DLT Source Booklet 2025

DLT Source Booklet:
Regulatory and policy developments
2025 Edition

A. Distributed ledger technology (DLT) & blockchain
1. Research conducted by individuals, companies, associations and universities
1.1. February
1.1.1. Europe
1.1.1.1. European Union
1.2. April
1.2.1. International
1.3. May
1.3.1. International
1.4. June
1.4.1. International
1.5. July
1.5.1. International
1.6. August
1.6.1. International
1.6.2. Europe
1.6.2.1. European Union
1.7. September
1.7.1. International

1.8. October

1.8.1. International

Joyce O’Connor, Global Trends in Blockchain in Education for 2025, International Association for Trusted Blockchain Applications (INATBA), Knowledge BYTES by INATBA – Issue No. 1, October 2025, accessible here;

1.9. November

1.9.1. International

Åsa Dahlborn et al., Building Trust: Integrating AI, Blockchain, and Digital Identity, International Association for Trusted Blockchain Applications (INATBA), November 2025, accessible here;

1.10. December

1.10.1. International

Antonio Sabado, Michal Zajac, Stefano De Angelis, Joy Adams, Sabih Behzad, & Thomas Brophy, Zero-Knowledge Proofs in Blockchain Finance: Opportunity vs. Reality, Nethermind, Deutsche Bank, December 2025, accessible here;

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies
2.1. January
2.1.1. Europe
2.1.1.1. European Union
2.2. March
2.2.1. Europe
2.2.1.1. United Kingdom
2.2.2. Asia
2.2.2.1. Hong Kong
2.3. April
2.3.1. Europe
2.3.1.1. European Union
2.4. June
2.4.1. Europe
2.4.1.1. European Union
2.5. July
2.5.1. Europe
2.5.1.1. United Kingdom
2.6. September
2.6.1. International

2.7. November

2.7.1. Europe

2.7.1.1. European Union

Valdani Vicari & Associati - Economics & Policy, Datarella, Le Europe & Michèle Finck - Centre for Strategy & Evaluation Services (CSES), Framework Contract JUST/2020/PR/03/0001 - Study on civil law rules applicable to smart contracts JUST/2021/PR/SMART/CIVI/0111 - Final report, European Commission, Directorate-General for Justice and Consumers, Directorate A - Justice Policies Unit A.1 - Digital Transition and Judicial Training, November 2025, accessible here;

2.7. December
2.7.1. International

2.7.2. Europe

2.7.2.1. European Union

B. Decentralized application (Dapp), decentralized finance (DeFi) & decentralized autonomous organization (DAO)
1. Research conducted by individuals, companies, associations and universities
1.1. January
1.1.1. International
1.2. February
1.2.1. International
1.2.2. Europe
1.2.2.1. United Kingdom
1.3. March
1.3.1. International
1.4. May
1.4.1. International
1.4.2. Europe
1.4.2.1. European Union
1.5. September
1.5.1. Europe
1.5.1.1. United Kingdom

1.6. December
1.6.1. International

Global Blockchain Business Council (GBBC), Global standards mapping initiative 6.0 - DeFi governance: setting the path for future growth, December 2025, accessible here;

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies
2.1. February
2.1.1. Europe
2.1.1.1. European Union
2.1.2. North America
2.1.2.1. Bermuda
2.2. March
2.2.1. International
2.3. April
2.3.1. International
2.4. May
2.4.1. International
3. Legislations, regulations, other legislative instruments
3.1. February
3.1.1. North America
3.1.1.1. United States of America

C. Tokenization
1. Research conducted by individuals, companies, associations and universities
1.1. January
1.1.1. International
1.2. March
1.2.1. International
1.2.2. North America
1.2.2.1. United States of America
1.3. April
1.3.1. International
1.4. Maio
1.4.1. International
1.4.2. Europe
1.4.2.1. Switzerland
1.5. June
1.5.1. International
1.5.2. Europe
1.5.2.1. European Union
1.6. July
1.6.1. International
1.7. September
1.7.1. International
1.8. October
1.8.1. International
1.9. November
1.9.1. International

