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On 08 April 2025, the United Kingdom Financial Conduct Authority (UK FCA) updated its Pre-Application Support Service (PASS), to promote regulatory clarity and facilitate business growth within the payments sector, cryptoasset, and wholesale market sectors. PASS offers prospective applicants an opportunity to engage with the UK FCA early in their authorisation or registration journey, improving application quality and reducing approval timelines. PASS initiative offers the pre-application meeting, available free of charge to cryptoasset firms, payments firms, and wholesale market participants considering applying for registration or authorisation in the United Kingdom. During these meetings, firms meet directly with a designated case officer who outlines regulatory expectations, explains common challenges, and directs firms to critical resources. In many cases, the same case officer who participates in the pre-application meeting will also oversee the formal assessment of the firm's...

On 25 April 2025, United States Securities and Exchange Commission (US SEC) Commissioner Mark T. Uyeda, during the Crypto Task Force's third roundtable on custody, called for regulatory clarity and enhanced competition in the custody of crypto assets. In her speech she discussed the withdrawal of Staff Accounting Bulletin No. 121 as a positive development, Commissioner Uyeda advocated for expanded custodial options for investment advisers and registered entities. He also raised concerns regarding outdated interpretations that may unnecessarily restrict investment strategies within the digital asset sector. Commissioner Uyeda's statement emphasised that proper custody standards is the cornerstone of investor protection which must evolve to accommodate the realities of crypto assets. He noted that following the withdrawal of Staff Accounting Bulletin No. 121, barriers to crypto custodial services had been lifted. However, he urged the US SEC to recognise state-chartered limited purpose...

On 25 April 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline A. Crenshaw delivered speech at the US Crypto Task Force’s third roundtable on custody. Commissioner Crenshaw warned against creating a separate, potentially weaker regulatory framework for crypto asset custody, asserting that innovation must not compromise the investor protection principles embedded in United States federal securities laws. Drawing powerful analogies from real-world trust scenarios, and supported by historical and legal precedents, Commissioner Crenshaw made it clear that blockchain-specific risks — including hacking, smart contract failures, and insolvency risk — demand even greater vigilance and regulatory robustness, not exemptions. Commissioner Crenshaw discussed the need to maintain the SEC’s "gold standard" of investor protection under the Custody Rule (17 C.F.R. § 275.206(4)-2), even in the face of technological evolution. She cautioned that differences between...

On 25 April 2025, United States Securities and Exchange Commission (US SEC) Commissioner Hester M. Peirce delivered a statement at the Crypto Task Force’s latest roundtable on custody. Using a vivid metaphor likening the current regulatory landscape to a perilous “lava game,” Commissioner Peirce argued that the absence of clear, practical regulations on crypto custody is stifling market development, forcing regulated entities into risky darkness while disincentivising safe innovation. She urged US SEC to build clear legal pathways (“walkways over the lava”) rather than obstructing market evolution, and proposed that regulations must accommodate blockchain-native custody methods such as self-custody, smart contracts, and tokenized securities, without forcing traditional intermediation models. Definitions Crypto Custody: The safeguarding of digital assets (such as cryptocurrencies or tokenized securities) by an intermediary, regulated custodian, or through self-custody by the owner....

On 21 April 2025, the United States Commodity Futures Trading Commission (US CFTC) issued a formal Request for Comment (RFC) to gather public input on the potential transition to 24/7 trading and clearing in derivatives markets under its jurisdiction. The move reflects a growing industry shift toward round-the-clock market access, particularly relevant for crypto-derivatives and digital asset-linked contracts. Spearheaded by the US CFTC’s Divisions of Market Oversight, Clearing and Risk, and Market Participants, the consultation seeks views on the operational, liquidity, and systemic risks of continuous trading, alongside the adequacy of current risk controls, margining practices, and market surveillance under such conditions. Concerns raised in the RFC include real-time margin adequacy on weekends, systems resilience without routine maintenance downtime, collateral sourcing during non-banking hours, and surveillance readiness against abusive or manipulative practices outside...

On 14 April 2025, the United States Commodity Futures Trading Commission (US CFTC), through its Market Participants Division, issued CFTC Letter No. 25-11 Staff Interpretation Regarding Exchange-Traded Funds as Eligible Margin Collateral for Uncleared Swaps Transactions to clarify that shares of certain U.S. Treasury exchange-traded funds may be deemed eligible margin collateral for uncleared swap transactions under the conditions prescribed by United States CFTC Regulation 23.156. This interpretative letter provides formal recognition that such ETF shares may qualify as both initial margin (IM) and variation margin (VM), reinforcing the liquidity and operational efficiency of the derivatives market. The interpretative letter addresses a regulatory gap concerning the classification of redeemable securities in pooled investment funds. Pursuant to United States CFTC Regulation 23.156(a)(1)(ix), the rule permits certain redeemable securities issued by pooled investment funds—such as...

