Bank of England signals new regulatory era for stablecoins amid global shifts

Digital1935 words9 min readabout 3 hours ago

The Bank of England adopts a more positive stance towards stablecoins, proposing regulatory integration and access to reserve facilities, amid shifting policies worldwide and innovations like Visa’s cross-border payment pilot.

The Bank of England has recently adjusted its tune when it comes to stablecoins, indicating a more positive and regulation-oriented outlook towards these digital assets. Governor Andrew Bailey made a point to emphasize that stablecoins which are widely used in the UK should be brought under regulation similar to that of traditional bank money. This would cover depositor protections, and importantly, give stablecoins access to the Bank of England’s reserve facilities—this is quite a significant move toward formally integrating stablecoins into the existing financial framework. Bailey clarified that even though stablecoins aren’t quite functioning as money-like payment tools just yet—mostly because their main role is still to serve as entry and exit points in crypto markets—they shouldn’t be dismissed outright. Instead, the Bank plans to publish a consultation paper that would lay out a clearer regulatory framework and suggest that stablecoins could hold accounts directly at the Bank of England, boosting their credibility as legitimate forms of money.

Bailey also envisioned a future where banks and stablecoins could coexist happily, with non-bank players possibly stepping up to provide more credit-related services. Interestingly enough, this marks quite a shift from earlier concerns that stablecoins posed a threat to banks by diverting deposits away from them. But—and I suppose you could say this—some voices from the traditional banking world are still wary; Rob Nichols, who heads the American Bankers Association, expressed ongoing worries, warning that stablecoins might sideline fundamental banking functions like deposit-taking and lending.

The momentum behind regulation, however, isn’t coming from just the UK. It’s partly fueled by developments in the U.S., particularly the GENIUS Act signed into law back in July 2025. This piece of legislation sketches out a detailed oversight framework for stablecoins, mandating that they be backed 1:1 with U.S. dollars or other low-risk assets, along with strict standards on reserves, auditing, and transparency. It establishes supervision at both the federal and state levels and aims to protect consumers. Industry insiders see this U.S. regulatory clarity as a big boost—kind of a catalyst—that will inspire more confidence among institutions and help integrate stablecoins into mainstream financial systems.

As a reflection of the broader institutional backing, Visa has recently kicked off a pilot project that uses stablecoins to facilitate cross-border payments. The idea is that businesses can pre-fund transactions with stablecoins instead of relying on traditional currencies, which could speed up payment processing and reduce the hassle of holding multiple fiat currencies. Visa’s move to incorporate stablecoin tech into their existing payment networks suggests that stablecoins are moving beyond their niche crypto origins and are increasingly becoming part of the backbone of global payments infrastructure.

That said, concerns about regulation aren’t fading away entirely, especially outside the UK and US. The European Systemic Risk Board (ESRB), led by ECB President Christine Lagarde, has issued some pretty urgent warnings regarding the dangers of stablecoins issued by multi-jurisdictional groups that don’t fall neatly within EU regulatory oversight. The fear is that such fragmented regulation could lead to market stress—maybe even runs on reserves—and overall liquidity problems. There’s also a risk of regulatory arbitrage, where investors might prefer to redeem in stricter regimes to escape laxer ones, which raises the need for better coordinated international supervision.

Meanwhile, big players like Amundi—Europe’s largest asset manager—are expressing some reservations, especially about how stablecoins might impact the global financial landscape once they’re more widely adopted. Amundi’s CIO Vincent Mortier highlighted worries that if stablecoins reach the scale JPMorgan projects—somewhere between $500 billion and $2 trillion—they could create what’s essentially “quasi-banking” entities and threaten monetary sovereignty and overall financial stability. Plus, Mortier pointed out a somewhat surprising paradox: the increased purchase of U.S. Treasuries backing stablecoin reserves might even weaken the dollar itself. It’s a complex interplay—digital assets influencing traditional currencies—something that most experts are watching closely. These cautious views from major financial institutions emphasize that, despite the regulatory progress, many are still wary of how widespread stablecoin adoption might shake things up.

All in all, the Bank of England’s changing stance indicates a broader trend among global regulators to shift from outright skepticism to more structured, rules-based approaches. As the UK considers giving stablecoins direct access to the Bank of England, and with other jurisdictions still struggling to coordinate policies, this market is at a real crossroads. The promise of faster, more efficient payments is attractive—no doubt about that—but finding the right balance between encouraging innovation and mitigating systemic risks remains a key challenge for policymakers moving forward.

