Policy Moves This Week
U.S. regulators took a major step toward unified oversight of digital assets. The Securities and Exchange Commission and Commodity Futures Trading Commission signed a memorandum of understanding on March 11.
The agreement creates a Joint Harmonization Initiative to align product definitions, coordinate examinations and streamline rules for dually registered firms. It lists a fit-for-purpose framework for crypto assets as a top goal.
SEC Chairman Paul S. Atkins said decades of turf wars had stifled innovation. CFTC Chairman Michael S. Selig added that the pact would eliminate duplicative burdens and support a golden age of American finance. The MOU also covers data sharing and joint policy work on emerging technologies.
The CFTC followed on March 12 with an advanced notice of proposed rulemaking on event contracts in prediction markets. The notice asks for views on statutory core principles, prohibited contracts and cost-benefit issues. It underscores the agency’s exclusive jurisdiction under the Commodity Exchange Act while promoting responsible derivatives innovation.
In the United Kingdom, the Financial Conduct Authority published its quarterly consultation paper No. 51 on March 6. The paper proposes amendments to the Client Assets Sourcebook to integrate crypto-asset activities under the coming regime. Changes target definitions of designated investment business and ensure rules apply smoothly to client holdings in the new crypto framework.
The European Banking Authority released final implementing technical standards on March 5 for supervisory reporting by third-country branches under the Capital Requirements Directive. The standards include simplifications and a first reporting date of March 31, 2027.
The Monetary Authority of Singapore issued three guidelines on environmental risk management transition planning on March 5. Separate rules for banks, insurers and asset managers set expectations for governance, risk assessment and customer engagement on climate-related physical and transition risks. The guidelines take effect in September 2027 after an 18-month transition period.
Enforcement Ledger
Singapore authorities reported one notable action. On March 5 the police and MAS conducted joint operations against licensed fund manager Capital Asia Investments Pte Ltd and two directors.
Investigators seized more than S$160 million in assets over suspected money laundering and serious anti-money laundering control failings under the Financial Services and Markets Act. The case remains under investigation and highlights ongoing focus on compliance obligations for capital-markets licence holders.
The SEC-CFTC memorandum stresses coordinated enforcement where jurisdictions overlap. Officials agreed to confer on charges, relief and public messaging to avoid duplicative actions against crypto firms.
MiCA Milestones
The European Banking Authority’s nine-month transition period under its 2025 No Action Letter ended on March 2. Crypto-asset service providers that handle electronic money tokens qualifying as payment services must now hold or apply for full PSD2 authorisation.
National competent authorities may allow limited continuation only if providers have submitted complete applications, show no supervisory concerns and face prompt authorisation decisions. Otherwise providers must cease relevant activities and offboard clients. The EBA encouraged streamlined processes that reuse MiCA authorisation data to reduce burden.
Deadlines Coming Due
Comments on the CFTC advanced notice of proposed rulemaking on prediction markets are due within 45 days of Federal Register publication, expected around late April 2026.
The FCA quarterly consultation on Client Assets Sourcebook changes closes April 13, 2026 for most chapters.
MAS third-party risk management consultations close April 20, 2026.
Firm Actions Ahead
Fintech companies operating across borders should review the SEC-CFTC memorandum for opportunities to pursue dual registration and reduced compliance friction in crypto activities. U.S. firms may benefit from clearer product classifications and coordinated oversight.
UK crypto businesses should assess impacts of the proposed Client Assets Sourcebook amendments on custody and client-money rules and prepare to submit comments by April 13.
European crypto-asset service providers still handling electronic money tokens as payments must confirm PSD2 application status and readiness for full authorisation or client offboarding to avoid enforcement.
Asset managers, banks and insurers in Singapore should begin mapping climate transition risks into business models and governance now to meet the September 2027 deadline.
All firms should track comment deadlines and consider input on prediction-market rules or third-party risk frameworks where operations intersect those areas. Early engagement with regulators on harmonisation initiatives can help shape final rules and support compliant growth.
