Crypto & Sovereign Finance — 116 Nodes
- Account Abstraction (EIP-4337)
EIP-4337 (Account Abstraction Using Alt Mempool) is an Ethereum Improvement Proposal finalized in March 2023 that enables programmable smart contract wallets to replace externally owned accounts (EOAs) as the primary… - Act on the Protection of Virtual Asset Users (Act No. 19563)
South Korea's Act on the Protection of Virtual Asset Users (Act No. 19563) imposes core user-protection duties on virtual asset service providers. Article 6 requires segregation of users' deposits by depositing or… - ADGM FSRA Guidance on Regulation of Cryptoasset Activities (Updated 2023)
This guidance establishes the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority's (FSRA) comprehensive framework for firms conducting crypto asset activities, requiring a Financial Services… - Application of the Principles for financial market infrastructures to stablecoin arrangements
This guidance clarifies that systemically important stablecoin arrangements (SAs) performing financial market infrastructure (FMI) functions must observe all relevant Principles for Financial Market Infrastructures… - Application of the Principles for Financial Market Infrastructures to Stablecoin Arrangements
This guidance requires systemically important stablecoin arrangements (SAs) that perform transfer functions to comply with the Principles for Financial Market Infrastructures (PFMI), particularly regarding governance,… - Assessment of Risks to Financial Stability from Crypto-assets
This regulation assesses risks to global financial stability arising from crypto-asset markets and outlines the Financial Stability Board's framework for monitoring and supervising such risks, particularly for… - Bahamas Digital Assets and Registered Exchanges (DARE) Act, 2020
This Act establishes a comprehensive regulatory framework for digital asset businesses operating in or from The Bahamas, requiring mandatory registration with the Securities Commission for conducting specified… - BIS Project Mariana - Wholesale CBDC Cross-Border FX Settlement: Automated Market Maker (AMM) Design, DeFi Protocol Adaptation for Central Banks and Multi-CBDC Settlement Architecture
This BIS Innovation Hub project, in collaboration with the central banks of France, Singapore, and Switzerland, successfully tested a proof-of-concept for cross-border wholesale CBDC (wCBDC) foreign exchange settlement… - BIS Project mBridge 2024 - Multi-CBDC Platform: Participating Central Banks (PBOC, HKMA, BOT, CBUAE), Minimum Viable Product Launch, Governance Model, Settlement Finality, Privacy Tiers and Potential Expansion to BIS Innovation Hub Members
This regulation outlines the operational and governance framework for the mBridge multi-central bank digital currency (CBDC) platform, which enables real-time, peer-to-peer cross-border payments and foreign exchange… - Bitcoin Lightning L402
L402 (formerly LSAT - Lightning Service Authentication Token) is a protocol standard developed by Lightning Labs that enables HTTP 402 Payment Required responses to be resolved via Bitcoin Lightning Network… - CFTC Virtual Currency Derivatives and Digital Asset Regulatory Framework - Guidance and Enforcement Approach
This framework clarifies that virtual currencies are commodities under the Commodity Exchange Act (CEA), subjecting derivatives on these assets (futures, swaps, options) and certain leveraged retail transactions to CFTC… - Commission Delegated Regulation (EU) 2025/1264 of 27 June 2025 supplementing Regulation (EU) 2023/1114 with regard to regulatory technical standards specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens
This MiCA regulatory technical standard sets the minimum contents of the liquidity management policy for in-scope issuers of asset-referenced tokens and e-money tokens, requiring adequate reserve-asset levels for… - Commission Delegated Regulation (EU) 2025/299 supplementing Regulation (EU) 2023/1114 with regard to regulatory technical standards on continuity and regularity in the performance of crypto-asset services
This MiCA regulatory technical standard requires crypto-asset service providers to maintain a business continuity policy endorsed and annually reviewed by the management body, business continuity plans that protect… - Commission Delegated Regulation (EU) 2025/305 - MiCA Regulatory Technical Standards on the information to be included in an application for authorisation as a crypto-asset service provider
This Commission Delegated Regulation specifies the information that an applicant must include in an application for authorisation as a crypto-asset service provider (CASP) under the Markets in Crypto-Assets Regulation… - Considerations for the use of stablecoin arrangements in cross-border payments
