Blab Crypto
Transatlantic Stablecoin Pact, Hong Kong Regulation, and US Perpetual Futures Clear Regulatory Milestones
On June 2, a new transatlantic partnership was inked that could reshape how regulators monitor stablecoins worldwide. The New York State Department of Financial Services (NYDFS) and the European Banking Authority (EBA) signed a memorandum of understanding (MOU) that will enable the two agencies to exchange supervisory data on stablecoin issuers and related market participants.
The MOU builds on the EU’s Markets in Crypto‑Assets (MiCA) regulation, under which the EBA supervises “significant” electronic‑money tokens and asset‑referenced tokens. In New York, the NYDFS oversees stablecoin issuers and virtual‑currency businesses through its BitLicense regime and state banking laws. Under the agreement, the agencies will share information on stablecoin volumes, reserve holdings, corporate structures, audit findings, enforcement actions, and annual supervisory plans. The MOU also allows joint on‑site investigations of supervised entities and requires timely notification of regulatory breaches, signalling that regulators view stablecoins as a global market that demands coordinated oversight rather than isolated, jurisdiction‑specific rules.
In Hong Kong, the Securities and Futures Commission (SFC) and the Financial Services Treasury Bureau (FSTB) released the conclusions of a consultation that began in December 2025 on a licensing regime for virtual‑asset advisory and management services. The consultation attracted 51 submissions, most of which supported a framework that maps to the SFC’s existing Type 4 and Type 9 regulated activities under the Anti‑Money Laundering and Counter‑Financing of Terrorism Ordinance. The new regime will not include a deeming arrangement, meaning that advisors and managers cannot operate with temporary authorisation while awaiting full licensing. The SFC expects the licensing regime to be implemented through legislative amendments in 2026.
On May 27, the SFC issued a circular outlining expectations for virtual‑asset trading platforms (VATPs) that list stablecoins approved by the Hong Kong Monetary Authority (HKMA). The HKMA has issued two stablecoin licences to Standard Chartered and HSBC. The circular requires VATPs to disclose stablecoin information, assess client knowledge, inform the SFC of planned listings, and update internal compliance policies.
In the United States, the Commodity Futures Trading Commission (CFTC) approved the first crypto‑asset perpetual futures contract on May 29. The commission issued an order approving a Bitcoin perpetual contract (BTCPERP) on Kalshi, a CFTC‑regulated designated contract market. That same day, the CFTC’s Market Participants Division issued a no‑action letter stating that Coinbase can offer its U.S. customers perpetual futures (Deribit Perpetuals) as compliant foreign futures routed through overseas platforms. The CFTC also released a policy statement clarifying that perpetual futures referencing assets other than Bitcoin must undergo case‑by‑case review before listing on any designated contract market.
The CFTC’s actions come amid a broader effort by the commission, led by Chairman Michael Selig, to promote responsible innovation while ensuring investor protection in the derivatives market.
The United Kingdom’s Financial Conduct Authority (FCA) released a report on May 28 that examined sanctions compliance practices among regulated firms, including crypto‑asset companies. The report, based on assessments of approximately 150 firms, identified poor due‑diligence practices, ineffective alert management, and weak frozen‑asset arrangements as common causes of sanctions breaches. The FCA noted that the crypto‑asset sector may be underreporting potential breaches related to Russian sanctions evasion, a concern that aligns with findings from the Office of Financial Sanctions Implementation in 2025.
Other regulatory developments include the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposing sanctions on four Iranian crypto‑asset exchanges—including Nobitex—on June 3. OFAC also removed 76 obsolete entries from the Specially Designated Nationals and Blocked Persons (SDN) list on May 28 to reduce false positives in sanctions screening.
In the United Kingdom, the FCA granted registration to two subsidiaries of Aave Labs—Push Labs and Push Virtual Assets—allowing them to operate stablecoin on‑and‑off‑ramp services under UK AML/CFT rules.
Overall, the month has seen a tightening of regulatory frameworks across multiple jurisdictions. The NYDFS‑EBA MOU establishes a precedent for cross‑border cooperation on stablecoins, while Hong Kong’s licensing regime expands oversight of advisory and management services. The CFTC’s approvals of perpetual futures mark the first U.S. regulatory clearance for this popular derivative, and the FCA’s sanctions report highlights ongoing compliance challenges in the crypto sector. Upcoming developments will include the implementation of Hong Kong’s licensing regime, potential further CFTC approvals of non‑Bitcoin perpetuals, and the FCA’s continued monitoring of sanctions compliance.
