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European Commission accepts SAP commitments in ERP antitrust case

The European Commission has accepted legally binding commitments from SAP to address competition concerns over maintenance and support (M&S) services for its on-premises enterprise resource planning (ERP) software.

The commitments follow the Commission’s preliminary finding that SAP may have abused its dominant market position by limiting customer choice, increasing switching costs and restricting competition in the aftermarket for ERP support services.

Under the agreement, SAP will give customers greater flexibility in managing software licences and support contracts. Businesses will be able to split their SAP environments and choose different maintenance providers or support levels for different parts of their systems.

SAP will also allow licence termination in specific circumstances, including reduced support phases, failed implementation projects attributable to SAP, insolvency, major workforce reductions and business divestitures.

Additional commitments include broader access to alternative licensing models, the removal of reinstatement fees, lower back-maintenance charges, clearer contractual terms and an internal mechanism for handling customer complaints related to compliance with the commitments.

The Commission opened its formal antitrust investigation in September 2025 after identifying practices that could have discouraged customers from using independent support providers and increased the cost of leaving SAP’s maintenance services.

Following a market test, SAP revised its proposal before the Commission concluded that the final commitments adequately addressed its concerns. The commitments will apply globally for ten years under the supervision of an independent monitoring trustee.

Executive Vice-President Teresa Ribera said the decision would give businesses using SAP’s on-premises ERP software greater freedom to choose maintenance and support providers while strengthening competition in enterprise software markets.

She added that the case sends a broader message that dominant technology companies should not use restrictive commercial practices to lock customers into their ecosystems, particularly as enterprises continue migrating to cloud-based services.

Why does it matter?

The decision reinforces the principle that customers should be able to choose maintenance and support providers without facing unnecessary contractual or financial barriers. For businesses relying on enterprise software, greater flexibility could reduce costs, increase negotiating power and make it easier to adopt competing services.

The case also shows that the European Commission is extending competition enforcement beyond consumer-facing digital platforms to enterprise software markets. As organisations increasingly depend on integrated cloud and business software ecosystems, regulators are paying closer attention to practices that may create customer lock-in and restrict competition after the initial software sale.

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China seeks stronger rules for virtual currency money laundering

China has proposed a series of legal and procedural reforms to improve the investigation and prosecution of virtual currency-related money laundering cases. Prosecutors argue that current legislation creates difficulties in determining criminal liability, collecting digital evidence and recovering illicit assets, leaving gaps in the country’s enforcement framework.

The proposals recommend issuing dedicated judicial guidance, expanding training in blockchain analysis, and requiring investigators to examine both the underlying criminal offence and any related laundering activity. Greater use of blockchain transaction reports and earlier prosecutorial involvement in complex investigations are also intended to improve case handling.

Prosecutors have also suggested updating evidence rules to recognise verifiable blockchain transaction records and qualified blockchain analytics reports, subject to judicial review. Courts could rely more heavily on corroborating circumstantial evidence in cases involving mixers, privacy-focused cryptocurrencies or anonymous wallets where direct tracing is difficult.

The recommendations also call for a national framework to manage seized virtual assets through standardised custody, valuation and disposal procedures, alongside stronger international cooperation on cross-border investigations and asset recovery.

Why does it matter?

The move signals that China is refining its legal approach to virtual currency crime by focusing on investigative procedures and evidentiary standards rather than introducing an outright policy shift. Clearer rules for handling blockchain evidence and seized digital assets could strengthen enforcement while providing greater consistency in complex financial crime cases.

The recommendations also reflect a broader global trend towards equipping law enforcement with specialised tools to investigate illicit cryptocurrency activity. If adopted, the reforms could influence how other jurisdictions develop legal frameworks for digital asset investigations, cross-border cooperation and asset recovery.

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UNCTAD warns that strategic investment is becoming more concentrated

Investment in strategic sectors, including AI infrastructure, semiconductors, critical minerals and energy transition technologies, has surged over the past five years. According to UN Trade and Development’s (UNCTAD) World Investment Report 2026, these sectors accounted for 44% of global greenfield investment in 2025, up from 16% in 2020.

