Search Results

The Financial Conduct Authority (FCA) published Consultation Paper CP25/41, titled "Regulating Cryptoassets: Admissions & Disclosures and Market Abuse Regime for Cryptoassets," on 15 December 2025. The consultation period closed on 20 February 2026. CP25/41 proposes a complete Admissions and Disclosures (A&D) regime and a Market Abuse Regime for Cryptoassets (MARC), both at the proposed stage as of the closing date, with final rules and guidance expected in policy statements later in 2026. CP25/41 rests on the statutory authority created by the Financial Services and Markets Act 2000 (Cryptoassets) Regulations 2025, which the UK Government laid in draft in December 2025 and which brought cryptoasset activities within the FCA's regulatory perimeter. The A&D regime requires that any cryptoasset offered to UK consumers or admitted to trading on a UK platform must satisfy specified disclosure standards at the point of admission. The MARC regime extends prohibitions on insider dealing and market manipulation — already established for traditional securities — to cryptoasset markets. Cryptoasset trading platforms seeking to list tokens for UK consumers, stablecoin issuers, cryptoasset intermediaries, and issuers making public offers of cryptoassets in or to persons in the UK all fall within the primary scope of CP25/41. These market participants must prepare for pre-admission disclosure documents meeting FCA-specified content and liability standards, as well as ongoing disclosure obligations following admission. Non-UK firms directing cryptoasset activity at UK consumers are also within scope, meaning international exchanges and token issuers face direct regulatory obligations even where they lack a UK legal presence. CP25/41 was published alongside CP25/40, which sets out proposed conduct-of-business and authorization rules for regulated cryptoasset activities, and CP25/42, which addresses prudential requirements. The FCA will review responses to all three consultations together under its Crypto Roadmap before publishing final rules. No transitional period has been confirmed as of the consultation close date, and firms should expect final policy statements during 2026. Decentralized finance protocols, wallet providers, and DAO operators are not expressly in scope under CP25/41, though the regime's breadth means some DeFi-adjacent activities may be captured depending on how the final rules define key terms. Source: Financial Conduct Authority, CP25/41: Regulating Cryptoassets: Admissions & Disclosures and Market Abuse Regime for Cryptoassets (published 15 December 2025; consultation closed 20 February 2026). Official FCA webpage: https://www.fca.org.uk/publications/consultation-papers/cp25-41-regulating-cryptoassets-admissions-disclosures-market-abuse-regime-cryptoassets . Consultation paper PDF: https://www.fca.org.uk/publication/consultation/cp25-41.pdf . Confirmed: 6 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

On 11 February 2026, the Securities and Futures Commission of Hong Kong (SFC) published a policy statement titled "A high-level framework for virtual asset perpetual contracts offering by virtual asset trading platforms" (the Framework). The Framework is issued under the SFC's ASPIRe Roadmap, Pillar P (Products), and establishes the SFC's approach for SFC-licensed virtual asset trading platform operators (Platform Operators) seeking to offer virtual asset perpetual contracts (Perps) to clients. The Framework is a guidance document at the policy statement stage; it does not constitute a binding rule or final regulation. Platform Operators interested in offering Perps must submit their proposed product structure to the SFC for review against the principles set out in the Framework before any offering commences. The controlling authority is the SFC acting under the Securities and Futures Ordinance (Cap. 571) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615). The Framework defines Perps as leveraged instruments offered on-platform, designed to track an underlying virtual asset or index price, with no expiry date, and incorporating periodic funding rate payments between long and short position holders to align the contract price with the spot market price. Eligible reference assets must be virtual assets available for spot trading by retail clients on the Platform Operator's platform, or an index of such assets administered in compliance with the IOSCO Principles for Financial Benchmarks. The Framework mandates specific product design standards covering: transparent methodologies for Key Parameters (mark price, reference asset price, funding rate, position valuation), mandatory funding rate settlement at least once every 24 hours, multi-source price inputs to prevent manipulation by a single entity, automated pre-trade margin checks, and explicit default management sequencing (order-book liquidation, backstop liquidity providers, reserve/insurance fund, auto-deleveraging). Perps may only be offered to professional investors as defined in section 1 of Part 1 of Schedule 1 to the Securities and Futures Ordinance. Before providing Perp trading services, Platform Operators must assess each client's knowledge of derivatives under paragraphs 5.1A and 5.3 of the SFC's Code of Conduct for Persons Licensed by or Registered with the SFC. Margin collateral must be in the form of fiat or