Australia’s markets regulator is sharpening its approach to digital assets, expanding how financial laws apply to tokens, custody and stablecoins as it prepares to introduce a new licensing regime. The Australian Securities and Investments Commission (ASIC) this week detailed expectations for the industry, saying that many digital assets already meet the definition of financial products under the Corporations Act 2001. The updated interpretation appears in ASIC’s proposed revision to Information Sheet 22 ...

Core Insights - The New York Department of Financial Services (DFS) is drafting rules for Buy Now, Pay Later (BNPL) that focus on disclosure, credit reporting, and harmonization with other regulators while ensuring appropriate guardrails [1][10] - Adrienne Harris, the outgoing superintendent, emphasizes that regulators can protect consumers and markets while being supportive of business [3][4] - The DFS has established itself as a national model for financial regulation, promoting innovation within defined boundaries [4][8] Regulatory Developments - The DFS's virtual currency team has expanded from a few members to 60, making it one of the largest regulatory groups for virtual currencies globally [9] - The agency's early adoption of the BitLicense framework has positioned New York as a leader in digital asset oversight, influencing the recent federal GENIUS Act [8][9] - Proposed BNPL rules will address fees, disclosures, and credit reporting, ensuring that regulations keep pace with evolving financial models [10] Leadership Transition - Kaitlyn Asrow will assume the role of acting superintendent, ensuring continuity in the DFS's leadership in digital finance [6] - Harris's tenure included significant challenges, such as the crypto winter and the collapses of several banks, leading to internal reforms within the DFS [11] Achievements and Legacy - Under Harris's leadership, the DFS has secured over $725 million in restitution for consumers, highlighting a commitment to consumer protection [11] - Harris's legacy includes redefining how regulation can support innovation sustainably and durably for all stakeholders [11]

Core Insights - The U.S. and U.K. have launched a joint Transatlantic Taskforce to enhance cooperation on capital markets and digital assets [1][2] - The task force aims to develop oversight approaches for digital assets and explore opportunities in wholesale digital markets [2][4] - The initiative emphasizes the importance of aligning regulatory frameworks as technology transforms financial markets [3] Group 1: Taskforce Objectives - The task force will report within 180 days, providing recommendations in consultation with the private sector [2] - Short-term measures will focus on facilitating cross-border use cases, while long-term strategies will aim to advance digital market infrastructure [4] Group 2: Industry Implications - The collaboration is seen as a validation of the digital assets industry, promoting higher standards of transparency and accountability [5] - The initiative may set a global benchmark for other jurisdictions if they choose to follow this structured collaboration [5]