The report also highlights a growing concentration of investment among advanced economies. The three largest investor economies accounted for 72% of strategic sector project values in 2025, while the three biggest recipient economies attracted 56%. Low-income and lower-middle-income countries received just 10% of global greenfield investment in strategic sectors between 2020 and 2025, compared with more than 20% in other industries.

At the same time, manufacturing investment outside strategic sectors is declining. The value of announced greenfield manufacturing investment beyond these industries fell by 17% between 2021 and 2025 compared with the 2015–2019 period. The decline was particularly pronounced in developing and least-developed countries, where manufacturing has traditionally played a key role in building productive capacity and creating jobs.

The report also highlights widening differences in technological capabilities. The United States leads outward investment in AI and advanced technologies, while the EU has become the largest destination for those investments. China remains a major investor in critical minerals and downstream supply chains. Between 2016 and 2024, developed economies provided an estimated US$174 billion in industrial subsidies, compared with just US$19 billion in developing economies.

Why does it matter?

The report points to a structural shift in global investment that could deepen the divide between advanced and developing economies. Countries lacking the capital, infrastructure and skills needed to compete in strategic sectors risk missing out on the industries expected to drive future growth and productivity.

Rather than competing directly with the large subsidy programmes of major economies, UNCTAD argues that developing countries should identify targeted opportunities within strategic value chains, such as critical minerals processing, data infrastructure or regional manufacturing networks. Without stronger international cooperation and investment partnerships, the report warns that technological and economic disparities are likely to widen, with implications for global development and geopolitical stability.

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EDPB adopts GDPR guidance for AI, blockchain and anonymisation

The European Data Protection Board (EDPB) has adopted new guidelines on anonymisation, web scraping for generative AI, and the use of blockchain technologies under the General Data Protection Regulation (GDPR). The measures aim to provide organisations with greater regulatory clarity while protecting individuals’ personal data rights.

The anonymisation guidelines set out criteria for determining when data can be considered anonymous, focusing on whether individuals can be isolated, linked to other datasets or reidentified through inference. The framework is intended to help organisations assess when data can be used without identifying individuals.

The web scraping guidance outlines the GDPR obligations associated with collecting online data to train generative AI models. The EDPB emphasises transparency, purpose limitation, data accuracy and data minimisation, while noting that processing sensitive personal data requires additional legal safeguards.

The Board also adopted its blockchain guidelines following public consultation, explaining how different blockchain architectures may affect GDPR compliance. The recommendations are intended to help organisations deploy blockchain technologies while addressing privacy challenges associated with decentralised data processing.

Why does it matter?

The EDPB’s guidance provides greater legal certainty for organisations developing AI and blockchain applications in Europe. As generative AI increasingly relies on large-scale data collection and blockchain adoption continues to expand, clearer GDPR expectations could shape how organisations collect, process and protect personal data.

The guidance also illustrates how European regulators are adapting long-standing data protection rules to emerging technologies without creating separate privacy frameworks for each new innovation.

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European Parliament calls for wider crypto regulation review

The European Parliament has adopted a policy position calling for a review of how emerging digital-asset activities should be regulated after the rollout of MiCA.

The report asks the European Commission to assess whether decentralised finance, staking, crypto lending and borrowing, NFTs and tokenised assets need clearer regulatory treatment.

The position does not amend MiCA or create immediate new obligations for crypto firms.

Instead, it signals Parliament’s view that the EU should examine activities that remain partly outside the current crypto-asset framework.

Lawmakers also warned that inconsistent national approaches could fragment the EU digital-asset market and weaken the single-market benefits of MiCA.

The report comes after MiCA’s transition period ended on 1 July 2026, requiring in-scope crypto-asset service providers to obtain authorisation to continue operating in the EU.

Parliament also takes a more supportive view of tokenisation and euro-denominated stablecoins, arguing that regulated digital assets could contribute to the competitiveness of the EU financial markets.

