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Regulation, Licensing and Virtual Assets

Quickly view key regulatory interpretations, application guidelines, and transaction information by region, license type, and virtual asset business scenario.

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EU MiCA "reverse solicitation" exemption from review: Binance's continued EU services without a license raise regulatory questions.
EU MiCA "reverse solicitation" exemption from review: Binance's continued EU services without a license raise regulatory questions.

European regulator ESMA, along with French, German, and Greek regulators, is reviewing Binance's continued unlicensed service to EU clients by using the MiCA Article 61 "reverse solicitation" exemption. This article outlines the legal boundaries of reverse solicitation, the current status of Binance's expired registrations in six countries and its Abu Dhabi entity taking over, and the impact of ESMA's calls for strengthened enforcement on the compliance of crypto asset service providers.

01
June
The EU's ESMA has proposed revisions to MiCA, including establishing a new regulatory category for DeFi entry points.
The EU's ESMA has proposed revisions to MiCA, including establishing a new regulatory category for DeFi entry points.

The European Union's ESMA has submitted recommendations to the European Commission regarding the MiCA review, proposing to establish a new regulated crypto service category for companies providing DeFi protocol access to users, and to impose disclosure and prohibition requirements on staking, lending, and stablecoin services that do not comply with the MiCA; the recommendations are not yet formal legislation and no implementation timetable has been set.

01
June
The US ADAPT Act (Digital Asset Tax Act): Exemption from taxes on stablecoin payments and expansion of laundering rules.
The US ADAPT Act (Digital Asset Tax Act): Exemption from taxes on stablecoin payments and expansion of laundering rules.

U.S. Senator Steve Daines of Montana has introduced the 56-page ADAPT Act, a digital asset tax bill that proposes exempting dollar-denominated stablecoin consumer payments compliant with the GENIUS Act from capital gains recognition, waiving profit and loss recognition for transaction fees up to $10, and extending anti-tax avoidance rules on laundering and deemed sales to digital assets. Most provisions would apply to 2026.

01
June
The US CFTC plans to include event contracts in the definition of "swaps," escalating the battle for regulatory power in prediction markets.
The US CFTC plans to include event contracts in the definition of "swaps," escalating the battle for regulatory power in prediction markets.

The U.S. CFTC has submitted proposed rules to the OIRA to include event contracts in the definition of "swaps" under the Commodity Exchange Act, while simultaneously excluding casino-style betting products. This classification will determine whether prediction market operators are governed by the federal derivatives framework or state betting laws, directly impacting the registration and reporting obligations of platforms such as Kalshi and Polymarket.

01
June
The US Clarity Act fails in the Senate: Bitwise CIO interprets the logic behind faster and more beneficial crypto regulation.
The US Clarity Act fails in the Senate: Bitwise CIO interprets the logic behind faster and more beneficial crypto regulation.

The US Senate failed to advance the Clarity Act on September 15 by a vote of 49 to 50, but the crypto market rose instead of falling. Bitwise CIO Matt Hougan pointed out that the bill's failure actually allowed the industry to achieve more favorable regulatory outcomes more quickly: stablecoin rewards...

01
June
The US CFTC issued a default judgment in the Fundsz fraud case: board members were fined $3000 million.
The US CFTC issued a default judgment in the Fundsz fraud case: board members were fined $3000 million.

The U.S. District Court for the Central District of Florida issued a default judgment in the Fundsz digital asset and precious metals fraud case, ordering board members Brian Early and Alisha Ann Kingrey to pay over $3000 million in fines. The court found the two made false statements regarding returns, trading performance, and risks, and falsely claimed that funds were operated by a proprietary algorithm. This case reveals the enforcement path for unregistered investment schemes under CFTC regulation, providing a compliance warning for digital asset practitioners and investors.

01
June
OUSD, the US-based stablecoin for payments, has officially launched: Bridge issuance structure and key compliance points with the GENIUS Act.
OUSD, the US-based stablecoin for payments, has officially launched: Bridge issuance structure and key compliance points with the GENIUS Act.

The Open Standard consortium in the United States will launch the USD stablecoin OUSD on September 30, 2026. Issued by Stripe's Bridge platform, it will be pegged 1:1.

01
June
The U.S. CFTC is investigating former Congressman Kinzinger for alleged involvement in a Kalshi pardon contract deal.
The U.S. CFTC is investigating former Congressman Kinzinger for alleged involvement in a Kalshi pardon contract deal.

According to Politico, the U.S. CFTC is investigating former Congressman Adam Kinzinger for placing bets on contracts involving "his own presidential pardon" through an account linked to Kalshi between late 2024 and early 2025. Kinzinger claims his profits were only...

01
June
The US CFTC plans to define event contracts as swaps: a battle between prediction market regulation and state gambling laws.
The US CFTC plans to define event contracts as swaps: a battle between prediction market regulation and state gambling laws.

On September 28, 2026, the U.S. CFTC submitted two event contract rules to the White House OMB for review: one proposing to include event contracts in the definition of "swaps," and the other a provisional final rule proposing to remove "casino-style gambling products." This move aims to counter claims by various states that platform sports contracts such as Kalshi are illegal gambling, but the Sixth, Eighth, and Third Circuits hold conflicting positions, and the jurisdictional dispute may ultimately be decided by the Supreme Court.

01
June
Following the Senate's setback of the CLARITY bill, a key figure has left office: An assessment of the prospects for US encryption legislation.
Following the Senate's setback of the CLARITY bill, a key figure has left office: An assessment of the prospects for US encryption legislation.

The CLARITY Act (HR 3633) was blocked from the Senate's closing debate on September 15, 2026, by a vote of 49-50, failing to reach the 60-vote threshold. Its core architects, Lummis and Senator Tillis, and...

