Archive
7 briefings published
- Jun 8, 2026AnalysisEU
MiCA Titles III & IV: the EU stablecoin regime, explained
Asset-referenced tokens (ARTs) and e-money tokens (EMTs) are now under prudential supervision across the EU. Here is what issuers, exchanges, and depositors need to understand about authorisation, reserve composition, redemption rights, and the volume caps.
- Jun 7, 2026AnalysisGLOBALEUUKSG
FATF Travel Rule for VASPs: where global implementation actually stands
The FATF Travel Rule extends bank-style originator/beneficiary information sharing to virtual asset transfers above USD/EUR 1,000. Implementation is patchy — here is the current map of which jurisdictions enforce, which require but tolerate gaps, and which are still drafting.
- Jun 6, 2026AnalysisUS
OCC interpretive letters on bank crypto custody: the current state of permissibility
A national bank can custody crypto-assets, hold stablecoin reserves, and run an independent node — within the bounds set by Letters 1170, 1172, 1174, and the 2021 supervisory non-objection requirement. Here is what is currently permitted and what still requires prior notice.
- Jun 5, 2026AnalysisUK
FCA cryptoasset financial promotions: the rules behind the UK marketing ban
Since October 2023 every cryptoasset promotion targeting UK consumers must either be issued or approved by an FCA-authorised firm — and comply with a content rulebook including risk warnings, 24-hour cooling-off, and a ban on incentives. Here is what the regime actually requires.
- Jun 4, 2026AnalysisSG
Singapore's single-currency stablecoin framework: what MAS-regulated SCS issuance requires
MAS finalised its single-currency stablecoin (SCS) framework in 2023, creating a labelled regime for fully-reserved stablecoins issued in Singapore. Here is how it differs from a generic DPT licence — and why the "MAS-regulated stablecoin" label matters for market access.
- Jun 3, 2026AnalysisHK
Hong Kong's Stablecoins Ordinance: licensing fiat-referenced stablecoin issuers
The Stablecoins Ordinance establishes a HKMA-administered licensing regime for issuers of fiat-referenced stablecoins ("FRS") with a Hong Kong nexus. Here is the perimeter, the licensing conditions, and the prior sandbox cohort that shaped them.
- Jun 2, 2026AnalysisGLOBAL
FSB global stablecoin recommendations: the supranational baseline shaping national frameworks
The Financial Stability Board's revised 2023 recommendations on global stablecoins set a minimum-standards baseline that most national frameworks — MiCA, HKMA, MAS SCS, UK proposals — implement in some form. Here is what the recommendations require and how they map to current national rules.