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

• KPMG, DLT-based capital market - An analysis of the degree of maturity based on KfW's first two blockchain-based digital bonds, February 2025, accessible here;

1.2. April

1.2.1. International

• Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge, Cambridge Digital Mining Industry Report - Global Operations, Sentiment, and Energy Use, April 2025, accessible here;

1.3. May

1.3.1. International

• ADGM Academy (ADGM) (in collaboration with Zodia Custody), Securing the Future Custody Best Practices for Web3, DAOs and Blockchain Foundations, May 2025, accessible here;

• OKX & Blockworks Research, The Future of Blockchain Applications Reshaping Global Industries, May 2025, accessible here;

1.4. June

1.4.1. International

• International Association for Trusted Blockchain Applications (INATBA), Blockchain as an Enabler of Trusted AI, June 2025, accessible here;

• Key State Capital (in collaboration with Cardano & Global Legal Entity Identifier Foundation (GLEIF)), vLEI on-chain Verifiable Smart Contracts, June 2025, accessible here;

1.5. July

1.5.1. International

• Global Blockchain Business Council (GBBC) & Oliver Wyman, Proposed Risk Mitigation Framework for Non-Financial Risks of Blockchain Infrastructures, July 2025, accessible here;

1.6. August

1.6.1. International

• Boston Consulting Group (BCG), Sullivan & Cromwell LLP & Ashurst (in collaboration with Global Financial Markets Association (GFMA), Asia Securities Industry & Financial Markets Association (ASIFMA), Association for Financial Markets in Europe (AFME), Securities Industry and Financial Markets Association (SIFMA), International Swaps and Derivatives Association (ISDA), Futures Industry Association (FIA, Inc.), Institute of International Finance (IIF), Global Blockchain Business Council (GBBC), Global Digital Finance (GDF), Financial Services Forum (FSF) & Bank Policy Institute (BPI)), The Impact of Distributed Ledger Technology in Capital Markets - Ready for Adoption, Time to Act, August 2025, accessible here;

1.6.2. Europe

1.6.2.1. European Union

• International Association for Trusted Blockchain Applications (INATBA), Leveraging Zero-Knowledge Proofs for GDPR Compliance in Blockchain Projects, August 2025, accessible here;

1.7. September

1.7.1. International

• Clifford Chance & Deutsche Bank, The Convergence of AI and Distributed Ledger Technology Opportunities and Risks, September 2025, accessible here;

• OMFIF Public Blockchain Working Group (in collaboration with Aptos Foundation, Hedera, Minsait, Ripple & Stellar), Driving public blockchain integration in banking - Evolving from experimental infrastructure into viable components of the financial system, September 2025, accessible here;

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

• Autorité des marchés financiers (AMF) – France, The Regulation on a Pilot Regime for market infrastructures based on distributed ledger technology, January 2025, accessible here;

• Banque de France, A discussion with market infrastructures and participants in Paris - Towards European market and post-market infrastructures supporting the smooth functioning of the Savings and Investments Union, January 2025, accessible here;

2.2. March

2.2.1. Europe

2.2.1.1. United Kingdom

• UK Debt Management Office (HM Treasury), Additional Information and Engagement on the Digital Gilt Instrument (DIGIT), March 2025, accessible here;

2.2.2. Asia

2.2.2.1. Hong Kong

• Hong Kong Monetary Authority (HKMA) (in collaboration with Securities and Futures Commission (SFC), Insurance Authority & Mandatory Provident Fund Schemes Authority (MPFA)), Distributed Ledger Technology in the Financial Sector A Study on the Opportunities and Challenges, March 2025, accessible here;

2.3. April

2.3.1. Europe

2.3.1.1. European Union

• Autorité des marchés financiers (AMF) – France & Consob, Towards a more competitive European Pilot Regime proposals from the French and Italian authorities for fostering experimentation by blockchain-based market infrastructures, April 2025, accessible here;

• European Commission (in collaboration with Bird & Bird & OXYGY), European Blockchain Sandbox - Best practices report - 2nd Cohort, April 2025, accessible here;

2.4. June

2.4.1. Europe

2.4.1.1. European Union

• European Securities and Markets Authority (ESMA), ESMA Report on the Functioning and Review of the DLT Pilot Regime - Pursuant to Article 14 of Regulation (EU) 2022/858, June 2025, accessible here;

• René Repasi, Draft report with recommendations to the Commission on the 28th Regime a new legal framework for innovative companies, European Parliament, June 2025, accessible here;

2.5. July

2.5.1. Europe

2.5.1.1. United Kingdom

• HM Treasury, Digital Gilt Instrument (DIGIT) pilot update, July 2025, accessible here;

