Irregulated

Stablecoins are at the center of Europe's biggest regulatory moves. 🇪🇺 🇬🇧 The Bank of England eased stablecoin rules - but industry says it's still not enough. The Bank of England ditched its planned individual and business holding limits for UK stablecoins, replacing them with a £40 billion issuance cap, and lowered the proportion of backing assets required to be held in zero-interest central bank deposits. The shift follows industry criticism that the original proposals were more restrictive than US rules, making pound stablecoins less competitive - sterling tokens currently make up less than 0.5% of the $315 billion global market dominated by US dollar stablecoins. 🇪🇺 The ECB allegedly signaled opposition to Binance's EU license application. Reports emerged that ECB President Christine Lagarde signaled to Greek Prime Minister Kyriakos Mitsotakis that Binance was "not welcome in Europe," as Greece's market regulator prepares to reject the exchange's MiCA application one week before the July 1 transitional deadline. While MiCA assigns licensing decisions to national regulators rather than the ECB, lawyers confirmed nothing in the framework prevents the ECB from communicating with national authorities during review - the world's largest crypto exchange could be locked out of the EU market entirely. 🔗 BoE stablecoin rules via @FT: ft.com/content/d761c1… 🔗 ECB Binance opposition via @Cointelegraph: cointelegraph.com/news/mica-rule… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

The regulatory split is getting wider. ⚖️ 🇰🇷 South Korea says tokenized stocks are securities, not crypto. South Korea's Ministry of Economy and Finance stated that tokenized stocks should be classified as securities rather than digital assets because they represent economic rights of actual shares, despite being issued as tokens on blockchain. If the Financial Services Commission adopts this interpretation in regulations expected in July, taxation under existing securities laws could begin in the second half of 2026 - and may apply to tokenized stocks traded on foreign platforms if the underlying asset is deemed a security. 🇵🇱 Poland's president vetoed MiCA for the third time. Polish President Karol Nawrocki vetoed the cryptocurrency regulatory bill for the third time on Thursday, arguing the government incorporated only one of 16 key amendments he proposed and the text was nearly identical to previous drafts he rejected. Poland remains the only EU member state without domestic MiCA implementation - and after July 1, Poland-based crypto firms without a license will lose the legal basis to serve EU customers. 🔗 South Korea tokenized stocks via @kucoincom: kucoin.com/news/insight/B… 🔗 Poland MiCA veto via @Cointelegraph: cointelegraph.com/news/polish-pr… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

Traditional finance is building the rails - for retail and institutions. 🏦 🇺🇸 JPMorgan, Citi, and major US banks are launching a tokenized deposit network. Major US banks including JPMorgan, Citigroup, Bank of America, and Wells Fargo plan to launch a tokenized deposit network in H1 2027, operated by the Clearing House and enabling instant movement with 24/7 settlement. Early customers will be large global companies streamlining treasury operations and cross-border payments. Clearing House CEO David Watson called it a "big move" toward a "radically different" future built on onchain finance. 🇬🇧 The UK just proposed letting retail funds hold 10% in crypto. The UK's Financial Conduct Authority has proposed allowing authorized investment funds to hold up to 10% in crypto exchange-traded notes, closing a regulatory gap after lifting its retail trading ban in August. The FCA said the 10% cap sets "conservative restrictions" while allowing retail-focused UCITS and some non-UCITS funds to gain exposure if consistent with investment objectives, though it doesn't believe "significant exposure" is appropriate given crypto's "speculative nature." Consultation runs until July 13. 🔗 US tokenized deposit network via @TheBlockCo: theblock.co/post/403701/jp… 🔗 UK retail fund crypto allocation via @Cointelegraph: cointelegraph.com/news/uk-fca-fl… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