On 22 April 2025, the United States Securities and Exchange Commission (US SEC) filed a civil complaint in the United States District Court for the Eastern District of Virginia, initiating enforcement proceedings demanding jury trial against Ramil Ventura Palafox, the founder and operator of PGI Global, also known as Praetorian Group International Corporation. The complaint alleges that Palafox orchestrated a fraudulent investment scheme which raised approximately $198 million from global investors by offering unregistered securities in the form of "membership packages" promising high returns from purported crypto asset and foreign exchange trading. As alleged in the complaint, from January 2020 to October 2021, PGI Global marketed itself as a crypto and Forex trading platform offering guaranteed passive returns. Palafox allegedly solicited investors through promotional events, social media platforms, and direct communications, promising daily returns of 0.5% to 3% and total returns...

On 21 April 2025, the United States Securities and Exchange Commission (US SEC) announced a whistleblower award totalling approximately $6 million to joint whistleblowers whose original and credible information led to the opening of an SEC examination and ultimately triggered a successful enforcement action. Under the Dodd-Frank Act, the SEC maintains strict confidentiality of all whistleblower identities. Awards can range from 10% to 30% of monetary sanctions collected, provided the total exceeds $1 million. The funds are disbursed from an investor protection fund established by Congress, which is financed entirely by penalties paid by securities violators. Jonathan Carr, Acting Chief of the US SEC’s Office of the Whistleblower stated: “Today’s award illustrates that the agency can leverage whistleblower information in various ways, including by prompting an examination, If that examination ultimately results in an enforcement action, the whistleblower may be eligible for an award.”...

On 16 April 2025, the Australian Securities and Investments Commission (ASIC) announced the launch of a new digital portal for Australian financial services (AFS) licensees, scheduled to go live on 5 May 2025. The new AFS licence portal is aimed to streamline the process of applying for, varying, and cancelling licences by offering a more intuitive, efficient, and data-driven interface. ASIC clarified that the eligibility criteria and policy settings under the current Regulatory Guides 1–3 will remain unchanged, although updates to reflect the portal’s functionality will be issued at launch. ASIC’s increasing reliance on digital infrastructure, a trend relevant for fintech and digital asset service providers seeking AFS licences which aims to reduce application processing times and enhance regulatory interactions through automation and data pre-fill features. Until the new portal’s activation, the existing AFS Licensing portal will remain operational. ASIC also confirmed that...

On 15 April 2025, the Hong Kong Securities and Futures Commission (SFC) and Hong Kong Exchanges and Clearing Limited (HKEX) jointly hosted the city’s inaugural International Carbon Markets Summit, a major step in Hong Kong’s ambition to become a global hub for green finance. Over 200 global participants, from regulators to carbon traders and institutional investors, convened to tackle the complexities of voluntary carbon markets, spotlighting the urgent need for standardisation, cross-border connectivity, and technological integration. Hong Kong's Secretary for Financial Services and the Treasury, Mr. Christopher Hui, and Secretary for Environment and Ecology, Mr. Tse Chin-wan, outlined the government’s strategy in a fireside discussion, emphasising the city’s pivotal role in shaping global carbon finance. Ms. Julia Leung, Chief Executive Officer of the Hong Kong SFC stated: “Today signals the beginning of a global dialogue on scaling voluntary carbon markets, Credibility,...

On 07 April 2025, the United States Department of Justice (DOJ), through Deputy Attorney General Todd Blanche, issued a memorandum titled “Ending Regulation By Prosecution.” This policy document represents a recalibration of the federal government’s approach to digital asset enforcement, positioning the US DOJ squarely in alignment with Executive Order 14178 issued by President Donald J. Trump. The directive marks a formal departure from the prior administration’s prosecutorial strategy, where criminal enforcement was frequently employed to fill perceived regulatory gaps in the digital asset space, a practice now expressly denounced by the current administration as a misuse of criminal law. The memorandum reflects a foundational shift in enforcement priorities, signalling the end of what the US DOJ now characterises as "regulation by prosecution", a term referencing the aggressive use of criminal statutes to indirectly enforce regulatory compliance in lieu of clear legislative or...

On 21 April 2025, Paul S. Atkins was officially sworn in as the 34th Chairman of the United States Securities and Exchange Commission (US SEC), following his nomination by President Donald J. Trump on 20 January 2025 and confirmation by the United States Senate on 9 April 2025. Chairman Atkins previously served as a Commissioner of the US SEC from 2002 to 2008, having been appointed by President George W. Bush. A member of the New York and Florida bars, Chairman Atkins holds a Juris Doctor degree from Vanderbilt University School of Law (1983) and an A.B., Phi Beta Kappa, from Wofford College (1980). Prior to his reappointment, Chairman Atkins served as chief executive of Patomak Global Partners, a regulatory consulting firm he founded in 2009. In that capacity, he was instrumental in shaping industry best practices, particularly within the emerging digital asset sector. His corporate governance experience includes serving as an independent director and non-executive chairman of the...