Regulators intend the framework to be proportionate, supporting UK competitiveness in global markets. The FCA is also examining how its Consumer Duty should apply to crypto, ensuring firms act to deliver good outcomes for clients.
Views are being sought on complaint-handling, including whether cases should be referred to the Financial Ombudsman Service.
David Geale, executive director of payments and digital finance, said the FCA aims to build a sustainable and competitive crypto sector by balancing innovation with trust and market integrity. He noted the standards would not eliminate investment risks but would give consumers clearer expectations.
The consultation follows draft legislation published by HM Treasury in April 2025. Responses on the discussion paper are due by 15 October 2025, with feedback on the consultation paper closing on 12 November 2025. Final rules are expected in 2026.
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The Australian Securities and Investments Commission (ASIC) has introduced class relief for intermediaries involved in the secondary distribution of stablecoins issued by licensed providers. The measure aims to encourage responsible growth in the digital assets and payments sectors.
Under the relief, intermediaries do not need to hold separate Australian financial services (AFS), market, or clearing licences when offering services linked to stablecoins issued by an AFS licensee. However, they must provide clients with the product disclosure statement, if one is available.
ASIC has indicated that as more issuers of eligible stablecoins obtain an AFS licence, the exemption could extend further. The regulator stressed its support for innovation while safeguarding consumers by requiring stablecoins to remain under licensing rules.
The move follows ASIC’s consultation on updates to its guidance for digital assets, which included stablecoins and other token types. ASIC will soon release revised guidance and is working with Treasury on digital asset reforms, including a payment stablecoin framework.
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Russia has made its first salary payment in digital rubles, marking a milestone in the country’s adoption of its central bank digital currency (CBDC). The Ministry of Finance confirmed the payment with the Central Bank of Russia will be available to government employees on request.
The first payment went to Anatoly Aksakov, State Duma finance committee chair and key figure in digital currency legislation. Aksakov spent the digital rubles on charity and daily purchases, including a restaurant, testing its practical use.
The digital ruble is scheduled for a phased public launch on 1 September 2026. Trials have already included government transfers, commercial transactions, and payments in transport and real estate, signalling a gradual integration into the wider economy.
Officials plan to allow transactions between digital ruble accounts starting 1 January 2026, while payments will remain optional for recipients.
Russia’s CBDC development began in 2021, with legislation adopted in 2023. The initiative aims to modernise financial operations, increase efficiency in federal payments, and provide an alternative to traditional cash.
The rollout is being monitored closely as a test case for wider adoption of state-backed digital currencies.
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The Securities and Exchange Commission has approved new generic listing standards for exchange-traded products that hold spot commodities, including digital assets. Exchanges can now list and trade Commodity-Based Trust Shares without submitting a separate SEC rule change.
SEC Chairman Paul S. Atkins said the move aims to maintain America’s capital markets as a leading hub for digital asset innovation. The decision is expected to increase investor choice and streamline access to digital asset products.
Jamie Selway, Director of the Division of Trading and Markets, highlighted that the approval offers clear regulatory guidance and ensures investor protections while making it easier for products to reach the market.
Alongside the generic standards, the SEC approved the Grayscale Digital Large Cap Fund listing, which tracks the CoinDesk 5 Index of spot digital assets.
The regulator also authorised p.m.-settled options on the Cboe Bitcoin US ETF Index and the Mini-Cboe Bitcoin US ETF Index with multiple expiration formats.
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Google has unveiled the Agent Payments Protocol (AP2), a new system enabling AI applications to send and receive payments, including stablecoins pegged to traditional currencies.
Developed with Coinbase, the Ethereum Foundation, and over 60 other finance and technology firms, AP2 aims to standardise transactions between AI agents and merchants.
The protocol builds on Google’s earlier Agent2Agent framework, extending it to financial interactions. AP2 supports credit and debit cards, bank transfers, and stablecoins, providing a secure and compliant foundation for automated payments.
By introducing a shared language for AI-led transactions, the system addresses risks linked to authorisation, authenticity, and accountability without human intervention.
The project reflects growing interest in stablecoins, whose circulation recently rose to $289 billion from $205 billion at the start of the year. Integrating stablecoins into AI could change how automated systems manage payments, from daily purchases to complex financial tasks.
Google and its collaborators emphasise AP2’s goal of interoperability across industries, offering flexibility, compliance, and scalability. The initiative makes digital money central to AI, signalling a shift in automated financial transactions.
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PostFinance, Sygnum Bank and UBS, under the Swiss Bankers Association, have successfully tested a deposit token on a public blockchain. For the first time, banks completed a legally binding cross-bank payment with tokenised deposits, a breakthrough for Switzerland’s financial sector.
