Global Perspectives

The BIS’s Project Agorá prototype demonstrates how tokenized central bank money and atomic settlement could reshape cross-border wholesale payments through faster settlement, embedded compliance, and interoperability without sacrificing national control.

DTCC and the Stellar Development Foundation have announced a partnership to bring tokenised stocks, ETFs, and US Treasury securities onto the Stellar public blockchain, signaling growing institutional adoption of blockchain-based financial infrastructure.

The FDIC’s 2026 stablecoin AML proposal highlights growing global convergence on anti-money-laundering standards for digital payment issuers and crypto regulation.

The UK FCA’s new cryptoasset regime introduces a structured authorization process, stronger consumer protection standards, and enhanced AML and operational resilience requirements for digital asset firms operating in the UK.

Project Crypto, launched by the SEC in 2026, signals a transition from enforcement-led crypto regulation toward structured frameworks for tokenised assets, including tokenised US equities traded on blockchain-based platforms.

A 2026 White House Executive Order directs US regulators to reduce barriers for fintech and digital asset firms, including reviewing access to Federal Reserve payment systems and modernizing financial regulations.

Dubai’s Virtual Assets Regulatory Authority (VARA) has introduced a comprehensive framework for crypto derivatives and virtual asset issuance, strengthening Dubai’s position as a global digital finance hub. The new rules focus on investor protection, risk management, stablecoin oversight, and clearer issuance standards while supporting innovation in tokenization and regulated digital asset markets.

Israel has approved BILS, its first regulated shekel-backed stablecoin issued by Bits of Gold under regulatory supervision. The move marks a significant step toward blockchain-based payments and regulated digital finance in Israel.

The UK Financial Conduct Authority has unveiled its roadmap for open finance, outlining plans to extend data-sharing frameworks from banking into broader financial services such as pensions, investments, insurance, and lending.

A 2026 report by the US Council of Economic Advisers argues that prohibiting yield on stablecoins would provide minimal support to bank lending while imposing costs on users and limiting innovation in digital finance.

South Korea is advancing one of the world’s most comprehensive digital asset regulatory frameworks through the proposed Digital Asset Basic Act. Introduced by the Democratic Party of Korea, the legislation seeks to establish clear legal standards for the issuance, trading, custody, and supervision of digital assets, marking a significant shift toward structured crypto regulation.

Countries across the Global South are collaborating to build interoperable digital infrastructure, sharing governance models and technical standards for payments, identity systems, and financial registries.

Singapore’s Financial Data Exchange (SGFinDex) provides a national framework for secure and consent-based financial data sharing between institutions. Built on Singapore’s digital identity system, the platform allows individuals to access consolidated financial information across banks, pension systems, and investment accounts. The system illustrates how trusted financial data interoperability can be achieved through institutional coordination, regulatory oversight, and digit

As digital asset markets draw greater interest from banks, asset managers, hedge funds, and family offices, the question of custody has become central to institutional participation.

Institutional participation in digital asset markets is increasingly dependent on specialised custody infrastructure capable of securely storing and managing cryptocurrencies and tokenised assets. Banks and financial institutions are expanding custody services to meet the governance, compliance, and security requirements of regulated investors.

Central banks across major financial centres are increasingly testing tokenised sovereign bonds as part of broader efforts to modernise financial market infrastructure. Experiments in Hong Kong, Singapore, and the euro area explore how distributed ledger technology can support the issuance, settlement, and lifecycle management of government securities. While still in pilot stages, these initiatives signal a growing interest in programmable financial infrastructure and shared

Europe’s eIDAS 2.0 framework marks a shift from national digital identity schemes to interoperable trust infrastructure at continental scale. This article examines the European Digital Identity Wallet and draws comparative lessons for India’s digital public infrastructure and global interoperability.

Cross-border payments remain costly and fragmented due to the absence of shared trust infrastructure across jurisdictions. This article argues that interoperable trust registries, rather than new payment rails alone, are essential to reducing friction and enabling scalable, accountable international payments.

The study surveys notable case studies, including Georgia’s national blockchain registry, Sweden’s property transfer automation, Brazil’s municipal pilots and Switzerland’s DLT-regulated real estate markets to draw cross-country policy lessons. Beyond the technology, the analysis focuses on institutional governance, regulatory coherence, and stakeholder integration as key determinants of sustainable implementation. It argues that blockchain’s role lies not in decentralization

In Kenya, digital lending expanded faster than regulation could adapt. By the late 2010s, millions of mobile users were accessing instant...