1.10. December

1.10.1. International

Irish Funds, Fund Tokenisation: Mind the Gap - Operational Considerations for the Tokenisation of Irish Domiciled Funds, December 2025, accessible here;
Paul Przybylski, Kara Kennedy, & Marlee Burr, Tokenization of Money Market Funds, Kinexys by J.P. Morgan, Morgan Money by J.P. Morgan, J.P. Morgan Asset Management, December 2025, accessible here;

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies
2.1. January
2.1.1. International

Organisation for Economic Cooperation and Development (OECD), Tokenisation of assets and distributed ledger technologies in financial markets - Potential impediments to market development and policy implications, OECD Business and Finance Policy Papers no. 75, January 2025, accessible here;

2.2. February
2.2.1. Asia
2.2.1.1. India
2.3. March
2.3.1. Asia
2.3.1.1. United Arab Emirates
2.4. April
2.4.1. International
2.4.2. North America
2.4.2.1. United States of America
2.5. May
2.5.1. Asia
2.5.1.1. Malaysia
2.6. July
2.6.1. International
2.7. September
2.7.1. International
2.7.2. Australia (& Oceania)
2.7.2.1. New Zealand
2.8. October
2.8.1. Europe
2.8.1.1. United Kingdom
2.8.2. Asia
2.8.2.1. Malaysia
2.9. November
2.9.1. International
2.9.2. North America
2.9.2.1. Bermuda

2.9.1. Asia

2.9.1.1. Singapore

Monetary Authority of Singapore (MAS), Guide on the Tokenisation of Capital Markets Products, November 2025, accessible here;

2.10. December

2.10.1. International

Giulio Cornelli, CFA, FRM, When bricks meet bytes: does tokenisation fill gaps in traditional real estate markets?, Bank for International Settlements – BIS, December 2025, accessible here.

2.10.2. Europe

2.10.2.1. United Kingdom

U.S. Commodity Futures Trading Commission, Tokenized Collateral Guidance, December 2025, accessible here;

D. Digital assets, crypto-assets, stablecoins, & non-fungible tokens (NFTs)
1. Research conducted by individuals, companies, associations and universities
1.1. February
1.1.1. Europe
1.1.1.1. United Kingdom
1.1.2. North America
1.1.2.1. United States of America
1.2. March
1.2.1. International
1.2.2. Europe
1.2.2.1. United Kingdom
1.2.3. North America
1.2.3.1. United States of America
1.3. April
1.3.1. Europe
1.3.1.1. European Union
1.4. June
1.4.1. International
1.4.2. Europe
1.4.2.1. European Unio
1.5. July
1.5.1. International
1.6. August
1.6.1. International

Global Finance & Technology Network (GFTN), Market Abuse in Crypto Markets, August 2025, accessible here;

1.7. September
1.7.1. Europe
1.7.1.1. European Union
1.8. October
1.8.1. International

1.9. November
1.9.1. International

Richard Levin, Cryptoassets & Blockchain - United Kingdom, Lexology, November 2025, accessible here;

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies
2.1. January
2.1.1. Europe
2.1.1.1. European Union
2.1.1.2. Germany
2.1.1.3. United Kingdom
2.2. February
2.2.1. International
2.2.2. Europe
2.2.2.1. European Union
2.2.3. North America
2.2.3.1. United States of America
2.3. March
2.3.1. Europe
2.3.1.1. European Union
2.3.2. Australia (& Oceania)
2.3.2.1. Australia
2.4. April
2.4.1. Europe
2.4.1.1. European Union
2.4.1.2. United Kingdom
2.4.2. North America
2.4.2.1. United States of America
2.5. May
2.5.1. Europe
2.5.1.1. European Union
2.5.1.2. United Kingdom
2.5.2. North America
2.5.2.1. United States of America
2.5.3. Asia
2.5.3.1. Hong Kong
2.5.3.2. Singapore
2.6. June
2.6.1. International
2.6.2. Europe
2.6.2.1. European Union
2.6.2.2. European Union & United States of America
2.6.2.3. United Kingdom
2.7. July
2.7.1. International
2.7.2. Europe
2.7.2.1. European Union
2.7.2.2. United Kingdom
2.7.3. North America
2.7.3.1. United States of America
2.7.4. Asia
2.7.4.1. Hong Kong
2.8. August
2.8.1. International
2.8.2. North America
2.8.2.1. United States of America
2.9. September
2.9.1. International
2.9.2. Europe
2.9.2.1. European Union
2.9.2.2. United Kingdom
2.9.3. North America
2.9.3.1. United States of America
2.9.4. Australia (& Oceania)
2.9.4.1. Australia
2.10. October
2.10.1. International
2.10.2. Europe
2.10.2.1. European Union
2.10.3. Asia
2.10.3.1. United Arab Emirates
2.11. November

