Global Trustee and Fiduciary Services Bite-Sized Issue 11 2025

4 QUICK LINKS AIFMD CBDC CRYPTOASSETS DIGITAL ASSETS FINTECH FSB MIFID/MIFIR (UK) IFR/IFD OPERATIONAL RESILIENCE OUTSOURCING SUSTAINABLE FINANCE/ESG T+1 TOKENISATION ASIA PACIFIC EUROPE NETHERLANDS NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 11 | 2025 ASIC says that it has made an in-principle decision to grant proposed regulatory relief for distributors of certain stablecoins and wrapped tokens, and certain relief for custodians of digital assets that are financial products. Feedback was invited on the draft relief instruments until 12 November 2025. ASIC also released on the same day a summary of feedback themes from submissions to Consultation Paper 381: Updates to INFO 225: Digital Assets: Financial Products and Services (CP 381). Feedback from the consultation informed the no-action position, and ASIC’s decision to provide the proposed relief and include additional examples in the guidance. ASIC says that it will also factor in the current no-action position when considering historical conduct but will continue to act against egregious conduct where it sees significant consumer harm or widespread systemic misconduct. Link to ASICMedia Release here Link to Information Sheet – 225 – Digital Assets: Financial Products and Services here FINTECH UK Government Department Launches Call for Evidence on AI Growth Lab On 21 October 2025, the government’s Department for Science, Innovation & Technology (DSIT) published a call for evidence on an Artificial Intelligence (AI) Growth Lab (CfE), seeking views on a cross-economy sandbox in the UK to help inform government policy development. DSIT says that it is issuing the CfE as it is: • Seeking evidence on a pioneering cross-economy sandbox, that would oversee the deployment of AI-enabled products and services that current regulation hinders. • The AI Growth Lab would support growth and responsible AI innovation by making targeted regulatory modifications under robust safeguards and with careful monitoring. • This call for evidence aims to collect essential information about people’s feedback on the proposed AI Growth Lab to help inform government policy development. Closing date for responses is 2 January 2026. Link to Call for Evidence here FSSC Launches Call for Evidence on howAI and Disruptive Technology Will Change Financial Services? On 15 October 2025, the Financial Services Skills Commission (FSSC) launched a Call for evidence: How will AI and disruptive technology change financial services, and its workforce, over the next 5-10 years? The FSSC says that this is the first phase of a landmark project, announced by HM Treasury (HMT), as part of the government’s Financial Services Growth and Competitiveness Strategy. The FSSC says that it will work in collaboration with HMT and Skills England to develop the project. What evidence is the FSSC seeking? The FSSC says that it is looking for inputs that will help it understand the following key questions around disruptive technology: 1. Which disruptive technologies are UK firms currently–or planning to–deploy in the UK over the next 5-10 years? 2. What opportunities do these technologies present for growth, productivity, and customers? 3. How will these technologies change business operations, roles and the workforce? 4. Which skills will be needed to successfully exploit the potential of these technologies? 5. What factors may hold back successful deployment of these technologies?