New US playbook for crypto assets
This week, the U.S SEC and the CFTC jointly issued new guidance clarifying how federal laws apply to crypto. The duo outlined the conditions under which a token trans...

<div><div>
<h1>New US playbook for crypto assets</h1>
<p>This week, the U.S SEC and the CFTC jointly issued new guidance clarifying how federal laws apply to crypto. The duo outlined the conditions under which a token transitions from being a security to a commodity.</p>
<adv/><p>SEC Chairman Paul S. Atkins said that the new guide “acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities.”</p>
<adv/><blockquote>
<p>TODAY 🚨: The Commission issued an interpretation that clarifies the application of federal securities laws to crypto assets.<br/><br/>This is a major step to provide greater clarity regarding the Commission’s treatment of crypto assets.<br/><br/>Read the release here: https://t.co/DDykVLHZQI pic.twitter.com/zbLFS2JH6g</p>
— U.S. Securities and Exchange Commission (@SECGov) March 17, 2026</blockquote>
<p>What does it mean for brokers? The framework sets clearer boundaries for participation in crypto while redefining their approach to risk oversight and compliance in this evolving market. The risk is now in the day-to-day operations, where the status of a crypto asset can change depending on how it is marketed.</p>
<blockquote>
<p>Our interpretation on crypto assets—grounded in existing law and informed by extensive public input—acknowledges what the former administration refused to recognize...<br/><br/>Most crypto assets are not themselves securities.pic.twitter.com/fbHan0vmmb</p>
— Paul Atkins (@SECPaulSAtkins) March 17, 2026</blockquote>
<p>It also marks a major milestone in crypto regulation, introducing a five-category classification system that replaces the previous regulatory uncertainty. However, by shifting from a disclosure-focused model to one centered on market conduct, the framework also raises concerns about potential gaps in investor protection and the balance between innovation and oversight.</p>
<p>[#highlighted-links#]</p>
<h2>Banks apply insider trading rules to prediction markets</h2>
<p>Policies are also shifting in the fast‑moving prediction markets space. Big banks are starting to look at how their existing compliance rules apply to prediction markets. This is one of the first clear signs that event‑based trading is moving into formal corporate policy rather than sitting on the sidelines.</p>
<p><strong><em>Join the inaugural Finance Magnates Singapore Summit 2026, which will bring together brokers, fintechs, banks, EMIs, wealth managers, and hedge funds across APAC.</em></strong></p>
<p>JPMorgan Chase is among the first to review its internal rules on staff trading these contracts and may issue explicit guidance for its 320,000 employees on using platforms like Kalshi and Polymarket.</p>
<h2>Crypto exchanges push into TradeFi</h2>
