• UK law now formally recognises cryptocurrencies as personal property under new legislation.
• The Property Digital Assets Act gives courts clearer rules for ownership and asset recovery.
• Rising crypto adoption pushed the UK to strengthen legal clarity for digital asset rights.

The UK has made a major change to how digital assets are treated in law, confirming that cryptocurrencies and other electronic tokens qualify as personal property.

The update became official when the Property Digital Assets Bill received royal assent in the House of Lords this week, with Lord Speaker John McFall announcing that King Charles had formally approved it.

The move arrives as crypto adoption continues to rise across the country and as courts have been settling digital asset disputes without a clear statutory framework.

By writing this principle into legislation, the UK aims to reduce uncertainty for users when proving ownership, recovering stolen assets, or handling digital holdings during insolvency or estate processes.

UK gives digital assets a clear legal status

Until now, UK courts recognised crypto as property only through common law, meaning judges reached conclusions based on earlier rulings rather than a specific statute.

The new law follows a 2024 recommendation from the Law Commission of England and Wales, which said that digital assets should be treated as a new form of personal property because they do not fit neatly into existing categories.

Personal property in the UK traditionally falls into two groups: a “thing in possession,” which refers to physical items, and a “thing in action,” which refers to enforceable rights such as debts or contracts.

Digital assets sit between these definitions.

They exist electronically, can be transferred like possessions, and are used in financial systems, yet they do not align perfectly with one category.

The bill clarifies that digital or electronic items can still be recognised as property even if they are neither a physical object nor an enforceable claim.

The Law Commission warned that the unclear fit of digital assets could complicate court decisions, especially when resolving disputes involving ownership or loss.

Growing adoption pushes the UK toward stronger rules

The new legislation forms part of a wider push to build a structured framework for digital assets.

The goal is to strengthen consumer protection while encouraging innovation in digital finance.

Adoption continues to expand. Late last year, the financial regulator reported that roughly 12% of UK adults hold cryptocurrency, up from 10% in its previous findings.

The rise signals that more users are engaging with digital assets, making legal clarity an essential part of future policy planning.

By recognising crypto as personal property and preparing broader regulations, the UK is aiming to support the digital economy while giving users a firmer understanding of their rights.

The shift is expected to shape future industry practices and improve how courts interpret disputes involving blockchain-based assets.

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• A second FDIC rule on prudential requirements will follow early next year.
• The FDIC will supervise bank subsidiaries issuing payment stablecoins.
• Guidance on tokenised deposits is under development.

US regulators are moving quickly to build the country’s new stablecoin supervision system, with federal agencies preparing detailed rulemaking as the GENIUS Act begins to shape policy.

The Federal Deposit Insurance Corporation is set to publish an application framework for payment stablecoin issuers later this month, marking one of the earliest steps in implementing the law signed by President Donald Trump earlier this year.

Alongside the FDIC, the Federal Reserve, and the Treasury Department are working on their own regulatory responsibilities, signalling a coordinated effort to bring stablecoins under a clearer, more structured oversight regime.

FDIC develops licensing framework for stablecoin issuers

The FDIC has confirmed through written testimony scheduled for delivery to the House Financial Services Committee on December 2 that it is close to releasing a proposed rule outlining how payment stablecoin issuers will apply for approval.

The agency began the process earlier this year as part of its duty to implement the GENIUS Act, and the first formal proposal is expected before the end of the month.

Another proposal focusing on prudential requirements for FDIC-supervised issuers is planned for early next year.

Once the application framework is published, the agency will gather public comments before moving toward a final rule, a phase that typically spans several months.

GENIUS Act expands oversight for bank-linked stablecoins

The GENIUS Act introduces a national structure that requires federal and state regulators to coordinate their supervision of stablecoin issuers.

Under the law, the FDIC will oversee and license subsidiaries of insured depository institutions that issue payment stablecoins.

The agency will also set out capital rules, liquidity expectations, and reserve diversification standards.

Much of this work will roll out over the coming year, as several rulemakings are needed to meet the obligations laid out in the legislation.

The FDIC is also consulting recommendations released in July by the President’s Working Group on Digital Asset Markets, which urged regulators to clarify digital asset activities allowed for banks, including asset and liability tokenisation.

Tokenised deposits included in regulatory review

In addition to its stablecoin responsibilities, the FDIC is preparing new guidance aimed at clarifying how tokenised deposits will be treated under federal regulation.

