The Australian Securities and Investments Commission (ASIC) has released important updates to its guidance in INFO 225 on the regulation of digital assets, including in relation to digital asset exchanges, digital wallets, tokenisation, and offshore digital asset businesses promoting, selling or providing services in relation to digital assets in Australia. The significance of these updates is that, if a digital asset is a “financial product,” the entity issuing, dealing in, advising on, or providing a…
On September 2, 2025, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) issued a landmark Joint Statement that could reshape the future of cryptocurrency trading in the United States. In a rare show of unity, the two agencies clarified that registered exchanges are not prohibited from listing and facilitating the trading of certain spot crypto asset products, including those involving leverage, margin, or financing. Depending on what happens next,…
In late 2022, aligning with global trends for increased regulation and oversight, South Africa included crypto assets under its primary financial conduct laws. This was effected by the Financial Sector Conduct Authority (FSCA) declaring crypto assets as ‘financial products’ under the Financial Advisory and Intermediary Services Act, 2002. Consequently, anyone providing advice or intermediary services in relation to crypto assets needs a license as a financial services provider, colloquially referred to as a Crypto Asset…
Along with its update on the regulation of fiat-backed stablecoins and the failure of systemic digital settlement asset firms (see related post here), on 30 October 2023, HM Treasury issued a policy statement on its approach to the future regulation of a wider range of cryptoassets. The Treasury’s statement largely confirms that it intends to implement the proposals consulted on in February 2023 – moving to a licensing regime for crypto activities and bringing a…
On October 13, 2023, California Governor Gavin Newsom approved the Digital Financial Assets Law. Among its provisions, the law prohibits a person from engaging in digital financial asset business activity with or on behalf of a California resident unless, among other things, the person is licensed with California’s Department of Financial Protection and Innovation. “Digital financial asset” is defined as a digital representation of value that is used as a medium of exchange, unit of…
The pace of the SEC’s crypto crackdown ramped up in early June 2023 with the Commission’s highest profile actions against crypto trading platforms since the crypto market turmoil at the end of 2022. The SEC’s actions place crypto trading platforms and the market as a whole on extremely uncertain regulatory footing in the US, and the frustration from the industry is palpable. The SEC’s enforcement activity comes immediately on the heels of promising legislative efforts from Congress,…
After several years of intense debate, during its session on 16 May 2023, the European Council finally approved the Regulation on Markets in Crypto-Assets (MiCA). The EU’s first legal framework for crypto now only requires publication in the Official Journal of the European Union, which is expected to happen any time soon. MiCA brings a substantial change to the EU regulatory landscape, creating a harmonized regime in terms of issuance and the provision of services in…
On September 16, 2022 the White House released its Comprehensive Framework for Responsible Development of Digital Assets (Framework) for how the administration plans to address digital assets as a part of its “whole-of-government approach”, which was first outlined in a March 9 Executive Order (EO) issued by President Joe Biden. In the short-term, the Framework does little to alter the regulatory uncertainty that has allowed many bad actors in the digital asset space to thrive while stymieing responsible growth. There are…
Since the ICO boom in 2017, governments around the world began settling on different approaches to regulating the crypto industry. Many legislatures and regulators proactively drafted new laws, regulations, guidance and frameworks for the crypto industry. Others used investigatory authorities and enforcement actions to regulate the industry. We expect that governments around the world will remain active for the foreseeable future as cryptoassets become more mainstream. Baker McKenzie’s new guide, Crypto around the World, presents…
On September 11, 2019, the Swiss Financial Market Supervisory Authority (FINMA) has issued guidance on the regulatory treatment of stable coins. As a supplement to the previously issued ICO Guidelines, FINMA outlines how it treats stable coins under the Swiss regulatory framework. In this connection, FINMA also gives initial indications on the request for a regulatory assessment filed by the Geneva-based Libra Association, a high-profile cryptocurrency project orchestrated by Facebook Inc. There is no special…