Across EMEA, the regulatory question is no longer whether digital assets will be supervised, but how quickly institutions can operationalise authorisation, cross-border distribution, safeguarding and on-chain settlement under diverging but increasingly mature local regimes.
EMEA enters the execution phase: licensing, passporting and on-chain market structure replace regulatory waiting
EMEA is no longer one regulatory story. In the EU, the final MiCA grandfathering deadline has passed, making authorisation, passporting and service mapping immediate operational obligations. The EU Commission's targeted MiCA review consultation has now closed, while the EBA has identified potential recalibration around stablecoins, crypto-asset classification, lending and supervisory reporting. The UK is also entering an important implementation phase: the FCA’s crypto-asset authorisation window opened on 30 September ahead of the October 2027 regime, while the FCA and Bank of England are advancing a parallel wholesale tokenisation agenda across trading, settlement and collateral.
Elsewhere, regulators are moving product-by-product. ADGM has formalised institutional staking. For cross-border groups, the right response is a common control spine - governance, safeguarding, financial crime, resilience and disclosures - with jurisdiction-specific overlays for licensing, marketing, staking, payments and capital flows. Competitive advantage will come from scaling that architecture across borders without rebuilding it for each launch.
Top 4 Need to Knows – Rules & Regulations
European Commission / ESMA / EBA / ESCB / AMLA | MiCA review – Consultation closed and supervisory responses | 22 September – 7 October 2026
The EU Commission’s targeted consultation as part of its review of MiCA closed on 30 September. The ESMA, EBA, ESCB and AMLA have identified potential recalibration across third-country multi-issuer stablecoins, reserve requirements, crypto-asset classification, DeFi, staking, lending/borrowing, supervisory reporting and cross-border supervision.
Executive implication: Firms should treat MiCA’s current perimeter and stablecoin architecture as operationally binding but potentially subject to targeted recalibration as the review progresses.
FCA / Bank of England | FS26/1 – Tokenisation in wholesale markets | 14 September 2026
Following 123 industry responses, the FCA and Bank of England identified post-trade and collateral mobility as priority tokenisation use cases in a feedback statement and are developing a cross-authority roadmap.
Executive implication: Tokenised collateral, custody and settlement models should increasingly be treated as production operating model questions rather than isolated innovation projects.
ESMA | MiCA Article 143(3) / Expiration of grandfathering period; ESMA Q&A 2220 | 1 July 2026
The maximum MiCA grandfathering period has expired. The EU regulator ESMA has clarified in a Q&A that an entity not authorised by the end of its applicable transition period must cease providing crypto-asset services until authorisation is granted.
Executive implication: Passporting, client migrations and residual legacy entities should now be managed on an authorised status basis.
ADGM FSRA (Financial Services Regulatory Authority) | FSRA Rules (Staking), CP 10/2025 | 29 April 2026
ADGM finalised its virtual asset staking framework, specifying eligible Authorised Persons, reward types, disclosures and reporting, and extending coverage to materially similar non-proof-of-stake models.
Executive implication: Staking can be institutionalised, but should be treated as a permissioned service with product governance and client asset controls.
Recent Market Highlights – Projects, Deals & Transactions
Luxembourg | Planned €1bn+ native blockchain sovereign benchmark | 7 October 2026
Luxembourg announced plans for a euro-denominated sovereign benchmark bond natively issued on blockchain, targeting at least €1 billion and an expected ten-year maturity. The bond is intended to list on the Luxembourg Stock Exchange and qualify for Eurosystem collateral eligibility. Market signal: Sovereign tokenisation is moving from pilot-scale transactions towards benchmark-sized public debt issuance designed to support institutional liquidity and integration with conventional collateral frameworks.
Eurosystem / Pontes | Central bank money settlement for tokenised assets | 21 September 2026
The Eurosystem launched the “Pontes” project, enabling wholesale transactions in tokenised assets to settle in central bank money, with major banks, public sector issuers and DLT infrastructures already onboarded. The ECB is also preparing to invest a portion of its own funds in eligible tokenised securities. Market signal: Europe is moving the risk-free cash leg for institutional tokenised markets from experimentation into live infrastructure.