stablecoins or tokenized deposits regulated by the Hong Kong Monetary Authority. Platform Operators must disclose real-time insurance fund levels to clients, issue post-event reports within 24 hours whenever auto-deleveraging or last-resort mechanisms are activated, and conduct regular stress testing of trading systems. Cross-market surveillance covering both spot and Perps trading is required. Licensed VATPs currently not offering derivatives must obtain SFC approval before launching any Perp product; no Perps may be offered to retail investors under the current Framework. The Framework does not set a retail-investor access pathway for Perps at this stage; the professional investor restriction applies to all Perp activity on licensed platforms. The SFC states the Framework "may be refined or expanded in light of product evolution and changing market conditions" and may issue further guidance after considering Platform Operator proposals. No deadline is imposed for Platform Operators to submit proposals, but any VATP wishing to offer Perps must discuss the proposed structure with the SFC before doing so. The Framework does not address unregulated or offshore Perp platforms that are not licensed by the SFC and that target Hong Kong residents — those remain outside the licensed VATP perimeter and subject to existing enforcement posture. Source: Securities and Futures Commission of Hong Kong, "A high-level framework for virtual asset perpetual contracts offering by virtual asset trading platforms," Policy Statement, 11 February 2026. Official URL: https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/A-high-level-framework-for-virtual-asset-perpetual-contracts-offering-by-VATP . Confirmed: 5 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

On 19 February 2025, the Securities and Futures Commission of Hong Kong (SFC) published a policy statement titled "A-S-P-I-Re for a brighter future: SFC's regulatory roadmap for Hong Kong's virtual asset market." The Roadmap sets out 12 concrete initiatives organized under five pillars: Access (A), Safeguards (S), Products (P), Infrastructure (I), and Relationships (Re). It is an active regulatory commitment at the policy statement stage, not a binding rule or final regulation. Individual initiatives within the Roadmap require separate consultations, legislative action, or formal licensing regime development before taking legal effect. The Roadmap is issued under the SFC's authority as Hong Kong's regulator for securities and futures under the Securities and Futures Ordinance (Cap. 571). Current licensing of virtual asset trading platform operators (VATPs) operates under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) and the Securities and Futures Ordinance. Pillar A (Access), Initiative 1 commits the SFC to support the HKSAR Government in establishing dedicated licensing regimes for virtual asset OTC trading and custody services, with legislative preparations targeting completion by end-2025. Pillar P (Products), Initiative 6 proposes regulatory exploration of new token listings and derivative trading for professional investors (as defined in Schedule 1 to the Securities and Futures Ordinance), and Initiative 8 addresses staking and borrowing/lending services. Pillar S (Safeguards) targets custody technology standards and insurance/compensation arrangements. Pillar I (Infrastructure) covers straight-through regulatory reporting and advanced surveillance tools under Initiative 9, and cross-agency collaboration under Initiative 10. VATP operators, OTC dealers, custodians, staking service providers, and virtual asset lending businesses operating in or targeting Hong Kong must monitor the Roadmap's implementation timeline. VATPs already licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance face the most immediate changes: the Roadmap signals a shift from prescriptive cold-storage ratios toward outcome-based custody standards and a relaxation of rigid margin requirements for professional investors. OTC trading desks not currently licensed will need a dedicated licence once HKSAR Government legislation proceeds. Staking service providers and borrowing/lending platforms targeting Hong Kong-based professional investors must await SFC guidance before offering those services through or in connection with licensed VATPs. The Roadmap does not impose legal obligations; each initiative advances through separate processes. Initiative 1 (OTC and custody licensing) requires HKSAR Government-led legislation, with statutory implementation a 2026 or later event. Existing cold-storage ratio requirements and compensation mandates remain operative until formally amended. Decentralized exchanges and DAO-operated protocols fall outside the current VATP licensing perimeter, and the Roadmap does not explicitly address those, leaving their regulatory treatment unresolved. A February 2026 Policy Statement on virtual asset perpetual contracts, issued under Pillar P, demonstrates the SFC is actively advancing individual product initiatives at pace. Source: Securities and Futures Commission of Hong Kong, "A-S-P-I-Re for a brighter future: SFC's regulatory roadmap for Hong Kong's virtual asset market," Policy Statement, 19 February 2025; last updated 23 September 2025. Official URL: https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/A-S-P-I-Re-for-a-brighter-future-SFCs-regulatory-roadmap-for-Hong-Kongs-virtual-asset-market . Confirmed: 5 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

