Regulators Tighten the Rules as Institutions Build the Infrastructure

This week's edition covers a run of regulatory moves that push the same agenda from different directions: giving stablecoins a proper rulebook and giving tokenised markets the settlement plumbing to match. The Monetary Authority of Singapore (MAS) and Thailand's Securities and Exchange Commission (SEC) have each put forward frameworks that draw a sharper line between regulated stablecoins and everything else, while the Reserve Bank of Australia is consulting on how its settlement infrastructure could support tokenised wholesale markets, the Central Bank of Uruguay has moved virtual asset authorisation onto a fully digital footing, and the London Stock Exchange has set out plans for a UK tokenised equity structure built in partnership with Payward. Australia's Securities and Investments Commission, meanwhile, is closing the door on transitional relief, giving digital asset firms until the end of the month to secure formal licensing. On the commercial side, Swift's blockchain-based ledger continued to pick up pace, with BNP Paribas and HSBC completing the first corporate treasury payment on it for Siemens and Citi joining FAB and OCBC in live transactions, while Citi also launched a new custody suite, Standard Chartered extended institutional crypto trading to the UAE, Broadridge widened its tokenised repo network to G7 securities, and BitGo acquired NYDIG's institutional trading business. Taken together, the direction of travel is consistent: regulators are tightening the rules around digital assets at the same time as the institutions they supervise are racing to build the infrastructure to trade them.

Thomas Murray Newsflashes  

United Kingdom

LSE to Launch Tokenised Equity Structures

The London Stock Exchange (LSE), dated 1 September 2026, announced plans to launch UK tokenised equity structures and form a partnership with Payward, a financial infrastructure platform, to explore how regulated market infrastructure and digital-native distribution can support tokenised public equity markets. LSE is evaluating a UK tokenised equity structure designed to broaden capital market access while upholding the shareholder rights, protections and governance standards that currently prevail in public markets, and, subject to regulatory approval, will explore how the London Stock Exchange Group's Digital Securities Depository (LSEG DSD) can support settlement and asset servicing for it. The partnership will also examine how digital-native access, wallet-based interactions and partner infrastructure can integrate with LSEG's regulated market ecosystem, investigating how issuers and investors might use private and public blockchains while meeting anti-money laundering (AML) and operational resilience requirements. As part of the collaboration, and subject to regulatory approval, LSE intends to list xStocks, 1:1 backed tokenised representations of publicly traded shares, on its new LSE 24 venue by 2027. This affects the Digital Asset Products section of the Digital Asset Market Information for the UK.

A link to the LSE's official announcement is available here: LSEG to Launch UK Tokenised Equity Structures

Singapore

MAS Consults on MAS-SCS Stablecoin Framework

The Monetary Authority of Singapore (MAS) issued a consultation, dated 1 September 2026, on proposed amendments to the Payment Services Act 2019 that would implement the MAS Single-Currency Stablecoin (MAS-SCS) regulatory framework. Under the proposals, only issuers licensed and regulated by MAS could describe their tokens as “MAS-regulated stablecoins”; everything else would be treated as a digital payment token (DPT) and fall under existing DPT consumer safeguards instead. The framework would also allow stablecoins jointly issued by a Singapore and a foreign issuer to qualify, and would recognise a limited number of foreign-issued stablecoins regulated under comparable overseas frameworks. Additional safeguards under consideration include a ban on paying interest on MAS-regulated stablecoins, stress testing, recovery and wind-down planning, and a requirement to safeguard customer monies received ahead of issuance. MAS is accepting feedback until 16 October 2026. This affects the Legal and Regulatory Framework and Stablecoins sections of the Digital Asset Market Information for Singapore.

A link to the consultation paper announcement can be found here: MAS Stablecoin Consultation Paper.

Thailand 

SEC Approves Principles for Supervising Stablecoin Transactions via DAOBs 

Thailand's Securities and Exchange Commission (SEC) board has approved principles for the supervision of stablecoin transactions conducted through Digital Asset Business Operators (DABOs), aimed at mitigating money laundering, cybercrime and the avoidance of regulatory oversight; the principles are subject to a public hearing in September 2026. Under the proposals, both the originating and destination accounts or wallets in a DABO transfer must be verified as belonging to the customer concerned, and the value transferred in or out of a customer's DABO account each day must be consistent with that customer's financial position, subject to a cap of THB 5 million per person per DABO (transfers between DABO-supervised customer accounts are exempt from the cap, provided both DABOs meet Travel Rule requirements). The SEC also intends to align its supervision of market makers on digital asset exchanges with standards used in the securities business, to impose supervisory requirements on liquidity providers that supply digital asset brokers, and to set guidelines for off-platform transactions conducted through DABOs so that they remain transparent and consistent with their intended purpose. This affects the Stablecoins and Digital Assets Regulation sections of the Digital Asset Market Information for Thailand.

