Regulatory changes
What has moved recently in each covered crypto regime, free to read; Pro subscribers get it pushed to their inbox the moment an entry is updated.
Change log
🇬🇬 Guernsey
The GFSC confirmed that Guernsey's wholesale-only VASP restriction will end on 1 October 2026. Separate dual-licensing relief remains under consultation.
🇯🇵 Japan
Japan's first 2026 FIEA amendment tranche took effect on 12 August 2026, including higher penalties and expanded investigative powers; core reclassification awaits a later commencement date.
🇭🇺 Hungary
Hungary repealed its separate crypto-validation regime on 7 August 2026, leaving the MiCA authorisation perimeter under the MNB as the operative route.
🇸🇰 Slovakia
The National Bank of Slovakia confirmed on 29 July 2026 that six licensed crypto-asset service providers are headquartered in Slovakia, its first published national count under MiCA.
🇺🇸 United States
The GENIUS Act's statutory deadline for federal stablecoin implementing rules passed on 18 July 2026 with no agency having finalised a rule; the Act's backstop effective date of 18 January 2027 stands.
🇯🇵 Japan
Japan's Diet enacted the FIEA amendment on 15 July 2026, moving crypto-asset regulation from the Payment Services Act into the securities framework. Tougher penalties for unregistered operators take effect on 12 August 2026, with the core reclassification targeted for fiscal year 2027.
🇪🇸 Spain
The CNMV authorised three further Spain-domiciled crypto-asset service providers between 30 June and 10 July 2026: Minos Global, Prosegur Custodia de Activos Digitales and Iqana Technologies, taking the home-authorised total to 13.
🇬🇧 United Kingdom
The FCA published its authorisation application form pack for the incoming cryptoasset regime on 8 July 2026; the gateway timetable stands, opening 30 September 2026 with the full regime from 25 October 2027.
🇨🇭 Switzerland
FinTech licence abolition confirmed progressing: the consultation closed 6 February 2026, entry into force is 2027 at the earliest, and existing licensees are grandfathered automatically.
🇰🇷 South Korea
The 20 August 2026 tightening of the virtual-asset regime is now traced to its enabling statute, Act No. 21358.
🇹🇷 Turkey
New mandatory TCMA membership requirement for crypto service providers, in force since February 2026.
🇰🇾 Cayman Islands
VASP registrations revised from 19 to 18 per CIMA's latest published statistics.
🇺🇸 United States
GENIUS Act implementing rules are due by 18 July 2026; the CLARITY Act remains pending after the 15 to 9 Senate Banking Committee vote.
🇪🇪 Estonia
Estonia's legacy VASP register was wound down on 1 July 2026 as MiCA authorisation took over; Finantsinspektsioon and the FIU confirmed the transition in a joint statement of 30 June 2026.
🇸🇪 Sweden
Finansinspektionen confirmed on 1 July 2026 that two CASP applications have been refused, with both applicants now appealing; refusals published at national level remain rare across the EEA.
🇹🇷 Turkey
Turkey's SPK applied its 2026 statutory revaluation to minimum capital floors for crypto platforms and custody providers (Bulletin 2025/68), and the 30 June 2026 deadline for operating declarations has now passed.
🇮🇸 Iceland
Iceland recorded its first CASP authorisation: the Central Bank of Iceland confirmed a licence granted to Myntkaup ehf on 25 June 2026, the country's first authorised provider under MiCA.
🇬🇮 Gibraltar
Gibraltar's framework now expressly covers DLT and virtual-asset activity. A 30-day dividend notification and no-objection rule took effect on 26 March 2026.
🇬🇬 Guernsey
The GFSC reduced its virtual asset service provider application and annual fees with effect from 1 January 2026, under the 2026 fee decision published in December 2025.
Re-verification sweeps: 2026-08-15: 38 data points updated across 27 jurisdictions · 2026-08-01: 43 data points updated across 31 jurisdictions · 2026-07-15: 52 data points updated across 32 jurisdictions. Full detail lands in subscriber alerts and the status page.
Current position by jurisdiction
🇱🇹 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.
🇲🇹 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).