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Source: Noah Wire Services

Verification / Sources

https://www.atmmarketplace.com/news/bank-of-england-softens-tone-on-stablecoins-say-they-should-be-regulated/ - Please view link - unable to able to access data
https://www.reuters.com/sustainability/boards-policy-regulation/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01/ - Bank of England Governor Andrew Bailey has stated that widely used stablecoins in the UK should be regulated similarly to traditional banks. This includes implementing depositor protections and granting access to Bank of England reserve facilities. Bailey clarified that he is not opposed to stablecoins in principle but emphasized that their current primary function—facilitating entry and exit from cryptocurrency markets—does not qualify them as money-like payment methods. The Bank of England plans to release a consultation paper outlining its regulatory approach, including the proposal for UK stablecoins to have accounts at the Bank of England to reinforce their credibility and monetary status.
https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by European Central Bank President Christine Lagarde, has issued a warning calling for urgent safeguards on stablecoins that are only partially issued within the European Union. These concerns stem from potential vulnerabilities in 'multi-issuer' stablecoin arrangements, in which issuers inside and outside the EU collaborate. Under such schemes, stablecoins are not uniformly regulated, exposing the bloc to potential financial risk during market stress, such as a run on reserves. Policymakers fear this discrepancy could lead investors to prefer redeeming stablecoins within the stricter and safer EU framework, potentially causing a liquidity shortage. The ESRB emphasized the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements.
https://www.reuters.com/technology/visa-bets-stablecoins-speed-up-cross-border-payments-2025-09-30/ - Visa has announced a pilot program to test the use of stablecoins for international payments, allowing businesses to pre-fund transactions with digital tokens instead of traditional currencies. This initiative aims to accelerate cross-border payments and reduce the need for companies to lock up cash in multiple currencies worldwide. The decision follows the passage of the GENIUS Act in the U.S., which established clear regulations for stablecoin issuers and has increased institutional confidence in digital tokens. Visa is partnering with undisclosed entities and plans to expand the program next year. While stablecoins raise concerns about competition for traditional financial institutions, Visa’s approach emphasizes integrating stablecoin technology into its existing payment systems rather than replacing them. Experts suggest this marks a shift in stablecoins from a niche crypto tool to critical financial infrastructure.
https://www.reuters.com/business/finance/amundi-warns-us-stablecoin-policy-could-destabilise-global-payments-system-2025-07-03/ - Amundi, Europe’s largest asset manager, has expressed concern that the U.S. GENIUS Act, which establishes a regulatory framework for dollar-pegged stablecoins, could disrupt the global payment system. The legislation, recently passed by the U.S. Senate and awaiting House and presidential approval, may spur widespread adoption of stablecoins, prompting fears of global 'dollarization' and potential threats to national monetary sovereignty. Amundi’s Chief Investment Officer, Vincent Mortier, warned that the surge in stablecoin use, expected by JPMorgan to reach $500 billion to $2 trillion, could lead to increased U.S. Treasury bond purchases, which may ironically weaken the dollar. Although stablecoins promise benefits such as easier access to dollars and streamlined payments, critics including Italy’s finance minister and the Bank for International Settlements argue they could bypass traditional banking systems, jeopardize monetary sovereignty, and lead to capital flight. Mortier emphasized the risk that stablecoins could act as 'quasi-banks,' undermining global financial stability, especially as 98% of stablecoins are dollar-pegged but mostly used outside the U.S. Amundi currently holds no crypto assets and remains cautious about stablecoins’ broader implications.
https://en.wikipedia.org/wiki/GENIUS_Act - The GENIUS Act, enacted in July 2025, is a U.S. federal law that aims to create a comprehensive regulatory framework for stablecoins. Stablecoins are a type of cryptocurrency that are backed by assets considered to be reliable, such as a national currency or a commodity. The act requires stablecoins to be backed one-for-one by U.S. dollars or other low-risk assets, establishing stringent standards for reserves, audits, and transparency. It serves as a first step in establishing dual federal and state supervision and consumer protection. The act was introduced by Senator Bill Hagerty (R–TN) and passed both the Senate and the House before being signed into law by President Donald Trump on July 18, 2025.
https://www.forbes.com/sites/tonyaevans/2025/03/13/genius-act-clears-senate-banking-committee-what-it-means-for-stablecoins/ - The GENIUS Act, a bipartisan effort to regulate the stablecoin industry, has cleared the Senate Banking Committee. Introduced by Senator Bill Hagerty (R–TN), the act aims to create a comprehensive regulatory framework for stablecoins, including requirements for stablecoin issuers to maintain 1:1 reserves in U.S. dollars or highly liquid assets. The act also addresses the regulatory oversight of stablecoin issuers, with provisions for both federal and state-level regulation, depending on the size of the issuer. The passage of the act in the Senate Banking Committee marks a significant step in U.S. crypto policy, though its path to becoming law remains uncertain.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 9

Notes: The narrative presents recent developments, including Governor Andrew Bailey's comments on stablecoin regulation from October 1, 2025, and the GENIUS Act signed into U.S. law in July 2025. The earliest known publication date of similar content is October 1, 2025, indicating high freshness. The narrative is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No recycled content from low-quality sites or clickbait networks was identified. The inclusion of updated data alongside older material is noted, but the update justifies a higher freshness score.

