Brazil's crypto authorisation deadline has passed

Crypto · Brazil

Crypto firms already operating in Brazil had until 30 October 2026 to file phase 1 of their authorisation with the Banco Central do Brasil, and those that filed on time may keep operating while the central bank decides. From 6 November, banks and payment institutions in Brazil may not enable crypto operations with providers that lack authorisation or another basis the rules recognise.

Why it matters. A foreign exchange or payment firm serving Brazilian customers now works through a Brazilian virtual asset service company, and its banking and payment partners in Brazil will ask for evidence of that company's status.

Brazil crypto licence: the full guide

Ten markets now have a stablecoin licensing route

Stablecoins · Global

Canada published draft Stablecoin Regulations on 24 October, the US Office of the Comptroller of the Currency issued its final rule under the GENIUS Act on 21 October, and the European Banking Authority named USDC the first significant e-money token on 14 October. Across the UK, the EU, the US, Canada, Hong Kong, Singapore and the UAE the core is the same: reserves at least equal to the coins in issue, redemption at face value and no interest paid to holders.

Why it matters. Who may issue, how much capital an issuer holds and how quickly coins must be redeemed still differ by market, and those three points decide where an issuer applies first.

Stablecoin licences by country: the comparison

EU instant payments: the 2027 dates for payment and e-money institutions

Payments and e-money · EU

Under the Instant Payments Regulation, payment and e-money institutions in the euro area must send and receive instant euro transfers by 9 April 2027. Outside the euro area they must receive by 9 April 2027 and send by 9 July 2027, when verification of the payee's name also applies there.

Why it matters. Price parity with standard transfers, daily sanctions screening of the customer base and direct access to payment systems each change how a firm operates, so a firm applying for an EU licence now builds them into its application.

Instant Payments Regulation: the deadlines

Australia's digital asset platform licence: ASIC's draft rules

Crypto · Australia

The Australian Securities and Investments Commission opened consultation CP 392 on 15 October with draft guidance and standards for digital asset and tokenised custody platforms, and comments close on 27 November 2026. The regime starts on 8 April 2027, and a platform operating on that day has until 7 October 2027 to apply for its Australian financial services licence.

Why it matters. Exchanges and custodians serving Australian customers will hold that licence alongside their AUSTRAC registration, and the draft sets the custody and financial resource standards their applications will be assessed against.

Australia's digital asset platform licence: the guide

The FCA proposes to remove the Certification Regime

Senior managers · UK

The FCA's consultation CP26/37 of 22 October proposes removing the Certification Regime and the FCA Directory from the Senior Managers and Certification Regime (SM&CR), and names cryptoasset firms among the firms coming into scope. Comments close on 22 January 2027, with final rules expected in the first half of 2027 and changes in the second half.

Why it matters. Payment and e-money institutions authorised under the Payment Services and Electronic Money Regulations sit outside SM&CR, but cryptoasset firms applying under the new UK regime will plan their senior roles and approvals around these proposals.

SM&CR explained, with the Phase 2 proposals

Hong Kong: a licensed stablecoin is live and new crypto licences are next

Crypto and stablecoins · Hong Kong

The first licensed Hong Kong dollar stablecoin began issuing in August 2026, under one of the two issuer licences the Hong Kong Monetary Authority granted in April. The Government aims to introduce a bill for new virtual asset dealing, custody, advisory and management licences into the Legislative Council by the end of 2026.

Why it matters. Brokers, custodians and asset managers serving Hong Kong clients can map their activities to the four proposed licences now, ahead of the bill.

Hong Kong payment and crypto licences: the guide

Dubai: VARA sets out what licensed firms should publish

Crypto · UAE

The Virtual Assets Regulatory Authority's circular of 28 October sets good practice for the public disclosures of licensed virtual asset service providers in Dubai. Licensees are expected to publish their licence number, activities, restrictions, responsible individuals, risk disclosures, pricing, order routing and data for each virtual asset, and to keep it up to date.

Why it matters. Applicants can build these disclosure pages into their launch plans, and licensed firms can check their websites against the circular item by item.

Dubai and UAE licences: the guide

Key dates

For a view on how any of these changes affects your licence or application, reply to this email and the team will answer.

All issues of the briefing

This briefing is general information, not legal advice. Requirements change, and the regulator’s own publications take precedence.