The BoE Draws a Line, Tokenised Equities Go Mainstream, and Transfer Agency Enters the Digital Age

Information current as of 25 June 2026

This newsletter serves as a curated newsfeed of information relevant to the institutional community, as it navigates the proliferation of digital assets and distributed ledger technology. Thomas Murray has been on this journey since 2021, recognising a move into this space as a logical extension of its existing mission to support its global client base with capital market information, cybersecurity, provider and infrastructure ratings, and counterparty monitoring.

These newsletters are shaped using Thomas Murray's Digital Asset Market Information (DAMI), which provides asset owners, managers, intermediaries and VASPs with the regulatory clarity they need to operate confidently across digital asset markets. Currently covering 18 key jurisdictions and tracking over 100 markets in real time, Thomas Murray applies a consistent approach across ten dimensions, from regulation, asset classification and licensing to digital payment developments, taxation and custody frameworks – enabling fast, structured cross-jurisdictional comparison for strategic decision-making and risk management.

Delivered through Thomas Murray's Orbit Risk platform, DAMI combines deep-dive market knowledge with an intraday newsflash service, keeping clients ahead of the regulatory, infrastructure and policy developments shaping the digital assets ecosystem.

To find out more, or start a free trial, please contact Hugo Jack, Head of Digital Assets.

Summary Extracts of Thomas Murray’s DAMI Newsflashes

UK

Bank of England Publishes Policy Statement and Draft Rules on Systemic Stablecoins

The Bank of England has published a policy statement and draft Code of Practice for sterling-denominated systemic stablecoins. Key changes following November 2025 consultation: backing asset limit raised from 60% to 70% in short-term UK government debt, temporary holding limits replaced by a GBP 40bn issuance guardrail, updated capital requirements per CPMI-IOSCO Principle 15, and a dual statutory trust mechanism for coinholder protection and orderly wind-down. Commercial bank deposits remain prohibited. Consultation closes 22 September 2026.

A link to the official announcement is available here: Announcement ;Policy Statement; Draft Code of Practice

Kazakhstan 

KASE Lists Bitcoin, Ether, and Solana ETFs Under Regulatory Sandbox

The Kazakhstan Stock Exchange has admitted an iShares Bitcoin Trust, a spot Ether Exchange-Traded Fund, and a Solana futures Exchange-Traded Fund to its official securities list, giving qualified investors regulated exchange exposure to each asset. All three listings were granted under a regulatory sandbox operated with the Agency for Regulation and Development of the Financial Market.

The official KASE announcements can be accessed here: iShares Bitcoin Trust ETF and Ether ETF and Solana ETF.

Hong Kong

HKEX and HKMA Launch e-HKD Pilot for Derivatives After-Hours Margin Payments

Hong Kong Futures Exchange and the Hong Kong Monetary Authority have launched a pilot using wholesale Central Bank Digital Currency (Electronic Hong Kong Dollar) to facilitate advance margin payments during after-hours derivatives trading. Operating on a 24/7 basis, the pilot aims to address the current gap in real-time settlement outside banking hours, without disrupting existing operational workflows. Hong Kong Futures Exchange Clearing Corporation participants are invited to join real-value trial transactions.

The official HKEX news release and Circular are available here, respectively: HKEX News and HKEX Circular.

Pakistan

Pakistan Consults on Comprehensive VASP Licensing Regulations

Pakistan Virtual Assets Regulatory Authority has opened consultation (closing 2 July 2026) on draft Pakistan Virtual Asset Services Regulations 2026. The proposed regime covers Virtual Asset Service Provider licensing categories, eligibility and ongoing obligations, governance, Anti-Money Laundering / Countering the Financing of Terrorism and Travel Rule requirements, and capital standards. Activity-Specific Handbooks address custody, transfer and settlement, and investment services.

The official PVARA announcement is available here: Consultation on Pakistan Virtual Asset Services Regulations, 2026.

Russia

Russia Advances Draft Law on Digital Asset Taxation

Russia's Ministry of Finance has confirmed that draft digital asset tax legislation has passed its first State Duma reading. The bill introduces VAT exemptions for digital depositories, digital currency exchanges, and transactions involving non-deliverable foreign digital rights certifying monetary claims digital tokens issued by a foreign entity that entitle the holder to a cash payment, without the underlying asset ever being physically transferred. For example: a Russian investor holding a token issued by a foreign company that pays out a fixed sum on maturity but never delivers the foreign asset itself. Buying and selling such tokens would be exempt from VAT under the new rules.

