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 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