What we think

Executive Summary The global regulatory environment in March delivered an asynchronous, aggressive push toward integrating Crypto-Asset Service Providers (CASPs) into the traditional financial services (TradFi) perimeter. The sheer volume and severity of cross-jurisdictional updates—ranging from the European Union’s Digital Operational Resilience Act (DORA) and MiCA enforcement preparations, to the UK’s FSMA regime transition and the FATF’s targeted crackdown on offshore liqu

Executive Summary February 2026 represented a structural inflexion point for the global digital asset industry. Regulatory frameworks across major jurisdictions—from the Parliamentary enactment of the UK’s Final Crypto Regime Statutory Instrument to the EU’s AMLA data collection initiatives and the operational onset of the U.S. Treasury’s broker tax reporting—have definitively transitioned from conceptual rulemaking to active enforcement and structural market integration. For

1. Executive Summary The Financial Conduct Authority (FCA) has concluded its introductory webinar outlining the definitive roadmap for the UK’s transition from the limited Money Laundering Regulations (MLR) to a comprehensive Financial Services and Markets Act (FSMA) regime. The headline message is critical:  The regulatory bar has been raised significantly. There is no automatic transfer (“grandfathering”)  for currently registered firms. Every Crypto Asset Service Provider

Executive Summary The Royal Assent granted to the Property (Digital Assets etc.) Act 2025 on December 2, 2025, marks a significant turning point in the history of English private law. Although this legislation is relatively brief, it has a profound impact on the United Kingdom’s legal and commercial landscape, effectively resolving a long-standing doctrinal stalemate that had threatened to separate the common law from the realities of the modern digital economy. By formally b

Executive Summary The UK’s financial services sector is undergoing a major regulatory shift as Cryptoasset Service Providers (CASPs) move from limited AML registration to full authorisation under FSMA. This “re-platforming” transforms the industry. This report provides a detailed analysis, clarifies misconceptions, highlights omissions, and redefines strategic directions for firms in this space. The analysis based on consultation papers and HM Treasury drafts shows this trans

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

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

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...

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

There was significant regulatory activity in December 2024. Globally, on establishing comprehensive frameworks for digital assets,...

Executive Summary: Global Digital Asset Regulatory Developments - November 2024 November 2024 witnessed significant regulatory progress...

The FCA Crypto Roadmap outlines the planned policy publications and timelines for regulating crypto assets in the UK. It sets out a...

The European Banking Authority (EBA) has released its work program for 2025, signalling a significant shift in the regulatory landscape...

MiFID, implemented in 2007, revolutionised European capital markets by increasing competition, transparency, and investor protection....

The digital landscape underwent significant changes in 2024 as regulators worldwide tightened their control over the industry. Every...

The cryptocurrency industry has closely watched the SEC's lawsuit against Ripple Labs. The recent ruling marks a pivotal moment with...