Nepal has no licence path for private stablecoin issuers. Penal Code section 262A (gazetted 12 April 2024) criminalizes creating, issuing, holding, selling or transferring virtual currency except currency issued by Nepal Rastra Bank. NRB notices since 2017, including the 3 April 2023 notice that names stablecoins, treat private crypto as illegal forex. A 2026 draft FX bill would restate the ban; an NRB Act amendment would recognize only central-bank digital currency.
Applicable Laws:
Payment and Settlement Act, 2019 - https://lawcommission.gov.np/content/12215/12215-payment-and-settlement-act-20/
NRB notice on cryptocurrency, network marketing and Hyper Fund (including stablecoins) - https://www.nrb.org.np/contents/uploads/2023/04/Cryptocurrency-Related-Risks-Assessment_2079.12.20.pdf
AML and other Acts Amendment Act, 2080 adding Penal Code s.262A - https://www.pradhanlaw.com/publications/amendments-to-the-national-penal-code-2074-2017-ad-concerning-cryptocurrency-and-virtual-assets
FIU-Nepal Strategic Analysis Report 2025 on Virtual Assets - https://www.capitalnepal.com/uploads/pdf/FIU-Nepal-Strategic-Analysis-Report-2025-on-VA-compressed-1767260341.pdf
Guidelines on the Regulatory Sandbox (Payment Systems Department, NRB) - https://www.nrb.org.np/contents/uploads/2026/06/Guidelines-on-the-Regulatory-Sandbox-1.pdf
