Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, made another massive BTC acquisition last week as the crypto asset hovered around $80,000.

Strategy acquired 24,869 Bitcoin (BTC) for $2.01 billion between May 11 and 17, according Monday’s 8-K filing with the US Securities and Exchange Commission.

Source: SEC

The purchases were made at an average price of $80,985 per BTC, raising Strategy’s cost basis to $75,700.

The company now holds 843,738 BTC, acquired for about $63.87 billion. At the time of publication, the holdings were valued at roughly $65.3 billion, according to CoinGecko.

STRC sales account for 97% of the entire purchase

Strategy funded nearly all of its latest Bitcoin purchase through sales of its STRC perpetual preferred stock, which accounted for about 97% of total proceeds.

According to the SEC filing, Strategy raised roughly $1.95 billion from the sale of about 19.5 million STRC shares.

In comparison, Strategy’s Class A common stock (MSTR) contributed a smaller share of funding, generating about $83.7 million in net proceeds from the sale of 430,344 shares.

Source: SEC

The outcome was broadly in line with expectations from STRC Live, which reported heavy STRC activity during the week, including a record trading day of 15.1 million shares, with estimated purchases of around 15,466 BTC.

The structure mirrors previous large bitcoin buys this year, including a 34,164 BTC purchase, Strategy’s third-largest on record, which was also largely financed through preferred securities rather than common equity.

Related: Strategy resumes Bitcoin acquisitions with $43M BTC buy

Strategy co-founder Saylor previously signaled that the company would add to its Bitcoin holdings by posting a chart showing Strategy’s purchase history with 109 Bitcoin acquisition events since 2020.

Its 843,738 BTC now far outpaces BlackRock, the world’s largest asset manager, which holds around 817,000 BTC on behalf of its clients.

The purchases came a week after Saylor raised the possibility of selling Bitcoin during Strategy’s recent earnings call, framing it as a way to better protect the asset’s long-term value.

He said that sticking too rigidly to a “never sell” Bitcoin approach could, over time, work against the very asset the company is built to accumulate and hold.

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Bitcoin Depot, one of the largest Bitcoin ATM operators in the US, filed for Chapter 11 bankruptcy protection as the company moved to wind down operations and sell its assets.

In a Monday announcement, Atlanta-based Bitcoin Depot said it started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Southern District of Texas, citing mounting regulatory pressure and financial strain.

CEO Alex Holmes said the company strengthened anti-fraud protections in recent years, including stricter identity checks and lower transaction limits, but argued that growing compliance demands and enforcement actions made the business model “unsustainable.”

The filing marks one of the biggest collapses in the crypto ATM sector to date and highlights the increasing pressure facing companies that provide cash-to-crypto services in the US.

Thousands of Bitcoin ATMs taken offline

Bitcoin Depot said its network of Bitcoin ATMs has already been taken offline as part of the court-supervised restructuring process. The company operated more than 9,000 kiosk locations globally as of August 2025 and held one of the largest market shares in North America.

The company said the bankruptcy process is intended to support an “orderly wind-down” while allowing management to pursue a sale of its assets.

Bitcoin Depot’s first-day bankruptcy hearing is scheduled for Tuesday at 7:00 pm UTC, according to court information published on Kroll’s restructuring portal. The company appointed law firm Vinson & Elkins as legal adviser, while Portage Point Partners will oversee restructuring efforts.

Bitcoin Depot’s crypto ATM locations. Source: CoinATMRadar

Bitcoin Depot’s Canadian entities are also included in the restructuring process, with separate proceedings expected to begin in Canada. The company added that its remaining non-US entities will shut down under local laws.

Regulatory pressure weighs on the crypto ATM industry

Crypto ATMs have become a popular on- and off-ramp, allowing users to buy Bitcoin with cash or withdraw cash by selling it.

However, regulators in several US states and Canada have been scrutinizing the sector, citing complaints tied to scams and fraud.

Operators in the sector have also faced lawsuits, while multiple jurisdictions have proposed blanket bans on crypto ATMs.

Bleak outlook for crypto ATM operators

Bitcoin Depot’s collapse may signal broader trouble ahead for the crypto ATM sector in the US as regulators tighten oversight of cash-to-crypto services.

“Bitcoin Depot’s bankruptcy is likely a preview of what the broader crypto ATM industry will face in the US over the next several years,” Roshan Dharia, CEO of Echo Base and a restructuring adviser, told Cointelegraph.