2.6. September

2.6.1. International

• International Monetary Fund (IMF), Parma Bains, Blockchain Consensus Mechanisms - A Primer for Supervisors (2025 Update), September 2025, accessible here;

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

• United Nations Commission on International Trade Law (UNCITRAL), Guide on legal issues relating to the use of distributed ledger technology in trade, December 2025, accessible here;

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

• HTX Ventures, The Future of DeFi Compliance, RWAs, and Stablecoin Innovations, January 2025, accessible here;

1.2. February

1.2.1. International

• BlockStand.eu & BlackVogel, DAOs and the Legal Wrapper Dilemma - The Voices of the Industry, January 2025, accessible here;
  International Association for Trusted Blockchain Applications (INATBA), DeFi Self-Regulation A Proposal for the Industry, February 2024, accessible here;

• Joshua Wong, Fundamentals of Decentralized AI, Binance, February 2025, accessible here;

1.2.2. Europe

1.2.2.1. United Kingdom

• Recap, Bitcoin Policy UK, CryptoUK, Andersen, Coinbase, coinpass.com, Knightbridge Tax, UK Cryptoasset Business Council (UKCBC), Kraken Digital Asset Exchange, Greengage, Uphold, By the Book Accountancy Ltd, Addington Chambers, Wright Vigar & Taxbit, Tax inequality of DeFi lending and staking transactions, February 2025, accessible here;

1.3. March

1.3.1. International

• Paul van Vulpen, Mats van Dijk & Slinger Roijackers (Jansen), Building the Foundation A Constitutional Framework for Decentralised Autonomous Organisations, Journal of The British Blockchain Association, January 2025, accessible here;

1.4. May

1.4.1. International

• Binance, DeFAI Unstacked The Future of On-Chain Finance, May 2025, accessible here;

• Luís de Lima Pinheiro, Arbitration, blockchain and artificial intelligence, SSRN, May 2025, accessible here;

1.4.2. Europe

1.4.2.1. European Union

• Christian Meisser, Florian Prantl, Fabio Andreotti & Rolf H. Weber, SBF Circular Decentralized Finance (DeFi) - Framework for the legal classification of DeFi and related activities under Swiss financial market law, Swiss Blockchain Federation, March 2025, accessible here;

1.5. September

1.5.1. Europe

1.5.1.1. United Kingdom

• UK Cryptoasset Business Council (UKCBC), DeFi A Strategic Opportunity for the UK, September 2025, accessible here;

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

• Autorité de contrôle prudentiel et de résolution (ACPR) & Autorité des marchés financiers (AMF) – France, Report of the Working group on Smart Contract Certification, February 2025, accessible here;

• European Commission, Embedded supervision of decentralized finance, February 2025, accessible here;

2.1.2. North America

2.1.2.1. Bermuda

• Bermuda Monetary Authority, Call for Proposal — Embedded Supervision in the context of Decentralised Finance, February 2025, accessible here;

2.2. March

2.2.1. International

• Jack Mandin, Risk-Free Uncollateralized Lending in Decentralized Markets An Introduction to Flash Loans, Bank of Canada, March 2025, accessible here;

2.3. April

2.3.1. International

• Matteo Aquilina, Giulio Cornelli, Jon Frost & Leonardo Gambacorta, Cryptocurrencies and decentralised finance functions and financial stability implications, Bank for International Settlements (BIS), April 2025, accessible here;

• United Nations Commission on International Trade Law (UNCITRAL), Legal issues relating to the use of decentralized autonomous organizations in trade, April 2025, accessible here;

2.4. May

2.4.1. International

• U.S. Securities and Exchange Commission, Statement on Certain Protocol Staking Activities, May 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

• Virginia House Bill 1796 (Virginia Decentralized Autonomous Organization Act), January 2025, accessible here;

C. Tokenization
1. Research conducted by individuals, companies, associations and universities
1.1. January
1.1.1. Internationa

• Mastercard (in collaboration with Ava Labs), Asset Tokenization A comprehensive report and why you should start caring about the technology, January 2025, accessible here;

1.2. March 

1.2.1. International

• Nethermind & PwC Germany, Tokenization Standards The Missing Link for Institutional Adoption, March 2025, accessible here;

1.2.2. North America

1.2.2.1.  United States of America

• Keyrock & Centrifuge, The Great Tokenization Shift 2025 and the Road Ahead, March 2025, accessible here;