The proof of concept (PoC) explored how bank deposits can be represented on blockchain to enable faster, programmable and fully automated payments. Smart contracts on the system allow transactions to be triggered only when agreed conditions are met, reducing risk while increasing efficiency.
Use cases tested included payments between customers of different banks and escrow-style settlements for tokenised assets.
Results confirm that deposit tokens are technically and legally feasible across banks when combined with a public blockchain and permissioned applications. Such infrastructure could enable automated insurance settlements, instant securities trading, and machine-to-machine payments.
Industry leaders stressed that while the PoC proves feasibility, scaling will require broader cooperation with other institutions, regulators and infrastructure providers.
Project representatives described the work as a decisive step toward digital money innovation in Switzerland, reinforcing the country’s role as a pioneer in blockchain-based finance.
The Swiss Bankers Association confirmed that the project aligns with its strategic focus on digital currencies, though the results do not yet mean deposit tokens will be formally launched.
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The service integrates seamlessly with existing investments, removing the need to transfer funds to other platforms. It also provides the protection of MiCA regulations and the backing of Santander.
Competitive fees of 1.49% per trade apply, with no custody charges, and the service will soon be available to customers in Spain. Over the coming months, Openbank plans to expand its portfolio and introduce new features, such as direct conversion between different digital assets.
The launch strengthens Openbank’s investment offerings in Germany, complementing its Robo Advisor and thousands of stocks, funds, and ETFs. It also includes an AI-powered broker platform providing target prices for European and US stocks.
Grupo Santander emphasises that the new crypto trading service responds to customer demand while broadening the bank’s range of innovative, technology-driven investment products.
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Swedish prosecutors have confirmed that a cyberattack on IT systems provider Miljodata exposed the personal data of 1.5 million people, nearly 15% of Sweden’s population. The attack occurred during the weekend of August 23–24.
Authorities said the stolen data has been leaked online and includes names, addresses, and contact details. Prosecutor Sandra Helgadottir said the group Datacarry has claimed responsibility, though no foreign state involvement is suspected.
Media in Sweden reported that the hackers demanded 1.5 bitcoin (around $170,000) to prevent the release of the data. Miljodata confirmed the information has now been published on the darknet.
The Swedish Authority for Privacy Protection has received over 250 breach notifications, with 164 municipalities and four regional authorities impacted. Employees in Gothenburg were among those affected, according to SVT.
Private companies, including Volvo, SAS, and GKN Aerospace, also reported compromised data. Investigators are working to identify the perpetrators as the breach’s scale continues to raise concerns nationwide.
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The UN Development Programme (UNDP) plans to launch a ‘Government Blockchain Academy’ next year to educate public sector officials on blockchain, AI, and other emerging technologies.
The initiative aims to help governments leverage tech for economic growth and sustainable development.
The academy will partner with the Exponential Science Foundation, a non-profit promoting blockchain and AI. Training will cover financial services, digital IDs, public procurement, smart contracts, and climate finance to help governments boost transparency, inclusion, and resilience.
UNDP officials highlighted that developing countries, including India, Pakistan, and Vietnam, are already among the leading adopters of crypto technology.
The academy will provide in-person and online courses, workshops, and forums to guide high-impact blockchain initiatives aligned with national priorities.
The programme follows last year’s UNDP blockchain academy, created in partnership with the Algorand Foundation, which trained over 22,000 staff members to support sustainable growth projects in participating countries.
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PayPal has introduced PayPal links, a new way for users to send and receive money via personalised, one-time links. Users can share links through text, chat, or email, add notes or emojis, and cancel or remind recipients before links expire after 10 days.
The service will initially be available in the US, with the UK, Italy, and other markets set to follow later this month.
The company confirmed gifts, reimbursements, and split payments remain exempt from tax reporting to keep personal transfers private. PayPal said the links are designed to simplify payments, attract new users, and enhance interoperability with Venmo and other wallets.
Crypto support also allows peer-to-peer transfers between digital assets and stablecoins.
PayPal also introduced Pay with Crypto, enabling merchants to accept over 100 cryptocurrencies and wallets, including Coinbase and MetaMask, with instant conversion to stablecoins or fiat. The platform charges just 0.99% per transaction, cutting costs compared with international credit card payments.
Looking ahead, Venmo users can shop online and in-store at millions of merchants starting in 2026. PayPal said these initiatives aim to expand global reach, provide more payment options, and drive growth for merchants while enhancing the user experience.
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