Global Trustee and Fiduciary Services Bite Sized Issue 8 2025

CBDC Bank of England Publishes Design Note – Interoperability Models for UK Based Payments On 16 July 2025, the Bank of England (BoE) published a design note setting out its emerging thinking on potential interoperability models for a digital pound, where both payer and payee are based in the UK. The Design Note explores how interoperability can support innovation, inclusion, and the singleness of money by enabling seamless exchange between digital pounds, commercial bank deposits, cash, and new forms of digital money. The Design Note outlines three potential models for delivering interoperability, evaluates their trade-offs, and presents a preferred approach: • Model A : Centrally provided interoperability by the digital pound operator through the digital pound platform for the whole digital pound ecosystem. • Model B : A small number of intermediaries (not necessarily Payment Interface Providers (PIPs)) competitively provide interoperability to the digital pound ecosystem. • Model C : Each PIP directly provides interoperability to their users, via commercial arrangements. The Design Note also shares findings from a technical proof of concept using existing UK payment infrastructure. Link to the Design Note here CRYPTOASSETS Implementation of Regulatory Regime for Stablecoin Issuers On 29 July 2025, the Hong Kong Monetary Authority (HKMA) published four documents for the implementation of the regulatory regime for stablecoin issuers, which came into effect on 1 August 2025. These are: • Consultation conclusions on the Guideline on Supervision of Licensed Stablecoin Issuers and the finalised Guideline; • Consultation conclusions on the Guideline on Anti-Money Laundering and Counter-Financing of Terrorism (For Licensed Stablecoin Issuers) and the finalised Guideline; • Explanatory Note on Licensing of Stablecoin Issuers on various aspects of the licensing regime and application process; and • Explanatory Note on Transitional Provisions for Pre-existing Stablecoin Issuers. The two sets of guidelines were published in the Gazette on 1 August 2025. As the regulatory regime comes into effect, HKMA states that market participants are advised to observe the Stablecoins Ordinance and the relevant guidelines. Investor Services Bite-Sized Global Trustee and Fiduciary Services QUICK LINKS Issue 8 | 2025 CBDC CRYPTOASSETS CSDR EMIR FINTECH FSB OPEN FINANCE OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG ASIA PACIFIC NORTH AMERICA UNITED KINGDOM