1.3. April

1.3.1. International

• Urav Soni, Olivier Fines & Jinming (Jeanne) Sun, An Investment Perspective on Tokenization - Part I A Primer on the Use of Distributed Ledger Technology (DLT) to Tokenize Real-World and Financial Assets, CFA Institute, April 2025, accessible here;

1.4. Maio

1.4.1. International

• World Economic Forum (in collaboration with Accenture), Asset Tokenization in Financial Markets The Next Generation of Value Exchange, May 2025, accessible here;

1.4.2. Europe

1.4.2.1. Switzerland

• CMTA, Standard for the tokenization of debt instruments using distributed ledger technology, May 2025, accessible here;

1.5. June

1.5.1. International

• Futures Industry Association (FIA), Accelerating the velocity of collateral - The potential for tokenisation in cleared derivatives markets, June 2025, accessible here;

1.5.2. Europe

1.5.2.1. European Union

• EFAMA, Tokenisation, a buyside practitioner’s guide, June 2025, accessible here;

1.6. July

1.6.1. International

• McKinsey & Company, Matthew Higginson & Garry Spanz, The stable door opens How tokenized cash enables next-gen payments, July 2025, accessible here;

1.7. September

1.7.1. International

• Policy Center for the New South, Hung Q. Tran, The Tokenization of Money What it Means for the International Monetary System, September 2025, accessible here;

1.8. October1

.8.1. International

• Alternative Investment Management Association (AIMA) (in collaboration with KPMG), Tokenizing Alternatives - An AIMA Report, October 2025, accessible here;

1.9. November

1.9.1. International

• International Association for Trusted Blockchain Applications (INATBA), Tokenization, November 2025, accessible here;
  Guardian Asset & Wealth Management Industry Group (in collaboration with Deutsche Bank, Phillip Securities Pte Ltd, Baker

• McKenzie, Citi, Drew & Napier LLC, Fidelity International, Franklin Templeton, Interop Labs, Monetary Authority of Singapore (MAS), Memento Blockchain, Schroders, Swift, Financial Conduct Authority & UOB), Asset and Wealth Management - Operationalising Tokenised Funds, November 2025, accessible here;

• Bank for International Settlements (BIS), Matteo Aquilina et al., The rise of tokenised money market funds, November 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; 

• Itai Agur, Germán V., Tommaso Mancini-Griffoli, Maria Soledad Martinez Peria & Brandon Tan, Tokenization and Financial Market Inefficiencies, International Monetary Fund, January 2025, accessible here;

2.2. February

2.2.1. Asia

2.2.1.1. India

• International Financial Services Centres Authority, Regulatory approach towards tokenization of real-world assets, February 2025, accessible here;

2.3. March

2.3.1. Asia

2.3.1.1. United Arab Emirates

• Dubai Financial Services Authority (DFSA), Innovation Testing Licence Tokenisation Cohort DFSA’s Tokenisation Regulatory Sandbox, March 2025, accessible here;

2.4. April

2.4.1. International

• Bank for International Settlements (BIS), Leveraging tokenisation for payments and financial transactions, April 2025, accessible here;

• Bank for International Settlements (BIS) (in collaboration with World Bank & Swiss National Bank), Project Promissa - Tokenisation of promissory notes - Final report, April 2025, accessible here;

2.4.2. North America

2.4.2.1. United States of America

• Congressional Research Service, Tokenized Assets, April 2025, accessible here;

2.5. May

2.5.1. Asia

2.5.1.1. Malaysia

• Securities Commission Malaysia, Public consultation paper no. 1/2025 - Proposed regulatory framework for offering and dealing in tokenised capital market products, May 2025, accessible here;

2.6. July

2.6.1. International

• Bank for International Settlements (BIS), Iñaki Aldasoro et al., Tokenisation of government bonds assessment and roadmap, July 2025, accessible here;

2.7. September

2.7.1. International

• CMTA, CMTAT Specification Functional specifications of the CMTA Token for the tokenization of financial instruments on Ethereum and EVM compatible blockchains, September 2025, accessible here;
  International Monetary Fund (IMF), Itai Agur & Alex Copestake, Optimal Policy for Financial Market Tokenization, September 2025, accessible here;

2.7.2. Australia (& Oceania)

2.7.2.1. New Zealand

• Financial Markets Authority – Te Mana Tātai Hokohoko, Discussion paper Tokenisation in financial markets, September 2025, accessible here;

2.8. October

2.8.1. Europe

2.8.1.1. United Kingdom

• Financial Conduct Authority, Progressing Fund Tokenisation, October 2025, accessible here;

2.8.2. Asia

2.8.2.1. Malaysia

• Bank Negara Malaysia, Asset Tokenisation in the Malaysian Financial Sector, October 2025, accessible here;