🇨🇭 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 replace it with two new categories, Payment Instrument Institutions and Crypto-Institutions, under an amended Financial Institutions Act (FinIA). Confirmed timeline as of this check: new provisions are not expected to enter into force before 2027; existing FinTech-licensed firms will be automatically transitioned to the new Payment Instrument Institution licence without a fresh application, provided they meet the new rules within one year of entry into force. The reform also removes the current CHF 100m deposit cap and adds client-fund segregation on insolvency. 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). VARA issued a circular implementing UAE federal anti-money laundering, counter-terrorism financing and proliferation financing requirements for VASPs (4 March 2026), an updated Travel Rule circular (24 February 2026), and an AML/CFT Business Risk Assessment Guidance (12 June 2026). VARA's rulebook site separately hosts a non-binding Guidance on the Virtual Asset Issuance Rulebook, covering two issuance pathways (Category 1: fiat- and asset-referenced tokens needing a VARA licence and reserve assets, except direct-ownership tokens; Category 2: other tokens, distributed only via VARA-licensed distributors or broker-dealers); this document carries no visible date on VARA's own rulebook page, but contemporaneous legal reporting consistently dates its publication to 9 April 2026. VARA has previously stated it penalised around 19 unlicensed firms. Legal-press reporting records VARA's 50th VASP licence (Tribe Tokenisation FZE) in early July 2026. No VARA news items have been published since 12 June 2026 as of 15 July 2026. VARA's own public register listed 52 licensed VASPs as of 1 August 2026, the most recent being Flipster FZE (exchange services, 14 July 2026); the register dates Tribe Tokenisation FZE, earlier reported by legal press as the 50th licensee, to 22 June 2026. No new VARA circular has been published since the 12 June 2026 AML/CFT Business Risk Assessment Guidance.
🇸🇬 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 in force 1 August 2025, with the first two issuer licences (HSBC, Anchorpoint) granted 10 April 2026; the HKMA register lists only these two issuers as of 23 April 2026. FSTB and SFC published consultation conclusions on virtual asset dealing and custodian licensing on 24 December 2025, then published consultation conclusions on virtual asset advisory and management service provider licensing on 26 May 2026. All four new licensing regimes, dealing, custodian, advisory and management, have now completed consultation; FSTB and SFC are finalising the legislative proposals, with a single bill covering all four regimes still targeted for introduction into the Legislative Council within 2026 (not yet introduced). 13 VATPs are licensed by the SFC, unchanged since the last review (most recently NewBX, licensed 18 May 2026). A June 2026 Legislative Council reply confirmed the HKMA received 36 stablecoin-licence applications in the first window and expects the overall number of licences to remain very limited.
🇬🇮 Gibraltar
LN 2025/254 expanded the 2020 Regulations to DLT Providers and VAA Providers from 27 October 2025, expressly capturing virtual-asset exchange arrangements. LN 2026/053 took effect on 26 March 2026 and introduced 30-day pre-notification and GFSC no-objection requirements for dividends by DLT and VAA providers. The wider DLT-regime overhaul signalled in February 2026 still has no published draft or Bill in the official legislation register as of 15 August 2026.
🇪🇸 Spain
The CNMV's own register shows a bank-led adoption pattern: home-authorised providers include BBVA, CaixaBank, Cecabank, Kutxabank, Open Bank and Renta 4 alongside fintechs such as Bit2Me, Criptan Trade and Crossmint Europe, 10 in total by late Jun 2026. CNMV published updated MiCA Q&A guidance in Dec 2025 ahead of full application from 1 Jul 2026.
🇩🇰 Denmark
Denmark's MiCA transitional arrangement for legacy crypto-asset service providers who applied before 30 December 2024 runs for up to 18 months from that date, lapsing around 1 July 2026 in line with the EU-wide backstop. Finanstilsynet has published an application form, via virk.dk, covering both full CASP authorisation and Article 60 notifications, applicable since the crypto-asset-service rules took effect on 30 December 2024.
🇭🇺 Hungary
Act XXXVIII of 2026 repealed Hungary's separate SZTFH crypto-asset conversion validation scheme. Parliament adopted the repeal on 28 July 2026, it was promulgated in Magyar Kozlony on 30 July and took effect on 7 August 2026. Validator permissions lapsed and pending validator proceedings ended, leaving the ordinary MNB and MiCA framework. Strong press reporting of a first MNB CASP licence remains pending primary confirmation and is not counted here.