This report outlines key considerations and challenges regarding the use of stablecoin arrangements in cross-border payments, emphasizing that no existing stablecoin arrangement is currently deemed fully compliant with… - Digital Asset Business Act 2018 (Bermuda)
Bermuda's Digital Asset Business Act 2018 regulates digital asset business carried on in or from within Bermuda under the supervision of the Bermuda Monetary Authority (BMA). Section 2(2) defines digital asset business… - EBA Guidelines and Technical Standards under MiCA for Asset-Referenced and E-Money Token Issuers - Governance, Own Funds, Recovery Plans (EBA/GL/2024/07) and Redemption Plans (EBA/GL/2024/13)
Issuers of Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs) under MiCA (Regulation (EU) 2023/1114) must meet authorisation, governance, own-funds, recovery-plan and redemption-plan requirements. The content of… - ECB Digital Euro Investigation Phase 2024 - Design Decisions: Offline Functionality, Privacy by Design (Anonymity for Low-Value), Holding Limits, Waterfall Mechanism to Bank Accounts, EPI Distribution Role and ECB Regulation Proposal
The digital euro would be a central bank-issued digital currency, available free of charge and accessible to all in the euro area, designed to complement cash and coexist with private payment solutions. It would support… - ESMA Final Report: Draft Regulatory Technical Standards under Markets in Crypto-Assets Regulation (MiCA) specifying requirements for CASP supervisory college composition, crypto-asset whitepaper templates, reverse solicitation, and conflicts of interest management
This package of Regulatory Technical Standards (RTS) under MiCA specifies detailed operational requirements for Crypto-Asset Service Providers (CASPs), including the precise format and content for crypto-asset… - ETFs, illiquid assets, and fire sales
This paper documents several novel facts about exchange-traded funds (ETFs) holding corporate bonds. Its main empirical finding is that the portfolio of bonds exchanged for new or existing ETF shares, known as creation… - ETFs, illiquid assets, and fire sales
This paper documents several facts about exchange-traded funds (ETFs) holding corporate bonds. The main empirical finding is that bond ETF baskets contain a small fraction of holdings, a fact referred to as 'fractional… - EU Markets in Crypto-Assets Regulation (MiCA) 2023/1114 - ESMA/EBA
Regulation (EU) 2023/1114 (MiCA) establishes a harmonised EU framework for crypto-asset markets, covering issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs), and crypto-asset service providers (CASPs);… - EU Markets in Crypto-Assets Regulation (MiCA) 2023/1114 -- Crypto-Asset Authorisation and Consumer Protection
Regulation (EU) 2023/1114 (MiCA) establishes the first comprehensive EU regulatory framework for crypto-assets. Title III (Asset-Referenced Tokens, ARTs) and Title IV (E-Money Tokens, EMTs) applied from 30 June 2024.… - EU MiCA Regulation 2023/1114 - Asset-Referenced Tokens and E-Money Tokens (Titles II and III)
Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) Titles II and III, applicable from 30 June 2024, establish the regulatory framework for issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) in… - EU MiCA Title III - Asset-Referenced Token (ART) Issuance and Supervision (Regulation 2023/1114)
This regulation requires issuers of Asset-Referenced Tokens (ARTs) offered to the public or seeking admission to trading in the EU to be an authorized legal entity, publish a crypto-asset white paper approved by a… - EU MiCA Title V: Authorisation and Operating Conditions for Crypto-Asset Service Providers (CASPs)
Title V of EU Regulation 2023/1114 (MiCA) mandates that any entity providing crypto-asset services in the EU must obtain authorization as a Crypto-Asset Service Provider (CASP) and comply with stringent prudential,… - FATF Recommendation 15 Virtual Asset Service Provider Travel Rule - 2025 Targeted Update and Best Practices Guidance
Virtual Asset Service Providers (VASPs) operating in any of the 85 jurisdictions (of 117 surveyed in the 2025 FATF targeted update, up from 65 in 2024) that have passed legislation implementing the FATF Recommendation… - Financial Innovation and Technology for the 21st Century Act (FIT21)
The FIT21 Act establishes a comprehensive U.S. regulatory framework for digital assets, creating a test under Section 101 to classify them as either 'digital commodities' under CFTC jurisdiction or 'restricted digital… - Financial Intelligence Centre Act 38 of 2001 - Amendment Act 2022 (Crypto Asset Service Provider Registration and Enhanced AML/CFT Obligations)
The 2022 amendment to South Africa's FIC Act mandates that all Crypto Asset Service Providers (CASPs) register with the Financial Intelligence Centre, implement enhanced AML/CFT controls, conduct risk assessments and… - Financial Promotion Rules for Cryptoassets (PS22/10 & FCA 2023/32)