This area has gained attention as banks explore digital versions of traditional deposit products.

The forthcoming guidance is expected to help institutions understand which activities fall within supervisory boundaries and how they will be monitored.

Federal Reserve coordinates its own stablecoin standards

The Federal Reserve will join the FDIC at Tuesday’s House hearing, with Vice Chair for Supervision Michelle Bowman detailing the central bank’s work on stablecoin rules.

The Federal Reserve is coordinating with other banking regulators to craft capital, liquidity, and diversification standards required under the GENIUS Act.

The focus includes creating clarity for banks engaged in digital asset activities and providing regulatory feedback on new use cases as they emerge.

This joint push aims to ensure the banking system can support digital asset development while maintaining stability and compliance.

Other agencies are also advancing their obligations under the GENIUS Act.

The Treasury Department has already completed its public consultations, which concluded in November, and is developing its own rules.

These efforts will run in parallel with the FDIC and Federal Reserve processes, contributing to the broader national framework being built to govern stablecoins across the US.

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• Crypto firms operating in the EU must report transactions and holdings in a standardised format.
• Regulators will gain wider access to user data, raising privacy concerns.
• ESMA may oversee major exchanges, centralising EU crypto supervision.

The European Union has unveiled a new set of rules that will significantly change how crypto-asset service providers operate across the bloc.

These changes are set to take effect on January 1, 2026, marking one of the EU’s most ambitious attempts to tighten control over crypto activities.

The rules will introduce standardised reporting requirements that will give tax authorities deeper visibility into the cryptocurrency market.

Tougher reporting requirements are coming

At the heart of the new framework is the expansion of the Directive on Administrative Cooperation, known as DAC8.

This update requires crypto exchanges, wallet providers, and other digital-asset operators to report customer holdings and transactions in a standardised digital format.

Once submitted, these reports will be automatically shared among EU tax authorities, enabling regulators to monitor crypto flows and trading activity more effectively.

The regulation, formalised under Implementing Regulation (EU) 2025/2263, also mandates the creation of a comprehensive Crypto-Asset Operator register.

Each reporting operator will receive a unique 10-digit identification number, starting with an ISO country code, to simplify cross-border supervision.

Even when an operator is removed from the register, the information must be retained for up to 12 months, ensuring continuity in regulatory oversight.

Member states are expected to submit annual assessments to the European Commission using standardised reporting templates.

Privacy under the microscope

While the regulation is framed as a measure to combat tax fraud, financial crime, and market abuse, it raises significant privacy concerns for crypto users.

The Transfer of Funds Regulation, which extends the so-called “travel rule” to crypto transactions above €1,000, already requires identification of both senders and recipients, including interactions with self-hosted wallets.

Users may also be asked to verify ownership of their private wallets.

Combined with DAC8, these measures give regulators unprecedented insight into individual trading behaviour, wallet flows, and the activities of service providers.

The European Commission’s broader regulatory package works alongside the Markets in Crypto-Assets framework (MiCA) and upcoming anti-money laundering rules.

Large crypto operators will be expected to carry out detailed customer due diligence, report suspicious activities, and disclose energy consumption for their operations.

Supporters of the new rules, including ECB President Christine Lagarde, argue that a unified EU approach will replace fragmented national supervision, which has historically hindered consistent enforcement.

However, the plan to give the European Securities and Markets Authority direct oversight over major cross-border exchanges and clearing houses has drawn criticism from smaller financial hubs, including Luxembourg, Malta, and Ireland.

They warn that consolidating supervisory powers could raise compliance costs and disadvantage operators in smaller jurisdictions.

The Financial Stability Board, the G20’s leading financial watchdog, also recently noted that strict privacy laws worldwide often impede cross-border cooperation.

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• RLUSD has been recognised as an Accepted Fiat-Referenced Token in the Abu Dhabi Global Market.
• Ripple secured full regulatory approval to operate in the Dubai International Financial Centre in March.
• The DFSA allowed RLUSD to be used inside the DIFC in June.

Ripple’s dollar-pegged stablecoin has gained new regulatory acceptance in the Middle East, adding another link between traditional finance and digital assets as the UAE moves to tighten oversight of decentralised finance and Web3.

