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

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

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...

1.0 Executive Summary The FMLC, while supporting the initiative to regulate cryptoassets, identifies material legal uncertainties and...

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

Executive Summary This report examines the key findings of the UK Office of Financial Sanctions Implementation (OFSI) 's "Cryptoassets...

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

Executive Summary This briefing analyses the formal statement issued by the European Securities and Markets Authority (ESMA) on 1 July...

1. Executive Summary On July 11, 2025, the European Securities and Markets Authority (ESMA) issued its final report on the guidelines...

Executive Summary The European Securities and Markets Authority (ESMA) has issued comprehensive guidelines under the Markets in...

Executive Summary The European Commission has adopted a crucial Delegated Regulation supplementing the Markets in Crypto-Assets (MiCA)...

Executive Summary June 2025 signifies a crucial phase in implementing the European Union's Markets (MiCA) regulation, with the approval...