🇯🇵 Japan
The FIEA and Payment Services Act amendment was promulgated on 23 July 2026. The first tranche, raising penalties for unregistered business and expanding SESC investigative powers, took effect on 12 August 2026. The core crypto-to-FIEA reclassification takes effect within one year of promulgation on a day to be fixed by cabinet order, so the exact date remains pending and cannot be later than 23 July 2027.
🇮🇲 Isle of Man
Following its 2024 consultation on a more substantive crypto licensing regime, the IOMFSA retained the current DBRO-Act registration approach for now and may reconsider it in a future policy cycle. The consolidated Isle of Man Financial Services Authority (Fees) Order 2026, following a consultation that closed on 18 December 2025 and a feedback statement on 17 February 2026, took effect on 1 April 2026 and raised most fees, including designated-business fees, by about 2.9 per cent in line with CPI.
🇬🇬 Guernsey
On 24 July 2026 the GFSC published its Supporting Growth with Digital Finance feedback paper. Revised Part 10 rules are intended to take effect on 1 October 2026, permitting VASPs to serve retail customers and deleting the VASP-specific environmental declaration. Retail-facing firms must notify the GFSC and hold proportionate resources. Separate relief from dual licensing for some existing regulated firms remains proposed, with the section 40 notice consultation closing 31 August 2026. Stablecoin rules are expected in autumn 2026.
🇹🇷 Turkey
Secondary regulations (Communiques III-35/B.1 and III-35/B.2, 13 March 2025) operationalised Law 7518. Following a February 2026 amendment to the Turkish Capital Markets Association (TCMA/TSPB) statute (effective 27 Feb 2026), CMB-licensed Crypto Asset Service Providers must apply for TCMA membership within 3 months of obtaining their CMB operating permit, and a dedicated professional committee for CASPs has been created within the TCMA structure. In March 2026 the CMB extended certain deadlines on custody agreements and authorisation certificates. SPK's annual statutory revaluation (Bulletin 2025/68, Board Decision of 30 December 2025) raised the 2026 minimum capital under Communique III-35/B.2 from TRY 150,000,000 to TRY 250,000,000 for trading platforms and from TRY 500,000,000 to TRY 630,000,000 for custody providers. The final transitional compliance deadline of 30 June 2026 has passed; SPK's provisional lists (rechecked 15 July 2026) still show 56 entities declaring themselves in operation and 52 in liquidation, unchanged from 10 July 2026.
🇮🇩 Indonesia
10 January 2025: regulatory authority formally transferred from Bappebti to OJK; POJK 27/2024 took effect the same date. 10 July 2025: deadline for existing operators to complete governance, data-protection and consumer-protection upgrades. December 2025: OJK issued POJK 23/2025 amending POJK 27/2024, introducing a formal crypto derivatives trading framework. 19 December 2025: OJK published a whitelist of 29 licensed or registered digital financial asset and crypto asset trading operators; OJK's own subsequent lists (12 March 2026 and 21 April 2026) both show 25 licensed PAKD operators, which is the current figure. 30 June 2026: OJK issued PADK No. 3 of 2026, setting out detailed reporting mechanics under POJK 27/2024 and POJK 23/2025; it takes effect 1 September 2026 and replaces parts of Circular Letter 20/SEOJK.07/2024 from that date, with a further tranche of that circular repealed from 1 January 2027. PADK No. 3/2026 (enacted 30 June 2026) applies from 1 September 2026, with a first tranche of the superseded 2024 circular repealed from 1 July 2026 and the remainder from 1 January 2027.
🇮🇸 Iceland
Iceland enacted Act No. 101/2025 on markets for crypto-assets on 24 December 2025, in force from 1 January 2026, giving MiCA (Regulation (EU) 2023/1114) legal effect domestically with the adaptations in EEA Joint Committee Decision 41/2025 (adopted 20 February 2025, in force in the EEA from 24 June 2025). The transitional period for providers active before 30 December 2024 ran until 1 July 2026 or until a licence was granted or refused, whichever came first. On 25 June 2026 the Central Bank granted Myntkaup ehf an operating licence as a virtual asset service provider, Iceland's first CASP authorisation.