Dharia said the traditional crypto ATM business model relied on high transaction fees and relatively limited regulatory scrutiny to offset steep operating costs tied to compliance, cash handling, fraud remediation and revenue-sharing agreements with retail partners.

Related: Canada proposes crypto ATM ban over scams and money laundering

“That equation is breaking down as states increasingly impose consumer protection standards that compress fees, expand operator liability for scam-related activity, and raise expectations around transaction monitoring and reimbursement,” he said, adding:

“The result is that many crypto ATM operators may no longer be able to generate sufficient margin to support a nationwide network at scale.”

Bitcoin Depot shares plunged more than 70% in premarket trading following the bankruptcy announcement, according to TradingView data. Since debuting on the Nasdaq under the ticker “BTM” in July 2023, the company’s stock has fallen roughly 95% to about $2.93.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Lotment Capital expands multi-asset strategy access, including crypto investment tools for users.

Lotment Capital is committed to supporting users every step of the way, offering a wide range of tools and solutions that help them focus on decision-making and the implementation of their ideas. The company has created a system that combines a diverse range of assets, a functional platform, and the professional support of its team. This empowers clients to optimise their time and make data-driven decisions.

Diversity of investment areas

One of Lotment Capital advantages is access to a wide range of financial instruments. The company offers customers the opportunity to work with assets across various categories, including cryptocurrencies, paving the way for the creation of flexible and promising portfolios. This diversity allows investors to evaluate the strengths of each segment, combining tools with different characteristics and growth potential.

Working with multiple areas allows clients to develop a strategy that aligns with their personal goals and trading style. Some choose assets with stable dynamics, others prefer more innovative instruments or combine both approaches. Lotment Capital creates an environment where every investor can find a suitable option and effectively exploit its opportunities.

Furthermore, access to cryptocurrencies opens up additional opportunities, as this segment continues to grow rapidly. The ability to include digital assets in a portfolio makes working with the company particularly attractive for those seeking to make a profit on current market trends and unique conditions.

Advanced platform capabilities

A functional platform is the foundation of a successful investor, and Lotment Capital places special emphasis on this area. The company provides clients with access to a wide range of tools that help them analyse the market, manage trades, and build strategies based on current information.

The platform includes analytical solutions that allow the customer to track asset dynamics, identify patterns, and find new entry points. Thanks to its user-friendly interface, investors can quickly navigate data and make decisions based on objective information.

Additional trade management tools help clients effectively control customers’ positions. The ability to flexibly adjust parameters and quickly respond to market makes working more convenient and productive. The Lotment Capital platform is designed to ensure that every user can work in a comfortable environment and utilise all available features to their full potential.

Professional team support

Another key advantage of Lotment Capital is the ability to receive assistance from a team of experienced specialists. Clients can contact the company’s professionals for advice on specific situations or to create a comprehensive strategy tailored to their goals.

This support is especially valuable for those seeking to develop and improve their skills. Specialists help analyse the market, identify promising areas, and make decisions based on objective data. This allows clients to feel confident and move forward with a clear understanding of their steps.

Furthermore, the ability to receive individualised recommendations makes working with Lotment Capital more personalised. Each investor receives attention and support that helps them achieve their goals and maximise the market’s potential.

In summary

By combining a wide selection of assets, a functional platform, and professional support, Lotment Capital creates an atmosphere in which clients can confidently grow and achieve impressive results on an ongoing basis. The company strives to provide users with all the necessary tools and opportunities to help every investor realise their potential and build a successful strategy. This approach allows them to enjoy a comfortable trading environment.

The company’s format of interaction creates a solid foundation for long-term cooperation. This makes it a partner for those striving for success and looking to confidently move forward in the world of investing.

Key Highlights

• Zerohash obtains Electronic Money Institution authorization following MiCAR certification.
• Company becomes pioneering MiCAR-licensed entity to achieve complete Dutch EMI credentials.
• EMI authorization expands Zerohash’s capabilities for European stablecoin operations.
• Move reinforces company’s regulated digital asset payment infrastructure across EU.
• Dutch EMI credentials enhance Zerohash’s competitive stance in crypto services sector.