2.9. November

2.9.1. International​

• International Organization of Securities Commissions (IOSCO), Tokenization of Financial Assets, November 2025, accessible here;

2.9.2. North America

2.9.2.1. Bermuda

• Bermuda Monetary Authority, Asset Tokenisation, November 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;

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

• Merkle Science, Crypto Regulation in the UK - A Comprehensive Guide to the Current Framework, Key Proposals, and What’s Ahead, February 2025, accessible here;

1.1.2. North America1.1.2.1. United States of America

• Teresa Goody Guillén & Isabelle Corbett Sterling, Paving the Path for Crypto Clarity A Framework for Digital Asset Regulatory Structure Discussion Draft, SSRN, February 2025, accessible here;

1.2. March

1.2.1. International

• PwC, PwC’s Global Crypto Regulation Report 2025 - Navigating the Global Crypto Landscape, March 2025, accessible here;

1.2.2. Europe

1.2.2.1. United Kingdom

• International Association for Trusted Blockchain Applications (INATBA), INATBA Response to Discussion Paper DP24/4 – FCA, March 2025, accessible here;

1.2.3. North America 1.2.3.1. United States of America

• Bitcoin Policy Institute, Bitcoin-Enhanced Treasury Bonds An Idea Whose Time Has Come, March 2025, accessible here;

1.3. April

1.3.1. Europe

1.3.1.1. European Union

• Adan (in collaboration with Deloitte & Ipsos), Web 3 and Crypto in France and Europe Towards sustainable and institutional adoption, April 2025, accessible here;

1.4. May

1.4.1. International

• CMTA, Digital Assets Custody Standard, May 2025, accessible here;

1.5. June

1.5.1. International

• Yasmine Coupal & Mathew McDermott, Why digital asset adoption is accelerating, Goldman Sachs, June 2025, accessible here;

1.5.2. Europe

1.5.2.1. European Union

• Digital Euro Association, The Role of Stablecoins in Financial Sovereignty Strategic Considerations for EU Policymakers, June 2025, accessible here;

1.6. July

1.6.1. International

• Elliptic, The state of crypto scams 2025 - Risks, trends, and using behavioral detection to stop fraudsters, July 2025, accessible here;

• Chainalysis, The Road to Crypto Regulation - Part 1 Crypto’s Journey from Margins to Mainstream, July 2025, accessible here;

• Chainalysis, The Road to Crypto Regulation - Part 2 Stablecoins at the Crossroads of Financial Services and Crypto, July 2025, accessible here;

1.7. August
1.7.1. International

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

• EY, Accounting for crypto-assets, August 2025, accessible here;

• Centre for International Governance Innovation (CIGI), Christian Catalini, How Will Stablecoins Integrate with the Financial System?, August 2025, accessible here;

1.8. September

1.8.1. Europe

1.8.1.1. European Union

• European Credit Research Institute (ECRI) (in collaboration with Centre for European Policy Studies (CEPS)), Judith Arnal Martínez, Multi-issuance stablecoins and MiCA’s first real credibility test, September 2025, accessible here;

1.9. October

1.9.1. International

• Chainalysis, The 2025 Geography of Crypto Report What regional trends reveal about what’s next in crypto, October 2025, accessible here;

1.10. November
1.10.1. 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

• European Banking Authority (EBA) & European Securities and Markets Authority (ESMA), Recent developments in crypto-assets (Article 142 of MiCAR), January 2025, accessible here;

• European Securities and Markets Authority (ESMA), Public Statement - On the provision of certain crypto-asset services in relation to non-MiCA compliant ARTs and EMTs, January 2025, accessible here;

• European Banking Authority (EBA), Consultation Paper - Draft Regulatory Technical Standards on the calculation and aggregation of crypto exposure values under Article 501d(5) of the CRR, January 2025, accessible here;

• European Securities and Markets Authority (ESMA), Supervisory Briefing - Authorisation of CASPs under MiCA, January 2025, accessible here;

2.1.1.2. Germany

• BaFin, Merkblatt Zulassungsanforderungen bzgl. ART und EMT nach MiCAR, January 2025, accessible here;

2.1.1.3. United Kingdom

• Law Commission of England and Wales, Digital assets in private international law FAQs on the relationship with tax law, banking regulation, and the financial markets, January 2025, accessible here;

2.2. February

2.2.1. International

• Financial Stability Board (FSB), Thematic Peer Review on FSB Global Regulatory Framework for Crypto-asset Activities - Summary Terms of Reference, February 2025, accessible here;

2.2.2. Europe​​