Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, gambling (maysir), business model, excessive uncertainty (gharar), and benefit and harm (maslahah).
Buying and holding exchange tokens is legal in the UAE when you use a platform licensed by the right regulator (CMA federally, VARA in Dubai, FSRA in ADGM or DFSA in DIFC). There is no special category for tokens issued by exchanges: they are assessed like other virtual assets, and onshore platforms may offer only assets registered with the CMA. Onshore CMA rules also restrict services in 'utility tokens', so availability can differ by platform. At least one major global exchange is licensed in ADGM, but check that the exact entity you use is licensed. Everyday payments are limited to licensed dirham tokens, and individuals pay no income tax on gains.
Regulators
Capital Market Authority (CMA, formerly SCA, federal), Central Bank of the UAE (CBUAE), Virtual Assets Regulatory Authority (VARA, Dubai), ADGM Financial Services Regulatory Authority (FSRA), Dubai Financial Services Authority (DFSA, DIFC)
Licensing
In force. Onshore federal: CMA Decision No. 4/R.M/2026 — licensed firms must assess and, where applicable, register each virtual asset with the CMA ('Green List') before offering it to clients; privacy tokens and algorithmic tokens are prohibited, and licensed firms may not provide services related to 'Utility Tokens' except custody or operating a multilateral trading facility with prior CMA approval (per a law-firm summary; whether a given exchange token counts as a 'Utility Token' is not clarified there). Dubai mainland: VARA licensing and rulebooks. ADGM: FSRA. DIFC: DFSA (firm-led token suitability assessment since 12 Jan 2026). At least one global exchange group's main platform is authorised in ADGM, so a token's issuing exchange may itself be locally supervised; check the exact entity you use. Whether a specific exchange token is available depends on the platform and its regulator. Existing firms under the new Capital Market Law must regularise their status by 1 Jan 2027 (extendable).
Payments
restricted — under the CBUAE Payment Token Services Regulation only licensed dirham payment tokens may be used for general payments; other virtual assets, including exchange tokens, are not a lawful means of paying for goods and services onshore.
Tax
No personal income or capital gains tax; transfers and conversions of virtual assets are VAT-exempt (Cabinet Decision 100/2024, retroactive to 1 Jan 2018). Corporate tax applies to business profits.
Timeline
Jan 1, 2026New Capital Market Law in force; SCA reconstituted as the Capital Market Authority; virtual assets become Financial Products.
Jan 12, 2026DFSA updated crypto token regime in force in DIFC (firm-led suitability assessment).
Apr 2026CMA Decision No. 4/R.M/2026 on virtual assets publicly summarised (Green List registration; restrictions on privacy, algorithmic and utility tokens); it replaces prior SCA virtual-asset rules.
Jan 1, 2027 (Expected)Deadline for existing entities to regularise status under the Capital Market Law (extendable by the CMA Board).
EU
European Union
RegulatedYour country
Exchange tokens are legal across the EU. Since 1 July 2026 only MiCA-authorised providers may offer crypto services to EU residents, and some large global exchanges that issue their own tokens do not hold that authorisation, so their services to EU users have been cut back. MiCA also requires a white paper for traded tokens (by end-2027 for older tokens) and obliges platforms to manage conflicts of interest when listing tokens tied to their own group. Check the ESMA register before using a provider. Tax is set by each Member State, and providers report transactions under DAC8.
In force: MiCA CASP authorisation; the transitional period ended EU-wide on 1 July 2026. For exchange tokens specifically: (1) a crypto-asset white paper is needed for admission to trading — for tokens already trading before 30 Dec 2024, trading-platform operators must ensure a white paper is drawn up, notified and published by 31 Dec 2027 (Art. 143(2)); (2) trading platforms must assess a token's suitability, including the issuer's track record and reputation, before admitting it (Art. 76(2)); (3) CASPs must identify, prevent, manage and disclose conflicts of interest with their shareholders and linked entities (Art. 72) — directly relevant when a platform lists its own group's token; (4) platform operators may not deal on own account on their own platform (Art. 76(5)). An exchange group without MiCA authorisation may no longer serve EU residents, even if its token remains tradable on other authorised platforms.
Payments
allowed — not legal tender; MiCA does not prohibit paying with crypto; e-money tokens are the MiCA payment-stablecoin category.
Tax
Set nationally; DAC8 crypto tax reporting by CASPs applies from 1 Jan 2026 (first reports due 2027).
