Information current as of 11 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.
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Summary Extracts of Thomas Murray’s DAMI Newsflashes
UK
FCA Releases Guidance on Cryptoassets AML and New Regulatory Framework
The FCA has clarified how existing AML obligations interact with the new Cryptoassets Regulations coming into force on 25 October 2027. Firms must seek full FSMA authorisation, there is no automatic conversion from MLR registration. The FCA expects a broader financial crime assessment than MLR requires, covering AML, CTF, CPF, sanctions and fraud, with a proportionate, risk-based framework tailored to each firm's activities. Transaction monitoring, blockchain analytics, Travel Rule compliance and cross-border controls must all demonstrably reflect the firm's specific risk profile.
A link to the official announcement is available here: Introduction to AML regulations.
House of Lords Publishes Report on Stablecoin Regulation
The House of Lords Financial Services Regulation Committee has published Stablecoins: Waiting for Regulations, warning that regulatory uncertainty is already suppressing UK stablecoin development. While acknowledging stablecoins' potential for faster, cheaper payments and more efficient settlement, the report flags risks to financial stability, banking disintermediation and consumer protection. The Committee supports 1:1 asset backing and a BoE backstop lending facility, but questions the 40% unremunerated reserve requirement, next-day redemption at par, and proposed holding limits for systemic stablecoins. It also calls for clarity on how dual FCA/BoE regulation of systemic issuers would work in practice.
A link to the House of Lords' official publication is available here: House of Lords Stablecoins - Waiting for Regulation
Luxembourg
CBL Announces 360X as New Trading Venue Connection
From 15 June 2026, Deutsche Börse-backed digital asset venue 360X will offer settlement through Clearstream Banking Luxembourg, using Power of Attorney functionality to settle transactions directly into members' CBL accounts. The additional venue connection is assessed as a positive development for CBL's financial risk profile, given its potential to increase settlement revenues.
A link to the official announcement is available here: New trading venue connection.
Sweden
Euroclear's Nordic Transformation Project
Euroclear Sweden has begun migrating onto TCS BaNCS MI, the platform already used by Euroclear Finland, to create a single harmonised Nordic CSD, with T2S connectivity targeted for 2030. TCS is also deploying its Quartz platform to support tokenised assets and DLT-based settlement. While the project is expected to reduce costs and improve operational efficiency, both Euroclear Sweden's financial and operational risk assessments are placed On Watch, reflecting the scale and multi-year duration of the programme.
A link to the official Euroclear and TCS publications are available here, respectively: Nordic Transformation Strategy;TCS expands partnership with Euroclear.
Rwanda
Rwanda Gazettes Virtual Asset Business Law
Rwanda has enacted Law No.23/2026 Regulating Virtual Asset Business, effective 28 May 2026. The law covers VASPs and issuers operating in Rwanda, defining virtual assets broadly to include tokenised real-world assets and stablecoins, while excluding fiat representations, CBDCs and algorithmically-backed stablecoins. The Capital Market Authority will license and supervise VASPs, with the BNR cooperating on oversight. Key requirements include full collateralisation of stablecoins and asset-backed tokens, Travel Rule compliance, transaction monitoring, and minimum liquidity ratios. Virtual assets are not recognised as legal tender.
Other External News Items
Legal / Regulation / Licensing
Zodia Custody Secures Payment Institution Licence in Luxembourg
Zodia Custody has obtained a Payment Institution licence from Luxembourg's CSSF, complementing its existing MiCA CASP licence and extending its custody capabilities to stablecoins and Electronic Money Tokens. The authorisation positions Zodia to serve institutional clients requiring regulated custody and transfer of EMTs across Europe, as stablecoins increasingly move into settlement, liquidity and treasury operations. The firm, co-founded by Standard Chartered and Northern Trust, is in the process of being fully acquired by Standard Chartered.
NYDFS Proposes Updated Stablecoin Regulatory Framework
The New York Department of Financial Services has proposed updated stablecoin regulations to align its existing framework with federal requirements under the GENIUS Act. The proposal builds on New York's 2022 stablecoin guidance and introduces new provisions including:
- Custodian concentration limits on reserve holdings
- Risk management programmes covering internal controls, information security, audit, asset growth and affiliate transactions
- Retention of existing requirements on backing, redeemability, permissible reserves and independent audits
The proposal enters a 10-day pre-comment period followed by a 60-day public comment window. The final regulation will take effect alongside the GENIUS Act, with a one-year transition period for existing New York-licensed issuers.
Laser Digital Receives OCC Conditional Approval for National Trust Bank
Nomura's digital asset subsidiary Laser Digital has received preliminary OCC approval to establish a federally chartered national trust bank, subject to satisfying pre-opening capital requirements. Once operational, the trust bank will offer institutional clients:
- FX and stablecoin intermediation across fiat, stablecoin and digital asset instruments
- Collateral management and cross-margining across digital and traditional asset classes
- Multi-asset fiduciary custody of digital assets, tokenised instruments and conventional financial assets
The charter provides a single federal regulatory framework spanning Laser Digital's existing operations in the UAE, Japan and the US, addressing the gap between legacy correspondent banking infrastructure and the demands of stablecoin settlement and tokenised collateral management.
Product / Pilots
Broadridge's DLR Platform Reaches $362 Billion ADV for May
Broadridge's Distributed Ledger Repo platform processed $362 billion in average daily volume in May 2026, a 220% year-on-year increase, with total monthly volumes reaching $7.2 trillion. The figures reflect growing institutional adoption of tokenised real-asset settlement and DLT as scalable capital markets infrastructure.
Partnerships / Ecosystem
Apex Group Supports Launch of Tokenised Real Estate Fund
Apex Group has announced its role in a blockchain-native real estate fund developed with Archax, Goldman Sachs, LRC Group and Ownera. Fund units are tokenised on Goldman Sachs' GS DAP® platform, with Apex providing AIFM, fund administration and depositary services through its Luxembourg entities. Archax acts as custodian and first distribution partner, while Ownera provides interoperability infrastructure. The fund combines on-chain issuance with established regulated fund structures, targeting improved operational efficiency and future transferability of real estate assets at institutional scale.
ClearBank Europe Partners with Bybit EU for Banking Infrastructure
ClearBank Europe has signed a strategic partnership with MiCA-licensed crypto exchange Bybit EU to provide safeguarding and fiat on/off-ramping services across Europe. ClearBank supported Bybit EU from its pre-registration phase through to launch and will also support its planned entry into the UK. Bybit EU is additionally pursuing an EMI licence to further expand its European offering.
Marex Expands Institutional Digital Assets Offering Through Deribit
Marex has been onboarded as a broker on Deribit, giving its institutional clients access to crypto options, futures and perpetuals. The partnership combines Marex's risk management and execution infrastructure with Deribit's derivatives liquidity, forming part of Marex's broader strategy to bridge traditional finance and digital asset markets.
Digital Asset Custodian Monitoring
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