Regulation (EU) 2024/1689 (the EU AI Act) entered into force on 1 August 2024 and applies through a phased schedule. Deployers and providers of AI systems classified as high-risk under Annex III of the Regulation must satisfy all operational requirements — including risk management, data governance, technical documentation, transparency, human oversight, accuracy, and cybersecurity — by 2 August 2026. That date marks the end of the 24-month transition period under Article 113(1)(a). The obligation applies across the European Union and to non-EU entities whose AI systems produce outputs used within the EU. The controlling authority is Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 on artificial intelligence, published in the Official Journal of the European Union on 12 July 2024 (OJ L, 2024/1689). The high-risk classification list appears in Annex III, covering eight sectors: critical infrastructure, education, employment, essential private and public services, law enforcement, migration, administration of justice, and democratic processes. Articles 9 through 15 set the mandatory requirements — Article 9 (risk management system), Article 10 (data and data governance), Article 11 (technical documentation), Article 12 (record-keeping), Article 13 (transparency and provision of information), Article 14 (human oversight), and Article 15 (accuracy, robustness and cybersecurity). Financial institutions deploying AI in credit scoring, insurance risk assessment, or anti-money-laundering processes that fall within Annex III categories must satisfy all these provisions by the 2 August 2026 deadline. Financial institutions, fintech firms, and AI model providers operating in or selling into the EU — including exchanges, banks, payment processors, and investment managers — must audit their existing AI deployments against the Annex III list. Any system meeting the high-risk threshold requires a documented risk management system running throughout the AI lifecycle, training data satisfying quality criteria, complete technical documentation, automatic event logging, and a designated human oversight mechanism. Deployers who are not themselves providers must comply with Article 26, which requires them to use only compliant systems, monitor for performance drift, and report serious incidents to market surveillance authorities. Non-compliance after 2 August 2026 exposes firms to administrative fines of up to EUR 15,000,000 or 3% of total worldwide annual turnover under Article 101. Firms in the financial sector using AI tools in areas such as creditworthiness assessment (Annex III, point 5(b)) or AI-assisted fraud detection linked to law enforcement (Annex III, point 6) should begin compliance gap analyses without delay. Article 113(3) extends the deadline for AI systems already placed on the market before 2 August 2026 only if no significant change is made to system design after that date. The European AI Office, established under Article 64, coordinates enforcement and issues guidance. Each EU Member State must designate national competent authorities by 2 August 2025. The general-purpose AI (GPAI) provisions of Chapter V apply from 2 August 2025 — one year ahead of the high-risk system obligations — meaning that AI model developers whose systems are integrated into high-risk applications face a two-stage timeline. Source: Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024, OJ L, 2024/1689, 12 July 2024; Articles 9-15, 26, 64, 101, 113, and Annex III. Official URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32024R1689 . Confirmed: 5 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

On February 19, 2026, the SEC Division of Trading and Markets issued a staff FAQ providing that a broker-dealer may apply a 2% haircut on proprietary positions in qualifying payment stablecoins when calculating net capital under Exchange Act Rule 15c3-1. The FAQ is a staff-level interpretive position; it is not a final rule or Commission order, and it is not binding on courts or the Commission itself. Commissioner Hester M. Peirce issued a concurrent statement expressing support for the FAQ and inviting public input on potential Rule 15c3-1 amendments to formally address payment stablecoins. The controlling rule is Exchange Act Rule 15c3-1 (17 C.F.R. § 240.15c3-1), the SEC's net capital rule for broker-dealers. Rule 15c3-1 does not expressly address payment stablecoins. The FAQ defines a "payment stablecoin" as: (a) prior to the GENIUS Act's effective date, a USD-denominated stablecoin issued by a state-regulated money transmitter, state-regulated trust company, or national trust bank, with reserves meeting 12 U.S.C. § 5903(a)(1)(A) requirements, public redemption policy disclosure, and monthly attestation reports; and (b) following the GENIUS Act's effective date, any stablecoin meeting the Act's definition and issued by a "permitted payment stablecoin issuer" or compliant "foreign payment stablecoin issuer." The 2% haircut aligns with the haircut applied to registered investment companies that are money market funds under Rule 15c3-1. Registered broker-dealers that hold payment stablecoins in proprietary inventory now have clear staff guidance: they may take a 2% haircut rather than the 100% haircut some