Timeline
Jul 1, 2026MiCA transitional period ends in all Member States; unauthorised providers, including that exchange group, restrict new EU business (withdrawals remain open).
Dec 31, 2027 (Expected)Deadline for trading platforms to ensure MiCA white papers exist for crypto-assets admitted to trading before 30 Dec 2024.
2027 (9 months after 2026 year-end) (Expected)First DAC8 reports on 2026 transactions due to tax authorities.
Date to be announced (Expected)ESMA direct supervision of CASPs if the Market Integration Package is adopted.
US
United States
RegulatedYour country
Buying and holding exchange tokens is legal in the US, but their legal status is less settled than for bitcoin: the SEC has alleged in the past that a token tied to an exchange was offered as a security (the case was dropped without a ruling), and the 2026 SEC–CFTC guidance did not include any exchange token among its examples of digital commodities. Availability depends on the US platform. Gains are taxed as capital gains.
Regulators
Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), FinCEN, State regulators (e.g. NYDFS), Internal Revenue Service (IRS)
Licensing
Patchwork in force: FinCEN MSB registration plus state money-transmitter licences or the New York BitLicense for platforms serving US persons; no federal spot-market licence. Availability of a given exchange token depends on the US platform. The CLARITY Act (H.R. 3633) market-structure bill failed a Senate cloture vote on the motion to proceed on 15 Sep 2026 (reported).
Payments
allowed — not legal tender; no federal ban on paying with crypto.
Tax
Treated as property: capital gains or losses on sale, swap or spending (IRS); brokers report on Form 1099-DA starting with 2025 transactions.
Timeline
Mar 17, 2026SEC interpretation, joined by the CFTC, sets a crypto asset taxonomy and explains when investment-contract status ends (Federal Register, 23 Mar 2026).
Sep 15, 2026Senate cloture vote on the motion to proceed to the CLARITY Act fails 49–50 (60 needed), as reported.
Date to be announced (Expected)Further SEC/CFTC rulemaking or guidance applying the taxonomy to specific tokens, in place of stalled legislation.
Jan 18, 2027 (Expected)GENIUS Act effective date for payment stablecoin licensing.
GB
United Kingdom
RegulatedYour country
Exchange tokens are legal to buy and hold in the UK, but the platform matters: use a firm registered with the FCA, because unregistered offshore exchanges may not run a UK crypto business or market to UK consumers. From October 2027 a full FCA regime will add authorisation, admission and disclosure rules and a market-abuse regime for crypto trading. Gains are subject to Capital Gains Tax.
Currently in force: FCA registration under the money laundering regulations for UK cryptoasset businesses and the financial promotions regime (promotions to UK consumers must be made or approved by an authorised person or made by a registered cryptoasset business). An offshore exchange that is not FCA-registered may not run a UK cryptoasset business or promote to UK consumers without such approval. New FSMA regime (SI 2026/102, made 4 Feb 2026, covering admissions to trading and disclosures and a cryptoasset market abuse regime): FCA final rules published 30 Jun 2026; authorisation gateway 30 Sep 2026–28 Feb 2027; regime starts 25 Oct 2027. Until then FCA oversight is limited to financial promotions and anti-money laundering.
Payments
allowed — not legal tender; no ban on paying with crypto.
Tax
Capital Gains Tax on disposals (sale, swap, spending); income tax may apply to rewards received (HMRC Cryptoassets Manual; not re-verified in this pass).
Timeline
Feb 4, 2026FSMA 2000 (Cryptoassets) Regulations 2026 (SI 2026/102) made.
Jun 30, 2026FCA publishes final rules for the cryptoasset regime, including market integrity (insider dealing and manipulation) rules.
Oct 25, 2027 (Expected)New cryptoasset regulated activities regime comes into force.
BH
Bahrain
RegulatedYour country
Exchange tokens can legally be bought and held in Bahrain through platforms licensed by the Central Bank of Bahrain. There is no special regime for tokens issued by exchanges: licensed platforms must assess each token, including issuer risk, before listing it. Crypto is not legal tender and individuals pay no income tax on gains.
Regulators
Central Bank of Bahrain (CBB)
Licensing
In force: CBB Crypto-asset Module (CRA) licenses crypto-asset services (e.g. exchange, brokerage/dealing, custody, advisory). Crypto-assets offered are assessed against criteria such as security, traceability, market demand and volatility and the underlying ledger (law-firm summary); a 2026 summary adds that listing risk assessments cover the issuer and legal risk. Licensees must avoid conflicts of interest — relevant where a token is issued by the licensee's own group. Which tokens are offered is decided by each licensed platform within CBB rules.