The approval allows institutions operating in Abu Dhabi’s financial free zone to use RLUSD for regulated activity, reinforcing the country’s strategy of pairing innovation with clearer rulemaking.

As the UAE reshapes how payments, lending, and custody services operate across digital systems, Ripple’s position in the region is expanding through multiple regulated hubs that already host global financial firms.

ADGM adds RLUSD to regulated activities

Ripple announced on Thursday that RLUSD is now recognised as an Accepted Fiat-Referenced Token within the Abu Dhabi Global Market.

The financial centre sits on Al Maryah and Al Reem Islands and functions as an international free zone with its own regulatory framework.

The approval was issued by the Financial Services Regulatory Authority, which supervises activities conducted within the zone.

The decision means firms licensed by the regulator can use RLUSD for services that fall under permitted activities, provided they meet requirements set for fiat-referenced tokens.

These include rules linked to reserve management, transparency, and disclosures.

Ripple said RLUSD currently holds a market capitalisation above one billion dollars and is being adopted for uses such as collateral and payments.

RLUSD was launched in late 2024. It is pegged 1:1 to the US dollar and backed entirely by cash and equivalents.

The stablecoin is issued under a limited-purpose trust charter from the New York Department of Financial Services, which sets the conditions for custody and reserve safeguards.

Ripple widens presence across UAE financial hubs

The recognition in Abu Dhabi adds to Ripple’s regulatory progress across the UAE’s digital-asset ecosystem.

In October 2024, the company confirmed it was pursuing a licence from the Dubai Financial Services Authority to expand its services in the country.

It secured in-principle approval later that month as part of its plan to operate inside Dubai’s major financial zone.

By March, Ripple had received full regulatory approval to provide cross-border crypto payment services within the Dubai International Financial Centre.

The DIFC runs under its own rulebook and is widely used by global firms looking to serve markets across the Middle East, Africa, and South Asia.

In June, the DFSA permitted RLUSD to be used for regulated activities within the DIFC.

This allowed companies operating inside the zone to integrate the stablecoin into services involving payments and treasury functions.

Ripple also brought in Zand Bank and the fintech app Mamo as early adopters of Ripple Payments, its blockchain-powered system designed for institutional transfers.

UAE expands its national approach to crypto supervision

The UAE is now combining approvals inside its financial zones with a nationwide framework that brings more of the digital-asset market under central oversight.

Earlier this week, authorities introduced a new central bank law that formally places decentralised finance and a wide portion of Web3 activity within a regulated structure.

Federal Decree Law No. 6 of 2025 has been in force since September 2025.

It requires platforms, infrastructure providers, and protocols involved in lending, custody, exchanges, payments, or investment services to obtain licences from the Central Bank of the UAE by September 2026.

The move sets a unified expectation for businesses operating across digital finance.

Stablecoin use grows as rules become clearer

The combination of ADGM recognition, DIFC approval, and a nationwide regulatory framework positions RLUSD to play a larger role in institutional financial services across the UAE.

With regulated firms in multiple zones now able to use the stablecoin for defined activities, Ripple’s expansion reflects the broader shift in the country’s approach to digital assets.

The new law signals that the UAE is looking to support innovation while ensuring that digital-asset operations follow the standards applied to other financial services.

RLUSD’s clearance inside Abu Dhabi arrives at a moment when regulated stablecoins are increasingly used for settlement, payments, and collateral across international markets.

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• The state legislation sets aside $10 million for Bitcoin accumulation.
• Texas is preparing a formal tender to choose a custodian for the reserve.
• New Hampshire authorised a Bitcoin reserve and approved a $100 million Bitcoin bond.

Texas is moving ahead with one of the most ambitious state-level crypto strategies in the country as it begins shaping the framework for a government Bitcoin reserve.

The state has now taken its first formal step by acquiring $5 million in shares of BlackRock’s iShares Bitcoin Trust.

The purchase is part of a wider plan triggered by legislation passed earlier this year, which allocated $10 million for future Bitcoin accumulation.

The early activity positions Texas to become the first US state to hold a dedicated cryptocurrency reserve, giving it a lead in a growing competition among states exploring digital asset policies.

Texas builds foundation for Bitcoin reserve

The state has been gathering information from the cryptocurrency industry to help design how its reserve will operate.

The review began after Texas issued a request for information in September seeking guidance on best practices for storage, security, and management.

Industry groups sent detailed submissions covering custody models, investment structures, governance frameworks, and security systems.

