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When do aspiring CASPs need to worry about the EU’s Travel Rule?

DARE 2024 brings crypto derivatives, staking and stablecoins into scope.

Key outcomes of a discussion between policymakers, regulators, and private sector participants on the future regulation of truly decentralised finance (tDeFi).

What can the crypto industry expect as MiCA implementation rolls out over the next two years?

Crypto-asset service providers regulated under MiCA need to prepare to comply with standards and guidelines from ESMA.

Key considerations for the Ministry for Financial Services (MFS) on virtual asset issuances and virtual asset derivatives

How TradFi can expand its services to include crypto activities and the tokenisation of assets.

An analysis of the far end of the spectrum of decentralisation

Here's how Cayman's forthcoming VASP Act Amendments could position the jurisdiction as an international leader on token issuance and virtual asset derivatives

Insights into the significant revisions, additions and omissions in the proposed amendments that will impact virtual asset businesses in the Cayman Islands

Bridging the gap between public and private sector stakeholders

XReg’s latest series of articles will explore the intricate dance between innovation in DeFi and financial services regulation.

The Cayman Island’s Ministry for Financial Services issues VASP Act amendments for public consultation

A clear, concise overview of the European Securities and Markets Authority (ESMA)’s proposed guidelines for asset categorisation and how it may affect the EU crypto market.

Why finding the right jurisdiction is critical for long-term success and viability.

An analysis of ESMA's draft Guidelines on the qualification of crypto-assets as financial instruments under MiCA

The analysis of ESMA's issued consultation paper on its draft guidelines on reverse solicitation.

Why regulation pushed the industry from ICOs to airdrops

An overview of how this year’s critical regulatory and geopolitical developments will impact policymakers, regulators and crypto businesses.

XReg’s new tool gives a bird’s eye view of what’s been published by the European Supervisory Authorities and what is yet to come.

Here’s why IOSCO may be missing the mark on regulatory standards for crypto markets.

A solution to industry’s struggle to define DeFi and a case for the regulation of Hybrid Finance (HyFi)

Why crypto-asset custody differs from the custody of traditional financial assets and how it is addressed by Europe's new crypto-asset law.

An overview of the crypto regulatory regimes in Bermuda, the British Virgin Islands, the Cayman Islands and The Bahamas

The European Supervisory Authorities provide issuers of stablecoins and CASPs with more details on forthcoming tasks for authorisation applications, complaints handling and disclosing conflicts of interest.

How the EU’s version of the Travel Rule will impact crypto-asset service providers.

A concise, practical summary of the VARA Regulations for virtual asset issuers and service providers.

Digital asset businesses entering the French market will have to adhere to many of the EU’s MiCA requirements by as early as January 2024.

What’s next for DeFi, the Travel Rule, stablecoins and the tokenisation of things – and why AML/CFT/CPF standards are not enough.

The XReg team reviews noteworthy requirements that are still to be determined, including liquidity, environmental impact and reverse solicitation.

The Digital Asset Issuance Law applies comprehensively to the issuance and trading of digital assets and does not attempt to regulate digital assets through existing securities or derivative legislation.

La Ley de Emisión de Activos Digitales se aplica de forma integral a la emisión y negociación de activos digitales y escinde a esta clase de activos de la aplicación de la legislación bursátil que rige para los títulos valores.

The XReg team reviews the intent, scope, timeline and requirements for Europe’s new crypto-asset law, Markets in Crypto-assets Regulation (MiCA).

The second edition of our MiCA report outlines what crypto-asset businesses need to know to prepare for forthcoming requirements.

On 5 October 2022, the Council of the European Union adopted the final text of the Markets in Crypto-assets Regulation (MiCA). We review implications for crypto-asset issuers and service providers in the EU and what's next for stablecoins, NFTs and DeFi.

The company established entities in The Bahamas, Cayman Islands and the UK and welcomes new leadership hires.

On 29 June 2022, the Council and the Parliament reached a provisional political agreement on the proposed revised Transfer of Funds Regulation (TFR). Apart from the inevitable costs of complying with the new measures, what are the major consequences for European CASPs?

At the Financial Action Task Force (FATF) post-plenary press conference in June, it was announced that Gibraltar has been grey listed. The decision calls on other jurisdictions to take note of future implications.

In the aftermath of the UST collapse, the crypto industry is anticipating a global regulatory crackdown on stablecoins. We take a look at Europe's regulatory approach under MiCA.

The European Council adopts its fifth round of financial sanctions against Russia in view of Russia's continued war of aggression against Ukraine. The package has extended prohibition on deposits to crypto-wallets and transferrable securities to Russia and Belarus.

With regimes now firmly in place or relevant AML/CFT laws amended, regulators across the world turn their attention to the next phase of crypto asset supervision - consumer protection. VASPs can expect further stringent requirements for what has been a largely unrestricted area.

Nathan Catania delved into the key AML/CFT regulatory developments in the VA/VASP industry, including the latest FATF guidance for VAs and VASPs at the 5th Global Conference on Criminal Finances and Cryptocurrencies.

English Law Commission's Smart Legal Contracts Report concludes that the use and acceptance of smart contracts in the UK are likely to increase. With great benefits, comes great responsibility. VASPs should be aware of the English law rules on rectification and misrepresentation.

On 28 October 2021, the Financial Action Task Force published its updated guidance for a risk-based approach for virtual assets and virtual asset service providers. XReg Consulting has prepared a detailed explainer of the new Travel Rule requirements.‍ Read our Travel Rule explainer here.

