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UK
FCA and PSR jointly respond to HM Treasury consultation on consolidation
The Payment Systems Regulator (PSR) has published the joint response from the FCA and PSR to HM Treasury's consultation on consolidating the PSR's functions with the FCA. The regulators welcome the proposal set out in the consultation and agree with the overarching approach to the consolidation. The FCA and PSR also comment that the proposed model will help to facilitate a coherent and holistic view of regulatory issues that affect the payments ecosystem, including both payment systems and payment services. [23 Oct 2025] #Payments
FCA: Primary Market Bulletin 59
The FCA has published Primary Market Bulletin 59 (PMB 59). This edition includes information on the adoption of cryptoasset treasury strategies by listed companies. [23 Oct 2025] #Crypto #DigitalAsset
BoE publishes update on digital pound
The Bank of England (BoE) has published an update summarising recent work on the digital pound. While the BoE and HM Treasury are continuing to explore the case for a digital pound, however, no decision has been made on the introduction of it, and the current design phase will continue through 2026 Focus has been on three priorities:
- advancing technical work on shared public infrastructure and hands-on experimentation to support private-sector innovation in money and payments;
- investigating how a digital pound and other types of digital money can interoperate with existing forms of money and payment systems; and
- gathering and integrating a range of stakeholder evidence to inform the design of any potential digital pound.
The priorities support the next phase of the digital pound project and are part of wider work by both authorities on retail payments innovation. Activities in the next phase include allowing industry participants to test innovative payments use cases, using a digital pound as the foundation, with potentially broader applicability across retail payments through the digital pound lab. [23 Oct 2025] #CBDC #DigitalPound
Financial Services Skills Commission issues CfE on impact of AI and disruptive technology on financial services workforce
The Financial Services Skills Commission has published a call for evidence (CfE) on how AI and disruptive technology will change financial services, as well as its workforce, over the next five to ten years? The CfE marks the start of a research project, which will see the Commission develop recommendations for skills development in relation to AI and other disruptive technologies in financial services.
The CfE, which closes on 26 November 2025, is the first phase in the research project. This phase is expected to last for around five to six months, after which the Commission intends to publish an interim report. Phases two and three will examine the scale of skills transformation required, and an action plan for success. The project is expected to conclude by the end of 2026.
The research project was first announced by HM Treasury, as part of the government's Financial Services Growth and Competitiveness Strategy. [23 Oct 2025] #AI
DSIT issues CfE on AI Growth Lab
The Department for Science, Innovation & Technology (DSIT) has published a call for evidence (CfE) on the AI Growth Lab, a cross-economy sandbox to help inform the Government on policy development.
The Lab is intended to facilitate controlled deployment of cutting-edge AI systems within live market environments, with targeted regulatory modifications as necessary. Working with sectoral regulators, the Lab will:
- operate issue specific sandboxes, focusing on sectors where there is opportunity for innovation and adoption, but where regulatory modification may be needed;
- grant time-limited regulatory exemptions to innovative firms and products which meet eligibility criteria - 'sandbox pilots';
- oversee sandbox pilots, designing limits and safeguards for regulatory modifications; and
- make recommendations on the conversion of successful pilots into regulatory reforms.
The Government is exploring a range of options for the design of the Lab, but the CfE highlights two 'illustrative' models – a single, centrally-operated lab or regulator-operated labs.
Responses are requested by 2 January 2026. [22 Oct 2025] #AI
BoE speech: Advancing settlement - Central bank money for the next era of payments
The Bank of England (BoE) has published a speech by Victoria Cleland, the Chief Cashier and Executive Director of Payments. Ms Cleland shared the work undertaken by the BoE to modernise wholesale settlement using central bank money and discussed its exploration of new settlement models. She also reflected on the distributed ledger technology (DLT) Innovation Challenge and unveiled a new dynamic space to explore how atomic settlement could benefit various markets and transaction types – the Synchronisation Lab. [21 Oct 2025] #DLT
PRA/FCA: Effective practices of cyber response and recovery capabilities
The BoE, PRA and FCA have jointly published effective practices observed across systemic firms and financial market infrastructures (FMIs).
As cyber-attacks continue to represent a significant threat to the financial sector, the regulators highlight effective practices which they have observed in systemic firms' and FMIs' operational resilience self-assessments. These practices demonstrate how firms are strengthening their ability to respond to, and recover from, severe cyber disruptions stemmed from their own systems or material third-party suppliers. Firms and FMIs are advised to review the practices to inform the further development of their own approaches. [20 Oct 2025] #Cyber
Europe
ESRB reports on systemic risks from cryptoassets and adopts recommendations on stablecoins
The European Systemic Risk Board (ESRB) has published a report on systemic risks from cryptoassets. The report calls for close monitoring of growing links between the crypto sector and the traditional financial system.
