issuer_pathway-001` records the NEW comprehensive regime (SI 2026/102), which is made-not-commenced and does not remove the existing pathway. Same dimension, different instrument." } }, "inbound_gate": { "value": "authorization", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 (made 2026-02-04; preparatory provisions 2026-02-25; full commencement 2027-10-25), at which point the Bank of England systemic-stablecoin regime and the FCA conduct regime become operative.", "operative_date": "2027-10-25", "date_kind": "gazetted", "resolves_to": "I", "evidence_tier": "mixed", "evidence_tier_cap_reason": "SIG2: made_not_commenced cannot carry resolution_text.", "note": "The three-limb territorial perimeter remains interpretively open (FCA policy statement); that affects what falls inside the perimeter, not the commencement date.", "record_ref": { "record_id": "uk-frs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No export/egress restriction.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "restricted", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "FCA/BoE stablecoin conduct rules (pending commencement).", "evidence_tier": "firm_summary", "record_ref": { "record_id": "uk-frs-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "related_dimension", "record_binding_status": "pending_proposal", "record_evidence_tier": "unverified", "record_claim_class": "tier1_legal", "note": "`uk-frs-permitted_activity_yield-001` is coded `pending_proposal` (SI 2026/102 is silent on yield; the Bank of England Nov 2025 materials are a consultation). The signal codes the made-not-commenced regime's restriction. Different instruments within one dimension.", "divergence": "`uk-frs-permitted_activity_yield-001` is coded `pending_proposal` (SI 2026/102 is silent on yield; the Bank of England Nov 2025 materials are a consultation). The signal codes the made-not-commenced regime's restriction. Different instruments within one dimension." } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT (GBP e-money issuers). ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "SG": { "jurisdiction_name": "Singapore", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Payment Services Act 2019 digital-payment-token baseline (in force). The Single-Currency Stablecoin framework is finalized policy pending implementing legislation and does not gate the baseline.", "operative_date": null, "evidence_tier": "firm_summary", "record_ref": { "record_id": "sg-scs-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "unverified", "record_claim_class": "tier1_legal", "note": "The record bundles the in-force Payment Services Act 2019 baseline with the finalized-policy Single-Currency Stablecoin framework and is coded by the SCS layer (finalized_policy_pending). The signal is coded by the PSA baseline, which is what determines the class. Divergence declared.", "divergence": "The record bundles the in-force Payment Services Act 2019 baseline with the finalized-policy Single-Currency Stablecoin framework and is coded by the SCS layer (finalized_policy_pending). The signal is coded by the PSA baseline, which is what determines the class. Divergence declared." } }, "inbound_gate": { "value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "MAS single-currency-stablecoin recognition; foreign-pegged tokens treated as digital payment tokens under the Payment Services Act 2019.", "operative_date": null, "resolves_to": "I", "evidence_tier": "firm_summary", "record_ref": { "record_id": "sg-scs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer.", "divergence": "Same bundling as SG.token_regime: the class rests on the in-force PSA 2019 baseline, the record is coded by the pending SCS layer." } }, "egress_override": { "value": "active", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "MAS Digital Token Service Provider statement (June 2025): unlicensed Singapore-based operations serving offshore customers are constrained, so the origin co-governs an otherwise destination-gated edge.", "evidence_tier": "firm_summary", "note": "Atlas v0.2.5 s.3.3: 'an origin that imposes an export or egress restriction (Mainland China, Singapore) contributes an origin-override flag.' Carried on all 11 SG-> edges from v0.10.0 (gate OO1).", "record_ref": { "record_id": "sg-scs-distribution-001", "dimension": "distribution", "match": "related_dimension", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "`sg-scs-distribution-001` carries the PSA 2019 / MAS SCS distribution perimeter. The signal rests on the MAS Digital Token Service Provider statement (June 2025), which the register does not carry as a separate record. Nearest dimension, different instrument.", "divergence": "`sg-scs-distribution-001` carries the PSA 2019 / MAS SCS distribution perimeter. The signal rests