France draws a deadline. Hong Kong expands the rulebook. ⏰ 🇫🇷 France says get licensed or get out by June 30. France's Financial Markets Authority warned that crypto companies operating in the country without a MiCA license have until June 30 to obtain permits or exit France, with AMF President Marie-Anne Barbat-Layani saying unlicensed firms must have "orderly wind-down plans" to offload customers and end operations. Under MiCA, crypto service providers can acquire a license in any EU member state and passport it across the bloc, but firms operating in France must be licensed somewhere in the EU by the deadline. 🇭🇰 Hong Kong is licensing crypto advisory and asset management firms. Hong Kong plans to license virtual asset advisory and management firms under formal regulation, extending oversight beyond trading platforms, custody services, and stablecoin issuers to cover the full digital asset market. The proposed framework follows the "same business, same risks, same rules" principle, aligning virtual asset advisory with Type 4 regulated activity and management with Type 9 under the Securities and Futures Ordinance. 🔗 France MiCA deadline via @Cointelegraph: cointelegraph.com/news/france-am… 🔗 Hong Kong advisory licensing via @cryptodotnews: crypto.news/hong-kong-move… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

Italy's first bank just got cleared to offer crypto services. 🇮🇹 Banca Sella has become the first Italian bank authorized to offer crypto-asset services under MiCA, including custody, transfer, and receipt of digital assets for its 1.3 million customers. The authorization validates years of preparation - Banca Sella participated in the Bank of Italy's DLT pilot in 2022 and is a founding member of Qivalis, the 37-bank European consortium building a regulated euro stablecoin launching H2 2026. Europe's stablecoin infrastructure is being built by incumbents, not disruptors. 🔗 Banca Sella MiCA authorization via @CoinDesk: lnkd.in/eAbnVKuS ⚖️ Stay Irregulated - one email, every Tuesday, that brings order to the chaos of crypto regulation: irregulated.com

Europe blocks, America advances. 🏛️ 🇪🇺 The ECB pushed back on proposals to expand euro stablecoin issuance. The European Central Bank warned EU finance ministers that proposals to expand euro stablecoin issuance could weaken bank lending and complicate monetary policy. ECB President Christine Lagarde led the resistance at Friday's Cyprus meeting, warning that stablecoin issuance destabilizes bank deposits by transferring funds to issuers' accounts, and central bankers questioned positioning the ECB as lender of last resort for stablecoin firms - a role currently reserved for regulated banks. Lagarde argued that financial stability risks and weaker monetary policy transmission outweigh benefits, instead pointing to the Eurosystem's Pontes and Appia projects for tokenized finance anchored in central bank money. 🇺🇸 The CLARITY Act could hit the Senate floor within 30 days. The CLARITY Act passed the Senate Banking Committee 15-9 last week, with the full Senate floor vote now expected within 30 days. Galaxy's Alex Thorn estimates the bill could be signed into law during the week of August 3 if Congress maintains its current pace, while White House crypto advisor Patrick Witt said passage would give the industry "roughly 90% of what it needs." The bill still faces merging Banking and Agriculture Committee versions, securing 60 Senate votes, and reconciling with the House's July 2025 text before presidential signature. 🔗 ECB euro stablecoin pushback via @Cointelegraph : cointelegraph.com/news/ecb-pushe… 🔗 CLARITY Act update via @CoinDesk : coindesk.com/policy/2026/05… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com

Stablecoin regulation is splitting along currency lines. 💵 🇬🇧 The Bank of England says global stablecoin rules will "wrestle" with the US. Bank of England Governor Andrew Bailey said international regulators will have to "wrestle" with the US over global stablecoin standards, warning that USD-dominated tokens operating under lighter US regulation could pose risks to other jurisdictions. Bailey, who chairs the Financial Stability Board, expressed concern that stablecoins backed by US Treasuries and dollars might not be readily convertible to cash without crypto exchanges, creating run risks—and if widely used for cross-border payments, illiquid USD stablecoins could flow to countries like the UK with stricter conversion requirements. "We know what would happen if there was a run on a stablecoin; they'd all turn up here," Bailey said, pointing to the $317 billion stablecoin market dominated by US dollar tokens. 🇨🇦 Canada just launched its first regulated stablecoin. Tetra Digital Group has launched CADD, Canada's first regulated CAD-pegged stablecoin backed 1:1 by Canadian dollars, after receiving approval from Alberta Treasury Board and Finance. The stablecoin is now live on Base, Ethereum, and Tempo (with Solana coming soon), backed by National Bank of Canada, Shopify, and Wealthsimple, with reserves held in trust dedicated exclusively to redemption. Tetra notes that stablecoin adoption has been dominated by USD assets, leaving Canadian businesses without a competitive domestic option to move Canadian dollars on blockchain rails. 🔗 BoE stablecoin standards via @Cointelegraph: cointelegraph.com/news/boe-gover… 🔗 Canada stablecoin via @Finextra: finextra.com/newsarticle/47… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