Effective October 8, 2023, all firms marketing cryptoassets to UK consumers must ensure promotions are clear, fair, not misleading, and approved by an FCA-authorised firm. The rules, outlined in COBS 4.12A, mandate… - Financial Services (Distributed Ledger Technology Providers) Regulations 2018
This regulation establishes a licensing regime for Distributed Ledger Technology (DLT) providers operating in Gibraltar, requiring compliance with nine regulatory principles including systems integrity, customer asset… - Financial Services and Markets Act 2023 - Crypto-Asset Regulation Provisions
The UK Financial Services and Markets Act 2023 amends existing financial legislation to bring certain crypto-assets and related activities within the UK regulatory perimeter, granting HM Treasury powers under Section 69… - Financial Services Authority Regulation Number 3 of 2024 concerning the Implementation of Financial Sector Technology Innovation (POJK 3/2024)
This regulation transfers supervisory authority over crypto-assets from Bappebti to Indonesia's Financial Services Authority (OJK), establishing a comprehensive framework for licensing, operating, and supervising… - FinCEN 31 CFR Part 1022 - Money Services Business AML Program, BSA Recordkeeping and Reporting (including Virtual Currency MSBs)
31 CFR Part 1022 contains the rules applicable to Money Services Businesses (MSBs) under the Bank Secrecy Act, including registered convertible virtual currency administrators and exchangers classified as money… - FINMA Crypto Asset Guidance 2018-2024 - ICO/Token Classification: Payment, Utility and Asset Tokens, No-Action Letters, DLT Act Integration, Anti-Money Laundering Obligations for VASPs, FINMA Sandbox and Risk-Based Supervision Framework
This guidance sets out how FINMA applies financial market legislation to initial coin offerings (ICOs) based on the economic function and transferability of tokens. It requires compliance with anti-money laundering… - Framework for 'Investment Contract' Analysis of Digital Assets
This SEC framework provides guidance on applying the Howey Test to determine if a digital asset is an 'investment contract' and thus a security under U.S. law. It applies to issuers and promoters, focusing on whether a… - Framework for 'Investment Contract' Analysis of Digital Assets
This U.S. SEC staff guidance provides a framework for analyzing whether a digital asset is an investment contract and therefore a security under federal law, applying the four-prong test established in SEC v. W.J. Howey… - France PSAN Digital Asset Service Provider Registration 2023 - AMF-Enforced: Mandatory Registration for AML/CFT, Optional Licence for Full Activities, Travel Rule Compliance, Consumer Warnings, MiCA Transition Plan and Grandfathering Arrangements
Digital Asset Service Providers (DASPs) providing custody, trading, or exchange services involving legal tender or operating a trading platform must mandatorily register with the AMF under Article L. 54-10-2 of the… - FSB Global Regulatory Framework for Crypto-Asset Activities 2023 - High-Level Recommendations for Crypto-Asset Markets, Activities and Global Stablecoin Arrangements
This regulation establishes a global framework for the regulation, supervision, and oversight of crypto-asset activities and global stablecoin arrangements, based on the principle of 'same activity, same risk, same… - FSB Global Regulatory Framework for Crypto-Asset Activities: High-Level Recommendations
This framework establishes nine high-level recommendations for the regulation, supervision, and oversight of crypto-asset activities and markets, applying the principle of 'same activity, same risk, same regulation' to… - FSB High-Level Recommendations for the Regulation, Supervision, and Oversight of Crypto-Asset Activities and Markets (2023)
This regulation establishes a global framework for the prudential regulation and oversight of crypto-asset activities, particularly targeting global stablecoins (GSCs), requiring comprehensive supervision, cross-border… - Global Financial Stability Report, October 2021: COVID-19, Crypto, and Climate
This report assesses global financial stability, noting that while risks have been contained due to ongoing policy support and economic rebound, vulnerabilities remain elevated in several sectors. Optimism has faded due… - HK SFC Virtual Asset Trading Platform (VATP) Licensing - Securities and Futures Ordinance
Hong Kong's Securities and Futures Commission (SFC) introduced a mandatory licensing regime for Virtual Asset Trading Platforms (VATPs) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO),… - HKMA Consultation Conclusions on Regulatory Regime for Stablecoin Issuers 2023 - Licensing Requirements, Reserve Assets and Redemption Rights for HKD-pegged Stablecoins