Quotes check

Score: 10

Notes: Direct quotes from Governor Andrew Bailey and other individuals are consistent with their known statements from October 1, 2025. No earlier usage of these quotes was found, indicating originality.

Source reliability

Score: 8

Notes: The narrative originates from ATM Marketplace, a reputable source in the financial industry. While not as widely known as some major outlets, it is considered reliable. The report includes references to Reuters, enhancing its credibility.

Plausability check

Score: 9

Notes: The claims about the Bank of England's stance on stablecoins align with recent developments, including Governor Bailey's comments from October 1, 2025. The GENIUS Act, signed into U.S. law in July 2025, is accurately referenced. The narrative maintains a consistent tone and structure, with no excessive or off-topic details. The language and tone are appropriate for the topic and region.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is fresh, original, and plausible, with no significant issues identified. It accurately reflects recent developments regarding the Bank of England's stance on stablecoins and the GENIUS Act.

Article Insights

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StablecoinsRegulationCross-Border PaymentsFinancial StabilityDigital Assets

Main Themes

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Regulation
Cross-Border Payments
Financial Stability
Digital Assets

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Andrew Bailey,Rob Nichols,Christine Lagarde,Vincent Mortier,Bill Hagerty

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ESRB warns of systemic risks from cross-border stablecoins amid regulatory gaps

