Comprehensive regulation to come with further licensing regimes for crypto advisory and asset management services, in addition to crypto dealing and custody.

By Simon Hawkins and Adrian Fong

On 26 May 2026, the Hong Kong Financial Services and Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) issued consultation conclusions on their legislative proposals to regulate virtual asset advisory (VA advisory) and virtual asset management (VA management) services (Consultation Conclusions).

This follows their December 2025 consultation conclusions on virtual

  • The European Commission is reviewing MiCA’s suitability through a targeted public consultation, open for comment until 31 August 2026.
  • The review focuses on major policy questions, including the treatment of tokenised financial instruments, the regulation of stablecoins, and the adequacy of the framework for cryptoasset service providers.
  • Participants

The guidance defines certain regulated cryptoasset activities broadly, potentially placing onerous authorisation obligations on DeFi and web3 user interfaces and wallets.

By Stuart Davis, Gabriel Lakeman, Brett Carr, Cameron Jones, and Imaan Nazir

On 15 April 2026, the FCA published draft perimeter guidance (in CP 26/13) that, if finalised in its current form, could bring a large segment of global web3 interface providers and wallets within scope of UK cryptoasset licensing requirements. The guidance interprets

The Proposal would establish many requirements for OCC supervised entities, including reserves, capital standards, redemption timelines, and the extent of OCC supervisory authority.

By Jenny Cieplak, Arthur S. Long, Parag Patel, Yvette D. Valdez, Barrie VanBrackle, Pia Naib, and Deric Behar

On February 25, 2026, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (the Proposal) to implement the Guiding and Establishing National Innovation for US Stablecoins Act