The official announcement is available here (in Russian): MoF Press Release

Turkey

Turkish CSD MKK Launches Crypto Asset Central Registry System

Turkish Central Securities Depository (Merkezi Kayıt Kuruluşu) has launched the Crypto Asset Central Registry System (KVMKS), requiring Crypto Asset Service Providers (CASPs) to report customer balances, transactions, transfers, and depository data to competent authorities. Fifty-three CASPs - 7 depositories and 46 trading platforms have integrated at launch. Investors can monitor holdings via MKK's existing e-YATIRIMCI portal, mirroring the experience for traditional securities. A significant step towards unified oversight of conventional and digital asset markets in Turkey.

The official announcement is available here: MKK Press Release

UAE (DUBAI) 

Dubai's VARA Issues AML/CFT Business Risk Assessment Guidance for VASPs

Virtual Assets Regulatory Authority has published good practice guidance on Anti-Money Laundering / Countering the Financing of Terrorism Business Risk Assessments for Virtual Asset Service Providers, covering governance, risk rating methodology, data integration, inherent risk categories (including unhosted wallets, anonymity-enhanced assets, and stablecoin risks), proliferation financing, control effectiveness, and VARA's mandatory quarterly review cycle.

The official Good Practice Guidance is available here: Anti-Money Laundering/Counter Terrorism Financing (AML/CFT) Business Risk Assessment (BRA) Guidance.

Other External News Items

Legal / Regulation / Licensing 

Securitize Moves to Dismiss tZERO's Tokenisation Patent Claims

Securitize has filed a motion to dismiss tZERO's patent infringement lawsuit, calling the claims meritless and arguing they are designed to stifle competition in the digital securities market. tZERO alleges its security token issuance and management patents have been infringed; Securitize contests the validity of the patents and denies infringement. A ruling against Securitize could introduce licensing friction across tokenisation infrastructure.

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Product / Pilots 

State Street Launches Stablecoin Reserves Money Market Fund

State Street Investment Management has launched a money market fund specifically designed to hold reserve assets backing stablecoin issuers, providing a regulated institutional-grade solution ahead of incoming US and EU stablecoin frameworks. The fund positions State Street's custody and fund administration infrastructure as a key component of the emerging stablecoin ecosystem.

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Archax Adds CREST Depositary Interest Service to TA/Custody Platform

Financial Conduct Authority-regulated Archax has integrated a CREST Depositary Interest (CDI) service into its transfer agency and custody platform, enabling tokenised and non-UK securities to be held and settled within the CREST system. The addition bridges digital asset infrastructure with incumbent UK post-trade rails, broadening Archax's appeal to institutional investors requiring CREST-settled holdings.

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Vantage Bank and Custodia Unveil Hazel Network; An Open Alternative to Walled Gardens

Vantage Bank and Custodia Bank have published a white paper proposing the Hazel Network, an open interoperable payment and settlement network built on bank-issued digital dollars, as a direct alternative to proprietary closed-loop platforms. The network would enable real-time bank-to-bank settlement without reliance on a single intermediary, with a governance model designed to prevent future centralisation.

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Clearstream Expands Digital Transfer Agency Solution

Clearstream has expanded its Distributed Ledger Technology enabled digital transfer agency platform to support a broader range of asset classes and issuance structures. The development allows tokenised instrument issuers to manage official ownership registers within Clearstream's established custody and settlement network, reinforcing the case for tokenised assets operating within existing post-trade frameworks.

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Partnerships / Ecosystem

Intercontinental Exchange and OKX Expand Tokenised Equities Access via Joint Venture

Intercontinental Exchange (parent of the NYSE) and OKX have expanded their joint venture to give OKX's global user base regulated access to NYSE-listed equities in tokenised form. The partnership is one of the most significant convergences to date between traditional exchange infrastructure and the digital asset trading ecosystem and raises important questions for incumbent brokers and custodians about the pace of disintermediation in equity distribution.

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