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

Executive Summary In 2025, the U.S. regulatory landscape for digital assets underwent a profound transformation as the Securities and Exchange Commission (SEC) pivoted from a “regulation by enforcement” strategy to a structured, disclosure-based framework known as “Project Crypto.” Led by Chairman Paul S. Atkins, the SEC reinterpreted federal securities laws to adapt to decentralised ledger technology (DLT), aiming to balance capital formation with investor protection. This s

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

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...

1. Executive Summary On September 2, 2025, HM Treasury published a draft Statutory Instrument (SI) proposing key amendments to the UK's...

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...

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

1.0 Executive Summary On 1 August 2025, the UK's Financial Conduct Authority (FCA) announced a significant policy reversal, permitting...

Executive Summary The first half of 2025 marks a critical implementation phase for the Markets in Crypto-Assets (MiCA) Regulation (EU)...

Executive Summary The week ending 1 August 2025 saw significant regulatory activity across the UK and the European Union, spanning...

Executive Summary July 2025 marked a key phase in the operationalisation of the Markets in Crypto-Assets (MiCA) regulation. The European...

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...

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...