1. EXECUTIVE SUMMARY The regulatory landscape for the week ending 23 January 2026 indicates a definitive fracturing of global operating models. The era of a single, unified global platform serving all jurisdictions via offshore licenses is functionally over. UK (Bearish):  The Financial Conduct Authority (FCA) has effectively closed the “reverse solicitation” window. New proposals force a binary strategic choice for Crypto Asset Service Providers (CASPs): capitalise a full UK

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

1. Executive Summary In 2025, the United States underwent a paradigm shift in its approach to digital assets, transitioning from a...

Executive Summary The Digital Asset Market Clarity Act of 2025, commonly referred to as the CLARITY Act, represents a landmark...