Tag Archives: DeFi compliance

This analysis covers decentralized finance (DeFi) regulatory trends, including the responsibilities of unincorporated organizations, KYC requirements, and enforcement cases.

US DeFi compliance infrastructure upgrades: Uniswap v4 permissioned pools launched, tokenized securities gain AMM liquidity channels.
US DeFi compliance infrastructure upgrades: Uniswap v4 permissioned pools launched, tokenized securities gain AMM liquidity channels.

On July 23, 2026, Uniswap Labs launched v4 Permissioned Pools, becoming the first open-source AMM in the DeFi space for regulated assets such as tokenized securities and funds.

26
June
Uniswap v4 introduces the Permissioned Pools standard: Superstate, Securetize, and Domino are among the first to adopt it.
Uniswap v4 introduces the Permissioned Pools standard: Superstate, Securitize, and Dowgo jointly build on-chain compliant transaction infrastructure.

Uniswap Labs has released its Permissioned Pools standard, which uses v4 hooks to enforce protocol-level compliance. Launch partners include Superstate (SEC-registered transfer agent), Securitize (SEC-registered broker-dealer + ATS, with over $50 billion in assets under management), and Dowgo (applying for EU DLT pilot program), providing AMM liquidity access for tokenized securities and regulated assets without sacrificing compliance controls.

23
June
US SEC Regulation Crypto Enters White House OIRA Review: DeFi Safe Harbor, Token Graduation Mechanism, and the Sprint to Develop a 400-Page Draft Rule.
US SEC Regulation Crypto Enters White House OIRA Review: DeFi Safe Harbor, Token Graduation Mechanism, and the Sprint to Develop a 400-Page Draft Rule.

SEC于2026年7月7日将Regulation Crypto列入正式规则制定议程，约400页草案进入白宫OIRA审查。草案设立三大豁免路径：初创企业四年注册豁免、加密投资合约5M募资上限、去中心化安全港代币毕业机制。规则面临双重倒计时：CLARITY Act须在8月前通过提供法定授权基础，委员Peirce将于11月卸任。

23
June
The FATF's seventh update warns of a potential blanket ban on DeFi platforms: 83% of jurisdictions have legislation on this issue, but only 40% enforce it; Cambodia's $40 billion money laundering network is prompting a restructuring of global regulatory bottom lines.
The FATF's seventh update warns of a potential blanket ban on DeFi platforms: 83% of jurisdictions have legislation on this issue, but only 40% enforce it; Cambodia's $40 billion money laundering network is prompting a restructuring of global regulatory bottom lines.

FATF于2026年7月16日发布第七次虚拟资产标准实施更新，首次明确警告各国可对不合规DeFi平台实施全面禁令。全球83%司法辖区已完成旅行规则立法，但仅40%实际开展了执法行动。报告披露柬埔寨金融集团2021-2025年间利用虚拟资产为有组织犯罪和朝鲜网络盗窃洗钱至少40亿美元，并将稳定币、未托管钱包、离岸VASP和DeFi协议列为四大优先风险领域。

23
June
U.S. SEC Commissioner Peirce issues statement on crypto vaults and on-chain lending compliance: The $86 billion DeFi vault sector faces securities law reassessment.
U.S. SEC Commissioner Peirce issues statement on crypto vaults and on-chain lending compliance: The $86 billion DeFi vault sector faces securities law reassessment.

On July 22, 2026, SEC Commissioner Hester Peirce issued a formal statement, systematically incorporating crypto vaults and on-chain lending strategies into the federal securities law analysis framework for the first time. Currently, DeFi vaults have $86 billion in locked assets, covering 788 vaults and 1.4 million users; Coinbase and Robinhood have already integrated such products. The statement clarifies that on-chain integration does not change legal attributes, and actively managed Curators may trigger registration obligations for investment firms and investment advisors.

23
June
The UK's HMRC (Honda Financial Conduct Authority) has released DeFi tax deferral rules: CGT for crypto lending and liquidity pools will be deferred until economic settlement, and stablecoins will be granted monetary-level tax treatment.
The UK's HMRC (Honda Financial Conduct Authority) has released DeFi tax deferral rules: CGT for crypto lending and liquidity pools will be deferred until economic settlement, and stablecoins will be granted monetary-level tax treatment.

HMRC于2026年7月13日宣布对DeFi借贷和AMM流动性池采用no gain no loss税务处理，CGT递延至经济处置时点。覆盖三种场景，惠及70万United Kingdom加密用户。同日将合格稳定币重新定性为准货币，豁免CGT。新规自2027年4月6日起生效。

23
June
U.S. SEC Commissioner Hester Peirce releases regulatory statement on crypto vaults and on-chain lending: a triple-judgment framework of the Howey Test, Investment Company Act, and Investment Advisers Act.
U.S. SEC Commissioner Hester Peirce releases regulatory statement on crypto vaults and on-chain lending: a triple-judgment framework of the Howey Test, Investment Company Act, and Investment Advisers Act.

