Organon Substack: Crypto

U.S Cryptomarket: To be a security or not a security - SEC Howey Test says most Cryptos are NOT securities

Anotherone — Fri, 20 Mar 2026 18:03:51 GMT

DISCLAIMER: THIS IS NOT INVESTMENT ADVICE OR LEGAL ADVICE.

Hot on the heels of action in EU and UK and after a long wait, US regulatory authorities finally pulled their socks up and tackled the vexed question of the regulatory treatment of digital assets/cryptoassets and importantly confirmed that the most common cryptos are not securities (i.e. Bitcoin…

After the Nightmare before Christmas: Follow-up to the Crypto Trilogy - FCA Cryptoassets consultation (FCA CP26/4), UK crypto legislation and Final Rules under PS 26/13

Anotherone — Fri, 06 Feb 2026 06:55:35 GMT

For those who were just getting over the nightmare before Christmas in which the FCA and UK government unleashed a series of proposals on a weary legal and compliance community, the FCA started 2026 with a bang and another consultation…

In its follow-up to the Crypto Trilogy, the FCA sets out how its rules on Consumer Duty, Conduct of Business, complai…

Can digital assets be part of an individual's estate in the UK: Property (Digital Assets etc) Act 2025

Anotherone — Fri, 09 Jan 2026 12:36:24 GMT

The Property (Digital Assets etc) Bill received Royal Assent to become the Property (Digital Assets etc) Act 2025, confirming that digital assets can be recognised as property, providing clearer way forward when dealing with digital theft and fraud.

The Act followed a 2023 Law Commission report and a number of cases on the regulatory treatment of digi…

The Nightmare Before Christmas: The Crypto Trilogy: Part 3 - A Sticky End for all...

Anotherone — Wed, 24 Dec 2025 09:58:57 GMT

Prudential rules

The FCA follows up on earlier consultation CP25/14, which dealt with prudential rules for stablecoin issuance and cryptoasset custody, by setting out the prudential regime in respect of other cryptoasset activities (CP25/42).

The prudential framework for cryptoasset firms will be in two FCA sourcebooks: COREPRU and CRYPTOPRU. The FCA pl…

The Nightmare Before Christmas: The Crypto Trilogy: Part 2 - Anything but the boring middle

Anotherone — Wed, 24 Dec 2025 09:55:43 GMT

Admission and disclosure

This regime relates to the admission to trading of qualifying cryptoassets on UK CATPs for retail investors and to public offers to retail investors made under the admission exception in paragraph 6 of Schedule 1 to the Cryptoasset Regulations. Details are in CP25/41.Before a qualifying cryptoasset (other than a UK-issued qualif…

The Nightmare Before Christmas: The Crypto Trilogy Part 1 - It all starts here.. and ends where no-one knows (Consultations, Legislation Policy Statement PS26/11)

Anotherone — Wed, 24 Dec 2025 09:47:08 GMT

Crypto papers from regulators are like buses: You wait and wait and wait… (thanks). Actually, you wait and then comes a Trilogy so thrilling you are swept up in haze of wonderment… and despair (i.e. where to start).

Fo…

EU Market Integration Package: New EU Crypto laws coming....

Anotherone — Tue, 09 Dec 2025 20:41:54 GMT

Just as EU crypto laws were bedding in, new EU legislation under the Saving and Investments Union was published. Because if there is one thing the industry is crying out for, it’s more regulation. The package consists of a new Directive and a Regulation amending lots of existing legislation like MICA and the DLT Regulation.

MICA

Changes to existing arr…

Stablecoins in the UK: State of play

Anotherone — Tue, 18 Nov 2025 17:15:54 GMT

BoE Consultation Paper on the regulatory treatment of systemic stablecoins following its November 2023 Discussion Paper. The BoE regime would not cover stablecoins used as assets for non-systemic purposes (e.g. for the buying and selling of cryptoassets), as these will be regulated by the FCA.

Designation: HMT will decide which payment systems using sta…

Cryptomarket Report Card: So how well did you do?

Anotherone — Tue, 18 Nov 2025 16:46:48 GMT

IOSCO looks at how countries have implemented its 2023 Policy Recommendations for Crypto and Digital Asset Markets. These recommendations covered: governance, conflicts of interest, fraud and market abuse, cross-border cooperation, custody, retail client protections, and disclosures. A lot is made about need for cross-border cooperation in relation to c…

Another Cryptomarket offering from IOSCO

Anotherone — Tue, 18 Nov 2025 16:23:47 GMT

Tokenisation is the “creation, issuance, or representation of assets on a digital token ledger or a programmable platform”. As the cryptocurrency market has grown in prominence, greater attention has been cast on the underlying technology. IOSCO’s report, following the May 2025 WEF report, is a neat overview of where the industry is at and challenges …