🇬🇧 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 to 28 Feb 2027; mandatory FSMA regime from 25 Oct 2027. The FCA published its 2026/27 fees policy statement PS26/14 on 2 Jul 2026; cryptoasset periodic fee-block detail is still expected in a September 2026 Handbook Notice, with nothing published early as of 15 Jul 2026. On 8 July 2026 the FCA published detailed information about the authorisation application form for cryptoasset firms, a full walkthrough of every question the online form will ask; the FCA notes the form's wording may still be refined but its structure is not expected to change, and the online system itself opens for firms to start applications on 30 September 2026 when the gateway opens. Firms have also been able to request a pre-application meeting with the FCA through its PASS service since 11 May 2026, with meetings running from July 2026.
🇲🇽 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. On 6 May 2026 Senator Alejandro Murat introduced a Senate bill to regulate peso-pegged stablecoins (Activos Virtuales Estables), restricting issuance to authorised ITFs and credit institutions under Banxico supervision; it remains a bill before committee, not enacted law.
🇩🇪 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. BaFin's KMAnzV notification ordinance under KMAG (issued 20 May 2026, Federal Gazette 26 May 2026) standardises CASP notification forms and procedures. ESMA's interim register recorded 61 German CASP entries at its 24 July 2026 refresh, including cooperative banks Raiffeisenbank Auerbach-Freihung eG (19 June 2026) and Volksbank Schwarzwald-Donau-Neckar eG (2 July 2026), both for order execution only.
🇦🇹 Austria
Austria set 30 June 2026 as the end of its transitional regime (shorter runway than the EU default 1 July 2026 deadline), creating pressure for existing FM-GwG registered VASPs to secure full CASP authorisation; Bybit reported as licensed in Austria per exchange-tracking source OSL EU GmbH was authorised on 7 July 2026 (per ESMA's interim register), the eleventh Austrian CASP.
🇱🇮 Liechtenstein
Bank Frick received MiCAR authorisation from FMA Liechtenstein on 20 January 2026, one of the first in the country under the new regime; FMA also authorised Bitcoin Suisse (Europe), the European arm of the Swiss group, covering trading, custody and staking for institutional/HNW clients. Smart Valor was authorised as a CASP under MiCAR Article 63 with effect from 1 Jul 2026, and Kaiser Partner Privatbank was authorised for certain crypto-asset services via the Article 60 notification route from 29 Jun 2026; the FMA confirmed the MiCAR transitional period ended on schedule on 1 Jul 2026. Further FMA authorisations followed: Floin AG (10 June 2026), Sygnum Europe AG (26 June 2026) and Damoon Technology (Europe) AG (10 July 2026), all announced on the FMA's own news feed.
🇧🇪 Belgium
The Act of 11 December 2025 (Belgium's MiCA implementing law) was the single biggest development: it was published 24 December 2025 and entered into force 3 January 2026, only then giving FSMA/NBB a full domestic legal basis for authorisation, supervision and sanctions. Before that date Belgium had a live enforcement gap despite MiCA being EU law since December 2024. As of last check, 0 CASPs were authorised in Belgium, consistent with the regime being newly operative. As of 3 Jul 2026 the FSMA's own list of authorised Belgian CASPs still records zero authorisations. On 3 Jul 2026 the FSMA also adopted ESMA's guidelines (FSMA_2026_16) on when a non-EU firm is treated as soliciting EU clients, relevant to enforcement against unauthorised third-country platforms. The FSMA's list now separately signposts ESMA's register for CASPs supervised by the National Bank of Belgium; that register records KBC Bank NV as Belgium's first such entry (updated 13 May 2026).
🇳🇴 Norway
AK Jensen Norway AS became Norway's first MiCA-authorised firm (Article 60 route), effective 2 February 2026. Firi, the largest Nordic crypto exchange (400,000+ users), was authorised by Finanstilsynet in May 2026, becoming one of the first full standalone Nordic crypto exchanges under the new framework. Norway's national VASP registry is being wound down ahead of the 30 June 2026 EEA-wide MiCA transitional deadline. Finanstilsynet's own announcements date the first Article 63 authorisations precisely: Tyr Markets AS applies from 18 May 2026 and Firi AS from 22 May 2026 (announced 29 May 2026); Norwegian Block Exchange AS followed on 30 June 2026.
