Global Trustee and Fiduciary Services Bite-Sized Issue 12 2025

2 QUICK LINKS COSTS & CHARGES CRYPTOASSETS FINTECH FSB IOSCO OPERATIONAL RESILIENCE SAVINGS AND INVESTMENT UNION SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 12 | 2025 CRYPTOASSETS The FCA’s Approach to Regulating Cryptoassets and Stablecoins On 26 November 2025, David Geale, Executive Director at the Financial Conduct Authority (FCA), delivered a speech at City & Financial Global, outlining the UK’s strategy for regulating cryptoassets and stablecoins. In his speech, Mr Geale said the FCA’s core objective is to cultivate a trusted, competitive, and innovative market for these digital assets, underpinned by robust consumer protection and sustainable growth. He said the FCA is actively developing a proportionate regulatory regime, engaging with industry, and supporting innovation to establish the UK as a leading jurisdiction for crypto business. Firms are encouraged to prepare for forthcoming regulations, engage with the FCA, and leverage available support to operate within this evolving crypto ecosystem. Link to Speech here HKMA Announces the New Phase of Project Ensemble to Support Real-value Transactions in Tokenised Deposits and Digital Assets On 13 November 2025, the Hong Kong Monetary Authority (HKMA) announced the launch of Ensemble TX , marking the commencement of the pilot phase of Project Ensemble. Ensemble TX builds upon the successful outcomes of the Ensemble Sandbox experimentation, which since August 2024 has allowed participants to test comprehensive end-to-end use cases for settling digital asset transactions using experimental tokenised deposits. In the new pilot phase, the HKMA, participating banks and other participants aim to enable faster, more transparent and efficient settlement of real-value tokenised transactions. The initial focus will be on empowering market participants to utilise tokenised deposits in tokenised money market fund transactions, and to manage liquidity and treasury needs in real time. The HKMA and the Securities and Futures Commission (SFC), a key partner and member of the Ensemble Architecture Community, will continue to collaborate closely to advance the practical applications of tokenisation technology across a diverse set of asset classes, use cases, and sectors within the financial industry. Link to Full Announcement here IA-IMAS Report on Digital Asset Adoption in the UK and Singapore On 12 November 2025, The Investment Association (IA) and the Investment Management Association of Singapore (IMAS) published a joint report examining the challenges and opportunities in tokenised asset markets across both jurisdictions. The report, developed in collaboration with the FCA and the Monetary Authority of Singapore (MAS), highlights the adoption gap between technological innovation in digital assets and the practical requirements of investors. The IA says the report provides a comprehensive operational readiness checklist for market participants looking to design and launch tokenised financial products. The operational readiness checklist covers product considerations, technical design, systems and controls, custody solutions, 24/7 availability, fees and pricing, scalability, and testing protocols. It is designed to helpmarket participants navigate the transformation with confidence and consistency. Link to Report here IOSCO Publishes Final Report on Financial Asset Tokenisation On 11 November 2025, the International Organization of Securities Commissions (IOSCO) published its Final Report (Report) on the Tokenisation of Financial Assets. The Report seeks to build a shared understanding among IOSCOmembers of how tokenisation is being adopted across capital markets and how regulators are responding. It examines potential implications for market integrity and investor protection to guide members in shaping effective regulatory responses.