WhatsApp and Telegram +44 7563 115980
[email protected]
We build licensed stablecoin businesses: the issuer licence, the reserve banking and custody, the technology and the team, in the United States, the European Union, the United Kingdom and Hong Kong, with Singapore to follow as its licence opens.
Selected engagements from more than 250 licences obtained since 2013, for payment, e-money and cryptoasset firms.
Volkswagen
Payment InstitutionObtained Nexpay’s FCA Authorised Payment Institution licence.
Electronic Money InstitutionObtained Dzing Finance’s FCA Authorised Electronic Money Institution licence.
Obtained Orbital’s FCA Authorised Payment Institution licence.
Who can issue in each jurisdiction, and where each regime stands today.
| Jurisdiction | Issuer licence | Where it stands |
|---|---|---|
| United States | Permitted payment stablecoin issuer: a bank subsidiary, a federal issuer licensed by the OCC, or a state issuer | The GENIUS Act became law on 18 July 2025. The regulators’ rules are being finalised, and the regime applies by 18 January 2027 at the latest. |
| European Union | E-money token issuer, authorised as an electronic money institution or a credit institution | MiCA has applied to stablecoins since 30 June 2024. An e-money institution authorised in one member state can offer its token across the EU. |
| United Kingdom | FCA authorisation to issue qualifying stablecoins | Applications run from 30 September 2026 to 28 February 2027. The regime starts on 25 October 2027. |
| Hong Kong | HKMA licence for fiat-referenced stablecoin issuers | The Stablecoins Ordinance has been in force since 1 August 2025. The HKMA granted the first two licences on 10 April 2026. |
| Singapore | Licensed issuer under the MAS stablecoin framework, proposed | MAS consulted on the legislative amendments from 1 September to 16 October 2026. No start date has been set. |
One team from the licence to launch.
The right jurisdiction for your coin and your customers, and the application through to approval: e-money institution, US issuer, FCA or HKMA.
Reserve accounts, custody for reserve assets and the trust arrangements, opened alongside the application.
Issuance, redemption and reserve reporting systems, ready for launch.
We assemble your team: directors, compliance officer, MLRO and treasury.
The licences your partners need to hold, transfer or exchange your coin: MiCA crypto-asset service provider, UK cryptoasset authorisation and US money transmitter licences.
Monthly reserve reporting, audits, redemption testing and the ongoing obligations of each regulator.
Only a permitted payment stablecoin issuer: a subsidiary of an insured bank, a federal qualified issuer licensed by the Office of the Comptroller of the Currency (OCC), or a state qualified issuer.
At least one dollar of reserves for every coin issued, held only in cash, insured deposits, Treasury bills with 93 days or less to maturity, short repurchase agreements backed by Treasuries, and government money market funds.
The issuer publishes its reserves every month. A registered public accounting firm examines each report, and the chief executive and finance director certify it.
A state issuer with more than $10 billion of coins in circulation moves to federal supervision.
From 18 July 2028, US platforms may only offer stablecoins issued by a permitted issuer.
An e-money token may be issued only by an electronic money institution or a credit institution, after it notifies its regulator and publishes a white paper.
Holders can redeem at any time, at par, in ordinary funds.
At least 30% of the funds received is held in separate accounts at credit institutions. The rest is invested in highly liquid, low-risk instruments in the same currency.
Tokens the EBA classes as significant carry additional requirements and come under EBA supervision.
The Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) bring stablecoin issuance into FCA regulation from 25 October 2027.
The FCA’s final rules, PS26/10, were published in June 2026.
Backing assets are held on statutory trust, separately for each coin, in the coin’s own currency, with a minimum held as on-demand deposits.
Holders are paid by the end of the next business day.
Applications are open through the FCA from 30 September 2026 to 28 February 2027. A firm not authorised by the start date must wind down its UK business.
Issuing a fiat-referenced stablecoin in Hong Kong requires an HKMA licence under the Stablecoins Ordinance.
The HKMA granted the first two licences on 10 April 2026, to Anchorpoint Financial and HSBC.
Reserve management, redemption arrangements, governance, risk management and financial crime controls, before it grants a licence.
MAS published its stablecoin framework in August 2023 and consulted from 1 September to 16 October 2026 on the legislative amendments that implement it.
Licensed issuers of single-currency stablecoins pegged to the Singapore dollar or a G10 currency, under the MAS framework for MAS-regulated stablecoins.
The consultation closed on 16 October 2026. MAS has not set a start date.
It depends on the currency of the coin and where its holders are. A euro coin is issued under MiCA through an e-money institution. A US dollar coin offered to US customers needs a permitted issuer under the GENIUS Act. Many issuers hold more than one licence, with the reserves held in the currency of each coin.
In the European Union, yes: an authorised electronic money institution can issue e-money tokens after notifying its regulator and publishing a white paper. In the United Kingdom, issuing qualifying stablecoins requires a separate FCA authorisation from 25 October 2027.
On 25 October 2027. Applications are open from 30 September 2026 to 28 February 2027.
Firms that hold, transfer or exchange stablecoins for customers usually need a crypto-asset service provider licence in the EU, a cryptoasset authorisation in the UK, or money transmitter licences in the US, separate from the issuer’s licence.
This guide is general information, not legal advice. Requirements and fees change, and the regulator’s own publications take precedence.
The jurisdiction, the licence, the reserve banking, the cost and the timing for your coin.