Regulatory changes
What has moved recently in each covered regime. This feed is free; Pro subscribers get it pushed to their inbox the moment an entry is updated.
Current position by jurisdiction
🇬🇧 United Kingdom
SI 2026/102 made 4 Feb 2026 (laid 5 Feb); FCA final rules published 30 Jun 2026 (PS26/10 stablecoins, PS26/11 regulated activities, PS26/12 prudential); authorisation gateway 30 Sep 2026-28 Feb 2027; mandatory FSMA regime from 25 Oct 2027.
🇱🇹 Lithuania
Lithuania used a shortened 12-month grandfathering - legacy VASP cover ended 1 Jan 2026 (vs the EU 1 Jul 2026 backstop). First CASP: Robinhood Europe (29 May 2025); only ~4 CASPs authorised by Mar 2026.
🇵🇹 Portugal
Lei 69/2025 (MiCA) + Lei 70/2025 (Travel Rule) published 22 Dec 2025 - ~1 year late. Legacy-VASP transitional window closes 1 Jul 2026 (today). Few Portugal-AUTHORISED CASPs so far.
🇲🇽 Mexico
Major AML Law reform enacted 16 Jul 2025 (VASPs serving Mexican residents in scope; Travel Rule; 10-yr records). Banxico (Dec 2025) reiterated stablecoins pose financial-stability risks. A Fintech Law 2.0 is discussed but NOT enacted.
🇮🇪 Ireland
Transitional period ended 30 Dec 2025 (12 months; simplified route declined). ~10 CASPs authorised by late 2025 (Kraken Jun 2025, Coinbase, StoneX 10th). Revised Consumer Protection Code from 24 Mar 2026.
🇲🇹 Malta
First-mover: Crypto.com licensed 27 Jan 2025; ~13 CASPs now authorised (OKX, Gemini, Gate, Blockchain.com). ESMA's 10 Jul 2025 peer review criticised the MFSA's authorisation of one CASP, tightening scrutiny. Transition ends 1 Jul 2026.
🇫🇷 France
France used the full 18-month transition, ending 1 Jul 2026 (today). Deblock first CASP (May 2025), SG-Forge (Oct 2025); ~18 CASPs authorised by 28 May 2026. AMF adopted ESMA staff knowledge/competence guidelines (Mar 2026).
🇩🇪 Germany
FinmadiG + KMAG in force 27 Dec 2024; Germany used a 12-month grandfathering (apply before 8 Oct 2025; effective end-2025). By mid-2026 the EU's #1 hub - ~57 CASP authorisations (~23% of the EU's ~244), incl. Trade Republic, N26, Commerzbank, Bitpanda.
🇨🇭 Switzerland
FINMA licensed the first DLT trading facility (BX Digital, 18 Mar 2025); Federal Council consultation (22 Oct 2025 - 6 Feb 2026) proposes to ABOLISH the FinTech licence and create Payment/Crypto Institution categories; FINMA Guidance 01/2026 on crypto custody (12 Jan 2026).
🇦🇪 United Arab Emirates (Dubai - VARA)
'Rulebook 2.0' reissued all twelve rulebooks effective 19 Jun 2025 (mandatory Travel Rule, wind-down plans, TLPT, a new VA Issuance rulebook). AML circular (Mar 2026) and token-issuance guidance (Apr 2026). VARA penalised ~19 unlicensed firms.
🇸🇬 Singapore
DTSP regime (FSMA Part 9) commenced 30 Jun 2025 - Singapore firms serving only overseas customers must be licensed, and MAS 'will generally not issue' such licences (no transition). MPI DPT licensees ~37 by mid-2026. MAS revoked Bsquared Technology's MPI licence (May 2026). Stablecoin legislation still in drafting.
🇭🇰 Hong Kong
SFC 'ASPIRe' roadmap (19 Feb 2025); VATP staking guidance (7 Apr 2025); HKMA Stablecoins Ordinance commenced 1 Aug 2025 with the first two issuer licences (HSBC, Anchorpoint) granted 10 Apr 2026; VA dealing (OTC) and custody licensing consultation conclusions 24 Dec 2025 (legislation targeted 2026). ~13 VATPs licensed by mid-2026 - confirm live count on the SFC list.
🇬🇮 Gibraltar
Fee increases in force 1 Apr 2025 (application GBP 45k; annual trade-fee cap GBP 90k); world-first Digital Clearing & Settlement Framework announced 13 May 2025; Restricted Promotions rules (May 2025); CARF adoption from 2026; and a DLT Regs overhaul with progressive MiCA-alignment signalled Feb 2026 (draft expected 2026). UK transitional passporting extended to 31 Dec 2026.
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Informational only, not legal advice. Verify with the relevant regulator and qualified counsel before acting.