Blockchain Regulation Journal – June 2026

CLARITY is advancing, but the trade-offs for innovation, supervision, and banking risk are still contested.

TL;DR

🟥 MiCA-licensed firms are becoming visible across Europe. ESMA published an updated version of the Interim MiCA Register, consolidating records of authorised crypto-asset service providers across the EU in one place.*

🟥 Stablecoins are now a monetary policy and financial stability topic, not just a crypto topic. BIS Paper 170 highlights that stablecoin flows can have meaningful effects on FX markets and may increase monetary sovereignty risks, especially in emerging economies.*

🟧 The United Kingdom is setting a joint direction for tokenisation. The FCA and the Bank of England published a shared vision for tokenisation in UK wholesale markets and are seeking industry feedback.*

🟧 The Bank of England clarified the boundaries and requirements of DLT. The DLT Innovation Challenge 2025 Final Report was published, with key focus areas including settlement finality, scalability, network and asset control, and interoperability.*

🟥 The UK sanctions track targeted crypto directly. The UK announced sanctions relating to HTX, with reporting emphasising suspected links to Russia-connected financial networks and potential sanctions evasion.*

🟧 The US market structure debate reignited. The Digital Asset Market Clarity Act of 2025 passed the House in July 2025. In May 2026, the debate focused on topics such as the boundaries of yield-like rewards on stablecoins. The matter moved through negotiations in the Senate.* *

🟧 US derivatives are moving onto a regulated path. With steps by the CFTC, a regulated route is opening for bitcoin perpetual futures in the US, which could gradually pull offshore derivatives volume into onshore, supervised structures.*