on the MAS Digital Token Service Provider statement (June 2025), which the register does not carry as a separate record. Nearest dimension, different instrument." } }, "yield_line": { "value": "restricted", "claim_class": "tier1_legal", "binding_status": "finalized_policy_pending", "instrument": "SCS framework: issuer may not lend or stake the reserve.", "evidence_tier": "firm_summary", "record_ref": { "record_id": "sg-scs-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "same_instrument", "record_binding_status": "finalized_policy_pending", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "HK": { "jurisdiction_name": "Hong Kong", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Stablecoins Ordinance (Cap. 656), in force 2025-08-01. First issuer licences granted 2026-04-10 (HSBC; Anchorpoint Financial Limited).", "operative_date": null, "evidence_tier": "firm_summary", "record_ref": { "record_id": "hk-frs-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "HKMA fiat-referenced-stablecoin licence under Cap. 656.", "operative_date": null, "resolves_to": "I", "evidence_tier": "firm_summary", "record_ref": { "record_id": "hk-frs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No export/egress restriction.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "prohibited_for_holding", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Cap. 656 issuer conduct requirements.", "evidence_tier": "firm_summary", "record_ref": { "record_id": "hk-frs-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT (first cohort, HKD-referenced). ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "CN": { "jurisdiction_name": "Mainland China", "token_regime": { "value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Eight-ministry Notice 银发〔2026〕42号, in force on publication 2026-02-06 (repealing 银发〔2021〕237号): no unapproved offshore issuance of renminbi-pegged stablecoins; extraterritorial bar on PRC entities and their controlled offshore affiliates issuing virtual currencies abroad; restriction on onshore real-world-asset tokenization. Paired with CSRC 公告〔2026〕1号.", "operative_date": null, "evidence_tier": "resolution_text", "backlog_ref": "VB-04", "record_ref": { "record_id": "cn-prc-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings.", "divergence": "Vocabulary divergence only: the register's binding_status enum carries `prohibition` as a first-class value; the curated signal writes `in_force_enacted` of the prohibiting instrument (银发〔2026〕42号, in force 2026-02-06). Same instrument, same fact, two encodings." } }, "inbound_gate": { "value": "prohibited", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Eight-ministry Notice 银发〔2026〕42号 (in force 2026-02-06): issuance and circulation of foreign stablecoins as a payment instrument is prohibited; cross-border data and capital flows are additionally gated by PIPL, DSL, CAC and SAFE.", "operative_date": null, "resolves_to": null, "evidence_tier": "resolution_text", "backlog_ref": "VB-04", "note": "Anchored by verifier gate CF1. Under the destination-first precedence this makes ALL 11 inbound-CN edges `blocked` -- including TW->CN and KR->CN, which read `III` through v0.9.99 (NF-1).", "record_ref": { "record_id": "cn-prc-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "prohibition", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument.", "divergence": "As CN.token_regime: `prohibition` vs `in_force_enacted` of the prohibiting instrument." } }, "egress_override": { "value": "active", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Mainland capital-flow controls (SAFE) and the cross-border data framework (PIPL, DSL, CAC).", "evidence_tier": "firm_summary", "note": "Atlas v0.2.5 carries '[origin-egress override (mainland capital controls)]' on all 11 CN-> rows.", "record_ref": { "record_id": "cn-prc-cross_border_data-001", "dimension": "cross_border_data", "match": "related_dimension", "record_binding_status": "in_force_enacted", "record_evidence_tier": "unverified", "record_claim_class": "tier1_legal", "note": "The record carries PIPL / DSL / CAC — the cross-border DATA half of the override. The mainland capital-flow half (SAFE) is not separately recorded. Partial locator, declared as such." } }, "yield_line": { "value": "n_a", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "No permitted issuance, so no yield rule to cite.", "evidence_tier": "resolution_text", "record_ref": { "record_id": "cn-prc-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "related_dimension", "record_binding_status": "prohibition", "record_evidence_tier": "unverified", "record_claim_class": "tier1_legal", "note": "The signal value is `n_a` (a prohibition leaves no yield question to answer). The record rests on the 2017 token-fundraising notice, not on 42号.", "divergence": "The