2.11.1. International

Sveriges riksbank, Stablecoins could lead to better payments, but risks remain, Staff memo, November 2025, accessible here;

2.11.2. Europe

2.11.2.1. United Kingdom

Bank of England, The role of holding limits for sterling-denominated systemic stablecoins and a potential digital pound, November 2025, accessible here;

2.11.2. Asia
2.11.2.1. Hong Kong
2.12. December

2.12.1. International

Tobias Adrian et al., Understanding Stablecoins, International Monetary Fund (IMF), December 2025, accessible here;
Organisation for Economic Co-operation and Development (OECD), Crypto-Asset Reporting Framework: 2025 Monitoring and Implementation Update, Global Forum on Transparency and Exchange of Information for Tax Purposes, December 2025, accessible here;
FutureMatters & Global Finance & Technology Network (GFTN), GFTN Global Digital Assets Report, December 2025, accessible here;

2.12.2. Europe

2.12.2.1. United Kingdom

Financial Conduct Authority, CP25/40: Regulating Cryptoasset Activities, Consultation Paper, December 2025, accessible here;
Financial Conduct Authority, CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets, Consultation Paper, December 2025, accessible here;
Financial Conduct Authority, CP25/42: A prudential regime for cryptoasset firms, Consultation Paper, December 2025, accessible here;

2.12.2.2. Estonia

2.12.3. North America

2.12.3.1. United States of America

U.S. Commodity Futures Trading Commission (CFTC), Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation, December 2025, accessible here;
U.S. Commodity Futures Trading Commission (CFTC), Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral, December 2025, accessible here;
U.S. Securities and Exchange Commission (SEC), Statement on the Custody of Crypto Asset Securities by Broker-Dealers, Division of Trading and Markets, December 2025, accessible here;
U.S. Securities and Exchange Commission (SEC), Crypto Asset Custody Basics for Retail Investors – Investor Bulletin, December 2025, accessible here;

2.12.4. Asia

2.12.4.1. United Arab Emirates

UAE Financial Intelligence Unit (FIU), Misure of Virtual Assets in Financial Crime - Evolving Trends and Risks, Research and Strategic Analysis Section, December 2025, accessible here;

3. Legislations, regulations, other legislative instruments
3.1. February
3.1.1. North America
3.1.1.1. United States of America
3.1.1.2. Cayman Islands
3.2. March
3.2.1. North America
3.2.1.1. United States of America
3.2.2. South America
3.2.2.1. Argentina
3.3. April
3.3.1. Europe
3.3.1.1. United Kingdom
3.4. June
3.4.1. Europe
3.4.1.1. European Union
3.4.2. North America
3.4.2.1. United States of America
3.5. September
3.5.1. Europe
3.5.1.1. European Union
3.5.1.2. Portugal

3.6. December
3.5.1. Europe

3.5.1.1. United Kingdom

Property (Digital Assets etc) Act 2025, GOV.UK, POST, UK Parliament, December 2025, accessible here;