🇦🇪 ADGM (Abu Dhabi)
June 10, 2025: FSRA implemented major amendments, shifted from FSRA pre-approval for Virtual Assets to a notification-based process built on applicant self-assessment; introduced express prohibition on privacy tokens and algorithmic stablecoins; revised capital requirements and fees for VA firms; added product-intervention power for virtual assets. September 2025 (Abu Dhabi Finance Week): FSRA published Consultation Paper No. 10 of 2025 proposing a staking framework. Finalised Fiat-Referenced Token (FRT) framework followed, with FEES Rulebook amendments effective 1 January 2026 (published 31 October 2025). April 29, 2026: FSRA finalised the Virtual Asset staking regulatory framework after consultation. December 2025/January 2026: Binance received FSRA approval (announced 7 December 2025) to operate its global Binance.com platform in ADGM via three regulated entities, described as the first global platform-level licence of this kind under the ADGM framework, operations beginning 5 January 2026. On 7 Jul 2026 the FSRA granted a Financial Services Permission to BTCS (Middle East), the Abu Dhabi subsidiary of Bitcoin Suisse, covering spot trading in accepted virtual assets, institutional custody and derivatives for institutional and professional clients. On 23 July 2026 the FSRA recognised Tether Gold (XAUT) as an Accepted Spot Commodity in ADGM, a spot-commodities recognition distinct from the virtual-asset regulated activities, allowing appropriately permissioned firms to offer the token.
🇰🇷 South Korea
The 20 Aug 2026 tightening is now identifiable as Act No. 21358 (amendment to the FTRA/AML Reporting Act), promulgated 19 Feb 2026 and taking effect 20 Aug 2026. It removes the KRW 1,000,000 Travel Rule de minimis threshold and separately expands VASP entry screening: adds a statutory definition of major shareholders, extends fit-and-proper disqualification checks to major shareholders, adds financial condition, social credibility, organisational, staffing and IT review factors, and authorises KoFIU to attach conditions when accepting a VASP report. Existing registered VASPs must re-report under the amended Article 7 within 3 months of the effective date (by approximately 20 Nov 2026). Separately, a Foreign Exchange Transactions Act amendment creating cross-border VASP registration passed 7 May 2026 (effective date disputed, 2 Aug vs 2 Dec 2026). The FSC's implementing-decree package (public comment 30 March to 11 May 2026) adds entry screening for VASP re-reports: a debt-ratio ceiling of 200 per cent excluding customer deposits, a three-year clean default record, fit-and-proper tests for officers and major shareholders, and AML staffing requirements; it removes the KRW 1,000,000 Travel Rule de minimis entirely and treats cross-border transfers of KRW 10,000,000 or more to foreign VASPs or private wallets as automatically suspicious.
🇧🇲 Bermuda
In January 2026, at the WEF Annual Meeting in Davos, the Government of Bermuda announced a partnership with Circle and Coinbase (and Stellar) to build what it describes as the world's first 'fully onchain' national economy, including plans for a sovereign Bermuda digital dollar. The BMA has begun real-world pilots, airdropping USDC to residents, enabling payments at a pop-up marketplace, and preparing to accept digital assets for government fees. Bermuda also hosts regulated derivatives operations tied to major exchanges including Coinbase and Kraken. The BMA's 2025 annual report shows licensed digital asset businesses rose to 49 by end of 2025 (up from 36 a year earlier). The DABA Code of Practice was also updated in 2024 with more detailed marketing/promotion and governance requirements. Bitcoin Suisse (International) Ltd was granted a Class F digital asset business licence with Class B investment business registration, reported 13 May 2026, pre-operational pending standard conditions. On tokenisation, the BMA issued a stakeholder letter on 30 March 2026 and a consultation paper on 9 April 2026 (feedback to 30 June 2026); on 21 July 2026 it opened a further consultation on letting certain insurers, ILS structures and investment funds use fully fiat-backed stablecoins for subscriptions, treasury and premium or claims payments (comments to 30 September 2026).
