- The Proposal would revise transfer agent rules regarding registration, annual reporting, turnaround and
SEC Proposes Modernizing Transfer Agent Infrastructure, Including Framework for Tokenized Securities
SEC Proposes Tailored Exemptions for Cryptoasset Offerings
- The proposed rules would create two new offering exemptions for “covered investment contracts” involving cryptoassets: a Startup Exemption (permitting raises of up to $5 million over a four-year period, with no financial statement requirements) and a tiered Fundraising
Cryptoasset Lending in the Gaps: MiCA, ESMA Q&A 2883, and the Regulatory Future of Cryptoasset Lending
- ESMA has released a Q&A which confirms ESMA’s views that MiCA does not regulate cryptoasset lending and borrowing as specific cryptoasset activities, but that general MiCA obligations do apply to CASPs providing these services.
- This Q&A is released in the context of increasing regulatory attention to cryptoasset lending and borrowing, including the
Crypto Vaults: US Regulatory Considerations
- Crypto vaults exist on a broad spectrum, from fully automated smart contract allocations to discretionarily managed
ESMA Launches Common Supervisory Action on Digital Operational Resilience of CASPs
Crypto custody services under the microscope: EU regulators turn their attention to compliance with digital operational resilience rules.
By Stuart Davis, Gabriel Lakeman, and Alain Traill
On 8 July 2026, the European Securities and Markets Authority (ESMA) announced the launch of a Common Supervisory Action (CSA) focusing on the digital operational resilience of cryptoasset service providers (CASPs), with a particular emphasis on custody services.
ESMA has framed the initiative as a response to its risk-based supervisory priorities, which
Prediction Markets: ESMA Confirms Application of Binary Options Product Intervention Measures to Event Contracts
- ESMA’s statement does not address some key areas of uncertainty in this area, such as the distinction between financial services and gambling regimes.
- ESMA reminded firms that existing product intervention measures restricting distribution of binary options to retail clients may
The Race Is On: FCA Publishes Final Rules for UK Cryptoasset Regime
The rules cover trading admission and market abuse, stablecoin issuance, regulated activities, and how prudential and FCA Handbook requirements will apply to cryptoasset firms.
By Stuart Davis, Gabriel Lakeman, Brett Carr, Emma Trankeenan, Cameron Jones, and Imaan Nazir
On 30 June 2026, the FCA published a suite of policy statements setting out the final rules for the UK’s new cryptoasset regime. The publications mark a significant milestone in the UK’s approach to cryptoasset regulation, moving
Banking Regulators Propose Customer Identification Rules Under the GENIUS Act
- Permitted payment stablecoin issuers would be required to establish and maintain written, risk-based customer identification programs tailored to their size and business models.
- The proposed requirements would include reasonable procedures for verifying customer identity, maintaining verification records, checking customers against relevant government
Illinois Interchange Fee Law Maxes Out After Permanent Injunction and Legislative Postponement
- Following OCC intervention, the IFPA’s Interchange Fee Limitation was permanently enjoined for national banks, federal savings associations, out-of-state state banks, and payment card networks.
- Illinois-chartered state banks and credit unions remain subject to the IFPA,
Hong Kong Forges the Final Links in Its Crypto Regulatory Chain
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