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Regulation

How MiCAR, US initiatives, e‑CNY and other key markets define the framework for stablecoins, CBDCs and digital assets – and what this means for mid‑market corporates, compliance and ERP processes.

Regulation Topics at a Glance

MiCAR (EU)

Stablecoins & CASPs in the Single Market

Scope and roles (issuer, custodian, trading venue), reserves, transparency, passporting and links to eWpG/MiFID – with a focus on mid‑market impact.

Key Points

  • Role model: issuer, custodian, trading venue
  • Obligations: reserves, disclosure, passporting
  • TFR/AMLR & DAC8 reporting
  • Checklist “What does MiCAR mean for mid‑market corporates?”

USA – CLARITY & GENIUS

Stablecoin Gold Standard & Capital-Market Rails

US approach with strictly backed stablecoins, clear SEC/CFTC remits and fair‑value accounting – including implications for EU firms with US links.

Key Points

  • GENIUS stablecoin framework & 1:1 backing
  • CLARITY/Project‑Crypto paths (custody/tokenisation)
  • FASB fair‑value rules from 2025
  • EU vs US: licensing, disclosure, AML/accounting

China – e‑CNY & Crypto Regime

CBDC Pilot, Hong Kong Window & Trade

e‑CNY pilots, mBridge initiatives and the tension between onshore restrictions and openings via Hong Kong – relevant for supply chains and treasury.

Key Points

  • e‑CNY payment flows & pilot use cases
  • Onshore crypto bans vs Hong Kong regime
  • mBridge & cross‑border settlement
  • Do’s & don’ts for DACH corporates

Key Markets at a Glance

UK, CH, SG, HK, UAE, JP

Pragmatic regulatory paths in selected core markets – from tokenisation sandboxes to stablecoin licences and CBDC pilots.

Key Points

  • UK: Digital Securities Sandbox & FCA path
  • Switzerland: DLT Act & FINMA practice (incl. EURCV)
  • Singapore, Hong Kong, UAE, Japan in short profiles
  • Heatmap of licence, stablecoin & CBDC status

Cross-Cutting: Compliance & Reporting

Travel Rule, DAC8, Tax, Accounting

Rules that apply across markets – from FATF/EU Travel Rule and DAC8 to IFRS/FASB requirements and data protection at on/off‑ramps.

Key Points

  • FATF/EU Travel Rule & DAC8 obligations
  • Sanctions screening & KYC/AML standards
  • IFRS/GAAP vs FASB fair‑value (US)
  • Sample ERP data points & audit trail design

Comparison & Decision Support

EU, US, China & Key Markets

Compact comparison of major markets – with traffic‑light scoring for readiness, industry fit and time‑to‑go‑live.

Key Points

  • Regulatory clarity & stablecoin regimes
  • CBDC maturity & tokenisation (securities/deposits)
  • Passporting/extraterritoriality & accounting
  • Scoring table with traffic‑light logic & CSV export