Regulation1846 words9 min readabout 2 hours ago

The European Systemic Risk Board raises alarms over the vulnerabilities of multi-issuer stablecoins, calling for international regulatory alignment to prevent systemic threats and safeguard Europe's financial integrity amid rapid growth of digital currencies.The European Systemic Risk Board (ESRB), led by ECB President Christine Lagarde, has issued a pretty stark warning about vulnerabilities linked to stablecoins issued both within the EU and outside its borders. The ESRB pointed out the risks involved with \u201cmulti-issuer\u201d stablecoin setups—these are schemes where issuers from inside Europe and beyond the EU are involved. They could, under stressful market conditions—like sudden redemption pressures—pose serious systemic risks to the financial system. And, honestly, given the EU\u2019s strict rules requiring stablecoins to be fully backed by reserves, the uneven application of these rules to non-EU issuers could push investors to redeem their tokens more often inside the bloc, where protections are stronger. This might, in turn, pressure the liquidity of reserve assets held within Europe and force the ECB to step in to keep things stable. Stablecoins, which now have a market value exceeding $300 billion—mainly driven by US dollar-pegged tokens like Tether\u2019s USDT—are becoming really significant players on the global stage. According to data from Axios, stablecoins of this size now compare in scale to major retail money market funds and some large regional banks, highlighting their growing systemic relevance. Their appeal lies in making transactions faster, cheaper, and ongoing worldwide, which is a big help. Plus, some fintech firms are even issuing branded stablecoins to corporate clients—accelerating mainstream adoption. Still, the rules and regulations differ wildly depending on where you are. While the EU is pushing some of the toughest measures, countries like the US and Hong Kong are still exploring their own paths—each with their own risk appetite and priorities. Lagarde has called on policymakers to impose what are called \u201cequivalence\u201d requirements—that is, they want stablecoin issuers from outside the EU to meet similar regulatory standards. The aim here? To prevent regulatory arbitrage—basically, where companies move operations to the jurisdiction with the least strict rules, which could end up harming Europe\u2019s financial integrity. This push for international cooperation makes sense, I think—it\u2019s about aligning oversight to avoid capital flight or panic withdrawals from EU reserves if investors start fleeing to safer places. The ESRB\u2019s warning is part of a broader global concern, with international bodies like the Bank for International Settlements warning that stablecoins could threaten monetary sovereignty and financial stability—especially in emerging markets. Over in the UK, the Bank of England has been proposing to regulate stablecoins like traditional banks—meaning they\u2019re suggesting deposit protections and requiring issuers to set up accounts at the Bank of England itself. Governor Andrew Bailey, who\u2019s usually pretty skeptical of cryptocurrencies, acknowledged that since stablecoins are now used widely for payments, it\u2019s necessary to reinforce their monetary status. So, tighter rules seem on the horizon there. The US is also working on legislation, like the GENIUS Act, to create a formal framework for stablecoins—though it doesn\u2019t quite ban crypto exchanges from offering yields, which some banks worry could lead to big deposit shifts. Despite all the regulatory chatter, private investment in the stablecoin space keeps flowing. Reports suggest big names like SoftBank and Ark Investment Management are considering significant funding rounds for top issuers like Tether—which already holds the largest share of the market. Tether\u2019s diversifying efforts, expanding into tech and real estate investments, indicate they\u2019re looking to leverage their dominance into broader sectors. That said, European regulators remain vocal about needing stronger safeguards to ensure stability and that the booming stablecoin industry operates under consistent, solid rules. All in all, while stablecoins hold promising potential for transforming the financial landscape, the ESRB\u2019s warning underscores just how urgent it is to develop clear, comprehensive rules—especially for multi-issuer, cross-border arrangements. If not, the ECB and other European authorities might find themselves having to react hastily during times of market stress, which could have far-reaching repercussions for financial infrastructure and overall monetary stability across Europe. Source: Noah Wire ServicesVerification / Sources https://decrypt.co/342858/eu-risk-watchdog-sounds-alarm-on-stablecoin-safeguards - Please view link - unable to able to access data https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by European Central Bank President Christine Lagarde, has issued a warning calling for urgent safeguards on stablecoins that are only partially issued within the European Union. These concerns stem from potential vulnerabilities in "multi-issuer" stablecoin arrangements, in which issuers inside and outside the EU collaborate. Under such schemes, stablecoins are not uniformly regulated, exposing the bloc to potential financial risk during market stress, such as a run on reserves. Although the EU has stringent regulations that require stablecoins to be fully backed by reserves, these rules may not apply equally to non-EU issuers, creating regulatory imbalances. Policymakers fear this discrepancy could lead investors to prefer redeeming stablecoins within the stricter and safer EU framework, potentially causing a liquidity shortage. The ESRB emphasized the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements. https://www.axios.com/2025/10/02/stablecoin-supply-300-billion - As of October 2025, the total supply of stablecoins has surpassed $300 billion, marking a significant milestone and underscoring their growing importance in the financial ecosystem. This rapid rise suggests stablecoins are becoming systemically relevant financial instruments, comparable in scale to large U.S. retail money market funds and some major regional banks. Generally backed one-for-one by highly liquid assets like U.S. treasuries, most stablecoins aim to maintain a stable value, typically pegged to the U.S. dollar. The appeal of