This consultation outlines a proposed licensing regime for fiat-referenced stablecoin (FRS) issuers in Hong Kong, requiring licensing by the Monetary Authority (MA) for entities issuing FRS in Hong Kong, issuing Hong… - Hong Kong Stablecoins Ordinance - Fiat-Referenced Stablecoin (FRS) Licensing Regime (May 2025)
The Hong Kong Stablecoins Ordinance was passed by the Legislative Council on 21 May 2025 and establishes a Hong Kong Monetary Authority (HKMA) licensing regime for issuers of fiat-referenced stablecoins (FRS) -… - Hong Kong VASP Licensing Regime: Guidelines for Virtual Asset Trading Platform Operators under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)
This regime requires centralized virtual asset trading platforms (VATPs) operating in or marketing to Hong Kong to be licensed by the Securities and Futures Commission (SFC). Mandated by Part 5B of the Anti-Money… - IMF Staff Papers on CBDC Policy Design 2023 - Retail CBDC Considerations: Financial Inclusion vs Disintermediation Risk, Privacy Architecture, Cross-Border CBDC Interoperability (Project mBridge), Legal Tender Status and Offline Payment Capability
This staff paper outlines policy considerations for central bank digital currency (CBDC) design, focusing on balancing financial inclusion with risks of financial disintermediation, privacy architecture, cross-border… - Income Tax Act, 1961 - Section 115BBH: Taxation of Income from Transfer of Virtual Digital Assets, and Section 194S: TDS on Transactions in Virtual Digital Assets
Indian tax law imposes a flat 30% tax on gains from transfers of Virtual Digital Assets (VDAs) under Section 115BBH of the Income Tax Act, with no set-off of losses against other income. Additionally, Section 194S… - IOSCO DeFi Policy Recommendations 2023 - Same Activity Same Risk Same Rules Principle, Responsible Persons Identification in Decentralised Protocols, AMM Governance Token Holder Liability, DEX Licensing Framework, Cross-Border DeFi Activity and IOSCO Crypto-Asset Roadmap
This regulation establishes the 'Same Activity Same Risk Same Rules' principle for DeFi protocols, requiring identification of responsible persons in decentralized systems and imposing liability on governance token… - IRS Final Regulations on Digital Asset Broker Reporting - 26 CFR Section 1.6045-1 (effective 9 September 2024)
The Treasury Department and IRS published final regulations under Internal Revenue Code Section 6045 (89 FR 56480, 9 July 2024, effective 9 September 2024) implementing Section 80603 of the Infrastructure Investment and… - ISO 20022 Messaging
ISO 20022 is the global standard for financial messaging, providing a methodology and XML/JSON-based message catalog for financial communication between financial institutions, central banks, payment infrastructures,… - Japan Payment Services Act Chapter III-2 - Crypto-Asset Exchange Service Provider Registration and Supervision
Chapter III-2 of Japan's Payment Services Act (Shikin Kessai Ni Kansuru Houritsu, Act No. 59 of 2009) establishes the world's first comprehensive national licensing regime for crypto-asset exchange service providers… - Markets in Crypto-Assets Regulation (MiCA) - Article 14: Obligations of offerors and persons seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
This article mandates that offerors of non-ART/EMT crypto-assets act honestly, manage conflicts of interest, maintain secure systems, treat holders equally, and return funds promptly if an offer is cancelled. - Markets in Crypto-Assets Regulation (MiCA) - Article 16: Authorisation
Prohibits any person from offering an asset-referenced token to the public or seeking its admission to trading within the EU unless they are the issuer and have been properly authorised as either a legal entity or a… - Markets in Crypto-Assets Regulation (MiCA) - Article 19: Assessment of the application for authorisation
This article outlines the procedural steps for competent authorities in assessing an application for authorisation, including timelines for information requests, mandatory consultation with EBA, ESMA, and the ECB, and… - Markets in Crypto-Assets Regulation (MiCA) - Article 6 - Prohibition of offering to the public or seeking admission to trading of crypto-assets other than asset-referenced tokens or e-money tokens
Organizations are prohibited from offering crypto-assets to the public or seeking their admission to trading unless a compliant crypto-asset white paper has been notified and published, and any associated marketing… - Markets in Crypto-Assets Regulation (MiCA) - Article 7: Marketing communications
This article mandates that all marketing communications for crypto-assets must be clearly identifiable, fair, consistent with the white paper, and include specific disclosures and a prominent disclaimer. - MAS Finalises Stablecoin Regulatory Framework for Single-Currency Stablecoins (SCS) Pegged to the Singapore Dollar or G10 Currencies
