NYDFS-EBA MOU, HK Consultation Conclusion, CFTC Perpetual Futures Approval
In this first June edition of crypto regulatory affairs, we cover several key developments. The New York Department of Financial Services (NYDFS) and the European Banking Authority (EBA) signed a memorandum of understanding (MOU) on June 2 to enhance cooperation on stablecoin oversight. The MOU allows information sharing on stablecoin issuers, including data on volumes, reserve holdings, enforcement actions, and more. This reflects the global nature of stablecoin markets and signals a collaborative regulatory approach. Hong Kong concluded its consultation on virtual asset advisory and management services on May 26. The SFC and FSTB confirmed a licensing framework for virtual asset advisors and managers, aligning with existing Type 4 and Type 9 regulated activities. The implementation date will be set in 2026 via legislative amendments. Additionally, the SFC issued a circular on May 27 outlining compliance standards for VATPs dealing with HKMA-approved stablecoins. In a US first, the CFTC approved a Bitcoin perpetual contract (BTCPERP) for listing on Kalshi as a DCM on May 29, marking a significant step for crypto derivatives in the US market.
Key facts
- NYDFS and EBA signed MOU to share stablecoin oversight data on June 2.
- Hong Kong SFC/FSTB concluded consultation, will license virtual asset advisors/managers.
- SFC circular sets compliance standards for VATPs handling HKMA-approved stablecoins.
- CFTC approved first US perpetual futures contract (BTC) on Kalshi as DCM.