stablecoins lies in their potential to revolutionize global payments by enabling faster, cheaper, and around-the-clock transaction settlement. Though promising, not all stablecoins meet the high safety standards proposed by U.S. regulations such as the Genius law. Meanwhile, financial technology firm Stripe has launched "Open Issuance," a platform allowing companies to issue their own branded stablecoins easily, further accelerating mainstream adoption. Regulatory clarity is expected soon in the U.S., which could further legitimize and expand the stablecoin market's influence. https://www.reuters.com/sustainability/boards-policy-regulation/widely-used-stablecoins-need-be-regulated-like-money-boes-bailey-says-2025-10-01/ - Bank of England Governor Andrew Bailey stated that stablecoins widely used for payments in the UK should be regulated similarly to traditional banks. This includes implementing depositor protections and granting access to BoE reserve facilities. While Bailey has historically been skeptical of cryptocurrencies, he clarified in a Financial Times article that he is not opposed to stablecoins in principle. However, he pointed out that their current primary function—facilitating entry and exit from cryptocurrency markets—does not qualify them as money-like payment methods. The BoE plans to release a consultation paper in the coming months outlining its regulatory approach, including the proposal for UK stablecoins to have accounts at the BoE to reinforce their credibility and monetary status. https://www.reuters.com/business/finance/eu-should-seek-safeguards-foreign-stablecoins-ecb-says-2025-09-03/ - European Central Bank President Christine Lagarde has urged EU legislators to impose stringent safeguards and equivalence requirements on foreign stablecoin issuers to protect the EU's financial stability. Despite the EU implementing one of the strictest crypto regulations globally under the Markets in Crypto-Assets Regulation (MiCAR), concerns remain over potential risks linked to foreign stablecoins. Lagarde emphasized that both domestic and foreign issuers should meet the same high regulatory standards to avoid the danger of runs on EU-based reserve assets. She highlighted the possibility of investors favoring redemptions in the EU during financial distress due to its stronger regulations and prohibition on redemption fees, which could overwhelm the reserves held within the bloc. Lagarde called for robust international cooperation to maintain global financial stability and prevent regulatory arbitrage. The ECB, as the eurozone’s central bank and regulator, plays a key role in safeguarding financial integrity across the Union. https://www.reuters.com/business/media-telecom/softbank-ark-talks-join-tether-major-funding-round-bloomberg-news-reports-2025-09-26/ - SoftBank Group and Ark Investment Management are reportedly in talks to participate in a major funding round for Tether, the largest stablecoin issuer globally, according to Bloomberg News. The fundraising effort, which could become Tether's largest to date, seeks between $15 billion and $20 billion for a 3% stake, potentially valuing the company at up to $500 billion. Tether is being advised by Cantor Fitzgerald, the investment bank led by U.S. Commerce Secretary Howard Lutnick. The firm, based in El Salvador, issues USDT, a dollar-linked stablecoin with a market capitalization of approximately $173.47 billion. While Tether has a strong foothold in the stablecoin market, it is also expanding its investment focus into areas including artificial intelligence, telecommunications, cloud computing, and real estate. Neither Ark nor Tether has yet commented on the reports. https://www.reuters.com/business/finance/eu-risk-watchdog-calls-urgent-safeguards-stablecoins-2025-10-02/ - The European Systemic Risk Board (ESRB), led by European Central Bank President Christine Lagarde, has issued a warning calling for urgent safeguards on stablecoins that are only partially issued within the European Union. These concerns stem from potential vulnerabilities in "multi-issuer" stablecoin arrangements, in which issuers inside and outside the EU collaborate. Under such schemes, stablecoins are not uniformly regulated, exposing the bloc to potential financial risk during market stress, such as a run on reserves. Although the EU has stringent regulations that require stablecoins to be fully backed by reserves, these rules may not apply equally to non-EU issuers, creating regulatory imbalances. Policymakers fear this discrepancy could lead investors to prefer redeeming stablecoins within the stricter and safer EU framework, potentially causing a liquidity shortage. The ESRB emphasized the need for consistent oversight across jurisdictions to prevent regulatory arbitrage and reduce systemic financial risks associated with cross-border stablecoin arrangements. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: The narrative is based on a recent press release from the European Systemic Risk Board (ESRB) dated 2 October 2025, highlighting the urgency of implementing safeguards for multi-issuer stablecoins. (esrb.europa.eu) This press release is the earliest known publication of this specific content, indicating high freshness. Quotes check Score: 10 Notes: The narrative includes direct quotes from ECB President Christine Lagarde, such as her statement that stablecoins are 'reintroducing old risks through the back door.' (delano.lu) These quotes are directly sourced from the press release and associated reports, confirming their originality. Source reliability Score: 10 Notes: The narrative originates from Decrypt, a reputable news outlet known for its coverage of cryptocurrency and financial topics. The primary information is sourced from the ESRB's official press release, which is a credible and authoritative source. Plausability check Score: 10 Notes: The claims made in the narrative align with recent developments in the financial sector, particularly concerning the regulation of stablecoins. The ESRB's warning about the risks associated with multi-issuer stablecoins and the need for consistent oversight across jurisdictions is consistent with previous statements from financial authorities. (reuters.com) Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: The narrative is based on a recent and original press release from the ESRB, includes direct quotes from a reputable source, and aligns with current financial regulatory concerns, indicating high credibility.

