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On 6 June 2025, the Monetary Authority of Singapore (MAS) published a media release on the scope and compliance requirements under the Singapore’s Digital Token Service Provider (DTSP) regulatory regime, under the Singapore Financial Services and Markets Act 2022 (FSMA 2022). The clarification is regarding the MAS’s response to DTSP consultation feedback along with annexures released on 30 May 2025 which cumulatively provides for licensing regime, licensing thresholds, regulatory exemptions, and enforcement timelines for DTSPs engaging in digital payment token and capital market token services in Singapore. Effective 30 June 2025, all Digital Token Service Providers that provide services exclusively to overseas customers involving either digital payment tokens or tokens representing capital market products will require a regulatory licence from the Monetary Authority of Singapore. MAS has indicated it will generally not issue licences for such cross-border models due to elevated...

On 30 May 2025, the Monetary Authority of Singapore (MAS) concluded its rulemaking process under the Singapore Financial Services and Markets Act 2022 (SG FSM Act) and published a complete, binding compliance framework for Digital Token Service Providers (DTSPs). The regime applies to all entities offering digital token custodial, exchange, transmission, or facilitation services in or into Singapore. This follows a two-stage consultation process that culminated in the issuance of the final “Response to Feedback Received from Consultation Paper on Proposed Regulatory Measures for Digital Token Service Providers” dated 30 May 2025. This final framework builds on MAS’ earlier consultation, first published as the “Consultation Paper on Proposed Regulatory Measures for Digital Token Service Providers under the Financial Services and Markets Act 2022” on 03 October 2024, which proposed the introduction of a licensing regime under Section 138 of the SG FSM Act, accompanied by detailed...

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) published a statement announcing the retirement of Natasha Vij Greiner, Director of the Division of Investment Management, who will conclude her tenure effective 4 July 2025, ending a 23-year career in US federal securities regulation and market oversight. Natasha Vij Greiner was appointed Director in March 2024 and has held leadership roles across four major US SEC divisions i.e. Investment Management, Enforcement, Examinations, and Trading and Markets. She began her career at US SEC as a broker-dealer examiner in the then Office of Compliance Inspections and Examinations (OCIE). She has also received the Chairman’s Award for Excellence in both 2015 and 2018, and the Chairman’s Award for Serving the Interests of Main Street Investors in 2019. SEC Chairman Paul S. Atkins praised Greiner’s tenure, stating: “Natasha’s steadfast leadership and strong judgment have been invaluable assets to the SEC throughout...

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change submitted by The Nasdaq Stock Market LLC. The proposal seeks to list and trade shares of the Grayscale Polkadot Trust (DOT) under Nasdaq Rule 5711(d), which governs the listing of commodity-based trust shares. The order has been issued under file number SR-NASDAQ-2025-019. The proposed rule change was initially filed on 24 February 2025, in accordance with Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. It was published for comment in the Federal Register on 13 March 2025. On 24 April 2025, the US SEC extended its review period and has now formally commenced proceedings under Section 19(b)(2)(B) of the Act to further evaluate the rule change. According to the filing, the Grayscale Polkadot Trust (DOT) is designed to reflect the value of the DOT...

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) published an order instituting proceedings to determine whether to approve or disapprove a proposed rule change, as modified by Amendment No. 1, submitted by The Nasdaq Stock Market LLC for the listing and trading of the Canary HBAR ETF under Nasdaq Rule 5711(d), which governs commodity-based trust shares. The rule change is filed under docket number SR-NASDAQ-2025-018. The original proposal was filed on 21 February 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States Rule 19b-4. On 4 March 2025, Nasdaq submitted Amendment No. 1, which replaced the original filing in full. The proposal was published in the Federal Register on 13 March 2025. On 24 April 2025, the US SEC extended its decision-making timeline, and through this order, formally commenced proceedings under Section 19(b)(2)(B) of the Act. According to the modified proposal, the Canary HBAR ETF...

On 10 June 2025, the United States Securities and Exchange Commission (US SEC) issued an order instituting proceedings to determine whether to approve or disapprove a proposed rule change filed by NYSE Arca, Inc. The proposed change seeks to list and trade shares of the Bitwise Bitcoin and Ethereum ETF under NYSE Arca Rule 8.201-E, which governs commodity-based trust shares. The proposal was filed on 19 February 2025 pursuant to Section 19(b)(1) of the United States Securities Exchange Act of 1934 and United States SEC Rule 19b-4. It was published for comment in the Federal Register on 12 March 2025. On 24 April 2025, the US SEC extended the initial decision period to 10 June 2025. With the latest order dated 10 June 2025, the US SEC has initiated formal proceedings under Section 19(b)(2)(B) of the United States Securities Exchange Act of 1934 to enable further analysis of the rule change. The initiation of proceedings does not signal any conclusion regarding the merits of the...

On 3 June 2025, the United States Commodity Futures Trading Commission (US CFTC), through its Division of Enforcement, issued a formal public alert urging victims of the alleged Traders Domain fraud scheme to file official claims by 28 July 2025. The alert makes clear that only those who submit valid claims before the deadline will be considered for restitution in any future court-ordered judgment. Prior participation in CFTC customer surveys, correspondence, or informal submissions does not qualify as a valid claim. US CFTC filed a civil enforcement action in the U.S. District Court for the Southern District of Florida against a network of companies and individuals alleged to have orchestrated a $280 million Ponzi scheme. According to the complaint, the scheme spanned from November 2019 to at least late 2023. Traders Domain FX Ltd. (TD), alongside its principals Safranko and Negus-Romvari, allegedly solicited funds for trading margined retail commodities via pooled and individual...

On 4 June 2025, the United States Securities and Exchange Commission (US SEC) issued a concept release inviting public comment on whether to revise the existing definition of a "foreign private issuer" under US securities law. This initiative is part of a broader evaluation of regulatory accommodations granted to non-US companies accessing US capital markets, with a focus on the evolving global issuer landscape since the last substantive update in 2003. Under current US securities regulations, foreign private issuers (FPIs) benefit from modified periodic reporting obligations, exemption from US proxy rules, and the ability to file financials under International Financial Reporting Standards (IFRS) without reconciliation to US GAAP. The concept release raises the question of whether the regulatory threshold for FPI status continues to serve its intended function, given changes in global corporate governance, cross-border operations, and the composition of foreign-listed companies over...