had applied out of caution. This change materially lowers the net capital cost of holding stablecoins, making it feasible for broker-dealers to engage in tokenized securities transactions, on-chain settlement, and other crypto asset business that depends on stablecoin liquidity. Custodians and crypto trading platforms registered as broker-dealers will benefit most directly. The FAQ is staff-level guidance only and does not amend Rule 15c3-1. Commissioner Peirce noted the haircut may need future formal rulemaking at the Commission level. The definition of qualifying "payment stablecoin" will shift once the GENIUS Act takes effect, removing the pre-Act definitional criteria. Broker-dealers holding stablecoins that do not meet the qualifying criteria must continue to calculate haircuts on a case-by-case basis without benefit of the 2% safe harbor. Source: Commissioner Hester M. Peirce, "Cutting by Two Would Do," Statement, Feb. 19, 2026, https://www.sec.gov/newsroom/speeches-statements/peirce-stablecoin-021926-cutting-two-would-do (confirmed Mar. 5, 2026). The Division of Trading and Markets FAQ on payment stablecoins and Rule 15c3-1 is referenced therein. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

On January 29, 2026, SEC Chairman Paul S. Atkins delivered opening remarks at the CFTC's Washington D.C. headquarters, formally launching "Project Crypto" as a joint interagency initiative between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The initiative is at the active coordination stage; no statute or rulemaking has been adopted, but both agencies have committed to joint staff engagement, harmonized standards, and preparatory implementation work ahead of anticipated Congressional crypto market structure legislation. The controlling authority for the SEC's participation derives from Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. § 78d) and Section 23 of the Commodity Exchange Act (7 U.S.C. § 26) for the CFTC's participation. Chairman Atkins referenced work already completed by the SEC's Crypto Task Force—established under Commissioner Hester M. Peirce—including staff statements on memecoins, stablecoins, mining, and staking under the Division of Corporation Finance, broker-dealer FAQs from the Division of Trading and Markets, and investment adviser guidance from the Division of Investment Management. Crypto asset market participants—including exchanges, broker-dealers, custodians, digital asset issuers, and tokenized securities platforms—face the most direct consequences from this initiative. Project Crypto directs staff at both agencies to eliminate duplicative and conflicting regulatory requirements, establish clear jurisdictional boundaries between SEC and CFTC authority, and develop streamlined pathways for innovative financial products. Harmonized standards across the two agencies will reduce compliance costs for entities operating across both commodity and securities markets. The initiative expressly contemplates coordination with Congress to implement any forthcoming market structure legislation "faithfully and thoughtfully." Open questions include which digital assets will ultimately fall under SEC versus CFTC jurisdiction, how joint registration pathways will be structured, and the timeline for formal rulemaking. The SEC-CFTC Harmonization Initiative is accepting written input and meeting requests from market participants at harmonization@sec.gov and harmonization@cftc.gov . Source: SEC Chairman Paul S. Atkins, "Opening Remarks at Joint SEC-CFTC Harmonization Event – Project Crypto," Speech, Jan. 29, 2026, https://www.sec.gov/newsroom/speeches-statements/atkins-remarks-joint-sec-cftc-harmonization-event-project-crypto-012926 ; SEC-CFTC Harmonization Initiative, https://www.sec.gov/featured-topics/sec-cftc-harmonization-initiative (confirmed Mar. 5, 2026). The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

The National Credit Union Administration (NCUA) Board published a proposed rulemaking on 12 February 2026 to implement portions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) regarding the licensing and supervision of payment stablecoin issuers that operate as subsidiaries of federally insured credit unions (FICUs). The proposed rule is at the notice-and-comment stage; no final rule has been adopted. The controlling authority is the GENIUS Act, enacted as Public Law signed by President Trump. The proposed rule implements the GENIUS Act's provisions that charge the NCUA with licensing, regulating, and supervising payment stablecoin issuers that are subsidiaries of FICUs. The NCUA Board published the proposed rulemaking in the Federal Register on 12 February 2026 under the title "Investments in and Licensing of Permitted Payment Stablecoins Issuers." FICUs that wish to establish a subsidiary to issue payment stablecoins must evaluate their obligations under the proposed rule. The rule would establish procedures for obtaining NCUA approval to issue payment stablecoins through a subsidiary, paralleling the FDIC's December 2025 proposed rulemaking that covers FDIC-supervised insured depository institutions. Credit unions operating or planning digital asset services must assess whether their subsidiary structure satisfies the proposed licensing and supervisory requirements. The comment period is open following publication in the Federal Register on 12 February 2026. The NCUA has not yet announced a comment deadline in available public records. The proposed rule remains subject to modification based on public comments received. Separate proposed rulemakings from the OCC (published 03 March 2026) and the FDIC (published 19 December 2025) govern other categories of GENIUS Act-supervised institutions; each regulator's rule applies only to institutions within its supervisory jurisdiction. Source: "Investments in and Licensing of Permitted Payment Stablecoins Issuers," Proposed Rule by the National Credit Union Administration, Federal Register, published 02/12/2026. Available at: https://www.federalregister.gov (search: NCUA GENIUS stablecoin 2026). Date confirmed: 04 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