signal value is `n_a` (a prohibition leaves no yield question to answer). The record rests on the 2017 token-fundraising notice, not on 42号." } }, "token_in_issue": { "value": false, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "BR": { "jurisdiction_name": "Brazil", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "BCB Resolutions 519/520/521 (virtual-asset service provider authorization and the foreign-exchange channel); Resolution 561 bars the eFX crypto leg.", "operative_date": null, "evidence_tier": "firm_summary", "record_ref": { "record_id": "br-vasp-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "BCB VASP authorization + the Resolution 521 counterparty-conditional câmbio channel (licensed VASP only).", "operative_date": null, "resolves_to": "II", "evidence_tier": "firm_summary", "record_ref": { "record_id": "br-vasp-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No export/egress restriction.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "unverified", "claim_class": "tier1_legal", "binding_status": null, "instrument": "Not yet read against the primary instrument -- declared backlog (Feasibility s.4.5 residual).", "evidence_tier": "unset", "record_ref": { "record_id": "br-vasp-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "related_dimension", "record_binding_status": "in_force_enacted", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "The signal value is `unverified`: the register carries the record, but its yield cell is in the verification backlog and is not asserted as drawing the US/SG line (Feasibility §4.5 states exactly this)." } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "CH": { "jurisdiction_name": "Switzerland", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Banking Act / DLT Act framework; FINMA authorization (bank, fintech or DLT licence) with a bank guarantee and holder identification.", "operative_date": null, "evidence_tier": "firm_summary", "record_ref": { "record_id": "ch-frs-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "authorization", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "FINMA authorization (banking / DLT framework).", "operative_date": null, "resolves_to": "I", "evidence_tier": "firm_summary", "record_ref": { "record_id": "ch-frs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No export/egress restriction.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "unverified", "claim_class": "tier1_legal", "binding_status": null, "instrument": "Declared backlog.", "evidence_tier": "unset", "record_ref": { "record_id": "ch-frs-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "related_dimension", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal", "note": "The signal value is `unverified`: the register carries the record, but its yield cell is in the verification backlog and is not asserted as drawing the US/SG line (Feasibility §4.5 states exactly this)." } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "AE": { "jurisdiction_name": "United Arab Emirates", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "CBUAE Payment Token Services Regulation: Dirham payment tokens are authorizable onshore.", "operative_date": null, "evidence_tier": "firm_summary", "record_ref": { "record_id": "ae-pt-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "CBUAE Payment Token Services registration (usage channel): a foreign token may be used onshore only to purchase virtual assets; merchant payment requires a Dirham payment token.", "operative_date": null, "resolves_to": "II", "evidence_tier": "firm_summary", "record_ref": { "record_id": "ae-pt-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No export/egress restriction.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "unverified", "claim_class": "tier1_legal", "binding_status": null, "instrument": "Declared backlog.", "evidence_tier": "unset", "record_ref": { "record_id": "ae-pt-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "related_dimension", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal", "note": "The signal value is `unverified`: the register carries the record, but its yield cell is in the verification backlog and is not asserted as drawing the US/SG line (Feasibility §4.5 states exactly this)." } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "JP": { "jurisdiction_name": "Japan", "token_regime": { "value": "authorizable", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Payment Services Act Electronic Payment Instruments regime (in force 2023-06-01); closed issuer trichotomy of bank, registered funds-transfer provider, and trust company / trust bank. Act No. 66 of 2025 (promulgated 2025-06-13, in force 2026-06-01) relaxed trust-type reserve