The UK just made tokenized funds part of the rulebook. 🇬🇧 The Financial Conduct Authority has signed off on new rules allowing UK asset managers to maintain fund registers on blockchain and introducing a "Direct-to-Fund" dealing model for onchain settlement. The policy statement confirms that onchain transaction records can serve as primary books for unit deals without requiring off-chain duplicates, and authorizes funds to operate on public blockchains if controls meet FCA standards - the regulator has already approved the first tokenized UK UCITS using this framework. The changes give firms a clear path to integrate blockchain into regulated fund operations, with the FCA sketching a roadmap from tokenized funds to tokenized assets and eventually tokenized cash flows. Britain's not treating tokenization as experimental anymore - it's building it into the asset management infrastructure. 🔗 FCA tokenized funds rules via @Cointelegraph: cointelegraph.com/news/uk-regula… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

Britain's building tokenized payment rails. America's begging for crypto clarity. 🏛️ 🇬🇧 The UK just announced a comprehensive fintech package to modernize payments. The UK government unveiled a package during to modernize payments regulation and promote tokenized digital assets, including appointing Chris Woolard (former interim FCA CEO) as Wholesale Digital Markets Champion to drive tokenization adoption. The measures include integrating stablecoin and tokenized deposit regulation into a single coherent framework, exploring regulation for AI agent payments, giving the FCA new Open Banking powers, and cutting administrative burdens for stablecoin payment providers. 🇺🇸 Over 120 crypto firms sent an emergency letter demanding Senate action on CLARITY Act. More than 120 crypto organizations including Coinbase, Ripple, and Kraken sent a letter to the Senate Banking Committee demanding an immediate markup of the CLARITY Act, warning that continued delay risks pushing investment and jobs offshore. The coalition, led by the Crypto Council for Innovation and Blockchain Association, emphasized the bill is ready to move after years of bipartisan work, with key priorities including clear SEC-CFTC oversight roles and avoiding state-by-state regulatory fragmentation. Senator Bernie Moreno has warned that missing the May window could shelve the bill indefinitely. 🔗 UK fintech package via HM Treasury: gov.uk/government/new… 🔗 120 crypto firms letter via Crypto.news: crypto.news/120-crypto-fir… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

Europe's stablecoin strategy is unfolding - unevenly. 🇪🇺 🇵🇱 Poland vetoed MiCA again. Poland's parliament failed for the second time to override President Karol Nawrocki's veto on MiCA implementation legislation, leaving Poland as the only EU member state without the bloc's crypto regulation framework. The Friday vote fell short of the 263 votes needed (243 against the veto, 191 upholding it), despite Prime Minister Donald Tusk championing the bill as necessary for EU alignment. 🇫🇷 France's finance minister backs euro stablecoins to compete with the US. France's finance minister Roland Lescure backed the Qivalis initiative by European banks to launch a MiCA-compliant euro-pegged stablecoin in the second half of 2026, calling the current dominance of US dollar stablecoins "not satisfactory." Lescure said "that is what we need, and that is what we want," while also encouraging banks to explore tokenized deposits as alternatives to USDT and USDC, which hold $186 billion in market cap. 🔗 Poland MiCA veto via @Cointelegraph: cointelegraph.com/news/poland-pa… 🔗 France euro stablecoin backing via @CoinDesk: coindesk.com/policy/2026/04… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com

South Korea's government is putting Treasury spending on blockchain. 🇰🇷 South Korea's Ministry of Economy and Finance will begin testing blockchain-based deposit tokens for government spending in Q4 2026, replacing traditional purchasing cards with programmable digital payments under a regulatory sandbox program. The pilot allows business promotion expenses to be paid using tokenized deposits that can be programmed with predefined spending conditions - including limits on when funds can be used and which industries can accept them. This marks the second deposit token pilot in Treasury operations following an earlier electric vehicle-charging subsidy program, with plans to expand if the trial shows stronger spending control and measurable cost savings. When a government starts programming how its money can be spent on blockchain, that's not crypto adoption - that's infrastructure redesign. 🔗 South Korea blockchain Treasury payments via @CoinDesk: coindesk.com/policy/2026/04… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com