The ESRB also highlights concerns about financial stability risks connected with stablecoins, especially those issued jointly in EU and third countries. The ESRB has adopted a recommendations focused on addressing the risks arising from third-country multi-issuer schemes. [20 Oct 2025] #Crypto #DigitalAsset
ECB President responds to letter on digital euro and sustainability
The European Central Bank (ECB) has published a letter from its President Christine Lagarde to a Member of the European Parliament (MEP) on the integration of climate considerations in developing the digital euro.
Ms Lagarde stated that sustainability principles, in particular energy efficiency, are integral to the design of the digital euro, and that the ECB aims to use existing payments infrastructure wherever possible to avoid duplication of systems. She confirmed that environmental criteria have been considered in the selection of service providers, ensuring that the digital euro service platform uses providers and data centres located in the EEA, implements energy-efficient technologies and adheres to best practices in environmental performance.
Additionally, the President announced that the ECB is currently working on assessing the digital euro's possible environmental footprint based on the Life Cycle Assessment methodology. This approach would measure emissions at every stage – from building and maintaining the systems and infrastructure supporting the digital euro to its day-to-day use. [20 Oct 2025] #DigitalEuro #CBDC
Hong Kong
HKMA launches industry consultation on proposed revisions to SPM module CA-G-1 to incorporate cryptoasset standards
The HKMA has issued a letter to consult the banking industry on proposed revisions to the its Supervisory Policy Manual (SPM) module CA-G-1 'Overview of Capital Adequacy Regime for Locally Incorporated Authorised Institutions', to incorporate international cryptoasset standards. The consultation will close 24 November 2025. At the time of writing, the letter and the proposed revisions are not publicly available.
This follows the HKMA's consultation launched in September 2025 on a proposed new SPM module and revisions to other modules and guidance to implement Basel Committee's standard on the prudential treatment of banks' cryptoasset exposures (plus consequential and other amendments) (see our previous update). [23 Oct 2025] #Crypto #DigitalAsset
SFC shows support to market initiatives on regulatory compliance for digital asset funds and tokenised funds
The SFC has showed support to the market's initiatives aimed at enhancing regulatory compliance standards in the digital asset sector. At a seminar organised by the Association of Fund Administrators of Hong Kong and the Greater Bay Area (AFA) on 17 October 2025, Dr Eric Yip (the SFC's Executive Director of Intermediaries) delivered a keynote speech, emphasising the SFC's commitment in raising professional standards and fostering mutual trust in the digital asset market.
The seminar was attended by over 150 participants, including fund and digital asset professionals, as well as legal and compliance experts. The seminar focused on risk management and control measures for digital asset funds and tokenised funds, emphasising the need for collaborative efforts within the fund industry to strengthen technical and regulatory compliance capabilities while adopting innovative technologies.
The SFC's involvement underscored its commitment to empowering industry through education, engagement and transparency as part of its initiatives under Pillar Re (Relationship) of the 'ASPIRe' roadmap (see our previous update. [20 Oct 2025] #DigitalAsset #Tokenisation
Singapore
MAS announces 2025 Global FinTech Hackcelerator and FinTech Excellence Awards finalists
MAS has announced the 42 finalists for the 2025 Global FinTech Hackcelerator and the Singapore FinTech Festival (SFF) FinTech Excellence Awards. The winners will be revealed at the SFF FinTech Excellence Awards 2025 on 13 November 2025.
This year's Global FinTech Hackcelerator, organised by MAS in partnership with Global Finance Technology Network, focuses on the theme 'AI for financial services'. [21 Oct 2025] #Fintech #AI
India
RBI launches fourth global hackathon
The Reserve Bank of India (RBI) has announced the launch of its fourth global hackathon, which is titled 'HaRBInger 2025 – Innovation for Transformation'. The theme of the hackathon is 'Secure Banking: Powered by Identity, Integrity and Inclusivity'. Registration for HaRBInger 2025 opens on 23 October 2025. [23 Oct 2025] #Hackathon
Philippines
SECP consults on blockchain-based digital signing and authentication of documents using VERITAS
The SECP has published for consultation a draft memorandum circular on blockchain-based digital signing and authentication of SECP documents using the SECP Verification of Electronic Records and Information Trust and Authentication System (VERITAS). Comments on the draft memorandum are requested by 31 October 2025. [22 Oct 2025] #Blockchain
US
NY DFS issues new cybersecurity guidance to address risks associated with the use of third-party service providers
The New York State Department of Financial Services (NY DFS) has issued new cybersecurity guidance addressing the risks associated with entities becoming increasingly reliant on third-party service providers (TPSPs). The guidance does not impose new requirements or obligations on NY DFS-regulated entities. It is intended to clarify regulatory requirements under NY DFS's cybersecurity regulation and share best practices. [21 Oct 2025] #Cybersecurity
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