A link to the official SEC announcement can be accessed here: SEC Announcement.

Australia 

RBA Consults on Settlement Infrastructure for Tokenised Markets 

The Reserve Bank of Australia (RBA) has issued a consultation paper on the role its Reserve Bank Information and Transfer System (RITS) and Fast Settlement Service (FSS) could play in settling transactions in tokenised wholesale asset markets, building on the post-Project Acacia work programme. Because tokenised assets and central bank reserves typically sit on separate platforms, the paper sets out three possible models for synchronising delivery-versus-payment: locking the asset first and transferring it only once the cash leg settles through RITS or FSS; locking central bank reserves first and settling them once the asset transfers; or locking both simultaneously so that each leg settles at or near the same time. The RBA is also exploring whether stablecoin issuers, who do not currently have access to Exchange Settlement Accounts, should be given access to central bank reserves through settlement-only, reserve-only or omnibus account models, and is weighing design choices for a possible tokenised form of central bank reserves, or wholesale central bank digital currency (wCBDC), including digital-twin versus digitally native tokens, RBA-controlled versus third-party platforms, and single-tier versus two-tier distribution. The consultation is open for comment until 30 October 2026. This affects the Domestic Payment Operations section of the Cash and Treasury Profile for Australia.

The official RBA announcement and copy of the consultation paper can be accessed here: The Role of RITS in Supporting Settlement in a Tokenised Ecosystem.

Uruguay

CBU Opens Digital Authorisation Process for VASPs 

The Central Bank of Uruguay (CBU) has confirmed that, from 1 September 2026, virtual asset service providers (VASPs) falling under its regulatory framework must submit their applications for authorisation and registration to the Superintendence of Financial Services (SSF) through a fully digital process, and must obtain that authorisation before conducting any activity. The CBU said the new online procedure marks a further step in implementing Uruguay's regulatory framework for virtual assets, intended to improve the efficiency, transparency and traceability of the authorisation process. The update follows the CBU's earlier announcement on 21 August 2026 and builds on the SSF's approval of VASP regulations on 27 July 2026. This affects the Legal and Regulatory Framework section of the Securities Market Information Service and the Digital Assets Regulation section of the Digital Asset Market Information, both for Uruguay.

A link to the official press release by the CBU (in Spanish) can be found here.

External News:  

Licensing/ Regulatory

Australia 

ASIC Issues Final Call Before Digital Asset Licensing Deadline 

The Australian Securities and Investments Commission (ASIC) has issued a final call for digital asset businesses to secure formal licensing before its sector-wide no-action relief expires. Firms currently relying on that transitional relief must apply for, or vary, an Australian Financial Services (AFS) licence, and where relevant, an Australian Market Licence or a Clearing and Settlement facility licence by 30 September 2026, and are expected to notify ASIC in writing of their licensing intentions and arrange a pre-application meeting before that date. From 1 October 2026, firms still operating without the appropriate licence risk civil and criminal penalties, including fines of up to 10% of annual turnover. The deadline lands ahead of Australia's broader Digital Assets Framework legislation, due to commence on 9 April 2027, so firms that licence now will still need to adapt once that wider regime takes effect.

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Singapore 

BitGo Opens New Singapore Office as Asia-Pacific Hub 

Digital asset custodian BitGo has opened a new office in Singapore, positioning it as the firm's regional hub for the Asia-Pacific. The move builds on the Major Payment Institution (MPI) licence BitGo secured from the Monetary Authority of Singapore (MAS) in August 2024, and the city now houses BitGo Prime's largest institutional trading desk. The firm said trading volumes out of Singapore more than doubled in the first half of 2026 compared with the same period a year earlier, reflecting growth across a client base that includes governments, regulated financial institutions, payment providers, fintechs, digital asset businesses and high-net-worth investors. BitGo's Asia-Pacific managing director, Angela Ang, said institutions across the region were entrusting the firm with more of their business since the licence was granted, and the company plans further hiring in client coverage and operations roles.

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Partnerships/ Ecosystem

Global 

Citi Launches Custody+ a Suite for Near and Real-Time Custody

Citi's Investor Services business has launched Custody+, a modular suite of near- and real-time custody solutions designed to meet institutional demand for continuous, always-on markets and compressed settlement cycles. The suite spans real-time asset servicing, built on Citi's Single Event Processing technology, which the bank says has cut voluntary corporate action processing times by up to 92% in the United States, alongside instant settlement, on-demand foreign exchange with automated hedging, real-time cash and liquidity management, and an artificial-intelligence-driven tax processing tool that Citi says reduces documentation processing by 70%. It also includes a digital asset custody offering due to launch later in 2026, starting with Bitcoin, and a white-label platform that lets clients build their own services on top of Citi's infrastructure. Citi said more than 80% of its total event volume is now processed in real time, with 96% of US voluntary corporate action events completed within two hours.