Stablecoins are getting licensed - and restricted. 🌏 🇭🇰 Hong Kong just issued its first stablecoin licenses. Hong Kong has granted its first stablecoin issuer licenses to Anchorpoint Financial (a joint venture of Standard Chartered, Animoca Brands, and Hong Kong Telecommunications) and HSBC's Hong Kong banking entity under the HKMA's new regulatory framework. The cautious rollout favors bank-linked and institution-backed issuers. 🇫🇷 France wants to restrict foreign stablecoins and track self-custody wallets. Bank of France First Deputy Governor Denis Beau called for the EU to restrict non-euro stablecoin use for payments under MiCA, warning current rules only "partially address" risks from US dollar-pegged tokens that account for 98% of the stablecoin market. Separately, France's National Assembly adopted a provision requiring annual reporting of self-hosted crypto wallets exceeding €5,000, though the measure faces opposition over enforcement and data security concerns. France is tightening from both ends - limiting foreign stablecoins and tracking self-custody holdings. 🔗 Hong Kong stablecoin licenses via @binance: binance.com/en/square/post… 🔗 France stablecoin restrictions via @Cointelegraph: cointelegraph.com/news/france-mi… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com

Japan just officially made crypto a financial instrument. 🇯🇵 The Japanese Cabinet amended the Financial Instruments and Exchange Act on Friday to reclassify crypto assets as financial instruments rather than payment methods, moving them under the same regulatory framework as stocks and bonds. The amendment introduces insider trading bans for crypto markets, requires annual disclosure from issuers, and increases fines and sentences for unregistered exchanges. Finance Minister Satsuki Katayama said the change will "expand the supply of growth capital" while ensuring "market fairness, transparency, and investor protection." The reclassification shifts crypto from experimental payments regulation under the Payment and Settlement Act into Japan's core financial markets infrastructure - and opens the path for crypto ETFs by 2028. 🔗 Japan crypto reclassification via @Cointelegraph: cointelegraph.com/news/japan-app… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

Traditional finance is betting big on blockchain - from IPOs to investment frameworks. 🏛️ 🇫🇷 France is hosting the world's first fully on-chain IPO. French aerospace company ST Group will conduct the world's first fully on-chain initial public offering on April 9 via Lise, a blockchain-powered exchange backed by BNP Paribas, Crédit Agricole's CACEIS, and Bpifrance. Lise received a DLT TSS license under the EU's DLT Pilot Regime, allowing it to combine trading venue and central securities depository functions on a single blockchain infrastructure. The platform eliminates subscription and custody fees, with investors able to subscribe with a single click using tokenized deposits in a genuine IPO process conducted entirely on-chain. 🇯🇵 Japan is reclassifying crypto from payments to investments. Japan's Financial Services Agency has published findings proposing to shift crypto regulation from the Payment Services Act to the Financial Instruments and Exchange Act, treating digital assets as investment instruments. The proposal introduces stricter disclosure requirements, enhanced cybersecurity standards, and oversight comparable to traditional financial institutions - while maintaining exclusions for NFTs and certain stablecoins. The FSA emphasized eliminating "information asymmetry" between retail and experts, with penalties for inaccurate disclosures. 🔗 France on-chain IPO via @cryptonews: cryptonews.net/news/blockchai… 🔗 Japan crypto regulation shift via @BitcoinNews: news.bitcoin.com/japan-advances… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com