MEPs proposed amendments to MiCA will significantly impact the formation of the final compromises and the Parliament's position in the upcoming Trilogue negotiations.

FATF recently launched a project to study and mitigate unintended consequences from the incorrect implementation of its Standards, including financial exclusion and de-risking.

FATF published its draft revised guidance for VAs and VASPs for public consultation in March 2021. As proposed, the guidance may be interpreted and implemented in an inconsistent manner potentially giving rise to regulatory arbitrage and resulting in other unintended consequences.

Siân Jones delivered the keynote speech on "The future of investment tokens: lessons from the INATBA MiCA Task Force" at the Token World Conference: Law & Markets in Crypto-assets.

FATF's revised guidance for VAs and VASPs published for consultation: guidance for a risk-based approach to crypto-assets and service providers.

FATF published its revised guidance for virtual assets and VASPs. It clarifies the position of stablecoins, unhosted wallets, decentralised services, P2P transactions & the travel rule.

FATF just published the outcomes of its February 2021 plenary session. VAs & VASPs are firmly back on the agenda; the focus of significant attention in the first half of 2021.

The FCA has launched a consultation on their proposal to extend the scope of the annual financial crime report to include all cryptoasset exchange and custodian wallet providers.

The UK's two government proposals aim to extend and amend the UK's regulatory framework for financial promotions, with a significant impact on the cryptoasset industry.

The FATF Virtual Asset red flag indicator report provides valuable insights to support the identification and prevention of ML/TF in the virtual asset industry. Read our high-level summary to understand the contents of the FATF's report.

The European Commission's proposed Regulation on Markets in Crypto-assets (MiCA) will bring within the scope of regulation all crypto-assets not already covered by EU financial services legislation.

The European Commission’s proposed Pilot Regime Regulation for market infrastructures using DLT (PRR) will temporarily allow incumbents to use DLT in some of their activities. Under current legislation, market infrastructures are prevented or restricted in their use of DLT or are required to duplicate certain record-keeping.

The UK is seeking to impose a new industry crime levy to tackle money laundering risk. Read our selective response to the consultation to see how this may impact you.

On Thursday 24 September 2020 the European Commission adopted its Digital Finance Package, which includes two strategies and a set of proposed new legislation. This ambitious package will significantly impact crypto-assets and related activities.

Siân Jones, Ernest Lima and Ana James presented the first webinar covering the leaked draft of the European Commission’s proposed Regulation for Markets in Crypto-assets (MiCA). A day later the European Commission adopted its Digital Finance package and published the new EU cryptoasset law.

On Friday 11 September 2020 the EU’s draft proposed EU Markets in Crypto-assets Regulation (MiCA) was leaked. This Regulation will have a profound impact on all cryptoasset activities and issuers in the EEA and the world.

Significant differences in the implementation of EU AML/CTF Directives across Member States have enabled regulatory arbitrage and hindered both international supervision and cooperation. In response to these issues, the EU Action Plan proposes to achieve the harmonised and effective implementation of the EU AML/CTF framework through six primary initiatives.

On 1 May 2020, amendments to Japanese legislation came into force to enhance the country’s crypto regulatory framework.

In response to a call by the G20 to examine regulatory issues raised by “global stablecoin” (GSC) arrangements, the Financial Stability Board (FSB) recently issued a consultation document.

Recent money-laundering and terrorist financing scandals in Europe have raised questions as to the adequacy and effectiveness of the European Union’s current AML/CFT framework. In response, an Action Plan was published by the European Commission on 7 May 2020 outlining how it proposes to address shortcomings identified in the current regime.

Over the next few days, we are expecting the publication of an Action Plan from the European Commission which will outline an EU-wide supervisory framework for AML and CFT.

Stricter social distancing measures were implemented in Gibraltar in mid-March as a result of the COVID-19 pandemic, and ever since, the Gibraltar Financial Services Commission (GFSC) has issued several statements and information to support firms and consumers in these challenging times.

In its March 2020 Budget, the UK Government provided assurance about its plan to support the public as well as business in the context of COVID-19. At Budget time, the Chancellor announced that despite significant and unprecedented challenges, the UK economy remains strong and the Budget outlines the government’s plans to ensure continued growth and investment in the nation.

XReg announce business continuity plans in response to the rapidly evolving COVID-19 pandemic.

On Wednesday, 12 February 2020, MONEYVAL published the long-awaited evaluation report against Gibraltar’s compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) global standards.

On 12 February 2020, the International Organisation of Securities Commissions (IOSCO) published a report which is likely to influence the approach regulators take when dealing with crypto exchanges and other providers, defined as crypto-asset trading platforms (CTPs) by IOSCO.

Commonly known as the Legislative Reform Programme (LRP), the long-awaited review and renovation of Gibraltar’s financial services law is a ground-breaking project jointly developed by the Government of Gibraltar (GoG) and the Gibraltar Financial Services Commission (GFSC). Almost four years in the making, the LRP was completed thanks to the enormous effort of the parties involved which included GoG and GFSC senior officials, law drafters, industry associations and their members, and local lawyers.

Virtual asset businesses in the UK must comply with anti-money laundering regulations, as the UK joins a growing list of countries aligning with global FATF Recommendations. As from 10 January 2020, virtual asset (cryptoasset in the UK) businesses operating in the UK, must comply with national anti-money laundering and counter-terrorism financing (AML/CTF) Regulations.