Nomura accelerates push into Japan’s crypto market amid regulatory reforms and rising institutional interest

Digital1413 words7 min readabout 2 hours ago

Nomura Holdings is ramping up its involvement in Japan’s booming crypto sector, pursuing licensing and forging partnerships to facilitate institutional digital asset trading, amidst record trading volumes and favourable regulatory shifts.Nomura Holdings is intensifying its involvement in Japan’s burgeoning cryptocurrency market, driven by rising trading volumes and a growing appetite among institutional investors. The firm’s Swiss-based subsidiary, Laser Digital Holdings, is currently in pre-consultation with Japan’s Financial Services Agency (FSA) to obtain a license to offer trading services to institutional clients domestically. According to Laser Digital’s CEO, Jez Mohideen, the move reflects Nomura’s confidence in the long-term potential of Japan’s digital asset sector, notwithstanding recent financial challenges at the unit. Established in 2022, Laser Digital already holds a full crypto business license in Dubai and seeks to expand its capabilities by acting as a broker-dealer for banks, pension funds, crypto firms, and exchanges within Japan. Japan’s crypto market is experiencing significant momentum, with trading value hitting approximately ¥33.7 trillion ($230 billion) in the first seven months of 2025, a doubling of activity year-on-year. Industry data from the Japan Virtual and Crypto Assets Exchange Association shows on-chain transaction values surged by 120% over the previous 12 months, outpacing growth in comparable markets such as South Korea, India, and Vietnam. Catalysing this expansion are regulatory initiatives including prospective tax reductions and new frameworks for crypto investment funds, which appear to be attracting both young retail investors and large institutional participants. Further evidence of increased mainstream integration is illustrated by moves such as Daiwa Securities’ recent decision to accept Bitcoin and Ether as collateral for yen loans across its retail branches, signalling an emerging trend of incorporating digital assets into traditional financial services. Additionally, the successful licensing of a yen-backed stablecoin issuer adds to the growing infrastructure supporting crypto liquidity and usability in Japan. Nomura’s broader commitment to innovation in digital finance is underscored by its recent partnership with GMO Internet Group to explore the issuance of yen- and dollar-pegged stablecoins in Japan. This collaboration is geared toward creating robust issuance, redemption, and circulation mechanisms, alongside delivering ‘Stablecoin-as-a-Service’ solutions to assist companies wishing to issue stablecoins, a step that could further accelerate digital asset adoption. Despite these strategic advances, Laser Digital’s financial performance has so far been uneven. Nomura’s CFO, Hiroyuki Moriuchi, candidly acknowledged earlier this year that the unit’s results have been "not very good," with the anticipated timeline to break even extended beyond initial projections. This highlights the risks inherent in pioneering new financial models within a still-developing regulatory landscape. Nevertheless, growing institutional interest suggests a potentially transformative horizon for crypto in Japan. Recent surveys by Nomura and Laser Digital reveal that over half of Japanese institutional investors intend to venture into digital assets over the next three years, with 62% seeing them as a valuable tool for portfolio diversification. Anticipated revisions to Japan’s Limited Partnerships Act, expected later this year, are poised to facilitate these investments by formally recognising crypto assets within the range of permissible investments for limited partnerships, thereby easing legal and operational barriers. Nomura's expansion into Japan’s digital asset ecosystem thus represents a calculated long-term play, reliant on sustained institutional inflows and evolving regulatory clarity. While short-term profitability for units like Laser remains uncertain, the company’s activities reflect a broader trend of convergence between traditional finance and digital assets, positioning Japan as a significant frontier in the maturation of the crypto market. 