3.5.1.2. Portugal

Lei n.º 69/2025, de 22 de dezembro, que assegura a execução do Regulamento (UE) 2023/1114, relativo aos mercados de criptoativos e que altera os Regulamentos (UE) n.º 1093/2010 e (UE) n.º 1095/2010 e as Diretivas 2013/36/UE e (UE) 2019/1937 ["Law No. 69/2025, of December 22, which ensures the implementation of Regulation (EU) 2023/1114 on markets in crypto-assets and which amends Regulations (EU) No. 1093/2010 and (EU) No. 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937"], Diário da República, Assembleia da República Portuguesa, December 2025, accessible here;
Lei n.º 70/2025, de 22 de dezembro, que executa na ordem jurídica interna o artigo 38.º do Regulamento (UE) 2023/1113, relativo às informações que acompanham as transferências de fundos e de determinados criptoativos, e altera a Lei n.º 83/2017, de 18 de agosto ["Law No. 70/2025, of December 22, which implements in the domestic legal order Article 38 of Regulation (EU) 2023/1113, concerning information accompanying transfers of funds and certain crypto-assets, and amends Law No. 83/2017, of August 18"], Diário da República, Assembleia da República Portuguesa, December 2025, accessible here;

4. Litigation & case-law
4.1. January
4.1.1. North America
4.1.1.1. United States of America
4.2. July
4.2.1. North America
4.2.1.1. United States of America

Volver

DLT Source Booklet: Regulatory and policy developments 2025 Edition

1.8. October

1.8.1. International

Joyce O’Connor, Global Trends in Blockchain in Education for 2025, International Association for Trusted Blockchain Applications (INATBA), Knowledge BYTES by INATBA – Issue No. 1, October 2025, accessible here;

1.9. November

1.9.1. International

Åsa Dahlborn et al., Building Trust: Integrating AI, Blockchain, and Digital Identity, International Association for Trusted Blockchain Applications (INATBA), November 2025, accessible here;

1.10. December

1.10.1. International

Antonio Sabado, Michal Zajac, Stefano De Angelis, Joy Adams, Sabih Behzad, & Thomas Brophy, Zero-Knowledge Proofs in Blockchain Finance: Opportunity vs. Reality, Nethermind, Deutsche Bank, December 2025, accessible here; ​

2.7. November

2.7.1. Europe

2.7.1.1. European Union

2.7. December 2.7.1. International

2.7.2. Europe

2.7.2.1. European Union​

1.6. December 1.6.1. International

Global Blockchain Business Council (GBBC), Global standards mapping initiative 6.0 - DeFi governance: setting the path for future growth, December 2025, accessible here;

1.10. December

1.10.1. International

Irish Funds, Fund Tokenisation: Mind the Gap - Operational Considerations for the Tokenisation of Irish Domiciled Funds, December 2025, accessible here;

Paul Przybylski, Kara Kennedy, & Marlee Burr, Tokenization of Money Market Funds, Kinexys by J.P. Morgan, Morgan Money by J.P. Morgan, J.P. Morgan Asset Management, December 2025, accessible here;

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies 2.1. January 2.1.1. International

Organisation for Economic Cooperation and Development (OECD), Tokenisation of assets and distributed ledger technologies in financial markets - Potential impediments to market development and policy implications, OECD Business and Finance Policy Papers no. 75, January 2025, accessible here;

2.9.1. Asia

2.9.1.1. Singapore

Monetary Authority of Singapore (MAS), Guide on the Tokenisation of Capital Markets Products, November 2025, accessible here;

2.10. December

2.10.1. International

Giulio Cornelli, CFA, FRM, When bricks meet bytes: does tokenisation fill gaps in traditional real estate markets?, Bank for International Settlements – BIS, December 2025, accessible here.

