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

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 Sarah Breeden, Deputy Governor for Financial Stability at the Bank of England, describes a multi-moneyverse' strategy...

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