🇺🇸 United States
The GENIUS Act's 18 July 2026 deadline for federal implementing rules passed with no agency having finalised a rule: the OCC, FDIC, NCUA and Treasury (with FinCEN and OFAC) have issued proposed rules since December 2025, the Federal Reserve joined a five-agency customer identification proposal on 18 June 2026, and on 27 July 2026 the OCC sought approval for stablecoin issuer application forms (comments due 25 September 2026). The Act sets no penalty for the missed deadline; it takes effect on the earlier of 18 January 2027 or 120 days after final rules. The CLARITY Act remains stalled in the Senate: reported by the Banking Committee on 1 June 2026 with a substitute amendment, no cloture motion filed and no floor vote expected before the August recess; Senate Republicans circulated revised negotiating text on 22 July 2026. The SEC's three planned crypto rulemakings (token issuance safe harbour, broker-dealer capital and custody amendments, market structure) remained unpublished as of late July 2026.
🇨🇿 Czechia
Authorisation count growth confirmed: 0 authorised CASPs as of February 2026, moving to the CNB's first 6 authorisations issued 11 February 2026, then to 7 authorised CASPs by May 2026 (per Helms Advisory tracker). Czechia is described by multiple sources as the fastest-moving MiCA CASP jurisdiction in the EU in 2026, processing English-language applications from a pool of 248 filings.
🇪🇪 Estonia
Estonia's VASP population collapsed from 641 valid licences (mid-2021 peak) to 36 remaining by early 2026; as of recent reporting only one entity (Lightspark Payments Europe AS) had received full MiCA CASP authorisation. From 18 March 2026, CASP applications must go through FI's new application portal.
🇷🇴 Romania
Romania's MiCA implementation is unsettled and sources conflict. 2025 commentary cited GEO 10/2025 (reported in force from 13 Mar 2025) as designating ASF and BNR, but that ordinance amends Romania's AML law rather than designating MiCA authorities. ASF stated on the record on 1 Jul 2026, and again directly to StartupCafe on 5 Jul 2026, that no Romanian authority has been designated as competent for MiCA, that the implementing act remains a Ministry of Finance draft emergency ordinance, and that ASF cannot receive or resolve authorisation applications. Parliament returns from recess on 1 Sep 2026, the earliest point at which the stalled draft could resume progress. The EU-wide transitional period ended 1 Jul 2026, leaving Romanian firms reliant on passporting from other member states in the interim.
🇧🇭 Bahrain
In July 2025 the CBB issued a new Stablecoin Issuance and Offering (SIO) Module, added to Rulebook Volume 6, creating Bahrain's first dedicated stablecoin licensing framework. It covers issuance, minting, burning, and reserve management of single-currency stablecoins backed by BHD, USD, or other CBB-accepted fiat currencies; requires issuers to incorporate as a Bahraini B.S.C.; mandates perpetual redemption rights for holders; and explicitly permits yield-bearing stablecoins (subject to CBB-set limits). On 3 June 2026 AX Coin Bahrain B.S.C. (c), a subsidiary of Nasdaq-listed Solowin Holdings, announced it had been granted the first licence under this framework, for stablecoin issuer activities (per the issuer's announcement; a CBB press release confirming the grant is pending direct confirmation). Separately, CBB granted a new Category 3 crypto-asset licence to Fasset Financial Services W.L.L. in January 2025. In May 2026 the CBB restructured the approved-persons section (CRA-1.7) of the Crypto-Asset Module, regrouping its fit-and-proper, prior-approval and notification rules under relocated headings (Rulebook revision of 6 May 2026).
🇵🇹 Portugal
Lei 69/2025 (MiCA) and Lei 70/2025 (Travel Rule) published 22 Dec 2025, about a year late. The legacy-VASP transitional window closed 1 Jul 2026. Bison Bank became Portugal's first MiCA-authorised CASP in late Jun 2026, following approval from Banco de Portugal and the CMVM.
🇱🇺 Luxembourg
Rapid growth in H1 2026: as of 30 June 2026, 11 active CASPs including B2C2 Europe, Banking Circle, Bitstamp Europe, Bridge Building, Clearstream Banking, Coinbase Luxembourg, Stokr, Standard Chartered Luxembourg, Swissquote Bank Europe, Zodia Custody Europe and BitFlyer; BitFlyer authorised 26 June 2026, Stokr 22 June 2026, Bridge Building 29 June 2026, all just before the transitional deadline expired on 1 July 2026
🇮🇹 Italy
Consob Resolution 23700/2025 (introducing the EUR 20,000 fee) took effect 1 December 2025; the transitional regime for pre-MiCA VASPs was extended to 1 July 2026 (later than the original MiCA default cut-off), giving Italian firms extra runway. As of 1 July 2026, 8 firms hold full CASP authorisation, a sharp jump from near-zero conversions reported earlier in 2026, though still a small fraction of the pre-MiCA registered population.
