Last week, Ari Redbord of TRM Policy and Angela Ang were joined by the special guest Elise Soucie Watts (Global Digital Finance) for an examination of what was counting in Global Crypto Policy in Q3.
Read the rest for the protruding facts of their discussion or look at the full recording below.
United States: unprecedented momentum, but just on the starting line
In the United States (United States), the White House has published a 163-page digital asset report-covering everything, from taxation to market structure and staging agencies to provide legal clarity through advice and supervision, rather than waiting for Congress. The report offers a limited liability “maintenance” mechanism which allows exchanges a suspicious break of funds while coordinating with investigators.
On Capitol Hill, the law on engineering has become the first federal stable bill to establish expectations in terms of reserves, redemption and the fight against money laundering (AML). The Chamber adopted the law on clarity and the senators have circulated discussion projects which would divide the surveillance between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
This momentum is real, said Ari – but the United States is just at the starting line. He always follows jurisdictions that have spent the past few years to create and refine regulatory executives, and which are now well in their implementation journey.
APAC: regulatory implementation and stable in home
Through the Asia-Pacific region (APAC), regulators have maintained the implementation in the center and the center. Hong Kong has advanced its aspire roadmap from February to develop its digital asset industry. And the Securities and Futures Commission consulted new regimes for the supply and custody of cryptography – and published directives on the guard of the client -active. The Hong Kong stable order also entered into force on August 1; Interested parties can now apply officially to issue a stablecoin to Hong Kong. The Hong Kong Monetary Authority stressed that potential transmitters must demonstrate both compliance capacities and present cases of clear and concrete commercial use.
Elsewhere in APAC, Stablecoin developments also continue Apace. In Singapore, the regulators have not yet published the project of legislation on the stables, but several transmitters operate in substantial compliance. Japan has issued its first license in fund transfer services to Jpyc for a lazy instrument supported by state deposits and obligations. In Korea, the legislators submitted several proposals to the National Assembly and the Financial Services Committee plans to publish an official project in October. In China, reports suggest that managers can consider allowing Stablecoins RMB, although the scope remains clear.
EMEA: Mica in motion, United Kingdom Consults, Mea Alignment executives
In Europe, the regulators have moved the mica of the text in operation and the competent national authorities began to implement. Elise stressed that dentition pain – including inequality – are expected and that supervisors can manage them by training, surveillance and coordination. In parallel, work on the digital euro continues.
Meanwhile, in the United Kingdom, the authorities advanced a dense consultation program. In addition to recent consultations on the program and the custody of the stables, and on prudential subjects, the FCA has published an article that maps all its manual in Crypto. The Law Commission analyzes private international law issues under the law on digital and electronic commerce documents, and HM Treasury pushes to accelerate authorization and reduce money laundering.
In the Middle East and Africa, political decision-makers continued to build and align executives. Jordan published his first framework proposed to regulate virtual assets. The regulators of Kenya, Nigeria, Ghana and South Africa follow American and European developments and report short -term updates. To water, several regulators have expressed clarifications on how their diets interact and the global market of Abu Dhabi consulted on the use of tokens referenced by the Fiat (Stablecoins) in regulated activities.
Stablecoins: utility, risk control, geopolitics
Obviously, Stablecoins were the best scenario in the neighborhood in all regions. Stablecoins are interesting for many financial institutions, central banks and regulators, because their stability of inherent value makes it the most form of payment. They therefore have great potential to achieve the general usefulness of blockchain technology. This is also why the regulators have converged on reserves, the redemption in a timely manner and the robust LMA as a basic control. However, Stablecoin issuers will be selective on their program, since it is ineffective and unnecessary to do so in too many jurisdictions. The issuers will choose key jurisdictions which not only have conducive regulatory frameworks, but also adapt to their use cases and their target markets.
At the same time, concerns of sovereignty persist. Some authorities prefer national currency instruments or prioritize CBDC, so the future promotes interoperability to replacement.
Tokenization: simple utility is “the killer application”
The tokenization of assets also remains downright on regulatory and commercial programs, even if it has obtained less antenna time than the stablecoins this quarter.
Ari, Angela and Elise characterized the money market funds to Tokenized as the “Killer application” in the short term because they pack a familiar instrument with a clear utility and legal and manageable risks. And Angela noted that US Treasury bills rose from around 100 million USD in January 2023 to around 7.5 billion USD by mid -2025 – which is starting to shape the structure of the market. The regulators of the way regulators work to balance innovation with railings are via sandboxes, allowing supervisors and companies to test the legal and operational seams before setting up.
Information sharing: in real time, in chain
In the fight against illicit finance, the importance of information sharing in real time was clearly clearly indicated by the always accelerating speed to which criminals move from chain funds. This is why TRM launched the Beacon network – a real -time prohibition layer where the police emit alerts on a consortium always on major exchanges, Fintechs and Defi protocols. Exchanges can join for free to receive alerts, block suspect flows and coordinate convulsions with investigators.
What we look at in the fourth quarter
While we are heading towards the end of another year in charge for cryptographic policy, the team will examine the implementation of engineering – in particular the mandate of the LMA of Treasury – and if the legislation on the structure of the market can erase its next obstacles. In APAC, the political work of Stablecoin should also continue. In Europe and the United Kingdom, supervisors will focus on the coherent Mica application and the post-consultation results of the FCA / HMT. And on a global scale, attention increases from the construction of domestic frameworks to make them work together – thanks to concepts of reciprocity, bilateral and multilateral arrangements, and the type of supervision information that allows cross -border companies to function in a coherent manner.
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