The United States Department of the Treasury published two documents on 19 February 2026: a Financial Services AI Risk Management Framework and an AI Lexicon. The Framework provides voluntary guidance for financial institutions on managing risks arising from artificial intelligence deployment in financial services. The AI Lexicon establishes standardised terminology for AI-related concepts in the financial sector. Neither document is a binding regulation or final rule; both are voluntary guidance instruments issued under Treasury's advisory function. Treasury issued these documents pursuant to its broad statutory mandate to promote financial stability and oversee the integrity of the financial system, drawing on authority under 31 U.S.C. § 321 (general Treasury powers) and its role coordinating the Financial Stability Oversight Council (FSOC) under the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. 111-203. The AI Risk Management Framework draws on existing risk management guidance from federal banking regulators and aligns with the National Institute of Standards and Technology (NIST) AI Risk Management Framework published in January 2023. The AI Lexicon does not create new defined terms with legal effect but provides common terminology for interagency communication and industry use. Banks, insurance companies, investment advisers, broker-dealers, and fintech firms deploying AI in customer-facing or back-office financial services operations should review the Framework to assess whether their internal AI governance programs align with Treasury's stated risk management expectations. Firms subject to examination by the OCC, FDIC, Federal Reserve, or SEC should anticipate that examiners may reference the Framework when assessing AI risk management practices, even though the Framework is not legally binding. Crypto firms registered with FinCEN or operating under bank charters should also review the Lexicon to confirm they use consistent terminology in regulatory filings and compliance documentation. The Framework and Lexicon are voluntary; compliance is not required under any currently effective statute or regulation. Treasury has not opened a formal rulemaking proceeding to convert the Framework into binding rules. Financial institutions that choose to align with the Framework should document that alignment in their AI governance programs, as examiner expectations may evolve and future mandatory rules could reference the Framework's principles. Treasury has not announced a comment period or a date for converting either document into a proposed or final rule. Source: U.S. Department of the Treasury, Press Release, "Treasury Releases Financial Services AI Risk Management Framework and AI Lexicon," 19 February 2026. Official URL: https://home.treasury.gov/news/press-releases/sb0401 . Confirmed: 4 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

The Central Bank of Ireland (CBI) published its 2026 Regulatory and Supervisory Outlook (RSO) on 26 February 2026. The RSO identifies the CBI's supervisory priorities for the year across all regulated sectors, including crypto-asset service providers (CASPs) authorised or registered under the European Union's Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114. The document is the CBI's annual supervisory guidance publication; it is not a legislative instrument and does not impose new statutory obligations. The CBI's supervisory authority over CASPs derives from its designation as the national competent authority under MiCA for Ireland. Under MiCA Title V (Articles 59–76), CASPs operating in Ireland require CBI authorisation. The 2026 RSO signals that the CBI will prioritise examination of CASPs' compliance with MiCA authorisation conditions, governance requirements, and client asset protection obligations during the 2026 supervisory cycle. CASPs authorised by the CBI under MiCA, firms seeking CBI authorisation in 2026, and crypto exchanges or custodians passporting into other EU Member States via the CBI authorisation must treat the 2026 RSO as a statement of the CBI's enforcement focus areas. Firms with open authorisation applications should expect the CBI to scrutinise MiCA-compliant governance structures and client fund segregation arrangements. Firms already authorised should review internal compliance programs against the RSO's stated supervisory themes to reduce examination risk. The RSO is a supervisory guidance document and does not create binding legal obligations beyond what MiCA already imposes. CASPs registered under the pre-MiCA Irish registration regime (Virtual Asset Service Providers under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended) must confirm their transition status to full MiCA authorisation, as MiCA's transitional provisions for existing registered firms expire according to each Member State's selected grandfathering period under MiCA Article 143. Source: Central Bank of Ireland, "Central Bank sets out its Regulatory and Supervisory Outlook for 2026," Press Release, 26 February 2026. Official URL: https://www.centralbank.ie/news/article/press-release-central-bank-sets-out-its-regulatory-and-supervisory-priorities-26-february-2026 . Confirmed: 4 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