The process is part of a wider effort to ensure the reserve can be managed with clear procedures once it transitions from planning to execution.

Texas officials are expected to follow this phase with a formal request for proposal.

The tender will be used to select a custodian and determine the final operational rules for the programme.

The recent $5 million allocation acts as a temporary measure rather than direct Bitcoin ownership while the state completes its selection process, according to a CoinDesk report.

States explore government crypto strategies

Other states have also gained exposure to Bitcoin, though through different channels.

Michigan and Wisconsin accessed cryptocurrency markets through public-employee retirement funds.

Wisconsin sold a $350 million allocation in May, according to public records.

These moves reflect growing institutional interest at the state level, even in cases where governments have not yet adopted dedicated reserves.

Several states are actively studying the idea of holding Bitcoin for strategic purposes.

New Hampshire has authorised the creation of a government Bitcoin reserve, although it has not yet made any purchases.

Last week, the New Hampshire Business Finance Authority approved a $100 million Bitcoin bond designed to support an economic development fund backed by cryptocurrency.

The structure relies on private sector activity rather than direct state accumulation.

Early development continues nationwide

Arizona is also taking steps toward a government-level reserve.

Its legislation directs unclaimed cryptocurrency assets held by the state into a dedicated reserve.

The plan creates an initial legal foundation that could support future accumulation, although the full reserve framework is still in development.

These early efforts reflect a rising interest among states in integrating digital assets into long-term financial planning.

The state-level activity is unfolding alongside federal discussions.

President Donald Trump has publicly supported the idea of a national Bitcoin investment strategy.

The administration has issued an executive order directing officials to begin planning for a federal reserve structure.

Government teams working on the project are now waiting for congressional approval before advancing to the next stage.

Texas sets the pace in state crypto adoption

Texas remains the most advanced of the state-level initiatives due to its legislative backing and its first confirmed investment.

The move signals a shift from exploratory interest to practical implementation, with a structured plan for selecting custodians and defining reserve operations.

The next steps will determine how the state transitions from temporary allocations to direct Bitcoin ownership once contracts and governance systems are finalised.

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• Animoca must meet capital, compliance, and operational conditions before final approval.
• The firm already secured in-principle approval for a crypto brokerage licence in Dubai in October.
• Animoca’s portfolio spans more than 600 companies in web3 gaming, infrastructure, and digital rights.

Animoca Brands is taking a major step in its regulated expansion strategy as it secures initial approval to set up a fund management business in Abu Dhabi.

The move signals a deeper shift in how the company wants to operate across the Middle East, with a focus on building a structured, compliant base for its growing investment activities.

Abu Dhabi’s Financial Services Regulatory Authority granted the in-principle approval on November 24, giving the company a clear path toward full permission once it completes the required capital, compliance, and operational processes.

This early approval adds new direction to Animoca’s efforts to formalise its presence in a region that is fast becoming a centre for digital asset companies.

The firm sees the UAE as a growing market where regulated structures can attract both traditional investors and digital-native participants.

With operations already established in Dubai, the company is now tying its regional strategy to a framework that supports managed funds and institutional-grade products.

Investment expansion

The approval allows Animoca Brands to move closer to managing collective investment funds from within the UAE.

This is important for the business because it positions the firm to support institutional clients under a regulated environment.

Animoca already works across several areas of the web3 economy, including advisory services and investment activity, and it maintains a portfolio of more than 600 companies across gaming, infrastructure, digital property rights, and tokenised platforms.

A fund manager licence would give the company a structured base of operations for these investments, creating a unified location for regulated activities across its global network.

It also supports Animoca’s intention to build a wider footprint in markets where regulatory clarity is improving quickly.

By anchoring its investment work in Abu Dhabi, the firm is preparing for a future where compliant digital asset services will become more central to institutional adoption.

Regional licensing progress

Animoca Brands has been steadily expanding its regulatory presence in the Middle East.

In October, the firm secured in-principle approval for a crypto brokerage licence from Dubai’s Virtual Assets Regulatory Authority, allowing it to offer regulated trading services in the emirate.

The combination of approvals in both Abu Dhabi and Dubai shows how the company is shaping its regional strategy through recognised frameworks rather than informal or unregulated operations.

Alongside regulatory progress, Animoca is also working on tokenisation initiatives involving real-world assets.