Zerohash Europe has obtained Electronic Money Institution authorization from De Nederlandsche Bank, establishing itself as the pioneering MiCAR-certified digital asset firm to achieve complete EMI credentials. This regulatory milestone provides the organization with expanded legal authority for cryptocurrency services and electronic payment operations. The approval solidifies Zerohash’s standing within Europe’s regulated blockchain asset ecosystem.

Electronic Money Authorization Broadens European Operations

The EMI authorization enables Zerohash to conduct conventional electronic payment activities throughout the European Economic Area. The organization can now facilitate payment transactions, stablecoin applications, and digital asset services under enhanced regulatory frameworks. This development establishes a transparent pathway for financial institutions, technology companies, trading platforms, and service providers requiring compliant operational infrastructure.

Zerohash obtained its MiCAR authorization in October 2025 from the Dutch Authority for the Financial Markets. MiCAR provides crypto-asset service operators with authorization to function throughout EU member states. Nevertheless, stablecoin-related transactions demand additional regulatory supervision under electronic money regulations.

The European Banking Authority implemented this regulatory distinction through official guidance issued in 2025 and subsequent clarifications published in 2026. The authority determined that certain electronic money token transactions fall within existing electronic payment regulatory frameworks. Consequently, the EMI authorization provides Zerohash with supplementary regulatory authority in areas where MiCAR certification alone might not encompass all service offerings.

Stablecoin Regulatory Framework Drives Strategic Expansion

The EMI authorization carries significant importance as European authorities continue developing comprehensive regulatory frameworks for stablecoins. Organizations processing stablecoin-enabled financial transactions require explicit authorization to integrate cryptocurrency infrastructure with conventional payment networks. Zerohash now possesses the capability to address this market need through combined MiCAR and EMI credentials.

The organization indicated that the dual authorization structure supports financial institutions, brokerage firms, payment processors, and enterprise platforms. It enables business partners to integrate cryptocurrency and stablecoin capabilities without developing comprehensive infrastructure internally. This operational approach aligns with Europe’s increasing demand for regulatory-compliant digital asset solutions.

Zerohash has strengthened its European operations from its Amsterdam headquarters in recent periods. The company currently provides services to Interactive Brokers Europe throughout the region. Furthermore, the EMI authorization strengthens the company’s market position as stablecoin utilization expands across payment systems, trading venues, and financial service platforms.

Capital Raising and Banking Charter Initiatives Provide Additional Perspective

Zerohash commenced operations in 2017 and currently maintains a workforce of approximately 200 employees globally. The organization operates facilities in New York, Chicago, North Carolina, and Amsterdam. The company successfully completed a $104 million Series D-2 financing round at a $1 billion corporate valuation.

The organization has additionally submitted an application to the U.S. Office of the Comptroller of the Currency seeking a national trust banking charter. This initiative demonstrates its strategic plan to expand regulated activities beyond European markets. The newly obtained EMI authorization adds strategic momentum to its worldwide regulatory compliance approach.

Industry reports also connect Zerohash to ongoing capital raising discussions following unsuccessful acquisition negotiations with Mastercard. The company reportedly seeks to raise $250 million at a $1.5 billion valuation. As a result, the EMI authorization reinforces its competitive market position as digital asset infrastructure providers compete for regulated enterprise clientele.

NYDIG says a rare bipartisan window to pass a comprehensive US crypto market‑structure bill could slam shut if Congress fails to move it before the August recess.

At stake is one of the most ambitious attempts yet to build a comprehensive federal framework for digital assets in the US. The draft bill is designed to clarify how tokens are classified, draw a bright line between securities overseen by the SEC and commodities under the CFTC, and create unified operational standards for exchanges, brokers and other crypto businesses.

Core issues: SEC–CFTC lines, stablecoins and DeFi

According to the FinanceFeeds report, the proposed market-structure legislation would, for the first time, codify which digital assets fall under securities law and which are treated as commodities, addressing a long-running turf war between the SEC and CFTC. It would also establish common rules for trading venues and service providers, aiming to replace today’s patchwork of guidance, enforcement actions and state-by-state licensing with a single, more predictable regime.

But NYDIG notes that key issues remain unresolved, including stablecoin oversight, how to regulate DeFi protocols, the contours of consumer protection and how to handle conflicts of political interest. Those disagreements have slowed negotiations and raised doubts about whether lawmakers can lock in compromises before the August deadline.