Payments
allowed with limits — no ban identified; crypto is not legal tender. Stablecoins are governed by the separate 2025 Stablecoin Issuance and Offering Module.
Tax
No personal income or capital gains tax, which extends to crypto gains (law-firm summary).
Timeline
Feb 25, 2019CBB Crypto-asset Module (CRA) rules take effect; amended in March 2023.
Jul 4, 2025CBB issues the Stablecoin Issuance and Offering (SIO) Module.
Date to be announced (Expected)No major pending change identified for exchange tokens.
ID
Indonesia
RegulatedYour country
Exchange tokens are legal to trade in Indonesia if the token is on the official list of registered crypto-assets and you use an OJK-licensed trader. The largest exchange tokens are on that list. Crypto cannot be used for payments, and a small final tax is charged on each sale (lower on domestic licensed platforms than on foreign ones).
Regulators
Financial Services Authority (OJK), Bank Indonesia, Ministry of Finance / Directorate General of Taxes
Licensing
In force: since 10 Jan 2025 OJK licenses the crypto exchange, clearing and settlement institution, custodians and traders under POJK 27/2024 (as amended). Retail trading should go through OJK-licensed traders and only in registered assets. Tokens of several large global exchanges are on the CFX registered list (effective dates in February 2024 for some, 2025 for others).
Payments
banned — the rupiah is the only legal means of payment; Bank Indonesia prohibits crypto payments.
Tax
PMK 50/2025 (from 1 Aug 2025): final income tax 0.21% of transaction value via domestic licensed platforms, 1% via foreign platforms; crypto transfers VAT-exempt.
Timeline
Jan 10, 2025POJK 27/2024 effective; crypto supervision moves from Bappebti to OJK.
Aug 1, 2025PMK 50/2025 crypto tax rules take effect (0.21% / 1% final income tax; VAT exemption for crypto transfers).
Date to be announced (Expected)Periodic updates of the registered crypto-asset list (additions and delistings).
KZ
Kazakhstan
RegulatedYour country
Exchange tokens are legal in Kazakhstan when traded through a licensed operator, and several major exchange tokens are on the National Bank's list of authorised unsecured digital assets, which sets what may be traded. Check that your platform is licensed by the National Bank or by AFSA in the AIFC. Crypto is not legal tender. Individuals' gains on licensed platforms are reported to be income-tax exempt.
Regulators
National Bank of Kazakhstan (NBK), Astana Financial Services Authority (AFSA, AIFC), Agency for Regulation and Development of the Financial Market (ARDFM)
Licensing
In force since 1 May 2026: outside the AIFC the National Bank licenses unsecured digital asset exchange operators and registers trading-platform operators; AFSA continues to license firms inside the AIFC. Transactions with unsecured digital assets may be carried out only in assets on the NBK list of authorised unsecured digital assets (73 assets), which includes several major exchange tokens. Retail should use a licensed operator.
Payments
restricted — not legal tender; no general regime for paying for goods in crypto; mechanisms for cross-border settlement in stablecoins are being developed.
Tax
Presidential decree of 7 Jul 2026 exempts individuals' profits from trading on licensed platforms from income tax (reported; not re-verified from primary text).
Timeline
Apr 30, 2026National Bank announces the digital asset framework and the list of authorised unsecured digital assets (73 assets, including several major exchange tokens).
May 1, 2026Digital assets regulation in force; NBK licensing and registration of digital asset service providers outside the AIFC begins.
Jul 7, 2026Presidential decree reported: income-tax exemption for individuals trading on licensed platforms; groundwork for stablecoin cross-border settlements.
Date to be announced (Expected)Revisions of the NBK authorised-asset list; stablecoin settlement mechanisms.
MY
Malaysia
RegulatedYour country
Exchange tokens are treated like other digital assets in Malaysia: trading is legal only through an exchange registered with the Securities Commission. The big global exchanges that issue these tokens are not registered in Malaysia, so they are not a lawful channel; availability on registered local exchanges is limited and must be checked token by token. Casual investment gains are generally not taxed, but trading as a business is.
