Asia Fintech & Payments Regulatory Bulletin – June 2026

Regulatory activity across Asia's fintech and payments landscape remained active this month, with key themes including virtual asset advisory and management licensing, stablecoin regulation, VA financing and custody, AI governance, data-export frameworks, electronic transactions reform, buy-now-pay-later eligibility requirements and a new federal virtual assets framework in the UAE.

This bulletin contains a quick-fire summary of the key regulatory developments across the region. To receive a more detailed breakdown of these developments, please subscribe to our monthly newsletter below.

Key developments by jurisdiction:

• Hong Kong SAR:

  • The Financial Services and the Treasury Bureau and the SFC published conclusions confirming that VA advisers and managers will be regulated broadly in line with traditional securities firms, with draft legislation to implement new VA advisory and VA asset management licensing regimes expected later this year.

  • The SFC issued a circular clarifying how its VA trading platform rules and VA rules for licensed corporations apply to Relevant Stablecoins, covering suitability, client knowledge, exposure limits, partnering and custody options, and access to retail clients via VA trading platforms.

  • The HKMA issued circulars for Registered Institutions and Authorised Institutions on Relevant Stablecoin activities and permitted Registered Institutions to offer VA margin financing, in line with the SFC's February 2026 circular, subject to eligibility and credit control requirements.

• Mainland China:

  • TC260 published the Ethics-Safety Guidelines for Artificial Intelligence Applications 1.0, a principled technical reference document requiring AI applications in financial activities to adopt a prudent approach to risk control and consumer protection, with clear rules at key stages affecting personal property rights and transaction conditions.

  • Beijing local authorities issued a new version of the data-export negative list and management measures, expanding the regime to cover all organisations incorporated in Beijing across nine sector-specific lists spanning 67 business scenarios; data outside the list may flow freely, while data on the list must satisfy standard compliance formalities subject to raised thresholds.

• Singapore: 

  • MAS, working with the Government Technology Agency and the Singapore Police Force, announced a proof-of-value exercise to develop AI and machine learning techniques for preventive scam detection, aiming to identify high-risk transactions more promptly and reduce customer losses.

• Japan: 

  • The JFSA finalised subordinate rules under the 2025 Payment Services Act amendments, including amended Cabinet Orders and supervisory guidelines for cryptoasset and electronic payment instrument businesses, and extended the scope of regulated stablecoins to cover certain foreign trust beneficiary interests; both sets of amendments came into effect on 1 June 2026.

• Thailand: 

  • The ETDA conducted a public consultation on a draft Electronic Transactions Act intended to replace the 2001 Act, introducing new concepts including electronic transferable records, electronic seals and electronic timestamps, and updating rules on electronic signatures, automated contract formation and digital platform service businesses, with the principal aim of aligning Thai law with UNCITRAL model laws.

• Indonesia: 

  • The OJK issued an implementing regulation under OJK Regulation No. 32 of 2025 on buy-now-pay-later services, introducing minimum age (18 years or legally married) and minimum income (IDR 3,000,000 per month) eligibility requirements for new and renewed BNPL financing from 1 July 2026.

• UAE: 

  • The UAE CMA issued a new federal Virtual Assets Framework comprising five modules — General Requirements, Conduct of Business, Alternative Trading System, Anti-Money Laundering and Counter-Terrorist Financing, and Prudential Requirements — and expanded the scope of regulated VA activities from three to eight; no person may carry on VA activities in the UAE without a CMA licence.