Crypto Regulation Enters Enforcement: MiCA Actions, US Regulated Perps, Stablecoin and Sanctions Moves

Crypto regulation is moving from rulemaking to enforcement, implementation, and market design. In Europe, France’s financial regulator warned that crypto firms serving EU customers without authorization under the EU’s MiCA licensing framework could face prosecution as the compliance regime becomes active. In the United States, Coinbase and Kalshi launched regulated perpetual crypto futures for US investors. The shift brings high-volume derivatives trading into the domestic regulatory framework and reduces reliance on offshore venues. In Asia, Japan’s ruling party panel urged the government to create a legal framework for crypto ETFs and promote yen-backed stablecoins, framing regulation as an economic competitiveness tool. In the UK, lawmakers urged the Bank of England to reconsider stablecoin restrictions, arguing overly strict rules could hurt innovation and competitiveness. Meanwhile, the US Treasury announced sanctions targeting several Iranian crypto exchanges, citing alleged facilitation of illicit activity and sanctions evasion—further integrating crypto into sanctions and AML enforcement. Finally, debate over crypto derivatives risk intensified after CME Group’s CEO warned that newly approved perpetual futures could create systemic risk, while supporters argue regulated markets improve oversight and reduce offshore activity. Overall, crypto regulation is tightening across jurisdictions, reshaping compliance, derivatives access, and enforcement priorities.