A recent project involves a limited partnership fund developed with Hong Kong-listed DL Holdings, using the XRP Ledger to structure on-chain vehicles.

The company continues to add new programmes across education finance, token distribution, and web3 gaming, expanding the network of projects connected to its broader ecosystem.

Growing UAE digital assets focus

The UAE has become a priority destination for companies operating in the digital economy, and Animoca Brands is using this momentum to anchor its regulated activities in the region.

With clearer rules, new licensing pathways, and rising interest from global investors, the Middle East offers a strategic opportunity for businesses seeking compliant growth.

Animoca’s latest approval places the company at the centre of this shift as institutions look for regulated access to digital assets.

The firm’s chairman, Yat Siu, is scheduled to speak at the Global Blockchain Show 2025 in Abu Dhabi, highlighting the company’s role in regional discussions on digital asset development.

The new approval supports this engagement by giving Animoca a recognised path to expand its fund management and investment work as demand for regulated services continues to increase.

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• Thai market weakness is influencing the company’s shift.
• The potential fundraising amount is about $200 million.
• IPO activity in Hong Kong is heading for a four-year high.

Bitkub is considering a potential listing in Hong Kong, as per a Bloomberg report, signalling how crypto companies across Asia are reassessing where to raise capital as regulatory frameworks and market performance continue to diverge.

The discussions suggest that regional players are increasingly looking beyond their home markets to tap investor interest and align with the region’s shifting regulatory map.

Hong Kong IPO plans

Experts say Bitkub may pursue the Hong Kong route as early as next year, although the plans remain under evaluation.

The company is studying how a listing there could support expansion and strengthen its position in a region where crypto regulation is evolving.

The potential deal size, under review as discussions continue, notes Bloomberg, is expected to be around 200 million dollars, though the final structure could change as conditions develop.

Thai market pressures

Thailand’s stock market conditions appear to be a central factor behind the shift.

The domestic exchange has struggled this year, posting one of the weakest performances globally.

New listings have seen a weighted average decline of more than 12%, placing pressure on companies looking to attract stable demand.

The SET Index has also fallen by about 10%, prompting some firms to explore more resilient capital markets across Asia.

Bitkub had previously explored a local listing, but the prolonged downturn has encouraged a reassessment of regional options with stronger liquidity.

Hong Kong digital assets push

Hong Kong has been positioning itself as a regulated centre for digital assets, aiming to regain ground lost during earlier market retreats.

The city has introduced a licensing framework for crypto platforms to create a clearer regulatory environment and support investor confidence.

Bloomberg states that officials are also working on measures that may encourage more exchanges and institutions to operate within the market, although overall trading activity remains quiet for now.

A Bitkub listing would contribute to the city’s plan to draw more international companies and expand its role in the Asian digital assets landscape.

Regional competition for listings

A listing by Bitkub would support Hong Kong’s wider efforts to attract firms from outside mainland China.

The city is heading for its strongest year for first-time share sales in four years, with Bloomberg estimating potential proceeds of more than $40 billion by year’s end.

For now, the consideration of a Hong Kong listing highlights how regional players are adapting to a rapidly changing environment.

As Asian markets refine their regulatory approaches and compete to establish stronger positions in digital assets, companies such as Bitkub are reassessing where their future growth and investor access may be best supported.

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• Authorities identified 13,827 premises involved in illicit power consumption for mining.
• TNB seized bitcoin mining machines during joint inspections.
• Smart meters are being installed to detect suspicious energy use in real time.

Malaysia is intensifying its response to rising energy losses linked to cryptocurrency mining, as new figures show widespread electricity theft across the country.

The national utility, Tenaga Nasional Bhd, has reported more than $1 billion in losses from illegal power use between 2020 and August this year.

The scale of the theft has pushed authorities to strengthen monitoring tools, expand inspections, and build new data systems as bitcoin mining operations continue to strain the national grid.

Officials now view the situation as an urgent energy security issue that requires consistent oversight.

Rising cases of electricity theft

The energy and water transformation ministry said 13,827 premises were found using electricity illegally for cryptocurrency mining during the period, according to a written parliamentary reply dated Tuesday.

Malaysia does not have specific rules governing crypto mining, but the activity becomes illegal once meters are tampered with or bypassed.

Such actions fall under offences detailed in the Electricity Supply Act.