This regulation applies to issuers of single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency and issued in Singapore. It mandates requirements for value stability via reserve composition,… - New York State Department of Financial Services - Virtual Currency Business Licensing (BitLicense) under 23 NYCRR Part 200 (Issued June 2015 under the New York Financial Services Law); Plus Alternative Limited Purpose Trust Company Charter Pathway under New York Banking Law
The New York State Department of Financial Services (DFS) administers the foundational US state-level virtual currency business licensing regime under 23 NYCRR Part 200 (the BitLicense regulation), which was issued in… - OECD Crypto-Asset Reporting Framework (CARF) 2023 - Standard for Automatic Exchange of Information on Crypto-Asset Transactions
The CARF requires Crypto-Asset Service Providers (CASPs) to report annual transactional data on crypto-asset holdings and transfers for users in participating jurisdictions, under the Standard for Automatic Exchange of… - Payment Services (Amendment) Act 2021
The Singapore Payment Services (Amendment) Act 2021 expands the regulatory scope of the Monetary Authority of Singapore (MAS) over Digital Payment Token (DPT) services, bringing activities such as DPT transmission,… - Project Aurum A Prototype for Two-tier Central Bank Digital Currency (CBDC)
Project Aurum, a joint project by the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA), details the creation of a full-stack central bank digital… - Proposal for a Regulation of the European Parliament and of the Council on the establishment of the digital euro (COM/2023/0369)
This legislative proposal establishes a framework for the digital euro as a central bank digital currency (CBDC), granting it legal tender status within the euro area (Article 7). It mandates acceptance by payees and… - Prudential treatment of cryptoasset exposures (Standard SCO60)
This standard requires internationally active banks to classify their cryptoasset exposures into two groups (Group 1 and Group 2) and apply specific, conservative capital requirements, risk management processes, and… - Regulamenta a Lei n° 14.478, de 21 de dezembro de 2022, para estabelecer competências ao Banco Central do Brasil
Este decreto regulamenta a Lei n° 14.478/2022, atribuindo ao Banco Central do Brasil competência para regular, autorizar e supervisionar prestadoras de serviços de ativos virtuais, conforme estabelecido no art. 1°,… - Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU
This regulation establishes a temporary pilot regime allowing eligible firms to operate DLT-based market infrastructures-specifically DLT Multilateral Trading Facilities (MTFs), DLT Settlement Systems (SSs), and DLT… - Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology, and amending Regulations (EU) No 600/2014 and (EU) No 909/2014 and Directive 2014/65/EU
This regulation establishes a temporary EU-wide 'sandbox' (pilot regime) for market infrastructures using distributed ledger technology (DLT) to trade and settle crypto-assets classified as financial instruments. It… - Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849
This regulation extends the financial 'travel rule' to crypto-asset transfers, requiring Crypto Asset Service Providers (CASPs) to collect, verify, and exchange comprehensive originator and beneficiary information for… - Regulation (EU) 2023/1113 on information accompanying transfers of crypto-assets and amending Regulation (EU) No 2015/847
Crypto-Asset Service Providers (CASPs) must collect, verify, and transmit originator and beneficiary information for all crypto-asset transfers, including those to self-hosted wallets, with no de minimis threshold.… - Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets (Recast TFR)
This regulation extends the Financial Action Task Force (FATF) 'Travel Rule' to crypto-asset transfers within the EU, requiring Crypto Asset Service Providers (CASPs) to collect, verify, and exchange detailed… - REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 31 May 2023 on markets in crypto-assets - Article 22
This article mandates that issuers of asset-referenced tokens continuously and publicly disclose all material information that may have a significant effect on the value of their tokens or the offer to the public. - REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 31 May 2023 on markets in crypto-assets - Article 47: Prohibition of market manipulation
This article establishes a prohibition against engaging in or attempting to engage in market manipulation involving crypto-assets, aiming to address substantial risks to market integrity and user confidence as… - REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 31 May 2023 on markets in crypto-assets - Article 76: Content and form of the crypto-asset white paper
