Blockchain Regulation Journal - May 2026
The global race to regulate
TL;DR
🟥 The UK crypto perimeter is becoming clearer. The FCA opened consultation on draft perimeter guidance setting out which activities will require authorisation under the new regime, and pointed to a September 2026 application timeline. *
🟥 UK also tightened enforcement on the ground. The FCA ran its first multi agency operation against illegal peer to peer crypto trading in London and issued stop notices at eight locations. *
🟧 UK legislation is being fine tuned. HM Treasury published a draft amending instrument for the Cryptoassets Regulations 2026, aiming to provide more clarity for stablecoin payments and remove barriers in certain use cases. *
🟧 Europe put tokenisation at the centre of its payments strategy. The Eurosystem published a comprehensive payments strategy that includes its approach to tokenised settlement assets, including tokenised deposits and stablecoins. *
🟧 Europe is sharpening its financial stability lens. The ECB Macroprudential Bulletin discussed euro stablecoins and detailed risk channels such as reserve structure and stress transmission through the banking system. *
🟧 The US is drawing a line on broker dealer expectations for on chain user interfaces. An SEC Trading and Markets staff statement explained how certain interfaces that help users prepare crypto asset securities transactions using self custody wallets may be assessed under broker dealer registration requirements. *
🟧 A US prudential signal on stablecoins. The FDIC approved an NPRM to implement GENIUS Act requirements and standards for permitted payment stablecoin issuers, covering reserves, redemption, capital, and risk management. *
🟧 Australia is preparing for a licensing era. ASIC published an 18 month implementation roadmap for the Digital Assets Framework Act and set out a standards and guidance timeline leading to a 9 April 2027 start. *
🟧 Dubai is framing retail access to crypto derivatives. VARA announced a new rulebook framework for exchange traded derivatives that includes suitability checks, leverage limits, and margin controls. *
🟧 Kenya launched public participation on VASP rules. The National Treasury opened a nationwide consultation on the draft Virtual Asset Service Providers Regulations 2026. *
April: Bite sized updates
Türkiye
🟧 A tax compliance signal with long runway but high operational impact. OECD’s updated CARF plan indicates Türkiye’s 2028 target, pointing to future requirements around client matching, reporting data models, and audit trail quality. *
🟧 Remote identity verification and electronic contracting rules were extended to cover CASPs. A change published in the Official Gazette expanded the remote onboarding framework and electronic contracting standards to crypto asset service providers, pushing onboarding and record retention closer to capital markets standards. *
🟧 Yapı Kredi received SPK establishment approval for a crypto asset platform. *
Next month watchlist
UK: CP26/13 consultation deadline is 3 June 2026. *
UK: Watch how the draft amendments to the Cryptoassets Regulations 2026 affect stablecoin payments, especially cross border and B2B scenarios. *
US: Track the FDIC GENIUS Act NPRM comment process and coordination with other banking authorities. *
EU: Follow how the Eurosystem payments strategy translates into technical implementation steps for tokenised deposits and stablecoins. *
 | A guest post by
|