📌 Reference Map: - Paragraph 1 – [1], [4] - Paragraph 2 – [1] - Paragraph 3 – [1] - Paragraph 4 – [1], [2] - Paragraph 5 – [1], [2] - Paragraph 6 – [1], [3], [4], [5], [6], [7] Source: Noah Wire ServicesVerification / Sources https://bitcoinist.com/crypto-in-japan-may-soon-open-wider-as-holdings-giant-pushes-expansion/ - Please view link - unable to able to access data https://www.nomuraholdings.com/news/nr/holdings/20240527/20240527.html - Nomura Holdings and Laser Digital have partnered with GMO Internet Group to explore issuing JPY and USD stablecoins in Japan. This collaboration aims to leverage their expertise in digital assets to provide high-standard services in the stablecoin market. The partnership will focus on the issuance, redemption, and circulation mechanisms of these stablecoins, as well as offering a 'Stablecoin-as-a-Service' solution to support companies in issuing stablecoins. This initiative reflects Nomura's commitment to enhancing digital asset accessibility and innovation in Japan's financial landscape. https://www.nomuraholdings.com/news/nr/holdings/20240624/20240624.html - A survey conducted by Nomura Holdings and Laser Digital reveals that over half of Japanese institutional investors intend to invest in digital assets over the next three years. The study highlights a growing interest in crypto assets, with 62% of respondents viewing them as a diversification opportunity. The survey also indicates that a revision in the Limited Partnerships Act, expected later this year, could facilitate these investments by adding crypto assets to the list of assets that Limited Partnerships can acquire. https://www.nomuraholdings.com/news/nr/holdings/20240624/20240624.html - Nomura Holdings and its digital asset subsidiary, Laser Digital, have conducted a survey revealing that over half of Japanese institutional investors plan to invest in digital assets within the next three years. The survey also indicates that a revision in the Limited Partnerships Act, expected later this year, could facilitate these investments by adding crypto assets to the list of assets that Limited Partnerships can acquire. https://www.nomuraholdings.com/news/nr/holdings/20240624/20240624.html - Nomura Holdings and its digital asset subsidiary, Laser Digital, have conducted a survey revealing that over half of Japanese institutional investors plan to invest in digital assets within the next three years. The survey also indicates that a revision in the Limited Partnerships Act, expected later this year, could facilitate these investments by adding crypto assets to the list of assets that Limited Partnerships can acquire. https://www.nomuraholdings.com/news/nr/holdings/20240624/20240624.html - Nomura Holdings and its digital asset subsidiary, Laser Digital, have conducted a survey revealing that over half of Japanese institutional investors plan to invest in digital assets within the next three years. The survey also indicates that a revision in the Limited Partnerships Act, expected later this year, could facilitate these investments by adding crypto assets to the list of assets that Limited Partnerships can acquire. https://www.nomuraholdings.com/news/nr/holdings/20240624/20240624.html - Nomura Holdings and its digital asset subsidiary, Laser Digital, have conducted a survey revealing that over half of Japanese institutional investors plan to invest in digital assets within the next three years. The survey also indicates that a revision in the Limited Partnerships Act, expected later this year, could facilitate these investments by adding crypto assets to the list of assets that Limited Partnerships can acquire. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative is recent, with the earliest known publication date being October 3, 2025. The content appears original, with no evidence of prior publication. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The narrative includes updated data on Japan's crypto market growth, justifying a higher freshness score. Quotes check Score: 10 Notes: The direct quotes from Laser Digital's CEO, Jez Mohideen, and Nomura's CFO, Hiroyuki Moriuchi, are unique to this report, with no earlier matches found online. This suggests potentially original or exclusive content. Source reliability Score: 6 Notes: The narrative originates from Bitcoinist, a cryptocurrency-focused news outlet. While it provides detailed information, its credibility may be questioned due to its niche focus. The report references official press releases from Nomura Holdings, enhancing its reliability. Plausability check Score: 9 Notes: The claims about Nomura Holdings' expansion into Japan's cryptocurrency market align with recent developments, including their partnership with GMO Internet Group to explore stablecoin issuance in Japan. The reported growth in Japan's crypto market, with transaction values doubling to ¥33.7 trillion in the first seven months of 2025, is consistent with industry data. The narrative lacks specific factual anchors, such as exact dates for the proposed licensing, which could reduce its score. Overall assessment Veredict (FAIL, OPEN, PASS): OPEN Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative presents recent developments regarding Nomura Holdings' expansion into Japan's cryptocurrency market, supported by official press releases and consistent with industry data. However, the reliance on a cryptocurrency-focused news outlet and the lack of specific factual anchors warrant further verification. The overall assessment is OPEN with a MEDIUM confidence level.