Regulators
Securities Commission Malaysia (SC), Bank Negara Malaysia (BNM), Inland Revenue Board (LHDN)
Licensing
In force: only SC-registered Digital Asset Exchanges (5 as at 20 Jul 2026: HATA Digital, Luno Malaysia, MX Global, SINEGY DAX, Kinetic DAX) may operate for Malaysian investors; the SC requires unapproved entities to cease activities and return investors' assets. Revised SC Guidelines on Recognized Markets for DAX took effect on 20 May 2026. There is no separate rule for exchange tokens: which tokens are tradable depends on each registered exchange's admissions. The large global exchanges that issue their own tokens are not on the SC register; a September 2026 market overview reports that one registered exchange lists the largest exchange token, while the others do not list major exchange tokens.
Payments
restricted — not legal tender; no general crypto payment regime; BNM is piloting ringgit stablecoins in a sandbox.
Tax
No capital gains tax for individual investors; gains from trading as a business (badges of trade) taxable under the Income Tax Act 1967.
Timeline
Feb 11, 2026BNM Digital Asset Innovation Hub outlines 2026 pilots for ringgit stablecoins and tokenised deposits.
May 20, 2026Revised SC Guidelines on Recognized Markets for digital asset exchanges take effect.
Jul 20, 2026SC register lists five registered digital asset exchanges.
end-2026 (Expected)BNM expected to give clarity on ringgit stablecoins and tokenised deposits.
PK
Pakistan
RegulatedYour country
Pakistan now has a crypto law and a regulator (PVARA), but licensing is only starting. Holding exchange tokens is not banned; use a platform that has registered with or been licensed by PVARA, since unlicensed operation is now a criminal offence. The regime requires Shariah oversight of licensees. There is no published list of approved tokens yet, and tax treatment is unclear.
Regulators
Pakistan Virtual Assets Regulatory Authority (PVARA), State Bank of Pakistan (SBP), Securities and Exchange Commission of Pakistan (SECP)
Licensing
Being implemented: the Virtual Assets Act 2026 makes PVARA the licensing authority (11 activity types, including custody, exchange, broker-dealer and derivatives); applicants must ensure Shariah compliance under a committee of Islamic finance scholars. Existing operators had to apply for a no-objection certificate by 5 Sep 2026 or stop; unlicensed operation is punishable by fines of up to PKR 50 million and up to five years' imprisonment. At least one global exchange group holds a PVARA AML registration for cross-border services while seeking a full VASP licence; full commercial licences were not confirmed as of Sep 2026.
Payments
restricted — not legal tender; banks may serve PVARA-licensed providers but may not invest in, trade or hold crypto; consumer payment use not addressed.
Timeline
Mar 2026Virtual Assets Act 2026 enacted after Senate (27 Feb) and National Assembly (3 Mar) passage.
Apr 15, 2026SBP ends its 2018 restriction, allowing banks to serve PVARA-licensed providers.
Sep 5, 2026Deadline for existing crypto firms to apply for a PVARA no-objection certificate or cease operations.
late 2026–2027 (Expected)First full PVARA licences and enforcement against unlicensed operators (expected; no date announced).
QA
Qatar
BannedYour country
Qatar does not allow crypto services: regulators treat cryptocurrencies and similar unbacked tokens, including exchange tokens, as excluded from the licensed digital-asset framework, and no platform may offer them. Personal holding is not expressly criminalised, but there is no lawful local way to buy or trade them.
Regulators
Qatar Central Bank (QCB), Qatar Financial Centre Regulatory Authority (QFCRA)
Licensing
No licensing for cryptocurrency services. The QFC Digital Assets Framework covers tokenisation; the QFCRA confirmed that its 2019 restrictions on virtual-asset services still apply to Excluded Tokens such as cryptocurrencies.
Payments
banned
Timeline
Sep 2, 2024QFCRA clarifies that cryptocurrencies, stablecoins and CBDCs are Excluded Tokens under the new QFC Digital Assets Framework; 2019 restrictions remain.
Date to be announced (Expected)No announced plan to lift the prohibition.
RU
Russia
RestrictedYour country
Russia legalised regulated crypto trading from 1 September 2026, but under Bank of Russia draft rules ordinary (non-qualified) investors could buy only bitcoin, ether and USDT, not exchange tokens. Qualified investors can buy any cryptocurrency through registered intermediaries. Paying for goods with crypto inside Russia remains banned.
Regulators
Bank of Russia, Federal Tax Service, Rosfinmonitoring
Licensing
In force from 1 Sep 2026: crypto exchanges, depositories, exchangers, brokers and managers must be in Bank of Russia registers; transition until 1 Jul 2027. All investors must pass a test. Under the draft instruction of 11 Aug 2026 non-qualified investors could buy up to RUB 300,000 a year per intermediary; qualified investors may buy any cryptocurrencies without a cap. Adoption of the final instruction was not confirmed as of 16 Sep 2026.
