1. Executive Strategic Synthesis The global digital asset landscape experienced a significant structural transformation in the week ending December 5, 2025. The era of “Regulatory Arbitrage”—defined by the strategic exploitation of jurisdictional mismatches and grey-area licensing to facilitate global retail flows—has definitively come to an end. The regulatory environment has not only tightened; it has solidified into two distinct, mutually exclusive operating realities. Thi

Executive Summary In 2025, the U.S. regulatory landscape for digital assets underwent a profound transformation as the Securities and Exchange Commission (SEC) pivoted from a “regulation by enforcement” strategy to a structured, disclosure-based framework known as “Project Crypto.” Led by Chairman Paul S. Atkins, the SEC reinterpreted federal securities laws to adapt to decentralised ledger technology (DLT), aiming to balance capital formation with investor protection. This s

Executive Summary Substantive structural developments across multiple jurisdictions characterised the regulatory landscape for the week ending 21 November 2025. In the United Kingdom, the Financial Conduct Authority (FCA) has launched a consultation on the 2026/27 fee structure, while HM Treasury has formally signalled the transition to a T+1 settlement cycle by October 2027. Concurrently, the European Union is advancing a comprehensive reform of the Sustainable Finance Discl

Executive Summary The global regulatory framework for digital assets and blockchain technology has reached a key milestone during the reporting period ending 22 November 2025. We are witnessing a clear shift from the initial "framework design" stage—marked by high-level principles and legislative discussions—towards a detailed, operational "infrastructure enforcement" stage. This shift is demonstrated by regulators engaging directly with the technical stack, focusing on speci

1. Executive Summary: The Quantifiable “Cost of Legitimacy” and Market Consolidation This reporting period introduced several regulatory developments with substantial implications for CASP operational models and capital planning. The common theme is a rise in the measurable “Cost of Legitimacy,” as illustrated by the prudential requirements outlined in the Bank of England’s (BoE) consultation on systemic stablecoins. The proposal for a 40% unremunerated reserve requirement

Executive Summary This week, the digital asset regulatory landscape was dominated by a pivotal proposed shift in EU supervisory architecture, a landmark enforcement action in Ireland, and a coordinated initiative aimed at promoting UK-US policy convergence. In the European Union , a new European Commission proposal initiated a significant debate on transitioning from MiCA’s extant national-based supervisory model to a centralised, ESMA-led pan-EU framework for significant CAS

Executive Summary This week’s regulatory publications indicate several high-priority areas for risk, compliance, and legal functions. The Financial Conduct Authority (FCA) has issued direct warnings on firm conduct, M&A governance, and consumer protection, signalling a clear supervisory and enforcement focus. Key considerations arising this week include: M&A Governance and Integration:  The FCA’s multi-firm review of wealth sector consolidation criticises weak due diligence,

1. Executive Summary: Key Themes Three critical developments dominated this week’s regulatory landscape: AML Supervisory Consolidation:  HM Treasury confirmed a significant reform of the UK’s AML/CTF supervisory architecture. The decision to consolidate supervision of the legal, accountancy, and TCSP sectors under a new Single Professional Services Supervisor (SPSS) role, to be fulfilled by the FCA, will replace the existing 22 Professional Body Supervisors (PBSs). Affected f

1. Executive Summary This report provides a technical analysis of significant regulatory developments for the week ending 17 October 2025, focusing on the key risk and compliance considerations for UK and EU financial services firms. Three dominant themes have emerged: the regulatory response to technological innovation, a continued drive towards enhancing operational and digital resilience, and significant structural reforms to UK market frameworks. The Bank of England’s str

Executive Summary This week’s regulatory landscape was driven by three dominant themes: the deepening focus on Artificial Intelligence...

Executive Summary The UK is shifting towards bilateralism, forming tailored financial agreements with key non-EU partners. The...

Executive Summary The EU’s MiCA Regulation, effective from December 30 2024, marks a milestone in creating a unified legal framework for...

Executive Summary This briefing analyses key regulatory developments for the week ending 19 September 2025. The environment is a...

Executive Summary This report provides a thorough analysis of Commission Implementing Regulation (EU) 2025/1126, a key legal instrument...

Executive Summary Commission Delegated Regulation (EU) 2025/1125 , which entered into force on October 5, 2025, constitutes a critical...

Executive Summary This week's regulatory developments emphasise a continued focus on strong governance frameworks, the implementation of...

Executive Summary Sarah Breeden, Deputy Governor for Financial Stability at the Bank of England, describes a multi-moneyverse' strategy...

Executive Summary Recent developments reveal a UK regulatory environment faced with a policy trilemma: balancing a new statutory mandate...

1. Executive Summary On September 2, 2025, HM Treasury published a draft Statutory Instrument (SI) proposing key amendments to the UK's...

Executive Summary The FCA has published a new IFPR Newsletter. Key points include the mandatory and immediate notification of changes to...