Any expansion of crypto regulation would require further Commission work and separate legislative steps.

Why does it matter?

The report points to the next phase of the EU crypto regulation after MiCA. DeFi, staking, crypto lending, NFTs and tokenised financial assets are increasingly important parts of the digital-asset market, but they do not all fit neatly inside MiCA’s current scope. A review could bring more legal certainty and consumer protection, but it could also raise compliance costs and shape Europe’s competitiveness in digital finance. The key issue is whether the EU can expand oversight without fragmenting innovation or creating divergent national rules.

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ESMA launches first crypto custody review under MiCA

The European Securities and Markets Authority has launched a Common Supervisory Action on the digital operational resilience of crypto-asset service providers, with a specific focus on custody services.

The exercise will assess the maturity of authorised CASPs’ digital operational resilience frameworks in relation to custody activities.

National competent authorities will conduct a risk-based review of a sample of authorised crypto-asset service providers.

The exercise will run from the second half of 2026 to the first half of 2027.

ESMA said the review will focus on risks linked to distributed ledger technology, including governance arrangements, key and storage management, transaction controls, incident detection and response, smart contract risks and dependencies on third-party providers.

The initiative reflects ESMA’s risk-based supervisory priorities, which identify both digital operational resilience and crypto-asset service providers as key risk areas.

The findings collected by national regulators will be consolidated into a final report and submitted to ESMA’s Board of Supervisors upon the exercise’s conclusion in the second half of 2027.

The action marks a shift from rule implementation towards coordinated supervision of crypto firms operating under the EU’s MiCA framework.

Why does it matter?

Crypto custody is a critical part of the digital-asset market because failures in private key management, storage, transaction controls or incident response can directly affect users’ assets. ESMA’s coordinated review shows that MiCA supervision is moving from authorisation towards testing how firms manage operational and technology risks in practice. It could also help align national supervisory approaches and reduce uneven standards across the EU crypto market.

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SEC advances Project Crypto to clarify digital asset rules

The US Securities and Exchange Commission is advancing its Project Crypto initiative as part of a broader effort to provide clearer rules for digital assets.

SEC Chair Paul Atkins has framed the initiative as a shift away from uncertainty over how federal securities laws apply to crypto assets and related transactions.

The agenda includes work on a token taxonomy anchored in the Howey investment-contract analysis, while recognising that not every crypto asset is itself a security.

In March 2026, the SEC issued an interpretation, joined by the Commodity Futures Trading Commission, clarifying the treatment of digital commodities, digital collectables, digital tools, stablecoins and digital securities.

The interpretation also addressed how non-security crypto assets may become subject to an investment contract and later cease to be subject to one.

It clarified the application of federal securities laws to airdrops, protocol mining, protocol staking and wrapping of non-security crypto assets.

Atkins has also directed SEC staff to develop proposals that could allow broker-dealers and alternative trading systems to offer crypto asset securities, non-security crypto assets, traditional securities, staking and lending services under a more efficient licensing structure.

The SEC says it will continue working with the CFTC, banking regulators and Congress as lawmakers consider a broader crypto market-structure framework.

Why does it matter?

Project Crypto signals a major shift in the SEC’s approach to digital assets, from enforcement-driven uncertainty towards taxonomy, interpretation and possible rulemaking. Clearer distinctions between securities, non-security crypto assets and tokenised securities could make it easier for firms to understand which rules apply. However, many elements remain dependent on future SEC action and congressional market-structure legislation, so the initiative should be treated as an evolving regulatory agenda rather than a completed framework.

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France enforces new EU crypto rules under MiCA

France has entered a new phase of crypto regulation as the transitional period between its national Pacte law framework and the EU’s Markets in Crypto-Assets (MiCA) Regulation has ended. Since 2 July 2026, crypto-asset service providers operating in France must comply with MiCA requirements and obtain authorisation to offer services across the European Union.

The Autorité des Marchés Financiers (AMF) has supported firms throughout the transition while reviewing MiCA authorisation applications. France has authorised 31 crypto-asset service providers, making it the EU’s second-largest jurisdiction for approved firms.