The Federal Deposit Insurance Corporation (FDIC) extended the public comment period on its Notice of Proposed Rulemaking (NPR) establishing application procedures for FDIC-supervised institutions seeking to issue payment stablecoins under the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act). The FDIC announced the extension on 6 February 2026. The NPR remains at the proposed rule stage; no final rule has been adopted. The GENIUS Act authorises the FDIC, as the federal banking regulator for state-chartered non-member banks, to establish application and approval procedures governing payment stablecoin issuance by FDIC-supervised institutions. The NPR sets out the proposed procedural requirements under that statutory mandate. The extended comment period allows banks, stablecoin issuers, and other interested parties additional time to submit written comments on the proposed procedures before the FDIC moves toward a final rule. FDIC-supervised state chartered non-member banks that intend to issue payment stablecoins must engage with the FDIC's NPR comment process. Those banks must submit comments within the extended deadline to shape the final application procedures that will govern their ability to issue stablecoins. Other stablecoin issuers not supervised by the FDIC should monitor parallel proceedings at the Office of the Comptroller of the Currency and the Federal Reserve, which have separate supervisory authority over national banks and state member banks respectively. The comment period extension does not alter the substance of the proposed procedures; all previously submitted comments remain on the record. The FDIC has not yet announced a target date for publishing the final rule. Stablecoin issuers and FDIC-supervised institutions should monitor the FDIC's official rulemaking docket for the revised comment deadline and for any subsequent notice of a final rule publication date. Source: Federal Deposit Insurance Corporation, "FDIC Extends Comment Period on Proposal to Establish GENIUS Act Application Procedures for FDIC-Supervised Institutions Seeking to Issue Payment Stablecoins," Press Release, 6 February 2026. Official URL: https://www.fdic.gov/news/press-releases/2026/fdic-extends-comment-period-proposal-establish-genius-act-application . Confirmed: 4 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

The Dubai Financial Services Authority (DFSA) amended its Crypto Token Regime, effective 12 January 2026, extending the scope of regulated activities within the Dubai International Financial Centre (DIFC) to additional categories of crypto tokens. The DFSA published a set of Frequently Asked Questions on 12 February 2026 to support market participants in applying the updated rules. The amended regime is final and in force; no further consultation period is open. The DFSA Crypto Token Regime operates under the DFSA Rulebook, specifically the Crypto Token module (CIR Chapter 14 and the associated Crypto Token Schedule). The 2026 amendments expanded the definition of "Accepted Crypto Token" and updated conduct-of-business obligations for DIFC-authorised firms dealing in or advising on crypto tokens. The FAQs clarify application of the amended CIR rules to specific token types, including utility tokens and fiat-referenced tokens, where classification determines the applicable authorisation pathway. Exchanges, custodians, and token issuers operating in or from the DIFC must assess whether their tokens qualify as Accepted Crypto Tokens under the amended definition and whether their activities now require DFSA authorisation. Firms already holding a DFSA licence for crypto token activities must review their authorised scope to confirm it covers any newly in-scope token categories. Those conducting newly regulated activities without a licence or without seeking a variation of permission face enforcement exposure under the DIFC financial services prohibition in Article 41 of the Regulatory Law 2004 (DIFC Law No. 1 of 2004). The DFSA has not announced a grace period for firms that come into scope under the January 2026 amendments. Firms that submitted licence applications or variation-of-permission requests prior to the effective date should confirm processing status with the DFSA directly. The FAQs do not carry the force of law but represent the DFSA's stated interpretation of the Rulebook provisions as of February 2026. Source: Dubai Financial Services Authority, "DFSA Publishes Crypto Token FAQs to Support Implementation of Updated Regulatory Framework," News Release, 12 February 2026. Official URL: https://www.dfsa.ae/news/dfsa-publishes-crypto-token-faqs-support-implementation-updated-regulatory-framework . Confirmed: 4 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.

