Executive Summary Sentiment: Mixed (Bearish on margin compression / Bullish on institutional integration). Enforcement Reality: The Monetary Authority of Singapore’s immediate revocation of a major licence signals a zero-tolerance environment for weak third-party risk controls and disclosure failures, posing an existential threat to under-resourced compliance functions. Structural Cost Increases: Immediate UK mandates for stablecoin segregation and a new EU consultation targe

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