01
June
UK FCA Crypto Asset Licensing Channel Opens: Application Period from September 30, 2026 to February 28, 2027 (Detailed Explanation)
UK FCA Crypto Asset Licensing Channel Opens: Application Period from September 30, 2026 to February 28, 2027 (Detailed Explanation)

The UK's FCA opened its cryptocurrency licensing application channel on September 30, 2026, with the window closing on February 28, 2027. Trading platforms, custodians, stablecoin issuers, etc., must comply with...

01
June
AllUnity, regulated by MiCA, launches USDAU, a stablecoin for settling US dollars within a European framework.
AllUnity, regulated by MiCA, launches USDAU, a stablecoin for settling US dollars within a European framework.

AllUnity, regulated by the EU's MiCA, has launched its USDAU stablecoin, pegged 1:1 to the US dollar with segregated reserves. It will initially be issued on six public blockchains: Ethereum, Solana, Base, Tempo, Arc, and Polygon. This is its fourth fiat-denominated stablecoin, following the Euro, Swiss Franc, and Swedish Krona. AllUnity is sponsored by DWS, Galaxy, and...

30
June
The UK FCA has opened applications for regulatory authorization for crypto companies: a timeline and key compliance points for the new regulations in 2027.
The UK FCA has opened applications for regulatory authorization for crypto companies: a timeline and key compliance points for the new regulations in 2027.

The UK Financial Conduct Authority (FCA) opened a regulatory authorization channel for crypto asset companies on September 30, 2026. The application window is open from that date until February 28, 2027. The new regulatory framework is expected to be implemented in 2027.

30
June
Shinhan Bank of South Korea completes Proof-of-Concept (PoC) for stablecoin corporate cross-border remittances: Private channel protects transaction information.
Shinhan Bank of South Korea completes Proof-of-Concept (PoC) for stablecoin corporate cross-border remittances: Private channel protects transaction information.

On September 30, 2026, Shinhan Bank announced the completion of the full-process technical verification of cross-border stablecoin remittances for enterprises based on the Solana private solution. Enterprise customers do not need to directly hold digital asset wallets, and sensitive transaction information is not written to the public blockchain mainnet. The actual service implementation still depends on the maturity of the Korean stablecoin regulatory framework.

30
June
Ethereum Aave V4 Independent Lending Market Operation Application: Sentora and Aave DAO 50/50 Revenue Sharing and Risk Governance Analysis
Ethereum Aave V4 Independent Lending Market Operation Application: Sentora and Aave DAO 50/50 Revenue Sharing and Risk Governance Analysis

On September 28th, Sentora submitted an ARFC to the Aave governance forum, proposing to operate an independently curated lending market on Aave V4, initially deploying Ethereum and limiting borrowable assets to RLUSD, PYUSD, and OUSD. Protocol revenue will be shared by Sentora and...

30
June
With only three commissioners remaining at the US SEC and CFTC: the leadership vacuum in crypto regulation and its impact on compliance.
With only three commissioners remaining at the US SEC and CFTC: the leadership vacuum in crypto regulation and its impact on compliance.

Starting October 2, 2026, the U.S. Securities and Exchange Commission (SEC) and the Cross-Border CFTC will have only three commissioners remaining to oversee digital asset regulation. The SEC will have only two members, Atkins and Uyeda, after Hester Peirce's departure, while the CFTC will be chaired solely by Selig. With the Clarity Act blocked in the Senate this month, the two agencies are shifting their focus to rulemaking and interpretative guidance to advance regulation, requiring licensed institutions to prioritize employee guidelines for compliance.

30
June
The first US spot NEAR ETF was listed on the NYSE Arca: Bitwise NRR staking structure and SEC listing channel.
The first US spot NEAR ETF was listed on the NYSE Arca: Bitwise NRR staking structure and SEC listing channel.

Bitwise launched the Bitwise NEAR ETF (NRR) on the NYSE Arca on September 29, 2026, becoming the first spot NEAR ETF in the United States.

30
June
Kakao Pay Securities, together with Ondo and Dinari, signed an MOU to explore on-chain tokenization of Korean stocks.
Kakao Pay Securities, together with Ondo and Dinari, signed an MOU to explore on-chain tokenization of Korean stocks.

Kakao Pay Securities has signed an MOU with Ondo Finance and Dinari, a company regulated by the U.S. SEC, to explore the on-chain tokenization of South Korean listed company stocks and establish trading channels for overseas investors. This collaboration is still in the exploratory stage, and its actual implementation depends on the progress of South Korea's tokenized securities (STO) regulatory framework.

29
June
Demonstrating the participation of Japan's three major banks in stablecoin trade settlement, with regulatory support provided by the Financial Services Agency.
Demonstrating the participation of Japan's three major banks in stablecoin trade settlement, with regulatory support provided by the Financial Services Agency.

Japan's Financial Services Agency (FSA) announced its support for a pilot program on stablecoin trade settlement, with six institutions participating: Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, NTT Data, TradeWaltz, and MUFG Trust Bank. The pilot program, launched in September, uses bank approvals to purchase export receivables as a trigger for stablecoin settlement and plans to explore electronic bills of lading and smart contract custody.

29
June
Four Greek institutions have been added to the EU's MiCA (Crypto Asset Service Provider) directory for the first time.
Four Greek institutions have been added to the EU's MiCA (Crypto Asset Service Provider) directory for the first time.

For the first time, Greek companies have been added to the EU's MiCA (Mini-Asset Service Provider) list: BCash, Xenios Blockchain Group, Capital Wallet Greece, and Piraeus Bank. The latest ESMA list shows that the number of independent CASPs in the EU has reached [number missing].

29
June

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