MiCA introduces stricter requirements on investor protection, security, market integrity and the custody of crypto-assets. The AMF will continue supervising authorised providers and assessing new applications.

The regulator will also work with the European Securities and Markets Authority (ESMA) and other national authorities to oversee the orderly withdrawal of firms that failed to obtain MiCA authorisation. It has urged investors to use only authorised crypto-asset service providers operating under the new European framework.

Why does it matter?

France’s transition marks another step in MiCA‘s move from legislation to implementation. As national transitional regimes end, crypto firms across the EU must comply with a single regulatory framework, replacing fragmented national approaches with common licensing and supervisory standards.

The new regime is also intended to strengthen consumer confidence by introducing harmonised rules on investor protection, market integrity and operational resilience. Its long-term success will depend on whether it can provide effective oversight while allowing compliant firms to innovate and compete across the EU’s single market.

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Belgium warns against unauthorised crypto platforms under MiCA

Belgium’s Financial Services and Markets Authority (FSMA) has added six crypto platforms to its warning list after finding that they are offering services in the country without the authorisation required under the EU’s Markets in Crypto-Assets (MiCA) framework.

The regulator identified Aurum Foundation, Bank Bit, Bithf Pro, Dxago, Global Dynamic Trade and ZeriaFunding as crypto-asset service providers operating without the required authorisation. The FSMA urged consumers to check its official register before using crypto platforms or transferring funds.

The warning comes shortly after the EU’s MiCA licensing deadline, as national regulators across the EU begin enforcing the bloc’s new crypto regulatory framework. Authorities are increasing scrutiny of crypto firms as they adapt to the new authorisation requirements.

MiCA is also prompting firms to reassess their regulatory strategies. Crypto exchange Binance recently withdrew its licence application in Greece while pursuing authorisation in another EU jurisdiction, illustrating how companies are adjusting to the new framework.

Why does it matter?

Belgium’s action illustrates that MiCA is entering its enforcement phase, with national regulators beginning to act against crypto firms that fail to obtain the necessary authorisations. The shift from adopting legislation to enforcing it is likely to reshape how crypto businesses operate across the EU.

The new framework also aims to strengthen consumer confidence by establishing common licensing standards throughout the single market. While stricter oversight may increase compliance costs for some firms, it could also encourage greater market stability and make it easier for authorised providers to operate across multiple EU member states.

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IMF warns policy choices will define tokenised finance future

The International Monetary Fund has warned that policy choices made today will shape whether tokenised finance strengthens or fragments the financial system.

In a new blog post, IMF Financial Counsellor Tobias Adrian said tokenisation should not be viewed only as a technological upgrade for faster settlement, cheaper payments and programmable assets.

When financial assets and liabilities move onto shared digital ledgers, processes that are currently sequential, including execution, clearing and settlement, can happen simultaneously through software.

The IMF said this could reduce costs, improve efficiency and enable new forms of programmable finance. However, it could also shift risks away from traditional financial institutions and towards platforms, service providers and market infrastructures.

Related IMF research highlights several possible settlement assets for tokenised finance, including tokenised bank deposits, stablecoins and tokenised central bank reserves.

Each model raises different policy questions around liquidity, financial stability, private-sector innovation and the role of public money.

The IMF said the long-term success of tokenisation depends on clear policy frameworks, safe settlement assets, robust governance of code, legal certainty and international coordination.

It also stressed that policymakers will need to address cybersecurity, interoperability and oversight of smart contracts as tokenised markets develop.

Why does it matter?

Tokenisation could change how financial assets are issued, transferred and settled, making finance faster and more programmable. Yet the IMF warns that efficiency gains alone do not guarantee stability. If tokenised markets develop across incompatible platforms, weak settlement assets or poorly governed smart contracts, the result could be fragmentation and new systemic risks. The policy challenge is therefore to build rules and infrastructure that support innovation while preserving trust, legal certainty and financial stability.

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