The MOU builds on the EU’s Markets in Crypto‑Assets (MiCA) regulation, under which the EBA supervises “significant” electronic‑money tokens and asset‑referenced tokens. In New York, the NYDFS oversees stablecoin issuers and virtual‑currency businesses through its BitLicense regime and state banking laws. Under the agreement, the agencies will share information on stablecoin volumes, reserve holdings, corporate structures, audit findings, enforcement actions, and annual supervisory plans. The MOU also allows joint on‑site investigations of supervised entities and requires timely notification of regulatory breaches, signalling that regulators view stablecoins as a global market that demands coordinated oversight rather than isolated, jurisdiction‑specific rules.
In Hong Kong, the Securities and Futures Commission (SFC) and the Financial Services Treasury Bureau (FSTB) released the conclusions of a consultation that began in December 2025 on a licensing regime for virtual‑asset advisory and management services. The consultation attracted 51 submissions, most of which supported a framework that maps to the SFC’s existing Type 4 and Type 9 regulated activities under the Anti‑Money Laundering and Counter‑Financing of Terrorism Ordinance. The new regime will not include a deeming arrangement, meaning that advisors and managers cannot operate with temporary authorisation while awaiting full licensing. The SFC expects the licensing regime to be implemented through legislative amendments in 2026.
On May 27, the SFC issued a circular outlining expectations for virtual‑asset trading platforms (VATPs) that list stablecoins approved by the Hong Kong Monetary Authority (HKMA). The HKMA has issued two stablecoin licences to Standard Chartered and HSBC. The circular requires VATPs to disclose stablecoin information, assess client knowledge, inform the SFC of planned listings, and update internal compliance policies.
In the United States, the Commodity Futures Trading Commission (CFTC) approved the first crypto‑asset perpetual futures contract on May 29. The commission issued an order approving a Bitcoin perpetual contract (BTCPERP) on Kalshi, a CFTC‑regulated designated contract market. That same day, the CFTC’s Market Participants Division issued a no‑action letter stating that Coinbase can offer its U.S. customers perpetual futures (Deribit Perpetuals) as compliant foreign futures routed through overseas platforms. The CFTC also released a policy statement clarifying that perpetual futures referencing assets other than Bitcoin must undergo case‑by‑case review before listing on any designated contract market.
The CFTC’s actions come amid a broader effort by the commission, led by Chairman Michael Selig, to promote responsible innovation while ensuring investor protection in the derivatives market.
The United Kingdom’s Financial Conduct Authority (FCA) released a report on May 28 that examined sanctions compliance practices among regulated firms, including crypto‑asset companies. The report, based on assessments of approximately 150 firms, identified poor due‑diligence practices, ineffective alert management, and weak frozen‑asset arrangements as common causes of sanctions breaches. The FCA noted that the crypto‑asset sector may be underreporting potential breaches related to Russian sanctions evasion, a concern that aligns with findings from the Office of Financial Sanctions Implementation in 2025.
Other regulatory developments include the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposing sanctions on four Iranian crypto‑asset exchanges—including Nobitex—on June 3. OFAC also removed 76 obsolete entries from the Specially Designated Nationals and Blocked Persons (SDN) list on May 28 to reduce false positives in sanctions screening.
In the United Kingdom, the FCA granted registration to two subsidiaries of Aave Labs—Push Labs and Push Virtual Assets—allowing them to operate stablecoin on‑and‑off‑ramp services under UK AML/CFT rules.
Overall, the month has seen a tightening of regulatory frameworks across multiple jurisdictions. The NYDFS‑EBA MOU establishes a precedent for cross‑border cooperation on stablecoins, while Hong Kong’s licensing regime expands oversight of advisory and management services. The CFTC’s approvals of perpetual futures mark the first U.S. regulatory clearance for this popular derivative, and the FCA’s sanctions report highlights ongoing compliance challenges in the crypto sector. Upcoming developments will include the implementation of Hong Kong’s licensing regime, potential further CFTC approvals of non‑Bitcoin perpetuals, and the FCA’s continued monitoring of sanctions compliance.
