Digital Assets in Focus: Issue 4

Information current as at 04 September 2025

This newsletter features a carefully curated range of timely news stories and significant industry updates from across the institutional digital asset ecosystem. Our opening selection draws directly from Thomas Murray’s proprietary market intelligence, curated exclusively for clients as part of our comprehensive monitoring solutions. The following highlights are selected industry developments, providing wider market context and actionable insights we consider valuable for industry professionals.

Thomas Murray's Generated Insights

Argentine Stock Exchange Launches New Subsidiary, BYMA Digital Assets to Offer Secure Tokenisation Of Asset Ownership 

The Argentine Stock Exchange (BYMA) has launched BYMA Digital Assets, a division registered as a Virtual Asset Service Provider, to provide a secure and transparent framework for tokenised real-world assets. Consequently, this is anticipated to enhance ownership tracking, regulatory reporting, and reconciliation processes, directly strengthening post-trade transparency and efficiency.

Its first product, the BYMA Token Registry, enables secure registration of tokenised asset ownership, fully interoperable with both BYMA and the Argentine Central Securities Depository (CVSA). Future plans include asset tokenisation and institutional‑grade custody of digital currencies, which should improve liquidity, broaden collateral options, and streamline post-trade operations across the Argentine market. 

Algeria Imposes Comprehensive Ban on Digital Assets in Major AML Initiative

The Algerian government has imposed a comprehensive ban on digital assets, criminalising their issuance, possession, trading, mining, and promotion in line with FATF standards to combat money laundering. The prohibition extends to trading platforms and digital wallets, with penalties including fines and custodial sentences for offenders.

Custodians, settlement agents, and other intermediaries are barred from handling tokenised assets, confining post-trade activity to traditional securities under established oversight. While this reduces compliance risks, it also halts any scope for innovation or digital market infrastructure within Algeria’s financial ecosystem. 

Crypto Groups Challenge Banking Lobby’s Requirements to Amend GENIUS Act Over Loophole

The Crypto Council for Innovation (CCI) and the Blockchain Association are urging US lawmakers to resist banking sector pressure to amend the recently enacted stablecoin law.

Banks argue that a loophole in the GENIUS Act could allow stablecoin holders to earn interest via crypto exchanges, potentially diverting trillions from bank deposits and restricting the flow of credit to households and businesses. CCI and the Blockchain Association, however, argue that these proposals are unjust, since the law has already been agreed, following lengthy negotiations. They also argue that the proposed amendments will limit innovation and consumer choice, in favour of traditional banking groups.

US Trading Commission Issues Advisory to Restore Access to Crypto Exchanges Based Abroad 

The U.S. Commodity Futures Trading Commission (CFTC) has published new guidance to clarify how overseas trading venues can register as Foreign Boards of Trade (FBOTs), permitting lawful direct access for U.S. market participants.

This reinstates a longstanding framework enabling U.S. investors to trade on foreign exchanges under clear regulatory oversight. The guidance is particularly pertinent for digital asset platforms, many of which relocated offshore due to recent enforcement and regulatory uncertainty. Acting Chair Caroline D. Pham emphasised that this clarification enhances legal certainty, broadens U.S. market access to global liquidity, and fosters competition.

State Street Becomes First External Custodian to Offer Blockchain-Based Debt Securities Custody on J.P. Morgan’s Digital Debt Service

Asset management giant State Street has partnered with J.P. Morgan’s Digital Debt Service to provide custody for blockchain-issued debt securities. This collaboration allows State Street to hold digital records of debt securities in wallets powered by J.P. Morgan’s Kinexys Digital Assets platform, delivering a seamless experience for institutional clients.

The Digital Debt Service supports issuance, delivery-versus-payment settlement, and full lifecycle management, including optional same-day (T+0) settlement. This partnership gives State Street’s clients access to blockchain-based debt instruments while maintaining the security and regulatory compliance of traditional custody services, marking a significant step forward in modernising short-term debt markets. 

US government Lifts Consent Order on Anchorage Digital Following Regulatory Improvements

Anchorage Digital, the first federally chartered digital asset bank in the United States, has had its 2022 consent order formally lifted by the Office of the Comptroller of the Currency (OCC). The order was originally imposed after regulators identified shortcomings in Anchorage’s anti-money-laundering and Bank Secrecy Act compliance framework.

Its termination confirms that Anchorage has successfully addressed those issues and now meets the OCC’s high regulatory standards. The move is expected to boost institutional confidence in regulated digital asset custodians and may encourage greater adoption across the sector. It also signals a broader regulatory shift towards embedding compliant players at the centre of the US digital finance landscape. 

Chainlink Becomes First Blockchain Oracle Platform to Achieve ISO 27001 and SOC 2 Compliance, Setting New Security Benchmark for Financial Services

Chainlink, a leading blockchain network, has become the first data and interoperability oracle platform in the blockchain sector to secure two prestigious security certifications. On 21 August, Chainlink announced it had achieved ISO 27001 certification and SOC 2 Type 1 attestation, both independently verified by Deloitte & Touche LLP.

These certifications provide reassurance of Chainlink’s capacity to deliver secure, auditable, and interoperable data feeds. This enhances the integrity and transparency of blockchain-based post-trade processes such as trade confirmation, settlement, and asset servicing, thereby supporting regulatory compliance and operational resilience. 

USA Takes Pioneering Step, Publishing GDP Data On Nine Blockchains, Including Bitcoin, Ethereum And Solana.

The US government has made a pioneering move, publishing official economic statistics on public blockchains. The Department of Commerce recently publicised an official hash of its 2025 quarterly GDP data across nine blockchains, including Bitcoin and Ethereum, with assistance from exchanges Coinbase, Gemini, and Kraken.

This initiative ensures data immutability, protects federal information, and enables public access. Embedding GDP data on blockchain enhances trust, streamlines verification, and supports greater transparency in trade confirmation, settlement, and reporting processes. The Department plans to expand this innovation by incorporating other blockchains, oracles, and exchanges for future data releases. 

SEC Unveils Project Crypto and Paves the Way for America’s Leadership in On-Chain Financial Markets

In a strategic effort to repatriate crypto businesses that had left the US under the previous administration, the Securities and Exchange Commission (SEC) has launched ‘Project Crypto’. Aligned with the ambition to position America as the global hub for crypto innovation, this initiative aims to modernise securities legislation to facilitate the migration of financial markets onto blockchain technology.

SEC Chairman Paul Atkins has instructed the commission’s staff to develop clear and straightforward regulatory frameworks governing crypto asset distribution, custody, and trading. This regulatory clarity establishes a transparent and compliant environment for blockchain-based transactions, enhancing operational efficiency, risk management, and regulatory adherence across trade settlement and asset servicing functions. 

German Fintech Start up Secures €10 Million to Drive EU Expansion and Strengthen Digital Asset Custody 

Digital asset custodian Tangany has secured EUR10 million in Series A funding ahead of planned expansion. The Munich based company’s custody solutions provide financial institutions with enhanced security, regulatory compliance, and seamless integration for efficient digital asset management while simplifying operational workflows.

Tangany has doubled its revenues since its 2022 seed round and now oversees over EUR 3 billion in assets under custody, serving over 700,000 accounts and 60 institutional clients, including eToro and Bitvavo. Tangany is extending its white-label blockchain API to established banking players as it prepares for EU-wide expansion under the Markets in Crypto-Assets (MiCA) regulation.