This article mandates that any offeror of a crypto-asset, other than an asset-referenced or e-money token, must create, notify, and publish a detailed crypto-asset white paper containing specific information about the… - Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets - Titles I & II: Subject Matter, Scope, Definitions, and Public Offerings of Non-ART/EMT Crypto-Assets
This regulation defines categories of crypto-assets and establishes rules for their public offering within the EU. It mandates that issuers of crypto-assets (other than asset-referenced or e-money tokens) must publish… - Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937
The EU Markets in Crypto-Assets Regulation (MiCA) establishes a harmonized framework for crypto-asset issuers and service providers (CASPs) in the EU, requiring authorization, transparency, and consumer protection… - REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 - Article 45
This article's core compliance obligations cannot be determined as the text for Article 45 was not provided in the source material. - REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 - Article 88
This article empowers competent authorities to impose a range of administrative sanctions and measures on natural and legal persons for infringements of the Markets in Crypto-Assets Regulation (MiCA). - REGULATION (EU) 2023/1114 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 - Article 93
This article establishes the obligations for crypto-asset service providers to report specific information and data to the European Securities and Markets Authority (ESMA) to ensure market integrity and oversight. - Regulation (EU) 2023/1114 on markets in crypto-assets - Article 3 Definitions
This article establishes the legal definitions for key terms such as 'crypto-asset', 'issuer', and 'offer to the public', which must be used to classify all relevant assets, entities, and activities under the MiCA… - REGULATION (EU) 2023/1114 on markets in crypto-assets - Article 46: Unlawful disclosure of inside information
This article prohibits any person possessing inside information from unlawfully disclosing that information to any other person, except where the disclosure is made in the normal exercise of an employment, a profession… - REGULATION (EU) 2023/1114 on markets in crypto-assets - Article 59 - Authorisation of issuers of asset-referenced tokens
This article establishes the mandatory authorisation requirements for legal persons seeking to offer asset-referenced tokens to the public or seek their admission to trading within the EU. - REGULATION (EU) 2023/1114 on markets in crypto-assets - Article 68 - Authorisation of issuers of e-money tokens
This article establishes the authorisation requirements and procedures for legal persons seeking to issue e-money tokens (EMTs) within the European Union. - REGULATION (EU) 2023/1114 on markets in crypto-assets - Article 90 Criminal sanctions
This article requires EU Member States to establish effective, proportionate, and dissuasive criminal sanctions for specific infringements of the MiCA regulation, creating a significant compliance risk for organizations… - Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA), Title VI - Market Abuse for Crypto Assets
Prohibits insider trading and market manipulation in crypto assets and mandates suspicious transaction reporting by Crypto Asset Service Providers (CASPs). Applies to all CASPs operating in the EU under Article 53 and… - Regulation (EU) 2023/1114 Title III - Authorisation and Operating Conditions of Issuers of Asset-Referenced Tokens
Title III of the EU's Markets in Crypto-Assets (MiCA) regulation requires issuers of Asset-Referenced Tokens (ARTs) to be authorized legal entities within the EU, publish a compliant crypto-asset white paper, and… - Regulation (EU) 2023/1114 Title IV - Electronic Money Tokens (EMT)
Title IV of the EU's Markets in Crypto-Assets (MiCA) regulation mandates that issuers of e-money tokens (EMTs) must be authorized as a credit institution or an electronic money institution. Per Articles 48 and 55, they… - Regulation (EU) 2023/1114 Title IV - Electronic Money Tokens (EMT)
Under Title IV of the EU's Markets in Crypto-Assets (MiCA) Regulation, issuers of e-money tokens (EMTs) must be authorized as either a credit institution or an electronic money institution. EMTs must be redeemable at… - Regulation (EU) 2023/1114 Title V: Authorisation and Operating Conditions for Crypto-Asset Service Providers (CASPs)
This regulation requires any entity providing crypto-asset services (CASPs) in the EU to obtain authorization from a national competent authority (NCA). As per Articles 67 and 68, CASPs must implement robust governance,… - Regulation (EU) 2023/1114 Title VI: Prevention and Prohibition of Market Abuse Involving Crypto-Assets