<p>Meanwhile, in crypto land, diversification is quickly becoming the new house rule. Crypto platforms are increasingly moving into trading products that used to belong firmly to traditional finance.</p>
<p><iframe/></p>
<p>The latest example is Kraken, which in late February said it would offer perpetual futures on tokenized stocks to non-US clients, giving traders 24/7 access to equity-like price movements with up to 20x leverage and the ability to go long or short.</p>
<p>These products initially track tokenized versions of major equity indices, commodities and well-known public companies. Perpetual futures are often described as the missing link in tokenized equities because they have no expiry date.</p>
<h2>IG considers crossing the Atlantic</h2>
<p>IG Group is considering shifting its listing from London to New York to deepen its footprint in one of the world’s biggest financial markets. The broker said it is reviewing where its shares are listed, where the company is legally based, and whether it should pursue acquisitions as part of a broader growth strategy.</p>
<p>Chief Financial Officer Clifford Abrahams told <em>Bloomberg</em> that a U.S. listing could help IG stand out more among its competitors, draw in fresh investors, and give it more options for deal-making. He also noted that such a move could benefit employees by giving them better access to global capital markets and potentially more attractive equity-based incentives.</p>
<div><div><span/></div><div><div><table>
<thead>
<tr>
<td>
<p><strong>KPI</strong></p>
</td>
<td>
<p><strong>CY25</strong></p>
</td>
<td>
<p><strong>CY24</strong></p>
</td>
<td>
<p><strong>Change</strong></p>
</td>
</tr>
</thead>
<tbody>
<tr>
<td>
<p>Total Revenue</p>
</td>
<td>
<p>£1,123.4m</p>
</td>
<td>
<p>£1,052.2m</p>
</td>
<td>
<p>+7%</p>
</td>
</tr>
<tr>
<td>
<p>Net Trading Revenue</p>
</td>
<td>
<p>£1,004.6m</p>
</td>
<td>
<p>£910.6m</p>
</td>
<td>
<p>+10%</p>
</td>
</tr>
<tr>
<td>
<p>Net Interest Income</p>
</td>
<td>
<p>£118.8m</p>
</td>
<td>
<p>£141.6m</p>
</td>
<td>
<p>-16%</p>
</td>
</tr>
<tr>
<td>
<p>EBITDA</p>
</td>
<td>
<p>£531.1m</p>
</td>
<td>
<p>£525.0m</p>
</td>
<td>
<p>+1%</p>
</td>
</tr>
<tr>
<td>
<p>EBITDA Margin</p>
</td>
<td>
<p>47.3%</p>
</td>
<td>
<p>49.9%</p>
</td>
<td>
<p>-2.6pp</p>
</td>
</tr>
</tbody>
</table></div></div></div>
<p>IG reported record revenue of £1.12 billion in 2025, supported by strong double-digit growth in net trading revenue and a boost in new clients from its Freetrade integration. Net trading revenue for the 12 months to 31 December 2025 rose 10% to £1,004.6 million, up from £910.6 million in 2024.</p>
<h2>Swissquote bullish on 2026 revenue</h2>
<p>More number also came from Swissquote, where the firm expects to end 2026 with net revenue of CHF 760 million and pre-tax profit of CHF 385 million. It has also lifted its 2028 net revenue goal from CHF 900 million to CHF 950 million, but trimmed its pre-tax profit margin target from 55 percent to 53 percent.</p>
