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The Federal Reserve's GENIUS Act proposal: yield, white-label partners and single-brand issuance
What the Board's 29 September proposal says about holder rewards, co-branded stablecoins and tying, and the questions open for comment until 30 November 2026.

James Ross
1 day ago6 min read


VARA sets minimum scope for audits of VASP reserve assets
VARA's 6 October 2026 circular sets out seven points an independent audit of a VASP's Reserve Assets should cover, and what the audit report should contain.

James Ross
1 day ago5 min read


OSFI’s frontier AI risk update: what it says, and what it does not say about crypto-assets
Canada’s bank and insurer regulator published its 2026 Semi-Annual Risk Outlook on 8 October. It does not mention crypto-assets. This note sets out its content and the limited routes by which it may reach crypto-asset service providers. On 8 October 2026, the Office of the Superintendent of Financial Institutions (OSFI), which supervises Canada’s federally regulated banks, insurers and other financial institutions, published its 2026 Semi-Annual Risk Outlook. It updates the 2

James Ross
1 day ago4 min read


ASIC’s draft standards for digital asset platforms: principal trading, custody and capital
Consultation Paper 392 sets out ASIC’s proposed standards, guidance and financial requirements for digital asset platforms and tokenised custody platforms—submissions close at 5 pm AEDT on 27 November 2026.

James Ross
1 day ago7 min read


Singapore proposes FIDReC membership for payment institutions
In consultation P017-2026, MAS proposes to require all major and standard payment institutions, and later MAS-regulated stablecoin issuers, to subscribe to FIDReC. Comments close on 30 November 2026.

James Ross
1 day ago4 min read
AMLA’s response to the MiCA review: AML/CFT recommendations relevant to crypto-asset service providers
On 7 October 2026, the EU Anti-Money Laundering Authority published its response to the Commission’s MiCA review consultation. This note summarises its recommendations and the position for CASPs.

James Ross
Oct 117 min read
ESMA tells supervisors to stop CASPs servicing non-MiCA-compliant stablecoins
ESMA's 8 October 2026 opinion says MiCA-authorised CASPs should not provide services in non-compliant stablecoins, beyond limited wind-down services, and that client warnings do not change that.

James Ross
Oct 116 min read


The CFTC proposes to define event contracts as swaps
What the 9 October 2026 proposal and interim final rule do, and their relevance to crypto asset service providers

James Ross
Oct 117 min read


OFAC designations of a Hamas financing network: no digital currency addresses listed
On 2 October 2026, OFAC designated three individuals and two France-based registered charities under E.O. 13224. Treasury describes cryptocurrency transfers; none of the five SDN entries lists a digital currency address.

James Ross
Oct 115 min read


The SEC’s crypto custody proposal for advisers and funds: what it permits and what it leaves out
Release IA-7023 adds state trust companies and limited adviser self-custody, and does not propose a separate rule for trading platforms that are not permitted custodians.

James Ross
Oct 115 min read


FinCEN closes the unhosted-wallet file. The mixing file is closed, not sealed.
Two crypto proposals withdrawn on 5 October 2026 do not change any current US obligation. In our view, they confirm the direction the President’s Working Group set in July 2025 for US policy on self-hosted wallets and widen the prospective gap with the EU and the UK.

James Ross
Oct 65 min read


ESMA’s 2027 Work Programme: the MiCA supervisory agenda for CASPs
Published on 28 September 2026, the programme sets ESMA’s crypto-asset priorities for 2027: supervisory convergence on CASP supervision and operational resilience and, subject to Board agreement, the next phase of its crypto-asset market surveillance system.

James Ross
Sep 295 min read


CFTC staff update crypto asset FAQs: tokenised investment of customer funds and onchain recordkeeping
CFTC staff have added four FAQs on crypto assets: futures commission merchants and clearing organisations may invest customer funds in tokenised forms of permitted investments, and regulated firms may keep required records on a blockchain.

James Ross
Sep 275 min read


EBA response to the MiCA review: stablecoins, lending and DeFi access
The EBA has published its response to the Commission's MiCA review. It finds stablecoin issuer rules broadly appropriate and asks the Commission to consider regulating crypto-asset lending and CASP access to DeFi lending.

James Ross
Sep 263 min read


ESMA's new innovation priority says tokenisation. The CASP exposure sits under DORA.
ESMA's 2027 supervisory priority on digital innovation names AI and tokenisation but not MiCA. The one reference to crypto-asset service providers sits in the cyber resilience priority.

James Ross
Sep 244 min read


The EBA’s new third-party risk guidelines don’t cover crypto exchanges
The EBA's new third-party risk guidelines skip crypto exchanges entirely, unless the exchange is also something else.

James Ross
Sep 233 min read


Tokenised gold: the FCA is asking whether it is a fund, not whether it is crypto
The FCA's Call for Input closes on 23 October 2026. Its most consequential chapter is the one on the collective investment scheme and alternative investment fund perimeter.

James Ross
Sep 155 min read


FS26/1: tokenised securities custody has an interim answer, and it is CASS 6
The FCA's feedback statement changes no rules. One sentence in chapter 3 tells firms what they are assessed against until the 2027 consultation.

James Ross
Sep 155 min read


The US third-party risk rewrite that never mentions crypto
The proposed replacement of US interagency third-party risk management guidance does not mention crypto or digital assets. It is material to how CASPs obtain US banking relationships. The development On 11 September 2026, the FDIC, the Federal Reserve Board, the NCUA and the OCC issued principles-based third-party risk management guidance for comment, replacing the 2023 Interagency Guidance (88 FR 37920) and three supplemental resources, including SR 24-5. The Board approved

James Ross
Sep 143 min read


CASP Regulatory Impact Report — Week Ending 5 September 2026
Singapore prices yield out of regulated stablecoins, Thailand puts a date on self-hosted wallet verification, and the West gives notice of cryptoasset rules rather than publishing them.

James Ross
Sep 75 min read
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