On 12 February 2026, the European Banking Authority (EBA) published an Opinion advising national competent authorities (NCAs) under the Revised Payment Services Directive (PSD2) on how to proceed once the nine-month transition period set in the EBA's No-Action Letter of 2 June 2025 (EBA/Op/2025/08) expired on 2 March 2026. The Opinion is a final supervisory guidance instrument, addressed to NCAs across all EU Member States. Its legal basis is Article 29(1)(a) of Regulation (EU) No 1093/2010 (the EBA Founding Regulation), which empowers the EBA to promote consistent supervisory practices through opinions to national authorities. The governing instruments are Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114, and the Revised Payment Services Directive, Directive (EU) 2015/2366 (PSD2). The conflict arises because certain crypto asset service providers (CASPs) authorised under MiCA also transact electronic money tokens (EMTs) that qualify as payment services under PSD2, triggering a potential dual-authorisation requirement. The EBA's 2025 No-Action Letter granted CASPs nine months to seek PSD2 authorisation while continuing operations. The February 2026 Opinion sets the conditions under which NCAs may permit CASPs to continue EMT-based payment services post-2 March 2026 without yet holding a PSD2 licence, and the conditions under which NCAs must require service discontinuation. Exchanges, custodians, and wallet providers that hold MiCA authorisation as CASPs and simultaneously offer EMT-related payment services must assess whether they satisfy the conditions the Opinion sets for continued NCA toleration. CASPs that do not meet all stipulated conditions must cease providing those EMT payment services. The EBA advises NCAs to cooperate with the relevant MiCA authority and national enforcement bodies to ensure compliance. More than 100 CASPs had already approached NCAs informally or submitted PSD2 authorisation applications by February 12, 2026; NCAs must prioritise processing those applications as application volumes are likely to vary across Member States. The Opinion creates no new transitional period. NCAs in Member States with high application volumes may exercise supervisory discretion on enforcement timing but are not authorised to indefinitely delay compliance. The EBA's streamlined authorisation guidance from the 2025 No-Action Letter — permitting NCAs to reuse information already submitted during the MiCA CASP authorisation process — remains applicable, reducing duplicative paperwork for applicants. CASPs in the authorisation pipeline must document their application status and engage directly with their NCA to confirm their operational continuity position under this Opinion. Source: European Banking Authority, "The EBA advises national authorities on actions to take at the end of the transition period under its No-Action Letter on the interplay between PSD2 and MiCA," Press Release, 12 February 2026. Official URL: https://www.eba.europa.eu/publications-and-media/press-releases/eba-advises-national-authorities-actions-take-end-transition-period-under-its-no-action-letter . Confirmed: 4 March 2026. The information provided is not legal, tax, investment, or accounting advice and should not be used as such. It is for discussion purposes only. Seek guidance from your own legal counsel and advisors on any matters. The views presented are those of the author and not any other individual or organization. Some parts of the text may be automatically generated. The author of this material makes no guarantees or warranties about the accuracy or completeness of the information.