Crypto Regulation
Andrew Bailey: Bank of England Governor, FSB Chair, and Crypto's Most Influential Skeptic
Andrew Bailey holds two of the most powerful positions in international financial regulation — Bank of England Governor and FSB Chair from July 2025. His cautious, stability-focused approach to crypto shapes both UK policy and international standards.
Australia: Thorough Analysis, Slow Legislation, and the ASIC Enforcement Gap
Australia's digital asset policy — token mapping, ASIC regulation, licensing reform, and the prolonged uncertainty facing Australian crypto businesses in the absence of comprehensive legislation.
Australia's Crypto Regulation: Token Mapping, Licensing Reform, and the Long Wait for Clarity
Australia conducted a comprehensive 'token mapping' exercise in 2023 and proposed a licensing framework for digital asset exchanges — but implementation has been slow, leaving the industry in prolonged regulatory uncertainty.
Bahrain: The Gulf's First Crypto Regulator and Regional FinTech Hub
Bahrain's Central Bank of Bahrain crypto module (2019), regulatory sandbox, Rain Financial licensing, and the small Gulf kingdom's strategy to compete as a regional FinTech innovation centre.
Bahrain's Crypto Regulation: The Gulf Pioneer and CBB's Pragmatic Framework
Bahrain became one of the first Gulf states to regulate cryptocurrency exchanges when the Central Bank of Bahrain issued its crypto asset module in 2019 — positioning the island kingdom as a Gulf FinTech hub.
BitLicense (New York)
The world's first crypto exchange licence, issued by the New York Department of Financial Services from 2015, establishing requirements for virtual currency businesses operating in New York and influencing exchange licensing globally.
BitLicense: New York's Crypto Regulation That Changed an Industry
Introduced in 2015 by the NYDFS, the BitLicense became the most debated state-level crypto regulation in US history — driving companies out of New York while shaping regulatory frameworks globally.
Brian Quintenz: From CFTC Commissioner to A16z Advisor to CFTC Chair
Brian Quintenz's career — CFTC commissioner, a16z policy advisor, nominated CFTC Chair — encapsulates the revolving door dynamics of US crypto regulation and represents the most crypto-friendly CFTC leadership in the agency's history.
Canada: World's First Crypto ETF, and a Cautious National Regulatory Approach
Canada's digital asset policy — CSA/OSC regulation, the world's first Bitcoin ETF (2021), exchange registration requirements, and a measured federal approach that balances innovation with investor protection.
CFTC and Digital Commodities: How the Futures Regulator Became a Crypto Arbiter
The Commodity Futures Trading Commission has expanded its digital asset jurisdiction through enforcement, legislation, and rulemaking — becoming a central player in US crypto regulation alongside the SEC.
DABA (Digital Asset Business Act — Bermuda)
Bermuda's 2018 pioneer legislation establishing a comprehensive licensing framework for digital asset businesses, administered by the Bermuda Monetary Authority, with eight licence categories and sandbox provisions.
France: AMF's PSAN Regime and Early MiCA Leadership
France's digital asset policy — PSAN regime, AMF's pragmatic approach, early MiCA adoption, and France's ambition to be the EU's leading crypto financial centre.
France's PSAN Regime: Optional Licensing, Optional MiCA, and the AMF's Pragmatic Approach
France's PSAN (Prestataires de Services sur Actifs Numériques) regime created an optional licensing framework for crypto service providers — and became one of the first EU member states to invite early MiCA adoption.
FSB (Financial Stability Board)
FSB's G20 mandate for financial stability standard-setting, its 2023 crypto and stablecoin recommendations, and the October 2025 peer review findings.
FSB Implementation Report: Which Countries Are Following the Rules and Which Aren't
The Financial Stability Board's October 2025 peer review found significant gaps in countries' implementation of crypto recommendations — particularly on stablecoin frameworks. Here's who is compliant and who is lagging.
FSMA 2023 (Financial Services and Markets Act 2023 — UK)
The UK's primary post-Brexit financial regulatory framework, extending regulated activity status to cryptoasset businesses, establishing FCA authorization requirements, and setting an October 2027 go-live date for the full regime.
HM Treasury's Crypto Consultations: How UK Policy Was Made Iteratively
From the 2021 stablecoin consultation to the 2023 broader crypto regulatory regime, HM Treasury used public consultation to build UK digital asset policy step by step — a different legislative model from the EU's comprehensive approach.
Innovation vs. Consumer Protection: The Core Tension in Crypto Regulation
Every major crypto regulatory decision involves a fundamental tension: how much regulatory burden is acceptable to protect consumers, and how much protection must be sacrificed to enable innovation? The political economy of this tradeoff determines regulatory outcomes.
Japan: The Cautious Regulator Who Moved Fastest on Stablecoins
Japan's digital asset policy — Financial Instruments and Exchange Act amendments, Payment Services Act stablecoin law, JFSA's risk-averse approach, and the government's web3 promotion strategy.
MiCA (Markets in Crypto-Assets Regulation)
The European Union's comprehensive regulatory framework for crypto-assets, establishing three asset categories, CASP authorization with EU passporting rights, stablecoin reserve requirements, and ESMA oversight.
MiCA: Legislative History and Global Impact
How the Markets in Crypto-Assets Regulation was conceived, debated, amended, and enacted — and why it became the world's benchmark for digital asset law.
Paul Atkins: The SEC Chair Who Reversed a Decade of Crypto Enforcement
Paul Atkins — confirmed SEC Chair in 2025 — launched 'Project Crypto', announced a token taxonomy, and fundamentally reoriented the SEC from enforcement-first to engagement-first on digital assets. A profile of the most consequential crypto regulator in the world.
Regulatory Capture in Crypto: The Systematic Analysis
Regulatory capture — where regulated industries gain control of their regulators — is the central political economy problem in crypto regulation. The evidence from the US, EU, and UK reveals multiple forms of capture, each with different consequences.
Singapore's Payment Services Act: Asia's Digital Asset Regulatory Template
Singapore's Payment Services Act, with its amendments covering Digital Payment Token services, became the template for comprehensive crypto regulation in Asia — regulatory clarity without excessive prescription.
South Africa: Africa's Most Sophisticated Crypto Regulatory Framework
South Africa's FSCA declaration of crypto as a financial product (2022), CASP licensing framework, and the regulatory evolution of Africa's most advanced financial market.
South Korea's Virtual Asset User Protection Act: Consumer-First Crypto Regulation
South Korea's Virtual Asset User Protection Act, effective July 2024, focuses on protecting retail investors — requiring exchanges to segregate customer assets, maintain insurance, and meet transparency standards.
The Revolving Door in Crypto Regulation: A Systematic Map
The movement of individuals between crypto industry and government regulatory positions — in both directions — is the most structurally significant feature of US crypto regulatory politics in 2024-2026.