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Unite Arab Emirates  

Standard Chartered Launches Institutional Bitcoin and Ether Trading in the UAE

Standard Chartered has become the first global systemically important bank (G-SIB) to offer institutional spot trading in Bitcoin and Ether in the United Arab Emirates, extending a capability it first introduced through its UK branch in July 2025. The service, regulated by the Dubai Financial Services Authority (DFSA) and delivered through the bank's Dubai International Financial Centre (DIFC) operations, is integrated into Standard Chartered's existing electronic trading platforms and gives eligible institutional clients a familiar foreign exchange-style interface for deliverable crypto-asset trading. Clients can pair execution with custody through Standard Chartered's own digital asset custody solution, launched in September 2024, or use a custodian of their choice. The bank frames the launch as extending an established global capability into a fast-growing regional market.

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Global 

BitGo Acquires NYDIG’s Institutional Trading Business

BitGo has entered into a definitive agreement and completed the acquisition of NYDIG's institutional trading business and related assets, the companies announced on 2 September 2026. The deal brings NYDIG's derivatives, structured products, financing and capital markets capabilities, along with around 30 staff and its institutional client relationships, into BitGo's existing custody, settlement and wallet infrastructure, extending BitGo's institutional markets platform into a broader end-to-end offering. For NYDIG, the sale allows the firm to concentrate on its vertically integrated power generation, bitcoin mining and high-performance computing data centre business, which has a development pipeline exceeding 3 gigawatts, with more than 1 gigawatt deliverable in 2027 and 2028. BitGo chief executive Mike Belshe said the acquisition would scale the firm's trading and infrastructure capabilities and let it serve a broader base of institutional clients from a single regulated platform.

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United States 

Wyoming Stable Token Commission Adds Chainlink Proof of Reserve

The Wyoming Stable Token Commission has integrated Chainlink's Proof of Reserve service to strengthen transparency around its Frontier Stable Token (FRNT), building on its earlier move to Chainlink's Cross-Chain Interoperability Protocol. The integration will publish verified reserve data onchain in near real-time, with reserves examined by The Network Firm under American Institute of Certified Public Accountants (AICPA) standards, closing the gap between periodic attestations. The commission is also adopting Chainlink's Proof of Reserve Secure Mint feature, which programmatically checks that verified reserves equal or exceed token supply before allowing new tokens to be minted. The commission said its existing daily attestations already exceed the transparency requirements of the federal GENIUS Act, and that onchain verification takes that standard a step further; Chainlink Labs described the move as setting a new US standard for onchain reserve transparency.

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Global 

Broadridge Extends Tokenised Repo Platform to G7 Securities 

Broadridge Financial Solutions has expanded its Distributed Ledger Repo (DLR) platform to support securities from the Group of Seven (G7) nations, extending a network that previously focused on tokenised US Treasury collateral. The expansion is intended to let institutions execute cross-border repo transactions and move collateral across jurisdictions and currencies using atomic settlement, in which the delivery of tokenised securities and the corresponding cash payment settle simultaneously, reducing operational complexity and settlement risk relative to traditional workflows. Broadridge said DLR processed around $351 billion in daily repo transactions as of August 2026, equivalent to roughly $7.4 trillion a month. The firm also supplies aggregated DLR market data, including repo par value, turnover and trade count, to Bloomberg Terminal subscribers through a collaboration with data provider Kaiko.

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Products/ Pilots

Global 

BNP Paribas and HSBC Complete First Corporate Treasury Transaction on Swit’s Blockchain Ledger

BNP Paribas and HSBC have completed the first corporate treasury payment on Swift's blockchain-based shared ledger, moving funds for Siemens from BNP Paribas' euro account in France to HSBC's sterling account in the UK on 4 September 2026. The pilot tested whether Swift's ledger could move commercial bank money for a corporate client across two separate banking systems, building on the first live tokenised deposit transaction between HSBC and Standard Chartered in August 2026. Swift launched the ledger in September 2025 and completed its design phase in March 2026; it is designed to let banks move interbank payments using blockchain technology and tokenised deposits, with round-the-clock payments cited as its first use case. Separately, DBS and Citi completed the first weekend US dollar cross-border payment between Singapore and the United States over the same ledger, settling in minutes a transfer that would traditionally take up to two business days. Swift said enabling 24/7 payments was only the starting point, with further use cases planned as its community of banks continues to test the ledger.

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