On 14 October 2025, the Financial Conduct Authority (FCA) published a Consultation Paper (CP25/28) setting out proposals to encourage the adoption of tokenisation and tokenised funds in the UK.
We have now released a new briefing note on the FCA’s latest proposals and what this means for firms.
On 10 October 2025, the European Banking Authority (EBA) issued two opinions in response to the European Commission’s amendments relating to the draft Regulatory Technical Standards specifying the composition and liquidity requirements of the reserve of assets under the Markets in Crypto-Assets Regulation (MiCA). The EBA considers that the Commission’s proposed
On 3 October 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/1264 of 27 June 2025 supplementing the Regulation on markets in crypto assets (MiCA) with regard to regulatory technical standards (RTS) specifying the minimum contents of the liquidity management policy
On 5 August 2025, the European Banking Authority (EBA) issued a final report containing draft Regulatory Technical Standards (RTS) on the calculation and aggregation of crypto exposure value.
Background
The objective of the draft RTS is to further specify technical elements that ensure a sound prudential treatment of crypto-assets exposures in
On 10 July 2025, the European Securities and Markets Authority (ESMA) published the results of a peer review that looked at the authorisation of crypto asset service providers (CASPs) in Malta under the Markets in Crypto Assets Regulation.
The peer review analyses the approaches adopted by the Malta Financial Services Authority
On 27 June 2025, Hong Kong’s Financial Services and Treasury Bureau (FSTB) and Securities and Futures Commission (SFC) jointly published public consultation papers to expand Hong Kong’s regulatory regime for virtual assets (VAs) to include (i) dealing in VAs and (ii) VA custodian services.
Background
The two consultations
On 27 June 2025, the European Commission adopted a Delegated Regulation supplementing the Regulation on markets in crypto assets (MiCA) with regard to regulatory technical standards (RTS) specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens.
The provisions in the
On 10 June 2025, the European Banking Authority (EBA) issued a No Action letter to clarify the interplay between the Markets in Crypto-Assets Regulation (MiCA) and the Payment Services Directive 2 (PSD2) in relation to crypto asset service providers (CASPs) that transact electronic money tokens (EMTs
