Weekly Digital Assets Regulatory Brief: Week 17-2026

Facts: On 23 April, the BISInternational financial institution serving central banks and fostering monetary and financial cooperation Financial Stability Institute published Occasional Paper 27, "Cryptoasset service providers as financial intermediaries: risks and policy approaches," by Denise Garcia Ocampo, Peter Goodrich, and Gian-Piero Lovicu. The paper argues that large multifunction cryptoasset intermediaries (MCIs) accept customer cryptoassets through investment programmes and use those assets to fund lending, market making, and other activities, taking on credit, liquidityThe ease with which an asset can be bought or sold without affecting its price, and maturity risk. It finds that many MCIs operate without the prudential safeguards that typically apply to financial intermediaries engaged in comparable risk transformation and that many do not publish financial statements. The authors recommend MCIs engaged in financial intermediation be subject to prudential requirements including capital and liquidity buffers, robust governance and risk management frameworks, and stress testing, applying a combination of entity-based and activity-based regulation.

Facts: On 22 April, the FCA led its first coordinated enforcement operation against illegal peer-to-peer crypto trading, targeting eight premises across London suspected of operating unregistered crypto services. The action was taken in partnership with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), and relied on powers under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Cease-and-desist letters were issued at each premises and on-site inspections were conducted. Steve Smart, FCA Executive Director of Enforcement and Market Oversight, said: "Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk."

Facts: Beginning 20 April, the FCA led a coordinated "week of action" with 16 other regulators from Australia, Belgium, Brazil, Canada, Denmark, Hong Kong, India, Ireland, New Zealand, Norway, Qatar, Singapore, the UAE, and others, targeting unlicensed financial influencers operating across social media. UK-specific actions included securing a guilty plea from Aaron Chalmers (Geordie Shore) for illegal social media promotions, initiating criminal proceedings against two additional individuals, sending four warning letters to suspected unauthorised promoters, issuing 34 new warnings and updating 14 existing ones, making 120 account-removal requests to social media platforms, and identifying 1,267 illegal financial advertisements reaching an estimated 2.3 million UK accounts. Steve Smart said: "This collective push with international partners is vital in helping to protect millions of consumers from harm."

Facts: On 17 April, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation jointly issued Supervisory Letter SR 26-2, "Revised Guidance on Model Risk Management." SR 26-2 supersedes SR 11-7 (issued 4 April 2011) and SR 21-8 (issued 9 April 2021). Per the Federal Reserve issuance page, the guidance is "most relevant to banking organizations with over $30 billion in total assets regulated by the Federal Reserve." The revised guidance adopts a risk-based approach tailored to a banking organisation's model risk profile and recognises that practices appropriately vary based on organisational size and complexity. The text does not explicitly reference artificial intelligence, machine learningAI systems that learn patterns from data without explicit programming, or agentic AI - the revision reflects 15 years of accumulated supervisory experience and industry feedback across modelling practices more broadly.

Facts: On 22 April, Russia's State Duma passed in first reading the government bill "On Digital Currency and Digital Rights," submitted on 1 April. The vote was 327 of 340 deputies in favour. The bill formally recognises cryptocurrency as property under Russian law and creates a comprehensive statutory framework for crypto issuance, trading, and custody. It establishes five categories of regulated participants - exchanges, brokers, management companies, depositories, and exchangers - all of which must be licensed and supervised by the Bank of Russia. The bill permits digital currency for foreign trade and cross-border settlements while maintaining a strict ban on crypto for domestic payments (the rouble remains the sole legal means of payment). Peer-to-peer transactionsA transfer of value or data recorded on a blockchain, verified by network participants, and permanently added to the distributed ledger are slated for tighter controls from 2027. The bill still requires two more readings in the State Duma, passage through the Federation Council, and presidential signature before entering into force; the target effective date is 1 July 2026. Note: widely reported by multiple crypto-news outlets; no Tier-1 regulator or major wire-service confirmation was available at the time of publication.

Facts: On 23 April, OFAC issued a multi-part action titled "Counter Terrorism, Counter Narcotics, and Cyber-related Designations; Issuance of Cyber-related General License" comprising two parallel Treasury press releases: "Treasury Sanctions Global Illicit Drug Supply ChainA decentralized, digital ledger of transactions maintained across multiple computers Supporting the Sinaloa Cartel" and "Treasury Sanctions Cambodian Senator Kok An and Scam Center Network Defrauding Americans." The Cyber-related [CYBER4] designations target Cambodian Senator Kok An, associates Paung AIK, Raksmei RITHY, Hong LUO, and Aung Linn SAI, plus entities including Heng Feng Cambodia Bank PLC (SWIFTGlobal messaging network for international bank transfers/BIC HEFBKHPP), Anco Specialized Bank Ltd, multiple casino networks (Crown Resorts / Brilliancy Sihanoukville / K99 Group), hotels (Khemreah, Nan Tian International, Xi Hu, Fung Yuet Resort), real estate developers (Xiong Wei, Aurum, Heng Feng Group), and related construction and trading companies. Cyber-related General License 2 authorises narrow transactionsA transfer of value or data recorded on a blockchain, verified by network participants, and permanently added to the distributed ledger with Anco Water Supply Co. Ltd. limited to "the Treatment and Distribution of Drinking Water." Separately, the Counter Narcotics [ILLICIT-DRUGS-EO14059] designations target Sinaloa Cartel supply-chain entities in Mexico, Guatemala, and India.

