What we think

Introduction: A ‘Multi-Money’ System and the Grand Bargain: Contextualising the November 2025 Consultation The Bank of England (BoE) consultation paper (CP) published on 10 November 2025, ‘Proposed regulatory regime for sterling-denominated systemic stablecoins’, represents a pivotal and pragmatic evolution in the United Kingdom’s approach to digital assets. This document is not a preliminary discussion; it is a mature, highly detailed, and commercially aware proposal. It has

I. Executive Summary This week’s developments signal an evolution in the regulatory environment, shifting from theoretical risk to tangible enforcement actions and notable strategic divergence among key jurisdictions. For Crypto Asset Service Providers (CASPs), the global landscape now presents three primary areas of focus that merit careful consideration for our operational, product, and legal strategies. Enforcement and AML/CTF Scrutiny.  The €21.46 million fine imposed by

Executive Summary October 2025 marked a material shift in the regulatory landscape for the crypto-asset industry, moving from high-level principles to binding technical implementation. The fragmented, principles-based guidance of the past has been supplanted by a wave of detailed, binding Regulatory Technical Standards (RTS), supervisory Q&As, and thematic reports. This transition fundamentally alters the operational, prudential, and economic landscape for Crypto-Asset Servic

Executive Summary 2026 marks a pivotal year for EU Crypto-Asset Service Providers (CASPs), marking the culmination of a multi-year effort to establish comprehensive regulation for digital assets. The transitional “grandfathering” period under MiCA, as per Article 143(3), ends on July 1, 2026, removing legacy buffers and implementing a uniform licensing and conduct system across the Union. Meanwhile, the Digital Operational Resilience Act (DORA), which has been effective since

Executive Summary 2025 marks a pivotal shift for digital assets and financial markets, moving from regulatory development to strict...

Executive Summary September 2025 marked a critical phase in the maturation of the European Union’s digital asset regulatory landscape....

I. Executive Summary The FCA's guidance shifts the standards for firms seeking authorisation or registration, marking a strategic change...

Executive Summary This report analyses the potential implications of the recent UK cabinet reshuffle on the nation's digital market...

Executive Summary August 2025 witnessed a continuation of key regulatory and supervisory initiatives across major financial...

Executive Summary The year 2025 represents a watershed moment for digital asset regulation in the United States, marked by the...

Executive Summary The United Kingdom is executing a phased and comprehensive strategy to integrate digital assets into its established...

Executive Summary The United Kingdom government has initiated a comprehensive, multi-year strategy to re-engineer its financial services...

Executive Summary The first half of 2025 represents a pivotal inflexion point for the digital asset sector, characterised by a structural...

Global Regulatory Developments: July Executive Summary July marked a period of intense regulatory activity across the globe,...

Executive Summary June 2025 marked a period of significant progress in establishing detailed regulatory frameworks for digital assets...

Global efforts to establish clear regulatory frameworks for digital assets gained significant momentum in May, with a concentrated focus...

April 2025 marked a period of significant regulatory progress and policy direction across key financial hubs, with a strong focus on...

March 2025 witnessed significant regulatory advancements in the global financial sector, particularly concerning digital finance. Key...

This report summarises key global regulatory developments in the financial sector during February. The focus is on publications,...

This report provides a comprehensive overview of the significant global regulatory developments in January, focusing on the key areas of...