On July 22, 2026, SEC Commissioner Hester Peirce issued a formal statement, systematically outlining for the first time the boundaries of federal securities law application for crypto vaults and on-chain lending strategies. The core criterion is that if a vault's return strategy, asset allocation, and risk control parameters are determined by a specific party, it may constitute an investment contract, an investment company, or securitized notes. The statement cites multiple legal frameworks, including the Howey Test, the Reves Notes Case, and the Investment Company Act of 1940, and welcomes practitioners to proactively communicate compliance pathways.

23
June
FATF 2026 Annual Review: Stablecoin Crime Surges, Calls for Accelerated Global Crypto AML Enforcement
FATF 2026 Annual Review: Stablecoin Crime Surges, Calls for Accelerated Global Crypto AML Enforcement

In July 2026, the FATF released its annual review report, pointing out that stablecoins have become the primary vehicle for on-chain illicit activities, 83% of jurisdictions have passed Travel Rules, but most have not been effectively enforced, criminal networks have begun to develop freeze-resistant proprietary stablecoins, and DeFi has become a regulatory blind spot.

17
June
Aave V4 Launches on Avalanche: DeFi Compliant Infrastructure for Tokenized Lending Markets Under the Hub & Spoke Architecture
Aave V4 Launches on Avalanche: DeFi Compliant Infrastructure for Tokenized Lending Markets Under the Hub & Spoke Architecture

Aave V4 has been deployed to Avalanche, introducing a Hub & Spoke architecture to support a customized lending market with independent risk control. The first dedicated market will support tokenized asset-backed lending, covering US Treasury bonds, MMF, and private lending. The RWA market size has exceeded $340 billion, and the tokenized lending market is advancing simultaneously from both the DeFi protocol layer and the institutional finance layer.

16
June
The US SEC's Crypto Working Group met with Hyperliquid: exploring regulatory pathways for decentralized derivatives protocols.
The US SEC's Crypto Working Group met with Hyperliquid: exploring regulatory pathways for decentralized derivatives protocols.

On July 14, 2026, the SEC's Crypto Working Group formally met with the Hyperliquid Policy Center, XYZ, and Sullivan & Cromwell to discuss the regulation of crypto assets. Hyperliquid presented its protocol's technical architecture and perpetual contract market ecosystem. This meeting, held at the cusp of the SEC's Project Crypto reforms, sends a positive signal for decentralized derivatives protocols to explore compliance pathways under U.S. federal securities laws.

15
June
The CLARITY Act receives FLEOA enforcement endorsement: The battle over crypto legislation enters a crucial stage before the Senate's August recess.
The CLARITY Act receives FLEOA enforcement endorsement: The battle over crypto legislation enters a crucial stage before the Senate's August recess.

FLEOA, representing 34,000 federal law enforcement personnel, officially endorsed the CLARITY Act, while proposing five amendments focusing on DeFi accountability and the preservation of law enforcement authority. With less than four weeks until the Senate recess on August 8th, the bill requires 60 votes to pass the full council. The law enforcement camp is divided, with moderate senators voting in favor to provide political cover.

14
June
HMRC UK Officially Confirms NGNL Tax Rules for DeFi Lending: Protocol Deposits Do Not Trigger Capital Gains Tax
HMRC UK Officially Confirms NGNL Tax Rules for DeFi Lending: Protocol Deposits Do Not Trigger Capital Gains Tax

The UK's HMRC has officially adopted the NGNL (No Gains, No Losses) rule for handling DeFi lending deposits: depositing assets into protocols does not trigger capital gains tax, and CGT is deferred until actual economic disposal. Lending income is categorized by nature: capital gains are subject to 18%-24% CGT, and income gains are subject to 20%-45% personal income tax. The founder of Aave confirmed that this adjustment was driven by industry feedback, making the UK one of the few jurisdictions globally to provide tax certainty for DeFi lending.

14
June
The CFTC On-Chain Protocol Registration Exemption Dispute in the US: Hyperliquid Policy Center and Phantom Join Forces to Clarify the Boundaries of DeFi Infrastructure Developer Licensing.
The CFTC On-Chain Protocol Registration Exemption Dispute in the US: Hyperliquid Policy Center and Phantom Join Forces to Clarify the Boundaries of DeFi Infrastructure Developer Licensing.

2026年7月9日，Hyperliquid Policy Center与Phantom联合向美国CFTC提交意见函，回应RIN 3038-ZA24信息征询，提出三项链上市场监管建议：明确协议软件开发不触发注册义务、为持牌DCM/DCO/FCM采用链上基础设施提供合规路径、将PhantomNone行动函26-09上升为正式规则。该意见函首次从牌照注册义务角度划定基础设施开发者与受监管金融服务提供者之间的法律边界。

10
June
EU MiCA Extended Review: New Compliance Variables for Tokenized Securities and Non-EU Stablecoin Issuers
EU MiCA Extended Review: New Compliance Variables for Tokenized Securities and Non-EU Stablecoin Issuers

The European Commission launched a public consultation on the MiCA (Military Assistance and Certification Act) regulations (ending September 30), assessing the inclusion of tokenized securities and non-EU stablecoin issuers under regulation. On the same day, the European Parliament adopted a policy document prioritizing DeFi, crypto lending, staking, and NFTs for review. As of May 2026, only 17% of EU crypto companies have obtained CASP authorization, and this regulatory expansion may add additional compliance pressure.