Payments
banned domestically; permitted for foreign-trade settlements via intermediaries.
Tax
Personal income tax on gains (property treatment) — not re-verified in this pass.
Timeline
Aug 11, 2026Bank of Russia publishes a draft instruction: non-qualified investors limited to Bitcoin, Ethereum and USDT with a RUB 300,000 annual cap per intermediary.
Sep 1, 2026Law in force: regulated crypto trading through registered intermediaries opens.
2026 (date unknown) (Expected)Final Bank of Russia instruction on limits and eligible assets for non-qualified investors (list could change).
Jul 1, 2027 (Expected)End of transition: intermediaries must hold the required permissions.
SA
Saudi Arabia
UncertainYour country
Saudi Arabia has no legal framework for crypto. Holding exchange tokens is not expressly prohibited, but no platform is licensed, regulators have warned the public that virtual currencies are unregulated, and you would have no local legal protection. A stablecoin framework is being discussed, but nothing covers exchange tokens yet.
Regulators
Capital Market Authority (CMA), Saudi Central Bank (SAMA)
Licensing
None. No entity is licensed to offer crypto trading, including exchange tokens; regulators have warned against dealing with unlicensed platforms.
Payments
restricted — not legal tender; no licensed payment use.
Timeline
Aug 12, 2018Standing committee warns that virtual currencies are unregulated in the Kingdom and no parties are licensed (still the operative position).
2025A stablecoin initiative under joint SAMA and CMA supervision is announced (reported).
Date to be announced (Expected)Possible stablecoin framework, and later crypto licensing.
TR
Turkey
RegulatedYour country
Exchange tokens are legal to buy and hold in Turkey through a provider on the SPK's list of operating crypto platforms. The Turkish arms of some global exchanges are on that list, but SPK says being listed is not itself an authorisation, so check the provider's status. Crypto cannot be used for payments, and there is currently no specific crypto income tax.
Regulators
Capital Markets Board (SPK), Central Bank of the Republic of Türkiye (CBRT), Financial Crimes Investigation Board (MASAK)
Licensing
In force but transitional: an SPK licence is mandatory for crypto-asset service providers (two communiqués published 13 Mar 2025, including rules on listing crypto assets on platforms). Firms that declared they would continue operating appear on SPK's provisional list of operating providers (latest dated 28 Aug 2026); SPK states that being on this list does not mean a firm is authorised. Turkish subsidiaries of several global exchange groups are on that list. Operating without authorisation is a criminal offence.
Payments
banned — CBRT regulation (2021) prohibits using crypto for payments.
Tax
No specific crypto income tax enacted; a March 2026 proposal (10% withholding and a transaction levy) was withdrawn on 26 Mar 2026.
Timeline
Mar 13, 2025SPK publishes two communiqués on crypto-asset service providers (establishment and operations; working procedures and capital adequacy).
Mar 26, 2026Crypto tax articles removed from an omnibus bill.
Aug 28, 2026SPK updates the provisional list of operating crypto-asset service providers.
Date to be announced (Expected)Final SPK operating licences for listed platforms; possible reintroduction of a crypto tax.
UZ
Uzbekistan
RestrictedYour country
In Uzbekistan residents may buy and sell crypto only through domestic providers licensed by NAPP, and using foreign exchanges is not allowed. That makes exchange tokens hard to hold lawfully unless a licensed local provider offers them. Crypto cannot be used for payments; crypto transactions are reported to be tax-exempt.
Regulators
National Agency for Perspective Projects (NAPP), Central Bank of Uzbekistan (CBU)
Licensing
In force: NAPP licenses crypto-exchanges, crypto-depositories, crypto-shops and mining pools. Since 1 Jan 2023 residents may transact in crypto only through domestic licensed service providers, so foreign exchanges — including the global exchanges that issue their own tokens — are not a lawful channel. Whether an exchange token is available depends on the few licensed domestic providers.
Payments
banned for general crypto; fiat-backed stablecoin payments only inside a NAPP/CBU sandbox from 2026.
Tax
Crypto transactions reported as exempt from tax (Elliptic guide; not re-verified).
Timeline
Jan 1, 2023Residents restricted to licensed domestic crypto service providers.
Jan 1, 2026Stablecoin testing regime (NAPP and Central Bank) scheduled to start.
Date to be announced (Expected)Results of the stablecoin sandbox; possible changes to the licensed provider base.