The ministry confirmed that these illegal activities caused financial losses of 4.6 billion ringgit, equivalent to about $1.11 billion.

Mining setups require continuous and intense power consumption, which is often concealed to avoid detection.

This has allowed unauthorised operations to drain the grid at a rapid pace.

Coordinated enforcement operations

TNB has been conducting joint inspections with multiple enforcement bodies to respond to the rising cases.

The police, the communications regulator, the anti-graft agency, and other authorities have taken part in these operations.

Their coordinated actions have resulted in the seizure of bitcoin mining machines at many of the identified premises.

With illegal mining activities still increasing, TNB has shifted towards systems that support preventive oversight.

The utility has built a database holding complete records of owners and tenants of premises suspected of involvement in electricity theft related to bitcoin mining.

The ministry said the database helps identify patterns, profile high-risk locations, and support future inspections across different states.

Technology driven monitoring measures

Malaysia is also relying on real-time energy monitoring to reduce losses.

Smart meters are being installed at electricity distribution substations to track consumption patterns and identify manipulation more quickly.

These meters help detect sudden spikes or irregular behaviour, which often indicate hidden mining operations.

Real-time alerts allow TNB to respond faster before theft spreads or expands.

The country’s competitive electricity prices make it attractive for mining operators, which increases pressure on the grid and complicates enforcement.

Since mining is energy-intensive and not directly regulated, authorities are using existing energy laws supported by surveillance technologies to curb illegal consumption.

Strengthening oversight across the grid

Malaysia has chosen to enhance enforcement rather than introduce dedicated mining regulations.

Authorities are relying on interagency cooperation, improved inspection strategies, and expanded data systems to protect the utility network.

TNB continues to refine its approach, as illegal mining operations often shift locations after raids, requiring constant monitoring and updated intelligence.

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• The licence covers 13 cryptocurrencies, including Bitcoin, Ether, USD,C and Tether.
• AMINA reported a 233% increase in Hong Kong trading volumes in early 2025.
• Hong Kong launched new stablecoin rules and approved a Solana ETF this year.

Hong Kong’s push to build a regulated digital asset market is drawing more interest from global financial institutions, and the latest example is Swiss crypto bank AMINA Bank AG securing approval to expand its services in the city.

The bank received a Type 1 licence uplift from the Securities and Futures Commission, which makes it the first international bank allowed to offer regulated crypto trading and custody to institutional clients in Hong Kong.

The move strengthens the city’s position as a regional digital asset hub and highlights rising demand for bank-grade crypto services among professional traders.

AMINA plans to use the approval to provide institutional users with a regulated route into cryptocurrencies at a time when clients are looking for stronger safeguards and clearer rules.

Hong Kong’s compliance standards have often limited the number of foreign institutions able to offer these services, which has left a gap in the market for firms with established banking frameworks.

AMINA’s entry aims to fill that gap while giving clients a regulated platform backed by traditional financial infrastructure.

AMINA expands in a fast growing market

The licence uplift allows AMINA’s Hong Kong subsidiary to offer trading and custody for 13 cryptocurrencies.

These include Bitcoin, Ether, USDC, Tether, and several leading decentralised finance tokens that are widely used across global exchanges.

The approval creates new opportunities for institutional clients looking for a single regulated venue with access to a curated list of major digital assets.

AMINA also reported a sharp rise in market activity.

The bank recorded a 233% increase in trading volume on Hong Kong crypto exchanges in the first half of 2025.

The increase points to stronger engagement from both institutional and retail segments, which are becoming more active as Hong Kong’s regulatory environment evolves.

The bank expects the new approval to support a wider product range.

It plans to expand into private fund management, structured crypto products, derivatives, and tokenised real-world assets.

These additions would place AMINA among the firms offering institutional clients diversified exposure across multiple types of digital assets.

Local players face new global competition

While AMINA is the first international bank to receive this specific licence upgrade, it enters a competitive market.

Hong Kong already hosts regulated local firms such as Tiger Brokers and HashKey, which serve institutional and retail clients under earlier permissions.

AMINA’s approval signals that the market is open to more foreign institutions, which could change competitive dynamics for both global and local providers.

Hong Kong officials have said on multiple occasions that attracting global firms is central to the city’s digital asset strategy.

AMINA’s arrival may encourage more banks and brokerages abroad to consider similar applications as they assess opportunities in Asia’s regulated crypto markets.