Facts: On 20 April, ASICSpecialized hardware designed for mining cryptocurrencies efficiently published its roadmap for Digital Assets Law Reform implementation. The Corporations Amendment (Digital Assets Framework) Act 2026 received Royal Assent on 8 April 2026 and commences on 9 April 2027. Under the Act, ASIC will license and supervise Digital Asset Platforms (DAPs) and Tokenised Custody Platforms (TCPs) under Australia's financial services licensing regime. The roadmap divides the 18-month period into three phases. Months 1-6: stakeholder roundtables (including through Fintech Liaison Meetings), establishment of an industry advisory group, and consultations on standards and guidance. The INFO 225 class no-action position expires in June 2026. Months 6-12: release of a new Regulatory Guide for DAPs and TCPs and issuance of regulatory instruments on asset-holding standards (section 912BE), transactional/settlement standards (section 912BF), and financial requirements. Months 12-18: license applications open; operators can lodge applications and operate under regulatory relief. ASIC will also update existing guidance documents RG 1 and RG 166, and intends the new guidance to be "principles-based, and additional guidance will only be provided where necessary."

Facts: Per multi-source legal and government-media coverage reaching the intelligence feed on 20 April, Vietnam is advancing its pilot licensing regime for crypto-asset market operators. The regulatory architecture rests on three instruments: (i) the Law on Digital Technology Industry 2025, passed 14 June 2025 and in force from 1 January 2026; (ii) Government Resolution No. 05/2025/NQ-CP (September 2025), authorising a five-year pilot crypto-asset market; and (iii) Ministry of Finance Decision No. 96/QD-BTCThe first decentralized cryptocurrency, created in 2009 by Satoshi Nakamoto, operationalising the resolution with three new administrative procedures (licence issuance, adjustment, revocation) administered by the State Securities Commission (SSC). The Ministry of Finance began accepting licence applications from Vietnamese enterprises on 20 January 2026. This week's reporting reflects ongoing pilot activity and anticipated early licence issuances.

Facts: On 20 April, Paolo Angelini, Senior Deputy Governor of the Bank of Italy, addressed the International Economic Symposium "The global economy at an inflection point: technology, policy, and the future of growth," co-hosted by the Bank of Italy and the National Association for Business Economics (NABE) in Rome. The speech, titled "DLT and stablecoins - where do we stand?", opens: "The publication of the BitcoinThe first decentralized cryptocurrency, created in 2009 by Satoshi Nakamoto protocol in October 2008 fueled the promise that blockchainA decentralized, digital ledger of transactions maintained across multiple computers and Distributed LedgerA record of financial transactions Technology (DLT) could do away with intermediation." Angelini argued the original vision has not materialised: "Fully automated financial services have not taken over the market; human governance and formal legal frameworks, compliance, risk management, are still necessary to foster trust." He characterised current adoption as "a gradual building of momentum, rather than a 'big bang'" and identified payments and settlement (including via stablecoins) as one of four main DLT use case categories.

Facts: On 20 April, BISInternational financial institution serving central banks and fostering monetary and financial cooperation General Manager Pablo Hernandez de Cos addressed a Bank of Japan seminar in Tokyo. He said policymakers "should continue to refine regulatory frameworks and strive to avoid global regulatory fragmentation," and warned that if stablecoins see widespread adoption in their current form, they would create "policy challenges in areas ranging from credit provision to monetary policy, with risks to financial integrity and regulatory evasion looming large." He called for "coordinated progress along two dimensions: addressing weaknesses in current stablecoinA cryptocurrency pegged to a stable asset, such as USD or gold arrangements, especially if they are to be used as a means of payment; and harnessing the benefits of tokenisation."

Facts: On 24 April, the ECB announced it had signed agreements with three European standard-setting organisations to support digital euroProposed CBDC issued by European Central Bank to complement cash and private payments payment processing using existing open technical standards: ECPC (CPACE standards for contactless tap-to-pay payments via near-field communication); nexo standards (specifications connecting merchant systems with payment service providerCompany processing electronic payments for merchants back-end systems); and Berlin Group (standards enabling alias-based payments, balance checks, and mobile device reconciliation). ECB Executive Board member Piero Cipollone said: "The open digital euro standards will provide a European free alternative to current proprietary standards, make it easier for new European providers to enter the market." Once EU co-legislators approve the digital euro Regulation, European payment solution providers can scale across borders; the approach creates a uniform user experience across the euro area while reducing dependence on proprietary international standards.

Facts: On 24 April, the SFC announced its participation in the FCA-led global coalition targeting unlawful financial influencers. The SFC was one of 17 regulators named in the FCA's coordinated week-of-action beginning 20 April, alongside counterparts from Australia, Brazil, Canada, Denmark, India, Ireland, New Zealand, Norway, Qatar, Singapore, the UAE, and others. The SFC's circular confirms its commitment to coordinated enforcement and information-sharing against social-media promoters operating without Hong Kong authorisation.