{"source":"Democratize Intel","as_at":"9 November 2026","notice":"Democratize Intel. Information only, not investment advice. Demonstration data is approximate and unverified.","path":"/api/v1/changes","rules":[{"id":"uk-fund-tokenisation","title":"UK fund tokenisation rules","regime":"uk","versions":[{"label":"Consultation (CP25/28)","date":"Oct 2025","clauses":["Authorised funds may keep their unitholder register on a distributed ledger.","The fund manager stays responsible for the register.","Units may be issued and redeemed directly to investors on-chain.","Settlement of dealing must be in fiat currency.","Firms must notify the FCA before launching a tokenised fund."]},{"label":"Final rules (PS26/7)","date":"2026","clauses":["Authorised funds may keep their unitholder register on a distributed ledger.","The fund manager stays responsible for the register and must test the ledger's controls each year.","Units may be issued and redeemed directly to investors on-chain.","Settlement of dealing may use fiat currency or a regulated stablecoin once the UK regime is in force.","Firms must notify the FCA before launching a tokenised fund.","Funds may hold other tokenised funds, within existing spread limits."]}]},{"id":"genius-treasury","title":"GENIUS Act: Treasury implementing rule","regime":"genius","versions":[{"label":"Proposed rule","date":"Spring 2026","clauses":["Defines a permitted payment stablecoin issuer.","Reserves must be held one-to-one in cash, deposits and Treasuries of 93 days or less.","Issuers publish a reserve report every month.","Foreign issuers need a comparable home regime, as judged by Treasury.","Issuers must be able to freeze tokens on a lawful order."]},{"label":"Final rule","date":"30 Sep 2026","clauses":["Defines a permitted payment stablecoin issuer.","Reserves must be held one-to-one in cash, deposits, Treasuries of 93 days or less and qualifying repo.","Issuers publish a reserve report every month, examined by a registered accounting firm.","Foreign issuers need a comparable home regime, as judged by Treasury, and must hold US reserves for US holders.","Issuers must be able to freeze tokens on a lawful order.","Paying interest or yield to holders is not allowed."]}]},{"id":"mica-casp","title":"MiCA: crypto service providers' transition","regime":"mica","versions":[{"label":"MiCA as adopted","date":"Jun 2023","clauses":["Crypto-asset service providers need authorisation in one member state.","Existing firms may keep operating under national rules until 1 July 2026 at the latest.","Member states may shorten the transition.","Authorisation can be passported across the EU."]},{"label":"Position after transition","date":"1 Jul 2026","clauses":["Crypto-asset service providers need authorisation in one member state.","The transition has ended: firms without MiCA authorisation must stop serving EU clients.","Authorisation can be passported across the EU.","ESMA keeps a public register of authorised firms and white papers."]}]}]}