Policy changes shape Hong Kong’s crypto framework

AMINA’s approval arrives during a period of rapid policy development in the city.

Hong Kong introduced its new stablecoin rules in August, creating a formal licensing pathway for issuers.

Following this, major regional banks such as HSBC and ICBC indicated they were examining licence applications as part of their digital asset plans.

The city also approved its first Solana exchange-traded fund in late October.

The approval placed Hong Kong ahead of the US in allowing a regulated Solana ETF and added another product to its growing list of crypto-linked investment options.

Hong Kong tightened rules around self-custody of digital assets in August.

The change focused on improving cybersecurity protections and reducing risks tied to individual key management.

The decision was presented as a safety measure rather than a restriction on user access.

The combination of new rules and rising institutional interest has created an environment that is now attracting more global firms.

AMINA’s regulatory progress adds momentum to Hong Kong’s strategy of balancing strong compliance with market expansion.

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• MiCA currently lets companies gain cross-border access via a single national licence.
• National regulators and firms fear a loss of control and added bureaucracy.
• France, Austria and Italy have backed ESMA’s expanded role for large firms.

The European Commission is preparing to give the European Securities and Markets Authority sweeping powers over the crypto sector.

If approved, ESMA would become the sole body responsible for supervising all crypto asset service providers in the European Union, reported Bloomberg.

The proposal marks a significant change to how the bloc regulates digital assets, placing oversight in the hands of a central authority rather than relying on 27 national regulators.

This draft plan, expected to be announced next month, comes just months before the full implementation of the Markets in Cryptoassets Regulation.

MiCA, passed in 2023, is set to become the EU’s flagship framework for crypto regulation.

Under MiCA, companies currently only need a licence in one member state to operate across the bloc.

This structure has been the result of years of work by both regulators and firms.

MiCA faces uncertainty

MiCA was designed to provide legal clarity and consistency across the EU.

It allows firms to gain authorisation in a single country and use that to offer services in other EU states. This system is known as passporting.

The goal was to reduce fragmentation and streamline operations for businesses.

But the Commission’s new plan would override this process by giving ESMA direct responsibility for approving and monitoring all providers, regardless of where they are based.

The draft proposal suggests ESMA could delegate tasks back to national authorities when needed.

However, the central point of contact would still be ESMA. This change has raised concerns from those involved in the rollout of MiCA.

With the implementation window closing in 2024, firms and local regulators worry that shifting the framework now could cause delays and confusion.

Critics argue that restarting the discussion around MiCA could undermine legal certainty.

Others say that moving responsibilities to ESMA without enough resources could weaken enforcement.

The proposal still needs support from both the European Parliament and the Council of the EU before it becomes law.

Pushback from regulators

The Commission’s move has not gone unnoticed by crypto industry bodies. Many believe that local regulators are better equipped for day-to-day engagement with firms.

Blockchain for Europe, an industry group, has warned that centralising control at this stage would divert attention from the task of getting MiCA running smoothly.

Some consultants have also pointed out that ESMA would require more staff and funding to take on such a role.

National authorities have already invested heavily in building teams and expertise to meet MiCA’s demands.

Replacing that with a central process could result in delays in licensing and supervision.

ESMA chair Verena Ross said earlier this year that the current structure, with 27 separate supervisors preparing for the same task, may not be the most efficient model.

France backs centralised model

France, along with EU institutions, has pushed hardest for expanding ESMA’s powers.

In September, regulators from France, Austria and Italy called for ESMA to supervise major crypto firms directly, while smaller companies could remain under national watch.

This idea would create a two-tier system and offer a compromise between full centralisation and local control.

The proposal is part of a wider trend in the EU to centralise financial oversight.

Brussels has also suggested giving ESMA control over clearing houses, trading venues, and depositories.

However, some countries have resisted, arguing that giving up national control could create unnecessary bureaucracy and reduce flexibility.

The urgency of reform increased in July when ESMA raised concerns about Malta’s crypto licensing practices.

The Maltese regulator had issued MiCA approvals to several firms, prompting questions about consistency and due diligence across the EU.

This incident added weight to the argument for a more unified supervisory model.

As the Commission finalises its proposal, the crypto sector remains on edge.

Businesses are waiting to see whether their licensing and regulatory future will remain at the national level or shift entirely to an EU-wide body.

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