Regulatory Updates

On 21 August 2025, the United States Securities and Exchange Commission (US SEC) announced the appointment of Judge Margaret “Meg” Ryan as Director...

On 20 August 2025, the United States Securities and Exchange Commission published a notice for proposed changes by BOX Exchange LLC filing that is...

On 19 August 2025, the United States Securities and Exchange Commission (US SEC) published notice of a proposed rule change filed by Cboe BZX...

On 20 August 2025, the United States Securities and Exchange Commission (US SEC) published notice of a filing by BOX Exchange LLC. The proposal,...

On 26 August 2025, the United Kingdom Financial Conduct Authority (UK FCA) published a press release stating that it has approved the London Stock Exchange plc (LSE) as the first operator of a Private Intermittent Securities and Capital Exchange System (PISCES) platform. PISCES represents the world’s first regulated private stock market, designed to allow buyers and sellers of shares in private companies to trade on an intermittent basis. The approval marks a significant step in the UK’s drive to reform its capital markets, expand funding options for growth companies, and create a seamless continuum between private and public markets. The FCA confirmed that PISCES platforms will initially operate within the Financial Market Infrastructure (FMI) Sandbox, with a permanent regime expected in 2030.

On 7 April 2025, the Hong Kong Monetary Authority (HKMA) released a circular titled “Provision of Staking Services for Virtual Assets from Custodial Services” addressed to all authorised institutions. The circular establishes regulatory standards for authorised institutions that wish to provide crypto staking services as part of their custodial offerings. According to the HKMA, crypto staking refers to committing or locking client virtual assets in a proof-of-stake blockchain protocol to support validation processes, with staking rewards distributed to clients. The guidance clearly states the expected standards that authorised institutions must implement which includes rigorous internal controls, transparent disclosure practices, and strong governance before engaging in crypto/virtual asset staking activities.

On 5 August 2025, United States Securities and Exchange Commission (US SEC) Commissioner Caroline A. Crenshaw issued a response to the US SEC Division of Corporation Finance’s staff statement on liquid staking. While the Division had sought to provide “greater clarity on the application of the federal securities laws to crypto assets,” Crenshaw argued that the statement instead “muddies the waters.” Her dissent, titled “Response to Staff Statement on Certain Liquid Staking Activities: Caveat Liquid Staker”, raised concerns that the Division’s conclusions rest on “a wobbly wall of factual assumptions” disconnected from industry reality. Crenshaw emphasised that the statement represents only staff views, not binding Commission guidance, and therefore provides little comfort to liquid staking entities.

On 15 August 2025, the Hong Kong Securities and Futures Commission (HK SFC) issued its Circular to licensed virtual asset trading platform operators on custody of virtual assets. The circular sets minimum custody standards under the Hong Kong Securities and Futures Ordinance (Cap. 571) for all licensed virtual asset trading platforms (VATPs). It follows recent overseas incidents of compromised wallet solutions and aligns with Initiative 3 of Pillar “Safeguard” in the HK SFC’s ASPIRe Roadmap. The Circular established that client asset protection requires robust cold wallet governance, enhanced transaction verification, and 24/7 threat monitoring. These requirements now form mandatory obligations for licensed VATPs and will extend to providers of virtual asset custodian services once the legislative framework, as outlined in the Public Consultation on Legislative Proposal to Regulate Virtual Asset Custodian Services jointly issued by the Financial Services and the Treasury Bureau (FSTB) and the HK SFC, is implemented.

On 14 August 2025, the Monetary Authority of Singapore (MAS) and the Brunei Darussalam Central Bank (BDCB) announced their partnership at the fifth BDCB-MAS Bilateral Roundtable in Brunei Darussalam. The meeting reinforced cooperation between the two central banks in financial stability, payments connectivity, and cross-border liquidity management. Both regulators announced plans to commemorate the 60th Anniversary of the Currency Interchangeability Agreement in 2027. A Memorandum of Understanding was signed to establish a reciprocal cross-border collateral arrangement, enabling financial institutions in both jurisdictions to access a wider pool of eligible collateral. This provides greater flexibility in liquidity provisioning and strengthens resilience in regional markets. The roundtable confirmed the long-standing relationship between MAS and BDCB as an important framework for navigating regional economic developments.

On 5 August 2025, the United States Securities and Exchange Commission (US SEC) Division of Corporation Finance issued a staff statement addressing the legal status of “Liquid Staking” activities. The statement clarified that Liquid Staking Activities, when conducted within the defined framework, do not constitute the offer or sale of securities under the United States Securities Act of 1933 or the United States Securities Exchange Act of 1934. The US SEC’s position extends its prior guidance on protocol staking and provides detailed analysis of staking receipt tokens. According to the US SEC Division of Corporation Finance, registration obligations arise only where the deposited crypto assets or the staking receipt tokens are structured as investment contracts. While the statement does not carry binding legal effect, it establishes an authoritative interpretive stance on how United States securities laws apply to liquid staking.

On 28 July 2025, the Australian Securities and Investments Commission (ASIC) issued an investor warning against Bitget and its related entities, BTG...

On 21 May 2025, the Australian Securities and Investments Commission (ASIC) announced that it is seeking special leave from the High Court of...