Posted by Pierre d'Ormesson, Pierre Berger, Laurent Massinon and Melvin Tjon Akon on 10 July 2025
On 25 June, the European Securities and Markets Authority (ESMA) published a report on the functioning and review of the Distributed Ledger Technology (DLT) pilot regime under Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (the Regulation).
Posted by Caroline Herkströter, Ute Brunner-Reumann and Sabine Kimmich on 9 July 2025
On 10 June EBA has issued a “No Action Letter” to clarify the interplay between MiCA1 and PSD22, in relation to crypto asset service providers (CASPs) that transact electronic money tokens (EMTs) as there are overlaps between the two regimes. This relates in particular to the necessity to have an authorisation under both regimes and to the rules applicable to such transfers, as EMTs not only qualify as crypto assets but also as electronic money.
Posted by Sophie Lessar and Karen Butler on 4 June 2025
On 28 May 2025, the Financial Conduct Authority (FCA) published a second consultation paper (the Consultation Paper) on proposed prudential rules for qualifying stablecoin issuers (Issuers) and qualifying cryptoasset custodians (Custodians).
Posted by Sophie Lessar and Karen Butler on 4 June 2025
On 28 May 2025, the Financial Conduct Authority (FCA) published a consultation paper on proposed rules for firms that will conduct the proposed new regulated activities of issuing stablecoins or undertaking cryptoasset custody (the Consultation Paper).
Posted by Pierre d'Ormesson, Sophie Péligry and Leïla Laoufi on 20 May 2025
On 2 May 2025, the French DDADUE Law 5 was published, introducing notable changes to the taking of security interest over crypto-assets in France.
Posted by Laurent Massinon, Pierre Berger and Melvin Tjon Akon on 13 May 2025
As the title suggests, the SIU is a policy strategy adopted by the EC. The strategy sets out legislative initiatives and non-legislative policy actions that the EC plans to implement, to improve the way that the financial system of the European Union (EU) channels household savings to productive investment by businesses.
Posted by Karen Butler, Sophie Lessar, Chris Harvey and Suman Khurana on 7 May 2025
On 29 April 2025, HMT published the Draft Instrument and a policy note for the regulation of certain activities relating to cryptoassets and stablecoins. This comes hot on the heels of the publication of the UK Financial Conduct Authority (FCA) cryptoassets roadmap, and discussion paper relating to the creation of a new UK tailored cryptoassets regime.
Posted by Karen Butler on 8 April 2025
On 7 April 2025 HM Treasury (HMT) published a consultation paper (Consultation Paper) on proposed changes to the UK alternative investment fund managers (AIFM) legislative framework, and the Financial Conduct Authority (the FCA) published a call for input on how to create a more proportionate, streamlined and simplified regime.
and then 