Bearish (US CeFi Compliance Costs):  The 2026 tax season marks the first mandatory filing of IRS Form 1099-DA  for custodial brokers. While this imposes heavy compliance Capex on centralised exchanges, the April 2025 repeal of DeFi reporting rules has created a permanent regulatory moat, incentivising retail capital to migrate toward non-custodial protocols. Bullish (APAC Revenue Expansion):  Hong Kong has officially pivoted from a spot-only regime to a high-yield institution

Executive Summary: Sentiment: Bullish (Structural) / Bearish (State-Level Access).  A decisive week for global market structure. The Pivot:  The “Grey Market” era is officially ending in the UK, forcing a binary “Apply or Exit” strategy. Simultaneously, APAC and the US have delivered massive commercial unlocks for retail revenue and capital efficiency. The Bottom Line:  Capital allocation must shift immediately from defensive legal fragmentation to offensive market capture in

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 briefing analyses key regulatory developments for the week ending 19 September 2025. The environment is a...

Recent policy amendments by the United Kingdom's Financial Conduct Authority (FCA) and the United States' Securities and Exchange...

Introduction This week saw significant regulatory activity from UK and EU authorities, with a strong focus on consumer redress, wholesale...

Executive Summary The 2025 National Risk Assessment (NRA) confirms that the United Kingdom continues to face a high level of money...

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

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