Global Trustee and Fiduciary Services Bite-Sized Issue 2 2026

3 QUICK LINKS AIFMD BENCHMARKS REGULATION CRYPTOASSETS FINTECH FUND LIQUIDITY MIFID II/MIFIR MONEY MARKET FUNDS OPERATIONAL RESILIENCE SUSTAINABLE FINANCE/ESG T+1 ASIA PACIFIC EUROPE NORTH AMERICA UNITED KINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 2 | 2026 ICMA Publishes New Paper on Stablecoins in Capital Markets On 20 January 2026, the International Capital Market Association (ICMA) published a paper examining whether stablecoins represent a credible development for capital markets infrastructure, or a diversion frommore established solutions. The ICMA says that the paper places recent growth in stablecoins in context, noting their rapid expansion alongside accelerating regulatory attention across major jurisdictions. While definitions and supervisory approaches differ, regulators are increasingly converging around core principles on reserves, redemption, safeguarding, and the prohibition of interest, with fragmentation remaining a central systemic risk. From a capital markets perspective, the analysis focuses on the practical role of fiat-backed stablecoins as potential on-chain settlement assets, alongside wholesale Central Bank Digital Currencies and tokenised bank liabilities. The ICMA says the paper assesses where stablecoins may offer advantages, particularly in enabling programmable, 24/7 settlement and liquidity outside traditional cycles, while also highlighting material constraints. These include regulatory limits on volumes and use cases, the absence of credit and interest, custody and technology risks, and operational costs linked to public blockchains. Drawing on recent market initiatives and ICMA-led work under Project Guardian, the paper concludes that while stablecoins are unlikely to be a universal solution, they could play a complementary role in future market infrastructure if regulatory clarity improves and cross-border alignment deepens. The ICMA says the paper is intended to inform ongoing discussions among issuers, intermediaries, investors, and policymakers on the evolution of digital settlement in capital markets. Link to the Paper here A New Regime for Cryptoasset Regulation On 8 January 2026, the FCA launched a new webpage detailing its approach to the new cryptoasset regime, which is expected to come into force on 25 October 2027. To help firms prepare for the new regime, including firms that may not have been regulated before, the FCA provides links to key information it thinks firms should familiarise themselves with, covering: • Cryptoasset regulated activities: FSMA and the FCA Handbook; • Cryptoassets: Our standards; • Cryptoasset firms: Authorisation, supervision and enforcement; • Cryptoassets: How the gateway will operate; and • Cryptoassets: The transitional provision. With respect to designing the FCA’s regime, the webpage provides links to the FCA’s crypto roadmap and a library of key publications (discussion papers, consultation papers, etc.) issued by the FCA since 2023. The FCA states that it will continue to publish further policy consultations setting out its proposed rules and guidance in the coming months. Link to the Webpage here