The firm’s warning comes as global competition intensifies. NYDIG points out that extended US uncertainty is already driving capital, talent and innovation toward jurisdictions with clearer rules, citing the UAE, Singapore and the EU’s MiCA framework as examples of regions that are actively benefiting from America’s drift.

If Congress misses this legislative window, industry participants fear the US could again default to rulemaking by enforcement, with no durable settlement on market structure for years. That would leave exchanges, issuers and developers operating under legal ambiguity just as other financial centers lock in their own digital-asset regimes and pitch themselves as safer homes for long-term investment.

TLDR

• The White House confirmed that it will soon announce details about the Strategic Bitcoin Reserve.
• Patrick Witt said the administration completed key legal steps to secure the reserve.
• President Donald Trump signed the executive order creating the reserve on March 6, 2025.
• The reserve currently holds about 328,372 BTC from law enforcement seizures and forfeitures.
• The executive order prohibits the Treasury Department from selling any bitcoin in the reserve.
• A breach at the U.S. Marshals Service exposed weaknesses in crypto custody systems.

The White House plans to announce new details on the U.S. Bitcoin reserve soon. A senior official confirmed that the administration completed key legal work. The update signals progress on the government’s Strategic Bitcoin Reserve.

Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, confirmed the development this week. He said the administration resolved major legal questions tied to the reserve. “We’ll have an announcement,” Witt said, while declining to provide further specifics.

Witt described the development as a legal and operational milestone. He said the team ensured the structure remains legally sound and properly safeguards assets. He added that the administration had completed the most difficult phase of the process.

Strategic Bitcoin Reserve Framework Nears Completion

President Donald Trump signed an executive order on March 6, 2025, to create the Strategic Bitcoin Reserve. Since then, federal agencies have coordinated to define custody and reporting standards. Witt said his deputy, Harry John, led the interagency review and secured the required legal opinions. He explained that agencies built infrastructure suited for digital assets rather than gold-based systems.

The reserve currently holds about 328,372 BTC, or roughly 1.6% of global supply. Authorities accumulated the bitcoin through law enforcement seizures and forfeitures. These holdings include assets from the Silk Road case and the 2022 Bitfinex hack recovery. The executive order bars the Treasury Department from selling any bitcoin.

Witt previously told attendees at the Bitcoin 2026 conference in Las Vegas that an update would arrive within weeks. He repeated that timeline during his latest interview. He stated that the administration finalized procedures to protect private keys and maintain custody integrity.

Security Breach Spurs Legislative Push

Witt cited a breach at the U.S. Marshals Service to stress the urgency of secure custody. A contractor, John Daghita, allegedly stole more than $46 million in cryptocurrency in late 2025. The FBI arrested him in March 2026 after investigators traced the transactions.

Authorities also linked a separate $24 million theft to October 2024. Witt said these incidents underscored the need for structured oversight. “It’s a case in point for why it was so necessary that the president established the SBR,” he said.

Meanwhile, lawmakers have advanced two bills to formalize the reserve through legislation. Representative Nick Begich renamed the BITCOIN Act as the American Reserves Modernization Act, or ARMA. The proposal would authorize the Treasury to purchase up to 200,000 BTC per year for five years and lock holdings for 20 years.

Senator Cynthia Lummis has urged Congress to vote before the summer recess. She said lawmakers face tighter floor schedules as midterm campaigns approach. If Congress passes the measure, projections show the Treasury could begin open-market bitcoin purchases in Q4 2026.

Bernstein Circle analysts said the CLARITY Act yield compromise blocks rival stablecoin issuers from competing on rates

Bernstein analysts said the CLARITY Act’s yield compromise structurally favors Circle Internet Group, ending what they described as a looming stablecoin “interest rate arms race.” The note landed days after the bill cleared the Senate Banking Committee 15-9.

The compromise prohibits stablecoin issuers from paying yield economically equivalent to bank deposits, while preserving rewards tied to trading and payments. Bernstein argued the language protects USDC’s growth model.

Stablecoin supply tops $300 billion

Total dollar-backed stablecoin supply surpassed $300 billion this week, with Tether and USDC controlling roughly 97% of the market. Adjusted monthly transaction volume reached around $15 trillion, putting annualized flows near $100 trillion.