<p>This guidance follows a strong 2025, when Swissquote reported net revenue of CHF 723.3 million and pre-tax profit of CHF 420.2 million, up 9.4 percent and 21.6 percent, respectively. Last year’s revenue was helped by higher trading activity, which pushed net fee and commission income up 17.5 percent to CHF 209.4 million and net trading income up 52.6 percent to CHF 119.5 million.</p>
<h2>Colmex Pro to exit CFDs, halts new clients</h2>
<p>It is not all well with some brokers in the CFD space, and Colmex Pro is the latest example. The Cyprus-regulated firm has stopped taking on new retail clients for contracts for difference (CFDs), as it gradually pulls out of the product line.</p>
<p>Colmex Pro says this move is part of a longer-term plan to shift its business toward investment products and market access services. The broker now plans to focus on offerings such as equities, ETFs and other exchange-traded instruments.</p>
<h2>HTFX to exit UK after dropping CySEC license</h2>
<p>HTFX is scaling back its regulated presence in Europe after applying to cancel its Financial Conduct Authority (FCA) licence on January 7, 2026. The application came shortly after the broker officially renounced its CySEC licence earlier in the month, signalling a broader withdrawal from two major European regulatory markets. Corporate filings show that HTFX’s ownership has undergone significant changes since 2023.</p>
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<img src="https://cnews24.ru/uploads/d7a/d7a624a50a7e5ecae073ec884a6d65ff553c1dbd.jpeg"/>
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<div>The broker's website is on sale</div>
</div>
</div>
<p>Before October of that year, control rested with Lijun Li and an offshore company, which held authority from August 2022. The UK entity is now managed by Stephen Williams and Levy Benarroch, serving as director and CEO, respectively. The company’s dual exit from CySEC and the FCA underscores a clear shift away from the region’s tightly regulated frameworks.</p>
<h2>Admirals not onboarding CFD users under Jordan and Kenya Licenses</h2>
<p>Admirals stopped onboarding clients under its Jordanian license in the fourth quarter of 2025 and has also ceased taking on new clients through its Kenyan entity. Instead, new traders from both countries are now being registered under the company’s Seychelles license.</p>
<p>A customer service executive told Finance Magnates that clients had been notified about the shift and were offered solutions tailored to regulatory requirements and individual needs. However, the representative said the company could not share additional details for compliance reasons.</p>
<h2>iFOREX shares stagnate</h2>
<p>It’s been two weeks since any activity was seen in iFOREX Financial Trading Holdings shares on the London Stock Exchange, and the lack of movement is drawing attention. The CFD broker, which finally listed on the LSE’s Main Market on February 25 after an eight-month delay, was trading around 207 pence per share—about 6% higher than its 195p offer price.</p>