White & Case / Börse Stuttgart Digital / tradias | Completed merger | 5 August 2026
White & Case advised Börse Stuttgart Group and Börse Stuttgart Digital Holding on their merger with tradias, which closed following completion of the ownership-control procedure. The combined platform spans trading, custody, staking and tokenisation, with around 300 employees. Market signal: Regulated crypto infrastructure is consolidating at scale, creating integrated European platforms capable of serving banks, brokers and institutional investors across the digital asset value chain.
White & Case / CoinShares | US$1.2bn transatlantic listing | 8 April 2026
White & Case advised CoinShares, Europe’s leading digital asset manager, on its completed US$1.2 billion business combination with Vine Hill and migration from Nasdaq Stockholm to a listing on Nasdaq U.S. (CSHR). CoinShares retains a significant European footprint, including its AMF-authorised asset management subsidiary in Paris. Market signal: European digital asset champions are accessing deeper global capital markets while continuing to build regulated investment and distribution capabilities across Europe.
U.S. Watch
SEC | Proposed crypto custody framework for advisers and regulated funds | 1 October 2026
The SEC proposed a tailored framework for registered investment advisers and regulated funds holding crypto-assets, alongside broader modernisation of custody, reporting and recordkeeping requirements. Executive implication: Institutional crypto investment and custody models may gain a clearer federal pathway, while advisers, funds and custodians should reassess custody structures, segregation and operational controls pending final rules.
SEC | Innovation Exemption for tokenised NMS stocks | 17 September 2026
The SEC granted five-year conditional relief (the “Innovation Exemption”) allowing specified “Tokenised Securities Venues” to facilitate on-chain trading of tokenised NMS stocks through permissioned AMMs and liquidity pools, together with tailored dealer relief for certain liquidity providers. Tokens must preserve equivalent shareholder rights, and issuers retain objection rights. Executive implication: U.S. tokenised equities have moved from proposed regulatory architecture into a controlled live-market pathway.
U.S. Congress | “Clarity Act” stalls in Senate | 15 September 2026
The U.S. Senate failed to advance comprehensive crypto market structure legislation on a procedural vote, leaving the legislative allocation of SEC/CFTC jurisdiction unresolved. Executive implication: Near-term U.S. regulatory development is likely to remain driven significantly by SEC and CFTC positions, rulemaking and exemptive action while the congressional path remains uncertain.
Nasdaq / Payward | US$100m strategic investment | 10 September 2026
Nasdaq Ventures agreed to invest US$100 million in Kraken parent Payward, deepening their collaboration on infrastructure for tokenised equities. Market signal: U.S. exchange operators are committing capital to the convergence of regulated securities markets and crypto-native distribution, accelerating competition over who controls the infrastructure for tokenised public markets.
Major banks plan joint dollar stablecoin | 1 September 2026
A consortium of 21 financial institutions, including Goldman Sachs, Bank of America, Citi and Deutsche Bank, plans to issue a dollar stablecoin in the first half of 2027, with other G7 currencies - including the euro - contemplated thereafter. Market signal: Bank-led stablecoins are becoming a strategic infrastructure response to crypto-native issuers, with direct implications for deposits, payments and cross-border settlement.
SEC | Transfer Agent Rule Modernisation | 1 September 2026
The SEC proposed modernised transfer agent rules expressly accommodating electronic and blockchain-based recordkeeping and uncertificated securities. Executive implication: Tokenisation is moving into the regulated ownership and recordkeeping layer of U.S. securities markets, making transfer agent architecture, authoritative records and investor rights mechanics central to issuance design.
SEC | Proposed “Regulation Crypto Assets” | 18 August 2026
The SEC proposed a tailored offering framework (“Regulation Crypto Assets”) for certain investment contracts involving crypto assets, including exemptions for smaller and growth-stage offerings and a conditional safe harbor addressing when the associated investment contract may cease to exist. Executive implication: The SEC is moving from interpretive guidance towards bespoke crypto capital formation rules, potentially creating clearer pathways for token issuances while preserving disclosure, antifraud and market integrity requirements. Detailed analysis is available on the White & Case website.
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