🇵🇱 Poland
The enabling law (Crypto-Assets Market Act) remains blocked: the Sejm adopted a third draft on 15 May 2026, the Senate passed it unamended on 22 May 2026, and the President vetoed it for a third time on 11 Jun 2026 (earlier vetoes 1 Dec 2025 and 12 Feb 2026; an override attempt failed 17 Apr 2026). With the EU transitional period over on 1 Jul 2026, the KNF confirmed on the record that no Polish authority is designated for MiCA except for e-money token issuers; roughly 2,000 Polish VASPs are affected, with EEA passporting the working route into Poland.
🇭🇷 Croatia
HANFA granted Croatia's first MiCA CASP licence to Zagreb-based Electrocoin in April 2026 - the first authorisation issued in-country.
🇹🇭 Thailand
April 2025: extraterritorial scope amendment plus MDES no-court-order blocking powers, the biggest regulatory shift in this period. 1 November 2024: new capital requirement notification (KorThor. 28/2567) took effect, phased to full compliance by 1 November 2025. May-June 2025: first major enforcement wave blocking 5 offshore exchanges. Early 2026: criminal complaints filed against local/overseas joint-operation arrangements, signaling a shift from blocking to prosecution. ERX rebranded as KuCoin Thailand in 2025 following acquisition by KuCoin, illustrating global exchanges entering via licensed local subsidiaries.
🇳🇱 Netherlands
Netherlands became one of the highest-volume MiCA jurisdictions through H1 2026 as the 1 July 2026 EU-wide transitional deadline approached; notable authorisations include Bitvavo, Amdax, MoonPay, Finst, Fiat Republic, and Banxa (Oct 2025); dedicated 'ARI10' authorisation added Feb 2026 per one tracker
🇨🇾 Cyprus
CySEC set a hard 27 February 2026 deadline for existing national-regime CASPs to submit MiCA applications; preliminary assessment phase opened 13 Nov 2024, formal applications from 1 Jan 2025; national transitional regime and full MiCA regime now running in parallel toward the 1 July 2026 EU-wide cutover
🇸🇪 Sweden
Sweden's transitional period closed 30 September 2025, after which all CASPs needed full MiCA authorisation to continue operating, a materially earlier cutoff than the EU default. As of 3 March 2026, Sweden had 1 CASP authorisation (source: Bank of Lithuania comparative announcement). No update since; the current figure may be marginally higher.
🇫🇮 Finland
FIN-FSA launched a public register of authorised CASPs and a warning list of unauthorised providers; the 6-month transition period closed 30 June 2025, requiring firms to already hold full MiCA authorisation.
🇧🇬 Bulgaria
BG MiCA Act adopted 20 June 2025, entered force 8 July 2025 - a relatively late national implementer among EEA states; grandfathering deadline (8 Oct 2025) has already passed.
🇬🇷 Greece
Law 5193/2025 passed 11 April 2025; HCMC Decision 8/1059 (CASP licensing procedure) issued 30 July 2025; national compliance deadline of 30 December 2025 has already passed as of this research (July 2026).
🇱🇻 Latvia
Latvijas Banka has issued multiple CASP licences during 2025-2026, including to SIA AlphaRoute and Backpack, and reportedly Paybis (May 2026, per one directory source). Latvia offers free pre-licensing consultations and a formal Innovation Hub.
🇸🇰 Slovakia
Act No. 248/2024 Coll. entered into force to implement MiCA nationally; the transitional/grandfathering deadline for existing VASPs expired 30 December 2025, meaning all Slovak crypto firms must now hold full NBS CASP authorisation.
🇸🇮 Slovenia
ZIUTK in force since November 2024 as the national implementing law; the national transitional/grandfathering period for legacy providers expired 1 July 2025, earlier than Slovakia's, tightening the runway for unlicensed Slovenian crypto firms.