2.10.2. Europe

2.10.2.1. United Kingdom

U.S. Commodity Futures Trading Commission, Tokenized Collateral Guidance, December 2025, accessible here;

Global Finance & Technology Network (GFTN), Market Abuse in Crypto Markets, August 2025, accessible here;

1.7. September 1.7.1. Europe 1.7.1.1. European Union 1.8. October 1.8.1. International

1.9. November 1.9.1. International

Richard Levin, Cryptoassets & Blockchain - United Kingdom, Lexology, November 2025, accessible here;

2.11.1. International

Sveriges riksbank, Stablecoins could lead to better payments, but risks remain, Staff memo, November 2025, accessible here;

2.11.2. Europe

2.11.2.1. United Kingdom

Bank of England, The role of holding limits for sterling-denominated systemic stablecoins and a potential digital pound, November 2025, accessible here;

2.11.2. Asia 2.11.2.1. Hong Kong 2.12. December

2.12.1. International

Tobias Adrian et al., Understanding Stablecoins, International Monetary Fund (IMF), December 2025, accessible here;

Organisation for Economic Co-operation and Development (OECD), Crypto-Asset Reporting Framework: 2025 Monitoring and Implementation Update, Global Forum on Transparency and Exchange of Information for Tax Purposes, December 2025, accessible here;

FutureMatters & Global Finance & Technology Network (GFTN), GFTN Global Digital Assets Report, December 2025, accessible here;

2.12.2. Europe

2.12.2.1. United Kingdom

Financial Conduct Authority, CP25/40: Regulating Cryptoasset Activities, Consultation Paper, December 2025, accessible here;

Financial Conduct Authority, CP25/41: Regulating cryptoassets: Admissions & disclosures and market abuse regime for cryptoassets, Consultation Paper, December 2025, accessible here;

Financial Conduct Authority, CP25/42: A prudential regime for cryptoasset firms, Consultation Paper, December 2025, accessible here;

2.12.2.2. Estonia

2.12.3. North America

2.12.3.1. United States of America

U.S. Commodity Futures Trading Commission (CFTC), Withdrawal of CFTC Staff Advisory 20-34 on Accepting Virtual Currencies from Customers into Segregation, December 2025, accessible here;

U.S. Commodity Futures Trading Commission (CFTC), Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral, December 2025, accessible here;

U.S. Securities and Exchange Commission (SEC), Statement on the Custody of Crypto Asset Securities by Broker-Dealers, Division of Trading and Markets, December 2025, accessible here;

U.S. Securities and Exchange Commission (SEC), Crypto Asset Custody Basics for Retail Investors – Investor Bulletin, December 2025, accessible here;

2.12.4. Asia

2.12.4.1. United Arab Emirates

UAE Financial Intelligence Unit (FIU), Misure of Virtual Assets in Financial Crime - Evolving Trends and Risks, Research and Strategic Analysis Section, December 2025, accessible here;

3.6. December 3.5.1. Europe

3.5.1.1. United Kingdom​​​​

Property (Digital Assets etc) Act 2025, GOV.UK, POST, UK Parliament, December 2025, accessible here;

3.5.1.2. Portugal​

4. Litigation & case-law 4.1. January 4.1.1. North America 4.1.1.1. United States of America 4.2. July 4.2.1. North America 4.2.1.1. United States of America

​

DLT Source Booklet:
Regulatory and policy developments
2025 Edition

Antonio Sabado, Michal Zajac, Stefano De Angelis, Joy Adams, Sabih Behzad, & Thomas Brophy, Zero-Knowledge Proofs in Blockchain Finance: Opportunity vs. Reality, Nethermind, Deutsche Bank, December 2025, accessible here;

2.7. December
2.7.1. International

2.7.2.1. European Union

1.6. December
1.6.1. International

2. Reports, guidelines, recommendations and other documents published by regulatory and supervisory authorities, international organizations, and other public institutions and agencies
2.1. January
2.1.1. International

1.7. September
1.7.1. Europe
1.7.1.1. European Union
1.8. October
1.8.1. International

1.9. November
1.9.1. International

2.11.2. Asia
2.11.2.1. Hong Kong
2.12. December

3.6. December
3.5.1. Europe

3.5.1.1. United Kingdom

3.5.1.2. Portugal

4. Litigation & case-law
4.1. January
4.1.1. North America
4.1.1.1. United States of America
4.2. July
4.2.1. North America
4.2.1.1. United States of America