This regulation establishes a framework to prevent and prohibit market abuse in crypto-asset markets within the EU, specifically targeting insider dealing, unlawful disclosure of inside information, and market… - Regulation (EU) on Markets in Crypto-Assets (MiCA) - Third-Country Crypto-Asset Service Providers (CASP) Equivalence Framework: Reverse Solicitation, ESMA Equivalence Register, and Prohibition on Passporting Rights for Non-EU CASPs
This regulation establishes the conditions under which third-country Crypto-Asset Service Providers (CASP) may provide services in the EU solely on the initiative of professional clients or eligible counterparties… - Republic of South Africa - Draft Capital Flow Management Regulations, 2026 (Government Notice No. 54520, Government Gazette No. 7375 of 17 April 2026; Made under Section 9(1) of the Currency and Exchanges Act 9 of 1933; Repealing the Exchange Control Regulations of 1 December 1961; Public Comment Deadline 18 May 2026)
The Draft Capital Flow Management Regulations, 2026, were published for public comment by the Minister of Finance under section 9(1) of the Currency and Exchanges Act 9 of 1933, in Government Notice No. 54520 in… - SEC Nigeria Rules on Issuance, Offering Platforms and Custody of Digital Assets 2022
Nigeria's Securities and Exchange Commission Rules on Issuance, Offering Platforms and Custody of Digital Assets (2022) set the registration regime for digital assets treated as securities. Part A Rule 4 requires an… - Securities and Exchange Commission (SEC) Thailand - Digital Asset Exchange, Broker, and Dealer Licensing Regulations, Investor Qualification, Stablecoin Payment Ban, and Social Media Advertising Restrictions (2022)
This regulation establishes licensing requirements for digital asset exchanges, brokers, and dealers in Thailand under the Emergency Decree on Digital Asset Businesses B.E. 2561 (2018), mandates investor qualification… - SG MAS Payment Services Act 2019 (PSA) - Digital Payment Token Services and Major Payment Institution Licence
Singapore's Payment Services Act 2019 (PSA), administered by the Monetary Authority of Singapore (MAS), regulates providers of digital payment token (DPT) services, money-changing, and payment services. DPT service… - Singapore FSMA 2022 Part 9 - Digital Token Service Providers (DTSP) Licensing Regime
Part 9 of Singapore's Financial Services and Markets Act 2022 (Act 18 of 2022) commenced on 30 June 2025 and creates a Monetary Authority of Singapore (MAS) licensing regime for Digital Token Service Providers (DTSPs)… - Singapore Payment Services Act 2019 - MAS Digital Payment Token Licensing
Singapore's Payment Services Act 2019 (No. 2 of 2019) requires Digital Payment Token (DPT) service providers - including crypto exchanges and custodians - to hold a Standard or Major Payment Institution (MPI) licence… - Singapore Payment Services Act 2019 (No. 2 of 2019) - Digital Payment Token (DPT) Service Licensing, AML/CFT Obligations, and Capital Requirements
The Singapore Payment Services Act 2019 (PSA) requires any entity providing digital payment token (DPT) services to be licensed by the Monetary Authority of Singapore (MAS) and comply with stringent AML/CFT, technology… - Swiss DLT Act - Code of Obligations Art. 973d-973g (ledger-based securities)
The Swiss DLT Act introduced ledger-based securities into the Code of Obligations (CO). Article 973d defines a ledger-based security as a right that, under a registration agreement, is registered in a securities ledger… - Token and Trusted Technology Service Provider Act (TVTG) of 17 May 2019
The Liechtenstein TVTG establishes a legal framework for tokens as containers of rights and mandates licensing for Trusted Technology Service Providers (TTSPs). It applies to token issuers and service providers… - UAE Central Bank Payment Token Services Regulation 2024, PTSR - Stablecoin Issuance, Conversion, Custody, and Transfer Licensing
Entities providing Payment Token Services in or from the United Arab Emirates must obtain the relevant Central Bank of the UAE licence or registration under the Payment Token Services Regulation (issued 7 June 2024,… - UK FCA Cryptoasset Financial Promotion Rules - COBS 4.12A (PS23/6, effective 8 October 2023)
FCA Policy Statement PS23/6 introduced cryptoassets into the UK financial promotion regime through Conduct of Business Sourcebook chapter COBS 4.12A, effective 8 October 2023. Qualifying cryptoassets are classified as… - UK FCA Electronic Money Institutions (EMIs) and Payment Institutions - Payment Services Regulations 2017
The UK Payment Services Regulations 2017 (PSR 2017) and Electronic Money Regulations 2011 (EMR 2011) implement PSD2 and EMD2 in UK law, requiring payment institutions and e-money institutions to be authorised by the… - UK FSMA 2000 (Cryptoassets) Regulations 2026, SI 2026/102 - Qualifying Cryptoasset Public Offers and Market Abuse