Bitfinex Securities accelerates global shift towards regulated tokenised securities with new licences and milestones

Digital1191 words6 min readabout 3 hours ago

Since its inception in September 2021, Bitfinex Securities has significantly advanced the adoption of regulated tokenised financial instruments, securing licences and executing landmark issuances that push traditional markets towards blockchain innovation.Since it first entered the scene in September 2021, Bitfinex Securities has established itself as a pioneer in the realm of tokenised securities, especially focusing on the regulated issuance and trading of both debt and equity instruments. Situated at the intersection of blockchain technology and traditional finance, it has propelled the adoption of tokenised financial tools within regulated frameworks. This development strongly indicates that digital assets and conventional capital markets are progressively converging. The company began its operations within the Astana International Financial Centre (AIFC) in Kazakhstan, choosing this jurisdiction because it offers a regulatory sandbox designed to foster fintech innovation. This environment allowed them to experiment with issuing and trading tokenised securities under supervision, helping to shape future licensing standards. Recently, Bitfinex Securities has been working towards acquiring a full AIFC licence, transitioning from the sandbox to a fully licensed status, which would enable more permanent and institutional-grade operations to support sustained growth. A significant milestone was achieved in December 2023 when they facilitated a tokenised debt issuance with Mikro Kapital, a microfinance entity. This issuance was part of Mikro Kapital’s ALTERNATIVE securitisation fund, raising over $5 million USDt on the Liquid Network. The bond, ALT2612, has a 36-month tenor and a 10% coupon, and its issuance demonstrated how tokenisation could be applied to real-world lending, providing a new avenue for capital raising for businesses and alternative assets. The platform’s innovative approach allows investors to hold and trade securities peer-to-peer on the blockchain, combining regulatory compliance with blockchain-based trading. Building on this momentum, Bitfinex Securities expanded its offerings with additional bonds from Mikro Kapital, including an 11-month and a 36-month tenor with coupon rates of 10% and 13.5%, respectively. These bonds support microfinance and shared economy projects across emerging markets such as Central Asia and Europe, further demonstrating the platform’s commitment to channeling investments into small businesses and entrepreneurs. Beyond Kazakhstan, the company made a consequential move into El Salvador. In January 2024, Bitfinex Securities became the first fully regulated digital assets exchange licensed under El Salvador’s Digital Asset Securities Law. This licence aligns with El Salvador’s broader strategy to position itself as a hub for Bitcoin innovation, especially after adopting Bitcoin as legal tender. Operating within this regulatory environment enhances the platform’s ability to develop tokenised securities in conjunction with the country’s vision for digital financial inclusion. Over time, Bitfinex Securities has diversified its product suite beyond debt instruments, including secondary trading of the Blockstream Mining Note (BMN) and collaborations with European partners like Alternative in Luxembourg to introduce structured offerings. This growth has created a robust pipeline of tokenised securities across various sectors, positioning the platform as a significant player in the emerging asset class of tokenised securities. Financially, the platform has demonstrated strong growth, now managing close to $250 million in assets under management. This impressive figure underscores the increasing demand for regulated tokenised securities among issuers and investors alike. The platform’s ability to offer efficiency, transparency, and global access makes it an attractive alternative to traditional financial instruments. Looking forward, Bitfinex Securities aims to continue obtaining full licensing in key jurisdictions and to enhance its offerings in the tokenised debt market. Its strategic positioning and regulatory progress are poised to attract more institutional participants, thereby advancing the shift of tokenised securities from experimental projects to mainstream asset classes. This evolution could radically reshape the issuance and trading of debt, equity, and other financial instruments, leveraging blockchain technology to foster a more efficient, transparent, and global capital market ecosystem. Source: Noah Wire ServicesVerification / Sources https://blog.bitfinex.com/securities/bitfinex-securities-milestones/ - Please view link - unable to able to access data https://blog.bitfinex.com/securities/bitfinex-securities-milestones/ - Bitfinex Securities has been instrumental in advancing tokenised financial instruments, establishing itself as a leading platform for issuing and trading tokenised securities. Since its launch in September 2021, it has achieved significant milestones, including the first tokenised debt offering with Mikro Kapital, expansion into El Salvador, and nearing $250 million in assets under management. The platform continues to bridge digital asset infrastructure with traditional markets, fostering the adoption of tokenised securities globally. https://blog.bitfinex.com/media-releases/first-tokenised-bond-raises-more-than-5m-usdt-on-bitfinex-securities/ - In December 2023, Bitfinex Securities successfully facilitated the issuance of ALT2612, a tokenised bond by Mikro Kapital's securitisation fund, ALTERNATIVE. The bond raised over $5 million USDt, marking a significant milestone in the microcredit industry. With a 36-month tenor and a 10% coupon, the bond was issued on the Liquid Network, enabling regulatory compliance while allowing investors to self-custody and trade securities peer-to-peer. https://blog.bitfinex.com/bitfinex-securities/bitfinex-securities-1st-anniversary-highlights-and-outlook/ - Celebrating its first anniversary, Bitfinex Securities reflects on its achievements, including the successful execution of its first primary issuance and the launch of secondary trading for the Blockstream Mining Note (BMN). The platform has expanded its team, established robust assessment and listing processes, and developed a pipeline of tokenised securities across various sectors, positioning itself as a key player in the tokenised securities market. https://blog.bitfinex.com/media-releases/bitfinex-securities-approaches-250-million-tokenised-securities-milestone-and-sets-out-plans-to-attain-full-astana-international-finance-centre-licence/ - As of September 2025, Bitfinex Securities is on track to reach $250 million in tokenised assets and is applying to transition from the Astana International Finance Centre’s (AIFC) FintechLab to an Authorised Investment Exchange. The platform has issued $206 million worth of tokenised securities, including Mikro Kapital’s regular tokenised bond programme and the first Blockstream Mining Note, demonstrating significant growth and regulatory progress. https://blog.bitfinex.com/bitfinex-securities/bitfinex-securities-receives-first-digital-asset-license-in-el-salvador/ - In January 2024, Bitfinex Securities became the first fully regulated digital assets exchange to receive a Digital Asset licence in El Salvador. This licence, issued under the country's new Digital Asset Securities Law, enables Bitfinex Securities to offer tokenised securities in a regulated environment, aligning with El Salvador's vision to position itself as a hub for Bitcoin innovation and financial inclusion. https://cryptoslate.com/bitfinex-securities-issues-new-tokenized-bonds-to-support-microfinance-projects/ - Bitfinex Securities has launched two new tokenised bond issues under Mikro Kapital’s securitisation fund, ALTERNATIVE. These bonds, with 11-month and 36-month tenors and coupon rates of 10% and 13.5% respectively, aim to raise between $500,000 and $10 million USDt. The proceeds will support microfinance and sharing economy projects, assisting small businesses and entrepreneurs in emerging markets, particularly in Central Asia and Europe. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative was published on 3 October 2025, with a similar report published on 8 September 2025. The earliest similar content is from 8 September 2025. 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