USDC’s market share in adjusted transaction volumes climbed from 41% to 60% year-over-year. Bernstein analysts led by Gautam Chhugani wrote that the compromise “cements stablecoins as payment instruments rather than deposit substitutes.”

Circle ARC blockchain reinforces thesis

Bernstein also highlighted Circle’s growing agentic payments infrastructure, including gas-free USDC transfers, the x402 protocol, and the ARC blockchain. ARC uses USDC as native gas under what the firm called “quantum-ready” architecture.

The bank maintained an Outperform rating and $190 price target on Circle, implying roughly 67% upside from its $114 close on Friday. Bernstein also kept an Outperform call on Coinbase with a $330 target.

Circle does not pay passive yield on USDC directly. Partners such as Coinbase instead use distribution arrangements and activity-linked rewards programs tied to USDC usage, structures the CLARITY Act compromise leaves intact.

The CLARITY Act now heads to a full Senate floor vote that requires 60 votes. The House must reconcile any differences before the bill reaches President Trump’s desk for signature.

Bitcoin retail investor activity on Binance has slid to its weakest point on record, according to CryptoQuant metrics. Retail BTC inflows to the exchange are averaging roughly 314 BTC per month in 2026, a sharp drop from the around 1,200 BTC seen during Bitcoin’s March 2024 local top. The May recovery also cooled as spot inflows waned, with the 30-day net demand growth slipping 73% over the past three weeks.

Key takeaways

• Binance’s retail BTC inflows have collapsed to about 314 BTC per month in 2026, versus roughly 1,200 BTC at the March 2024 peak.
• The 30-day change in retail demand cooled from earlier levels, with growth at 3.12% this week versus 7.39% the prior week, indicating a thinning pace of retail buying activity.
• Market dynamics show a mismatch between futures and spot demand: futures demand remained positive while spot demand stayed negative, contributing to a more tepid recovery.
• Binance’s dominance in USDT-margined futures has waned, dropping to 21.1% in May 2026 as OKX rose to 26.3%, marking a notable leadership shift in the exchange landscape.
• Sharp taker-sell spikes during the May decline, underscoring ebbing retail participation even as price volatility persisted.

Retail activity cools on Binance as ETF drift considerations intensify

In recent months, observers have noted a shift in the behavior of retail-focused Bitcoin inflows. Darkfost, a CryptoQuant analyst, pointed out that retail inflows to Binance have remained near their historical lows, a condition that has persisted even as prices recovered from recent dips. The data tracks deposits from wallets holding less than 1 BTC, a conventional proxy for everyday retail participation. The current trajectory suggests a sustained reduction in the number of smaller investors actively adding BTC to spot positions on the exchange.

Historically, retail participation was far stronger during prior cycles, with inflows peaking well above current levels (notably around 5,400 BTC in 2018 and 2,600 BTC in 2021). The recent pattern—an extended period of subdued inflows and a halting price recovery—aligns with reports that some market participants may be shifting focus away from direct exchange holdings toward other exposure channels, including spot Bitcoin ETFs, where available. CryptoQuant’s data has also highlighted a cooldown in the pace of retail demand expansion, tempering the sense of a broad-based return to demand that characterized earlier rebound phases.

Evidence of a market mismatch: spot vs. futures demand

Analysts tracking Binance’s order book and flow dynamics have highlighted a notable split between futures and spot activity during the latest rebound. Amr Taha of CryptoQuant noted two sizable spikes in taker sell volume during the May decline, with one around $1.5 billion on May 15 and another exceeding $1.1 billion as Bitcoin traded under $77,000. The takeaway: large-scale price moves coincided with significant sell pressure from active traders, even as overall demand signals remained mixed.

Meanwhile, a broader narrative from market analysts centers on the absence of a balanced demand signal that typically accompanies healthy recoveries. Crazzyblockk, another CryptoQuant commentator, pointed out that the current rally diverges from prior episodes—October 2024, November 2024, and May 2025—when spot and futures demand moved higher in tandem. In the latest cycle, futures demand stayed positive, tallying around +193,000 BTC over 30 days, while spot demand stayed negative at roughly -28,000 BTC and remained subzero for 65 consecutive days. The overall 30-day demand growth declined sharply from about 232,000 BTC in early May to approximately 62,000 BTC by May 16, signaling a 73% drop in momentum.

