Digital asset law in 2026 is moving from pilot programs into active enforcement, with stablecoins, tokenized real-world assets (RWAs), and tax compliance at the center of the latest policy moves in the United States, China, and the United Arab Emirates. The February updates point to three distinct regulatory tracks: the US is pressing ahead with market-structure legislation, China is reinforcing state control around the e-CNY, and the UAE is widening its licensing and institutional compliance framework.
The US pushes the Clarity Act toward implementation
In the United States, crypto legislation is entering a decisive phase focused on finalizing market structure and putting the first major federal digital asset laws into operation. The report says the Clarity Act, targeted for implementation in 2026, is designed to create a regulatory framework for digital assets and would primarily place most of them under the jurisdiction of the Commodity Futures Trading Commission.
Treasury Secretary Scott Bessent called for a “spring signing” of the bill, citing the urgency created by the 2026 midterm elections. The article presents the bill as a central part of Washington’s effort to formalize oversight and strengthen the country’s position in crypto infrastructure, though it does not provide a final enactment date or final statutory text.
China tightens control over yuan stablecoins and tokenized assets
China used February to reinforce rules around digital payments and tokenization, with policy aimed at protecting the dominance of the digital yuan (e-CNY). According to the report, a notice issued by eight government agencies on Feb. 6, 2026 repeated that all virtual currency activity is illegal, with special attention placed on stablecoins that replicate sovereign money.
The new rules bar any entity, including foreign firms, from issuing RMB-pegged stablecoins offshore without explicit approval. They also prohibit mainland Chinese entities and their subsidiaries from issuing virtual currencies or conducting RWA tokenization outside China without consent. The article says the framework does leave a narrow route for tokenized securities, but issuance and trading would need to go through licensed entities, and approvals remain strict, especially where onshore assets are involved.
The divergence with Hong Kong is also becoming clearer. Mainland China is maintaining a strict ban, while Hong Kong continues with a separate pilot approach for regulated and licensed stablecoin issuance under close supervision.
Hong Kong expands licensing and tax transparency rules
Within that separate system, Hong Kong is building a broader multi-layer digital asset framework, with several legislative milestones scheduled for 2026. Regulators plan to submit a bill that would create licensing regimes for four additional categories: virtual asset dealing, including OTC desks, custody, advisory services, and asset management.
On stablecoins, Hong Kong passed its Stablecoins Ordinance in 2025, and the Hong Kong Monetary Authority is expected to issue the first official licenses in the first quarter of 2026. Starting Jan. 1, 2026, the city will also fully adopt Basel Committee standards for crypto assets, setting capital and credit-risk rules for banks handling digital assets.
Tax policy is moving at the same time. The government plans to submit a bill in 2026 to extend tax exemptions for funds and family offices to cover digital assets, preserving a 0% capital gains tax environment for qualifying institutional investors. Legislation to implement the OECD’s Crypto-Asset Reporting Framework, or CARF, is also scheduled for completion in 2026.
The UAE shifts token assessments to licensed firms
As of February 2026, the UAE has continued refining its crypto regime. The Dubai Financial Services Authority updated its rules on Jan. 12, 2026, removing the “Recognized Crypto Tokens” list and requiring authorized firms to carry out their own due diligence, suitability assessments, and ongoing monitoring before listing tokens. That change moves more responsibility from the regulator to licensed market participants.
On stablecoins, the Central Bank of the UAE approved a dirham-backed stablecoin, DDSC, on Feb. 13, 2026 for institutional, payment, and settlement use on ADI Chain. Retail protections remain strict. The framework still requires appropriateness assessments and keeps bans on certain marketing practices.
Tax and compliance rules are also being spelled out more clearly. The report says crypto activity that generates income is subject to corporate tax, crypto transfers are generally exempt from VAT, and mining rewards are treated as taxable income. Reports dated Feb. 16, 2026 describe UAE regulators as keeping institutional-grade compliance, licensing governance, and financial-crime prevention high on the agenda.