<p>However, this slight gain doesn’t reveal much about investor sentiment or trading momentum. When iFOREX launched its IPO at 195 pence per share, it issued 4.49 million new shares, equal to just 20.2% of its total share capital. None of the existing investors sold their stakes, keeping most of the stock tightly held. The offering raised £8.75 million, giving the company an overall valuation of roughly £43.3 million, but with so few shares in public hands, the market now feels more frozen than free.</p>
<h2>Is the Comoros license mirage ending?</h2>
<p>The only legitimate financial regulator in the Union of Comoros is the Banque Centrale des Comores, despite claims from a few island-based authorities. Some entities suggest that a small fee and tropical branding can buy regulatory legitimacy, but that couldn’t be further from the truth.</p>
<p>The Union of Comoros consists of three islands off the East African coast—Ngazidja (Grande Comore), Mwali (Mohéli) and Ndzwani (Anjouan).</p>
<p>While the country has a history of political and legal quirks, its financial regulation is more complicated than advertised. Two local bodies, the Anjouan Offshore Finance Authority (AOFA) and the Mwali International Services Authority (MISA), claim to issue banking, forex, and insurance licenses. However, their authority to do so is highly questionable.</p>
<h2>CFD brokers face tougher UK reporting rules</h2>
<p>Still in the regulatory front, the FCA confirmed new rules to improve how financial firms, including CFD brokers, report operational incidents and issues involving third-party providers.</p>
<p>The regulator said the updated framework will make reporting clearer, more consistent, and easier to follow. It is also meant to help authorities respond faster to serious disruptions such as cyberattacks or power outages, while giving firms clearer guidance on what and when to report.</p>
<p>The changes follow a rise in cyber threats and operational risks across the sector. According to the FCA, more than 40% of cyber incidents reported in 2025 involved third-party providers. Recent outages affecting services linked to Cloudflare and Amazon Web Services have underscored the industry’s growing dependence on external technology partners.</p>
<h2>Brokers confident in Singapore’s FX growth</h2>
<p>Finally, as foreign exchange (FX) trading activity continues to rise in Singapore, market participants express confidence that the country’s connectivity and trading infrastructure can support both current and future demand. Industry stakeholders say the systems in place are well-equipped to handle growing transaction volumes and increasing global participation.</p>
<p>According to the Bank for International Settlements’ triennial survey of global FX and OTC derivatives markets, Singapore’s average daily FX trading volume rose by 60% between April 2022 and April 2025. The growth was largely driven by strong trading in the US dollar, Japanese yen, and euro, cementing Singapore’s position as one of the world’s leading FX hubs.</p>