The crypto floodgates just opened - trillions in retirement funds, new derivatives markets. 💰 🇺🇸 The US just proposed letting 401(k)s invest in crypto. The US Department of Labor has proposed a rule making it easier for 401(k) plans to include alternative assets like cryptocurrencies, private equity, and real estate, following President Trump's August executive order directing expanded access to digital assets in retirement portfolios. The proposal marks a shift from traditional stock-and-bond-focused retirement plans, allowing plan providers to add digital tokens and private-market funds to investment options. Critics like Senator Elizabeth Warren warn the move could expose workers to higher risks and fees, but supporters argue it improves diversification and reflects how people already invest outside retirement accounts. 🇦🇪 Dubai just set formal rules for crypto derivatives trading. Dubai's Virtual Assets Regulatory Authority has introduced a regulatory framework for crypto exchange-traded derivatives, allowing both institutional and retail participation under strict controls. Retail investors can access derivatives with a maximum 5:1 leverage cap (20% minimum initial margin), subject to suitability assessments based on experience, financial position, and risk tolerance. 🔗 US 401(k) crypto proposal via @CoinDesk: coindesk.com/policy/2026/03… 🔗 Dubai crypto derivatives framework via @Cointelegraph: cointelegraph.com/news/dubai-var… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

BNP Paribas is bringing crypto ETNs to French retail investors. 🇫🇷 @BNPParibas Commercial Banking in France is expanding its stock exchange offering to include six crypto-asset Exchange-Traded Notes indexed to Bitcoin and Ethereum, launching March 30 for retail clients. The ETNs provide indirect exposure to crypto performance without requiring direct purchase or custody, offered under MiFID II regulations for investor protection. The products will be available through regular securities accounts for individual clients, entrepreneurs, and private banking clients, with plans to expand beyond France to Wealth Management clients. 🔗 BNP Paribas crypto ETNs via BNP Paribas: group.bnpparibas/en/press-relea… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe

The ECB just published its roadmap for tokenized finance in Europe. 🇪🇺 The European Central Bank has launched Appia, a strategic framework for building Europe's tokenized wholesale financial markets anchored in central bank money. The roadmap centers on Pontes, the Eurosystem's distributed ledger technology settlement solution set to launch in Q3 2026, which will bridge market DLT infrastructures with the ECB's TARGET payment and settlement systems. ECB executive board member Piero Cipollone described Appia as "building a road from today's financial system to tomorrow's tokenized markets, firmly grounded in central bank money." The ECB has opened public consultation through April 22 for stakeholder feedback and implementation proposals. 🔗 ECB Appia roadmap via @Cointelegraph: cointelegraph.com/news/ecb-appia… ⚖️ Stay Irregulated - one email, every Tuesday, bringing order to the chaos of crypto regulation: irregulated.com

Traditional finance and crypto are colliding - fast. 📊 🇺🇸 Nasdaq is partnering with Kraken to launch 24/7 tokenized stock trading. @Nasdaq is teaming up with @krakenfx to launch tokenized versions of traditional stocks on blockchain infrastructure, targeting early 2027. The collaboration will enable 24/7 trading of blockchain-based representations of publicly listed equities through Kraken's platform, with tokenized shares granting the same governance rights as underlying securities. The framework focuses on corporate governance, including automated proxy voting and dividend payments, and will be open to all issuers - not just Nasdaq-listed companies. 🇺🇸 Trump officially nominates pro-Bitcoin Kevin Warsh for Fed Chair. President Trump has formally sent Kevin Warsh's nomination to the Senate to replace Jerome Powell as Federal Reserve Chair when his term ends in May. Warsh, who served as a Fed governor from 2006 to 2011, has publicly supported Bitcoin adoption, calling it "an important asset that can help inform policymakers". If confirmed, Warsh would lead the Federal Reserve with a notably crypto-friendly stance, though Democratic leaders have signaled opposition over concerns about @federalreserve independence. 🔗 Nasdaq-Kraken tokenized stocks via @WSJ: wsj.com/finance/stocks… 🔗 Trump nominates Warsh via @Cointelegraph: cointelegraph.com/news/donald-tr… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com

The Fed just told banks how to handle tokenized securities. 🏛️ The Federal Reserve has issued formal guidance clarifying how banks should treat tokenized securities for capital requirements, removing a major barrier for traditional financial institutions to custody and trade blockchain-based assets. The key principle: tokenized securities receive the same capital treatment as their non-tokenized equivalents, regardless of whether they're issued on permissioned or permissionless blockchains. 🔗 @federalreserve tokenized securities guidance: federalreserve.gov/supervisionreg… ⚖️ Stay Irregulated - one email, once a week, bringing order to the chaos of crypto regulation: irregulated.com/subscribe