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

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 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...

Executive Summary Recent analyses from key European and international institutions outline a landscape characterised by a strategic...

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 Key developments included the European Supervisory Authorities (ESAs) publishing a comprehensive guide on how the...

The European Banking Authority (EBA) published its fifth Opinion on money laundering (ML) and terrorist financing (TF) risks affecting...

1. Executive Summary H.R. 5403, the "CBDC Anti-Surveillance State Act," is a piece of legislation designed to prohibit the U.S. Federal...

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

The U.S. House of Representatives passed three significant bills aimed at regulating the digital asset industry. The legislation seeks to...

Executive Summary In a landmark Mansion House speech one year into a new government, the Chancellor, Rachel Reeves, unveiled a sweeping...

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

1. Executive Summary This report analyses the findings of a European Securities and Markets Authority (ESMA) peer review concerning the...

1.0 Executive Summary This report synthesises the key viewpoints and directives from four recent statements issued by the U.S. Securities...