<p>At the same time, Singapore’s Monetary Authority of Singapore is advancing its leadership in asset tokenization through Project Guardian, launched in 2022. The initiative has already seen money market funds and bonds tokenized and settled on-chain, reflecting the country’s balanced approach to innovation and regulation.</p>

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Weekly Digest: U.S. Rips Up the Old Crypto Playbook; IG Mulls London‑to‑Wall Street Switch

美国加密资产新规

本周，美国证券交易委员会 (SEC) 和商品期货交易委员会 (CFTC) 联合发布了新的指导意见，阐明联邦法律如何适用于加密货币。双方概述了代币交易适用的条件……

<div><div><h1>美国加密资产新策略</h1><p>本周，美国证券交易委员会（SEC）和商品期货交易委员会（CFTC）联合发布了新的指导意见，阐明联邦法律如何适用于加密货币。双方概述了代币从证券转变为商品的条件。</p><adv/><p>美国证券交易委员会主席保罗·S·阿特金斯表示，新的指南“承认了前任政府拒绝承认的事实——大多数加密资产本身并不是证券”。</p><adv/><blockquote><p>今天🚨：委员会发布了一项解释，明确了联邦证券法对加密资产的适用性。<br/><br/>这是在明确委员会对加密资产的处理方式方面迈出的重要一步。<br/><br/>请点击此处阅读新闻稿：https://t.co/DDykVLHZQI pic.twitter.com/zbLFS2JH6g</p> — 美国证券交易委员会 (@SECGov) 2026年3月17日</blockquote><p>这对经纪商意味着什么？该框架为参与加密货币交易设定了更清晰的界限，同时重新定义了经纪商在这个不断变化的市场中的风险监管和合规方法。如今的风险在于日常运营，加密资产的状态会随着其营销方式而改变。</p><blockquote><p>我们对加密资产的解读——以现行法律为基础，并广泛听取公众意见——承认了前任政府拒绝承认的事实……<br/><br/>大多数加密资产本身并非证券。pic.twitter.com/fbHan0vmmb</p> — Paul Atkins (@SECPaulSAtkins) 2026年3月17日</blockquote><p>这也标志着加密货币监管的一个重要里程碑，引入了五类分类体系，取代了以往监管的不确定性。然而，该框架从以信息披露为中心的模式转向以市场行为为中心的模式，也引发了人们对投资者保护方面潜在漏洞以及创新与监管之间平衡的担忧。</p><p> [#highlighted-links#]</p><h2>银行将内幕交易规则应用于预测市场</h2><p>在瞬息万变的预测市场领域，政策也在发生转变。大型银行开始审视现有的合规规则如何适用于预测市场。这是事件驱动型交易逐渐被纳入正式企业政策，而非仅仅停留在场外的首个明确迹象。</p><p><strong><em>参加首届 2026 年新加坡金融巨头峰会，届时亚太地区的经纪商、金融科技公司、银行、电子货币机构、财富管理公司和对冲基金将齐聚一堂。</em></strong></p><p>摩根大通是首批审查其内部员工交易这些合约规则的公司之一，并可能向其 32 万名员工发布关于使用 Kalshi 和 Polymarket 等平台的明确指导。</p><h2>加密货币交易所进军 TradeFi</h2><p>与此同时，在加密货币领域，多元化正迅速成为新的准则。加密货币平台正越来越多地涉足过去属于传统金融范畴的交易产品。</p><p><iframe/></p><p>最新的例子是Kraken，该公司在 2 月下旬表示，将向非美国客户提供代币化股票的永续期货，使交易者能够全天候 24 小时获得类似股票的价格波动，杠杆高达 20 倍，并且可以做多或做空。</p><p>这些产品最初追踪的是主要股票指数、大宗商品和知名上市公司的代币化版本。永续期货常被认为是代币化股票中缺失的一环，因为它们没有到期日。</p><h2> IG考虑跨越大西洋</h2><p>IG集团正考虑将其上市地点从伦敦转移至纽约，以深化其在全球最大金融市场之一的业务布局。该券商表示，正在评估其股票上市地点、公司法定注册地，以及是否应通过收购来推进更广泛的增长战略。</p><p>首席财务官克利福德·亚伯拉罕告诉<em>彭博社</em>，在美国上市可以帮助IG在竞争对手中脱颖而出，吸引新的投资者，并为其交易提供更多选择。他还指出，此举将使员工受益，让他们更容易进入全球资本市场，并有可能获得更具吸引力的股权激励。</p><div><div><span/></div><div><div><table><thead><tr><td><p><strong>关键绩效指标</strong></p></td><td><p><strong>CY25</strong></p></td><td><p> <strong>CY24</strong></p></td><td><p><strong>改变</strong></p></td></tr></thead><tbody><tr><td><p>总收入</p></td><td><p>11.234亿英镑</p></td><td><p>10.522亿英镑</p></td><td><p>+7%</p></td></tr><tr><td><p>净交易收入</p></td><td><p>10.046亿英镑</p></td><td><p>9.106亿英镑</p></td><td><p>+10%</p></td></tr><tr><td><p>净利息收入</p></td><td><p>1.188亿英镑</p></td><td><p>1.416亿英镑</p></td><td><p>-16%</p></td></tr><tr><td><p>息税折旧摊销前利润</p></td><td><p>5.311亿英镑</p></td><td><p>5.25亿英镑</p></td><td><p>+1%</p></td></tr><tr><td><p> EBITDA利润率</p></td><td><p>47.3%</p></td><td><p> 49.9%</p></td><td><p> -2.6pp</p></td></tr></tbody></table></div></div></div><p> IG公布2025年营收创历史新高，达到11.2亿英镑，这主要得益于净交易收入的强劲两位数增长以及Freetrade整合带来的新客户增长。