🇰🇾 Cayman Islands
Phase 2 licensing (custody and trading platforms) came into force 1 April 2025, with a 90-day transition deadline of 30 June 2025 for existing registrants to convert to a licence. CIMA updated the VASP application forms, Rule, and Statement of Guidance in December 2024 ahead of Phase 2. From 1 December 2025, CIMA introduced a new quarterly financial reporting requirement via the REEFS portal, layered on top of the existing annual audited accounts requirement. CIMA conducted a Thematic Desk-Based Review of 11 regulated VASPs (September 2024-February 2025), with findings published November 2025 and a further legal briefing in February 2026, identifying gaps in board composition, cybersecurity governance, staff training, and sanctions-screening practices. A Phase 3 is expected but not yet commenced as of mid-2026.
🇻🇬 British Virgin Islands (BVI)
November 2025: FSC issued Industry Circular 43 of 2025, publishing a comprehensive 'Understanding Virtual Assets and VASP Regulation' FAQ document clarifying scope (e.g., confirming pure ICO/ITO token issuance without other regulated activity does not require VASP registration). March 2025: BVI launched the Virtual Asset Service Providers Advisory Committee (VASPAC), a public-private body to enhance regulation/supervision of the sector, first meeting 27 March 2025. The FSC's Compliance Inspection Unit began a major round of onsite VASP/TCSP/Investment Business inspections in 2025 running through Q1 2026, focused on AML/CFT/CPF controls, internal audit, and staff training.
🇸🇻 El Salvador
(1) January-February 2025: Bitcoin Law amended to remove mandatory merchant acceptance and tax-payment use, as an IMF program condition; IMF Extended Fund Facility approved. (2) August 2024-January 2025: CNAD granted Tether a DASP licence and a stablecoin issuer-related authorization; Tether announced relocation of its group headquarters to El Salvador (January 2025). (3) Bitfinex Derivatives received a DASP licence (January 2025) and Bitfinex's core platform/securities arm expanded its CNAD-supervised licence coverage across spot and derivatives (reported May 2026). (4) Continued steady growth in DASP approvals through 2025-2026, including named entities such as B2BINPAY (November 2025), Freedx (April 2025) and Finprime.pro (October 2025), with Binance also reported to hold CNAD DASP authorization. (5) CNAD has begun processing stablecoin issuer registrations under its Public Offering of Stable Coins regulations, requiring three years of externally audited financial statements and publication of a 'Relevant Information Document' (DIR).
🇯🇪 Jersey
JFSC proposed enhancements to the AML/CFT/CPF Handbook (consultation published June 2025), taking effect 1 January 2026, including new sector-specific guidance for VASPs/DNFBPs partly in response to MONEYVAL's 2024 evaluation of Jersey. Jersey is implementing the OECD Crypto-Asset Reporting Framework (CARF): consultation began November 2024, legislation expected 2025, first CARF reporting due 2027. A government consultation (July-Sept 2025) on repealing the Control of Borrowing (COBO) framework proposes replacement legislation for digital-asset-related structures with a 12-24 month transition. In 2024 Jersey launched its first real-world-asset tokenisation platform under JFSC guidance.
🇨🇦 Canada
6 August 2024: CSA closed the restricted-dealer/PRU interim pathway to new CTP applicants, the most material structural change, pushing all new entrants to full CIRO Investment Dealer membership. December 2024: OSC Staff Notice 33-757 published findings from a compliance review of six Ontario-registered restricted-dealer CTPs. February 2026: CIRO published a Notice on its Digital Asset Custody Framework with tiered custodian capital requirements. March 2026: legislative amendments to the PCMLTFA (via the Strengthening Canada's Immigration System and Borders Act and Budget 2025 Implementation Act) established a new 'Stablecoin Act' with dedicated AML/CFT requirements for stablecoin issuers. Ongoing FINTRAC enforcement crackdown in 2026, with reports of roughly 50 MSB registrations revoked in a single quarter.
🇮🇪 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.
Get change alerts by email
Get an email when any covered regime changes: fee schedules, capital rules, transition deadlines.
No spam, unsubscribe any time.
Informational only, not legal advice. Verify with the relevant regulator and qualified counsel before acting.