composition.", "operative_date": null, "evidence_tier": "mixed", "backlog_ref": "VB-03", "record_ref": { "record_id": "jp-epi-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "channel", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "PSA Electronic Payment Instruments channel through a registered EPIESP (reserves in Japan; foreign-issuer non-solicitation). Cabinet Office Ordinance promulgated 2026-05-19, in force 2026-06-01, recognises equivalent foreign trust-type stablecoins as electronic payment instruments, subject to (i) an equivalent home licence, (ii) appropriately managed and audited reserves, and (iii) an information-sharing / cooperation arrangement between the home regulator and the JFSA.", "operative_date": null, "resolves_to": "II", "evidence_tier": "mixed", "note": "Condition (iii) is the hardest gate and the one Feasibility s.5.3 omits (errata F-JP-1); it closes the pathway to jurisdictions with no JFSA MOU and corroborates the s.5.2 bloc structure.", "record_ref": { "record_id": "jp-epi-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal" } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "No export/egress restriction.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "unverified", "claim_class": "tier1_legal", "binding_status": null, "instrument": "Declared backlog.", "evidence_tier": "unset", "record_ref": { "record_id": "jp-epi-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "related_dimension", "record_binding_status": "in_force_enacted", "record_evidence_tier": "resolution_text", "record_claim_class": "tier1_legal", "note": "The signal value is `unverified`: the register carries the record, but its yield cell is in the verification backlog and is not asserted as drawing the US/SG line (Feasibility §4.5 states exactly this)." } }, "token_in_issue": { "value": true, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "TW": { "jurisdiction_name": "Taiwan", "token_regime": { "value": "not_commenced", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "Virtual Asset Service Act, passed at third reading 2026-06-30; commencement set separately by the Executive Yuan, pending nine items of subsidiary legislation (FSC timetable: earliest Q1 2027). Until commencement only the AML registration regime (amended Money Laundering Control Act, operative 2024-11-30) is in force -- registration is not issuance authorization.", "operative_date": null, "evidence_tier": "mixed", "backlog_ref": "VB-R1", "evidence_tier_cap_reason": "SIG2: made_not_commenced cannot carry resolution_text.", "note": "Enactment is not commencement: no exportable authorizable token exists, so origin drag still fires on all TW-> edges whose destination does not already foreclose them.", "record_ref": { "record_id": "tw-frs-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "inbound_gate": { "value": "channel", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "Virtual Asset Service Act: issuance and the inbound treatment of offshore stablecoins are conditioned on approval by the FSC AND the Central Bank of the Republic of China (Taiwan) -- dual approval, not FSC-with-CBC-consulted. Issuer-paid yield is prohibited. Roughly a 21-month operator transition.", "operative_date": null, "date_kind": "contingent", "resolves_to": "II", "evidence_tier": "mixed", "backlog_ref": "VB-R1", "note": "Anchored by verifier gate CF1 (TW = `T`). No gazetted commencement date, so the trigger is contingent and moves no horizon.", "record_ref": { "record_id": "tw-frs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "related_dimension", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "backlog_ref": "VB-R1", "note": "`tw-frs-monetary_sovereignty-001` now distinguishes the promulgated Virtual Asset Service Act from the still-unmapped commencement and CBC policy questions. The signal remains transitional; a named legal reviewer and independent reconciliation are still required before promotion." } }, "egress_override": { "value": "none", "claim_class": "tier1_legal", "binding_status": null, "instrument": "Atlas v0.2.5 carries no origin-override on the TW-> rows.", "evidence_tier": "firm_summary", "record_ref": null, "record_ref_gap": { "reason": "An absence of an export/egress restriction is not an instrument and has no locator. The register carries no record asserting the absence; the Atlas's silence on the origin's row is the basis. Citation firewall (Citable by Construction §4.3): a null is honest where a plausible-looking locator would not be." } }, "yield_line": { "value": "prohibited_for_holding", "claim_class": "tier1_legal", "binding_status": "made_not_commenced", "instrument": "VAS Act: issuer-paid yield prohibited.", "evidence_tier": "mixed", "backlog_ref": "VB-R1", "record_ref": { "record_id": "tw-frs-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "same_instrument", "record_binding_status": "made_not_commenced", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "token_in_issue": { "value": false, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } }, "KR": { "jurisdiction_name": "South