截至2025年12月31日的12个月内，净交易收入增长10%，达到10.046亿英镑，高于2024年的9.106亿英镑。</p><h2> Swissquote 看好 2026 年营收</h2><p>瑞士市场研究机构Swissquote也公布了更多数据，该公司预计2026年底净收入将达到7.6亿瑞士法郎，税前利润为3.85亿瑞士法郎。该公司还将2028年净收入目标从9亿瑞士法郎上调至9.5亿瑞士法郎，但同时将税前利润率目标从55%下调至53%。</p><p>此次业绩展望是在2025年强劲增长的基础上做出的。2025年，Swissquote公布的净收入为7.233亿瑞士法郎，税前利润为4.202亿瑞士法郎，分别同比增长9.4%和21.6%。去年的收入增长得益于交易活动的增加，净手续费和佣金收入增长17.5%至2.094亿瑞士法郎，净交易收入增长52.6%至1.195亿瑞士法郎。</p><h2> Colmex Pro将退出差价合约交易，并停止接受新客户。</h2><p>差价合约（CFD）领域的一些经纪商经营状况不佳，Colmex Pro 就是最新的例子。这家受塞浦路斯监管的公司已停止接受新的零售客户购买差价合约，并逐步退出该产品线。</p><p> Colmex Pro表示，此举是其长期战略的一部分，旨在将其业务重心转向投资产品和市场准入服务。该经纪商目前计划专注于股票、ETF和其他交易所交易工具等产品。</p><h2> HTFX在失去塞浦路斯证券交易委员会（CySEC）牌照后将退出英国市场</h2><p>HTFX已于2026年1月7日申请注销其在英国金融行为监管局（FCA）的牌照，此举标志着该公司正在缩减其在欧洲的监管业务。此前不久，该经纪商已于本月早些时候正式放弃了其在塞浦路斯证券交易委员会（CySEC）的牌照，这预示着该公司将进一步退出欧洲两大主要监管市场。公司文件显示，自2023年以来，HTFX的所有权结构发生了重大变化。 </p><div><img src="https://cnews24.ru/uploads/d7a/d7a624a50a7e5ecae073ec884a6d65ff553c1dbd.jpeg"/><div><div>该经纪商的网站正在出售</div></div></div><p>在当年10月之前，该公司由李立军和一家离岸公司控制，后者自2022年8月起获得授权。目前，这家英国实体由斯蒂芬·威廉姆斯和利维·贝纳罗奇管理，分别担任董事和首席执行官。该公司同时退出塞浦路斯证券交易委员会（CySEC）和英国金融行为监管局（FCA）的监管，凸显了其明显偏离该地区严格监管框架的意图。</p><h2> Admirals 不接受持有约旦和肯尼亚牌照的 CFD 用户加入。</h2><p> Admirals公司已于2025年第四季度停止通过其约旦牌照接收新客户，并已停止通过其肯尼亚实体接收新客户。目前，来自约旦和肯尼亚的新交易员均需通过该公司的塞舌尔牌照注册。</p><p>一位客户服务主管告诉Finance Magnates，公司已通知客户此次调整，并根据监管要求和客户的个人需求提供了量身定制的解决方案。但该主管表示，出于合规原因，公司无法透露更多细节。</p><h2> iFOREX股票停滞不前</h2><p>iFOREX Financial Trading Holdings的股票在伦敦证券交易所已经两周没有交易活动，这种低迷状态引起了人们的关注。这家差价合约经纪商在经历了八个月的延迟后，终于在2月25日于伦敦证券交易所主板上市，目前股价约为每股207便士，比其195便士的发行价高出约6%。</p><p>然而，这微弱的涨幅并不能反映投资者情绪或交易动能的多少。iFOREX 首次公开募股（IPO）时，发行价为每股 195 便士，共发行了 449 万股新股，仅占其总股本的 20.2%。现有投资者均未出售其持股，大部分股票仍被紧紧持有。此次发行筹集了 875 万英镑，使公司总估值达到约 4330 万英镑。但由于公众持股比例极低，市场如今显得更加僵化而非活跃。</p><h2>科摩罗驾照的幻象是否即将结束？</h2><p>尽管一些岛上机构声称拥有其他合法金融监管机构，但科摩罗联盟唯一合法的金融监管机构是科摩罗中央银行。一些机构认为，只需支付少量费用并打上热带品牌的旗号就能获得监管合法性，但这完全是无稽之谈。</p><p>科摩罗联盟由东非海岸附近的三个岛屿组成——恩加济贾岛（大科摩罗岛）、姆瓦利岛（莫埃利岛）和恩兹瓦尼岛（昂儒昂岛）。</p><p>尽管该国在政治和法律方面历来存在一些怪异之处，但其金融监管远比宣传的要复杂得多。安儒昂离岸金融管理局（AOFA）和姆瓦利国际服务管理局（MISA）这两个地方机构声称有权颁发银行、外汇和保险牌照。然而，它们的这种权限却备受质疑。</p><h2>差价合约经纪商面临更严格的英国报告规则</h2><p>在监管方面，FCA 确认了新的规则，以改进包括 CFD 经纪商在内的金融公司报告涉及第三方提供商的运营事件和问题的方式。</p><p>监管机构表示，更新后的框架将使报告更加清晰、一致且易于遵循。它还旨在帮助当局更快地应对网络攻击或停电等严重中断事件，同时为企业提供更明确的报告内容和报告时间指导。</p><p>这些变化源于整个行业网络威胁和运营风险的增加。据英国金融行为监管局 (FCA) 称，2025 年报告的网络安全事件中，超过 40% 涉及第三方服务提供商。近期影响 Cloudflare 和亚马逊网络服务 (AWS) 相关服务的故障凸显了该行业对外部技术合作伙伴日益增长的依赖。</p><h2>经纪商对新加坡外汇增长充满信心</h2><p>最后，随着新加坡外汇交易活动的持续增长，市场参与者对该国的互联互通和交易基础设施充满信心，认为其能够满足当前及未来的需求。业内人士表示，现有系统完全能够应对不断增长的交易量和日益增强的全球参与。</p><p>根据国际清算银行每三年一次的全球外汇和场外衍生品市场调查，2022年4月至2025年4月期间，新加坡的日均外汇交易量增长了60%。这一增长主要得益于美元、日元和欧元的强劲交易，巩固了新加坡作为世界领先外汇中心之一的地位。</p><p>与此同时，新加坡金融管理局正通过 2022 年启动的“守护者计划”（Project Guardian）进一步巩固其在资产代币化领域的领先地位。该计划已实现货币市场基金和债券的代币化和链上结算，体现了新加坡在创新和监管方面采取的平衡方针。</p></div></div>

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