09
June
The U.S. SEC released its 2026 crypto regulatory agenda: three proposed rules and a shift in the institutional framework of the safe harbor.
The U.S. SEC released its 2026 crypto regulatory agenda: three proposed rules and a shift in the institutional framework of the safe harbor.

On July 7, 2026, the SEC released its annual regulatory agenda, including three proposed rules for crypto assets. Among them, the Regulation Crypto (RIN 3235-AN38) safe harbor framework is scheduled to release a draft for public comment in July, covering three categories of entities: startups (valuation < $1 million/first four years), venture capital funding (investment contracts ≤ $5 million), and decentralized transition projects. Tokenized securities and DeFi are explicitly listed as exemption areas. The CLARITY Act must pass the Senate by August; otherwise, the SEC's safe harbor will become the only institutional framework for crypto regulation in the United States in recent years.

08
June
Lighter founder Vladimir Novakovski joins CFTC Innovation Advisory Committee: Perpetual contract DEX enters the core circle of US derivatives regulation for the first time.
Lighter founder Vladimir Novakovski joins CFTC Innovation Advisory Committee: Perpetual contract DEX enters the core circle of US derivatives regulation for the first time.

Lighter founder Vladimir Novakovski announced his appointment as a member of the CFTC Innovation Advisory Committee starting in 2026, marking the first time a perpetual contract DEX has secured an independent representative seat on this 35-member committee. Novakovski's cross-disciplinary background, spanning traditional trading at Citadel, AI startups, and the ZK Rollup Perp DEX, provides a unique perspective for CFTC derivatives regulation.

06
June
Standard Chartered Bank: Trusted DeFi Protocols and Traditional Financial Collaboration Will Continue to Increase – A Compliance Analysis of Uniswap's Integration with Robinhood Chain
Standard Chartered Bank: Trusted DeFi Protocols and Traditional Financial Collaboration Will Continue to Increase – A Compliance Analysis of Uniswap's Integration with Robinhood Chain

Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that the market has underestimated the potential of partnerships between Uniswap and trusted DeFi protocols like Robinhood, and expects more licensed financial institutions to integrate DeFi protocols in the coming quarters. This article analyzes four unresolved issues regarding the existing regulatory framework for TradeFi-DeFi integration, starting from the MiCA/SFC/MAS licensing framework.

03
June
Securitize's SPAC listing on the NYSE: A Perspective on Tokenized Securities Compliance Infrastructure and DeFi Stock Lending Licensing
Securitize's SPAC listing on the NYSE: A Perspective on Tokenized Securities Compliance Infrastructure and DeFi Stock Lending Licensing

Securitize, a tokenization platform backed by BlackRock, went public on the NYSE (SECZ) on July 2, 2026, via a SPAC merger, with a valuation of approximately $12.5 billion. Former SEC Director of Trading and Markets, Brett Redfearn, proposed that tokenized securities combined with DeFi could break Wall Street's monopoly on stock lending yields. This article analyzes compliance from three dimensions: SEC transfer agent licenses, digital transfer agent compliance infrastructure, and references to licensed institutions in the Asia-Pacific region.

02
June
Turkish licensed exchange Paribu integrates with Hyperliquid and Polymarket: A DeFi compliance path for regulated centralized exchanges.
Turkish licensed exchange Paribu integrates with Hyperliquid and Polymarket: A DeFi compliance path for regulated centralized exchanges.

Paribu, a licensed digital asset platform in Turkey, has announced that it has become the first regulated exchange to integrate Hyperliquid's on-chain perpetual contracts and Polymarket's prediction market into its CEX interface. Its brokerage business has also received authorization from the CMB. This article analyzes Paribu's licensing path under Turkey's crypto regulatory framework, Law No. 7518, its self-custodied DeFi integration model, and its implications for licensed institutions in the Asia-Pacific region.

02
June
Standard Chartered Bank's first coverage of the DeFi protocol Morpho: How traditional financial institutions assess the compliance boundaries of decentralized lending.
Standard Chartered Bank's first coverage of the DeFi protocol Morpho: How traditional financial institutions assess the compliance boundaries of decentralized lending.

Standard Chartered Bank has initiated coverage of the DeFi lending protocol Morpho, giving it a $60 price target for 2030. This marks the first time a globally systemically important bank has evaluated a DeFi protocol in sell-side research. Morpho's modular market isolation, on-chain auditability, and flexible KYC/AML governance architecture provide a referable technological paradigm for compliance assessments by traditional financial institutions.

02
June

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