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    <title>The Monsoon Ledger: State of Play</title>
    <description>Every change to the State of Play pages on The Monsoon Ledger.</description>
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      <title>Bank crypto exposure and custody: First version, covering India, Singapore and Hong Kong.</title>
      <link>https://themonsoonledger.com/state-of-play/bank-crypto-exposure/</link>
      <guid isPermaLink="false">bank-crypto-exposure/2026-09-30/First version, covering India, Singapore and Hong Kong.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong. Sources: https://www.info.gov.hk/gia/general/202507/11/P2025071000787.htm, https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/ppd/2025/response-to-consultation-paper-on-crypto-at1-and-tier2.pdf, https://rbi.org.in/Scripts/NotificationUser.aspx?Id=12103&amp;Mode=0</description>
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      <title>Who can do what: virtual asset licensing: First version, covering India, Singapore and Hong Kong.</title>
      <link>https://themonsoonledger.com/state-of-play/licensing/</link>
      <guid isPermaLink="false">licensing/2026-09-30/First version, covering India, Singapore and Hong Kong.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong. Sources: https://fiuindia.gov.in/pdfs/downloads/VDA08012026.pdf, https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers, https://www.info.gov.hk/gia/general/202605/26/P2026052600567.htm</description>
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    <item>
      <title>Regulated finance on public blockchains: First version, covering India, Singapore and Hong Kong. Replaces the India-only entry on distributed ledgers.</title>
      <link>https://themonsoonledger.com/state-of-play/public-chains/</link>
      <guid isPermaLink="false">public-chains/2026-09-30/First version, covering India, Singapore and Hong Kong. Replaces the India-only entry on distributed ledgers.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong. Replaces the India-only entry on distributed ledgers. Sources: https://www.mas.gov.sg/publications/consultations/2026/consultation-on-the-prudential-treatment-of-cryptoassets-on-permissionless-blockchains, https://apps.sfc.hk/edistributionWeb/api/circular/list-content/circular/doc?refNo=23EC52&amp;lang=EN, https://brdr.hkma.gov.hk/eng/doc-ldg/docId/20260527-7-EN, https://www.sebi.gov.in/media-and-notifications/press-releases/sep-2026/successful-launch-of-demat-2-0-pilot-project-for-tokenised-corporate-bonds_104418.html</description>
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    <item>
      <title>Wholesale settlement: CBDC and tokenised deposits: First version, covering India, Singapore and Hong Kong, now including tokenised deposits.</title>
      <link>https://themonsoonledger.com/state-of-play/settlement-projects/</link>
      <guid isPermaLink="false">settlement-projects/2026-09-30/First version, covering India, Singapore and Hong Kong, now including tokenised deposits.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong, now including tokenised deposits. Sources: https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1466, https://www.mas.gov.sg/news/media-releases/2025/mas-launches-bloom-initiative-to-extend-settlement-capabilities, https://www.policyaddress.gov.hk/2026/public/pdf/policy/policy-full_en.pdf</description>
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    <item>
      <title>Stablecoin rules: First version, covering India, Singapore and Hong Kong.</title>
      <link>https://themonsoonledger.com/state-of-play/stablecoin-rules/</link>
      <guid isPermaLink="false">stablecoin-rules/2026-09-30/First version, covering India, Singapore and Hong Kong.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong. Sources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2026/04/20260410-4/, https://www.mas.gov.sg/news/media-releases/2026/mas-consults-on-legislative-amendments-to-implement-stablecoin-regulatory-framework, https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1538</description>
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      <title>Tokenised securities and funds: First version, covering India, Singapore and Hong Kong. Tokenised deposits moved to the wholesale settlement entry.</title>
      <link>https://themonsoonledger.com/state-of-play/tokenised-securities-rules/</link>
      <guid isPermaLink="false">tokenised-securities-rules/2026-09-30/First version, covering India, Singapore and Hong Kong. Tokenised deposits moved to the wholesale settlement entry.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong. Tokenised deposits moved to the wholesale settlement entry. Sources: https://www.sebi.gov.in/media-and-notifications/press-releases/sep-2026/successful-launch-of-demat-2-0-pilot-project-for-tokenised-corporate-bonds_104418.html, https://www.mas.gov.sg/regulation/guidelines/guide-on-tokenisation-of-cmps, https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=26EC23</description>
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    <item>
      <title>Travel rule and self-hosted wallets: First version, covering India, Singapore and Hong Kong.</title>
      <link>https://themonsoonledger.com/state-of-play/travel-rule/</link>
      <guid isPermaLink="false">travel-rule/2026-09-30/First version, covering India, Singapore and Hong Kong.</guid>
      <pubDate>Wed, 30 Sep 2026 00:00:00 GMT</pubDate>
      <description>First version, covering India, Singapore and Hong Kong. Sources: https://fiuindia.gov.in/pdfs/downloads/VDA08012026.pdf, https://www.mas.gov.sg/regulation/notices/psn02-aml-cft-notice---digital-payment-token-service, https://www.sfc.hk/en/Rules-and-standards/Codes-and-guidelines/Guidelines/Prevention-of-Money-Laundering-and-Terrorist-Financing-Guideline</description>
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