The pattern matters because it hints at how sustainable the rebound might be. When spot and futures participation rise together, Bitcoin often enjoys stronger and more durable rallies. The current configuration—futures exposure still in positive territory while spot demand remains weak—suggests a fragility in the dip-recovery dynamic that could keep volatility elevated and limit upside unless spot participation improves.

Derivatives leadership shifts shape the market backdrop

The reshuffling of who dominates Bitcoin’s futures landscape adds another layer of complexity. Data cited by analysts show a clear shift in exchange leadership for USDT-margined futures over the past year and a half. Binance, which had commanded roughly 40% to 44% of global USDT-margined futures volume from October 2024 through March 2026, saw its share compress to 21.1% in May 2026.OKX stepped up to 26.3% in the same period, marking the first sustained reversal in exchange leadership for the cycle.

These dynamics matter for traders and liquidity providers because futures market structure often amplifies price moves and influences hedging activity. A decline in Binance’s dominance could reallocate risk and liquidity across venues, potentially affecting funding rates, order book depth, and the speed at which wholesale flows can move BTC across markets. For market participants, the shift underscores the evolving balance of power in the crypto derivatives space and the importance of monitoring cross-exchange flow interactions as price action unfolds.

Related coverage from the industry has underscored the broader context: as retail participation cools, institutional and ETF-linked channels may play an increasingly influential role in determining BTC’s price trajectories, especially if spot demand remains constrained. The market is watching for fresh data on ETF filings, regulatory developments, and any renewed retail appetite that could re-align the spot and futures curves.

In the near term, observers will be watching whether spot demand can recover in tandem with futures activity or whether the current pattern persists, with futures driving price moves while spot participation remains muted. The coming weeks could reveal whether the ETF channel and broader macro liquidity conditions will re-energize retail buying or whether the market settles into a more measured, less enthusiastic phase of recovery.

Across the board, the data points to a market that is transitioning in its participation mix. The interplay between ETF-driven exposure, exchange-specific inflows, and the evolving derivatives landscape will continue to shape Bitcoin’s liquidity profile and price dynamics as traders weigh the evolving risk environment.

The Bank of England on Monday proposed extending operating hours for its core settlement infrastructure toward near-24/7 availability, part of a broader push with the Financial Conduct Authority (FCA) to prepare UK wholesale markets for tokenized finance.

The proposal seeks to add weekend and extended daily operating hours to the central bank’s settlement mechanism, Real-Time Gross Settlement (RTGS), and the Clearing House Automated Payment System (CHAPS).

The Bank of England said the expanded operating hours would support cross-border payments and new payment and settlement models as tokenization develops.

The consultation will support cross-border payments and new payment and settlement models based on tokenization developments, according to the joint letter published on Monday.

The BoE is seeking public feedback on the consultation paper until July 3 and plans to publish a feedback statement in the summer.

It comes weeks after the FCA said that tokenization and distributed ledger technologies could make fund management more efficient and support the innovation of the UK asset management sector. 

Call for input on the future of tokenization in UK wholesale markets. Source: FCA

“Fantastic to see the UK setting out a clear vision for tokenization in wholesale markets,” Katie Harries, head of policy for Europe at Coinbase, told Cointelegraph.

“The opportunity is huge — not only for companies seeking new pools of capital, but for the ‘unbrokered’: the many individuals globally who are not able to participate in capital markets today,” she added.

PRA plans consultation on tokenization framework in 2028

The Prudential Regulation Authority (PRA) also issued updated guidance for bank CEOs proposing that tokenized financial instruments receive the same regulatory treatment as their traditional equivalents when legal rights and risks are comparable, replacing prior guidance issued in 2022.

The PRA said the letter would serve as interim guidance until it publishes a broader prudential framework following the Basel Committee on Banking Supervision’s (BCBS) targeted review of banks’ crypto asset exposure standards.

Related: Farage faces UK standards probe over $7M gift from crypto billionaire

The BCBS launched the review in November 2025 to examine the prudential treatment of tokenization, stablecoins and permissionless blockchains, with updates expected later this year.

The PRA said it expects to consult on a proposed long-term framework in 2028 at the earliest.

Under the UK’s approach, crypto regulation would largely fall under the FCA, the country’s primary financial markets regulator.

The FCA separately opened a public consultation on its crypto regulatory regime on April 30, focusing on stablecoin issuance, trading, custody and staking. The regulator is expected to fully implement the framework by October 2027.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026