Persons offering qualifying cryptoassets to the public in the United Kingdom must obtain Financial Conduct Authority authorisation, publish a disclosure document, and refrain from insider dealing, unlawful disclosure of… - UK Property (Digital Assets etc) Act 2025 - Third Category of Personal Property for Crypto-Tokens and Digital Things
Crypto-tokens and other digital things in the United Kingdom are not prevented from being the object of personal property rights merely because they are neither things in possession nor things in action, under the… - United Kingdom - The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (SI 2019/1511): Inclusion of Cryptoasset Exchange Providers and Custodian Wallet Providers Within the UK AML Regime; FCA as Supervisory Authority and Maintainer of the Cryptoasset Register
The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (SI 2019/1511) amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692,… - US 17 CFR 23.402 (CFTC): General Provisions - Business Conduct Standards for Swap Dealers and Major Swap Participants
Section 23.402 sets the general provisions governing the business conduct of swap dealers and major swap participants under the CFTC's Subpart H. Swap entities must adopt written policies and procedures reasonably… - US CFTC Jurisdiction Over Digital Commodities Under the Commodity Exchange Act (CEA)
The U.S. Commodity Futures Trading Commission (CFTC) asserts jurisdiction over digital assets such as Bitcoin and Ether as "commodities" under the Commodity Exchange Act (CEA), granting it authority to police fraud and… - US Commodity Exchange Act - CFTC Crypto Derivatives Regulation
The Commodity Exchange Act (7 U.S.C. 1 et seq.) grants CFTC jurisdiction over crypto commodity derivatives including Bitcoin and Ether futures; the CFTC asserts that Bitcoin and Ether are commodities; crypto futures… - US Executive Order 14178 - Strengthening American Leadership in Digital Financial Technology
EO 14178 of 23 January 2025 sets US federal policy on digital assets and blockchain. Section 1 declares it US policy to protect citizens' ability to access open public blockchains for lawful purposes, promote… - US GENIUS Act 2025 - Stablecoin Regulatory Framework: Payment Stablecoin Issuer Authorisation (Federal/State), 1:1 Reserve Requirement, Permitted Reserve Assets, AML/BSA Obligations, Foreign Stablecoin Registration and Federal Reserve Emergency Powers
The US GENIUS Act 2025 requires all payment stablecoin issuers to obtain federal or state-level authorization, maintain 1:1 reserves in permitted assets (Section 4(a)), comply with AML/BSA obligations (Section 7), and… - US GENIUS Act Stablecoin Regulation (2025) - Payment Stablecoin Issuer Registration (Fed/OCC/State), 1:1 Reserve Requirements in US Treasuries/USD, Redemption Rights Within 1 Business Day and OFR Systemic Risk Oversight
This act requires US payment stablecoin issuers to register with a federal or state banking authority (Section 101), maintain 1:1 reserves consisting solely of US dollars or short-term US Treasuries (Section 201), and… - US IRS Virtual Currency Guidance and FAQ 2023 - Cryptocurrency as Property: Capital Gains/Losses, Mining Income Ordinary Treatment, Staking Rewards, Airdrops, Hard Forks and Form 1099-DA Broker Reporting
The U.S. Internal Revenue Service (IRS) treats virtual currencies as property for federal tax purposes, requiring taxpayers to report capital gains or losses on dispositions and recognize ordinary income from activities… - US OCC National Bank Charter - 12 CFR Part 1 and Permissible Activities for National Banks
The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks and federal savings associations under the National Bank Act (12 USC 1 et seq.) and Home Owners Loan Act. National… - US SEC Regulation Best Interest (Reg BI) - Broker-Dealer Conduct Standard 17 CFR 240.15l-1
SEC Regulation Best Interest (Reg BI) at 17 CFR 240.15l-1, effective June 30, 2020, establishes a "best interest" conduct standard for broker-dealers when recommending securities transactions or investment strategies to… - Virtual Assets and Related Activities Regulations 2023
This regulation establishes a comprehensive framework requiring any entity performing Virtual Asset (VA) activities in or from the Emirate of Dubai (excluding the DIFC) to obtain a license from the Virtual Assets… - Wyoming Decentralized Autonomous Organization Supplement (W.S. 17-31-101 through 17-31-116)
A limited liability company that elects to operate as a Wyoming Decentralized Autonomous Organization under W.S. 17-31-101 et seq. must include the statutory Notice of Restrictions on Duties and Transfers in its…
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