Korea", "token_regime": { "value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "instrument": "Virtual Asset User Protection Act (in force 2024-07-19) is a user-protection and market-abuse statute, not an issuance-licensing framework; domestic won-stablecoin issuance is effectively prohibited. The Digital Asset Basic Act remains an un-enacted bill (National Assembly Political Affairs Committee subcommittee).", "operative_date": null, "evidence_tier": "mixed", "record_ref": { "record_id": "kr-frs-issuer_pathway-001", "dimension": "issuer_pathway", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them.", "divergence": "Vocabulary divergence: the register codes the draft Digital Asset Basic Act as `pending_proposal` (there IS a bill); the signal codes the absence of an operative issuance regime as `no_regime` (there is nothing in force to authorize under). Same instruments, different question asked of them." } }, "inbound_gate": { "value": "none", "claim_class": "tier1_legal", "binding_status": "no_regime", "instrument": "No operative inbound issuance-authorization regime to receive into (draft DABA).", "operative_date": null, "resolves_to": null, "evidence_tier": "mixed", "note": "Under destination-first this makes ALL 11 inbound-KR edges `pre_regime` -- including CN->KR and TW->KR, which read `III` through v0.9.99 (NF-1).", "record_ref": { "record_id": "kr-frs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative).", "divergence": "As KR.token_regime: `pending_proposal` (the bill exists) vs `no_regime` (nothing operative)." } }, "egress_override": { "value": "conditional_dormant", "claim_class": "tier1_legal", "binding_status": "in_force_enacted", "instrument": "Korean foreign-exchange controls; Atlas v0.2.5 carries '[conditional origin-egress override (Korea FX, dormant)]' on all 11 KR-> rows -- conditional and dormant because there is no exportable won token for them to bite on.", "evidence_tier": "firm_summary", "backlog_ref": "VB-10", "record_ref": { "record_id": "kr-frs-monetary_sovereignty-001", "dimension": "monetary_sovereignty", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal", "note": "`kr-frs-monetary_sovereignty-001` cites the Foreign Exchange Transactions Act — the instrument the conditional, dormant Korea-FX override rests on.", "divergence": "`kr-frs-monetary_sovereignty-001` cites the Foreign Exchange Transactions Act — the instrument the conditional, dormant Korea-FX override rests on." } }, "yield_line": { "value": "prohibited_for_holding", "claim_class": "tier1_legal", "binding_status": "pending_proposal", "instrument": "The leading DABA draft bars interest, discount or other reward to holders.", "evidence_tier": "firm_summary", "note": "A DRAFT provision -- cited in Feasibility s.4.5 as supporting evidence for the yield-line convergence, never as binding law.", "record_ref": { "record_id": "kr-frs-permitted_activity_yield-001", "dimension": "permitted_activity_yield", "match": "same_instrument", "record_binding_status": "pending_proposal", "record_evidence_tier": "firm_summary", "record_claim_class": "tier1_legal" } }, "token_in_issue": { "value": false, "claim_class": "tier2_operational", "binding_status": null, "instrument": null, "evidence_tier": "firm_summary", "note": "MARKET FACT. ENRICHMENT ONLY.", "record_ref": null, "record_ref_gap": { "reason": "tier2_operational: a market fact carries no legal locator (SIG1/SG3)." } } } }, "settlement_blocs": { "claim_class": "tier2_operational", "note": "Tier-2 operational enrichment, NOT a proposition of law (Feasibility s.5.1 concedes this explicitly). Drives infrastructure_overlap.bloc (verifier IB1) and NEVER class_code.", "agora": [ "US", "EU", "UK", "CH", "JP", "KR" ], "mbridge": [ "CN", "HK", "AE" ], "ensemble": [ "HK", "SG" ], "caveats": { "SG_ensemble": "SG's FORMAL Project Ensemble membership is unconfirmed (VB-02); the HKMA-Ensemble / MAS-Guardian tie may be an alignment, not a shared substrate.", "agora_is_not_G7": "Project Agorá's seven central banks include the Bank of Korea and the Bank of Mexico; 'seven central banks convened by the BIS around major reserve currencies' is accurate, 'the G7-aligned bloc' is not (errata E7).", "mbridge_is_not_PRC_and_Gulf": "Post-BIS-withdrawal (2024-10-31) mBridge continues with China, Hong Kong, Thailand, the UAE and Saudi Arabia. Thailand is neither PRC nor Gulf (errata E7).", "KR_tension": "Korea is simultaneously an Agorá member and the register's sole pre-regime origin -- the settlement-bloc axis and the regulatory-maturity axis are not co-linear. A finding, not a defect." } } } } }