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

美國加密資產新規

本週，美國證券交易委員會 (SEC) 和商品期貨交易委員會 (CFTC) 聯合發佈了新的指導意見，闡明聯邦法律如何適用於加密貨幣。雙方概述了代幣交易適用的條件……

<div><div><h1>美國加密資產新策略</h1><p>本週，美國證券交易委員會（SEC）和商品期貨交易委員會（CFTC）聯合發佈了新的指導意見，闡明聯邦法律如何適用於加密貨幣。雙方概述了代幣從證券轉變為商品的條件。</p><adv/><p>美國證券交易委員會主席保羅·S·阿特金斯表示，新的指南“承認了前任政府拒絕承認的事實——大多數加密資產本身並不是證券”。</p><adv/><blockquote><p>今天🚨：委員會發布了一項解釋，明確了聯邦證券法對加密資產的適用性。<br/><br/>這是在明確委員會對加密資產的處理方式方面邁出的重要一步。<br/><br/>請點擊此處閱讀新聞稿：https://t.co/DDykVLHZQI pic.twitter.com/zbLFS2JH6g</p> — 美國證券交易委員會 (@SECGov) 2026年3月17日</blockquote><p>這對經紀商意味著什麼？該框架為參與加密貨幣交易設定了更清晰的界限，同時重新定義了經紀商在這個不斷變化的市場中的風險監管和合規方法。如今的風險在於日常運營，加密資產的狀態會隨著其營銷方式而改變。</p><blockquote><p>我們對加密資產的解讀——以現行法律為基礎，並廣泛聽取公眾意見——承認了前任政府拒絕承認的事實……<br/><br/>大多數加密資產本身並非證券。pic.twitter.com/fbHan0vmmb</p> — Paul Atkins (@SECPaulSAtkins) 2026年3月17日</blockquote><p>這也標誌著加密貨幣監管的一個重要里程碑，引入了五類分類體系，取代了以往監管的不確定性。然而，該框架從以信息披露為中心的模式轉向以市場行為為中心的模式，也引發了人們對投資者保護方面潛在漏洞以及創新與監管之間平衡的擔憂。</p><p> [#highlighted-links#]</p><h2>銀行將內幕交易規則應用於預測市場</h2><p>在瞬息萬變的預測市場領域，政策也在發生轉變。大型銀行開始審視現有的合規規則如何適用於預測市場。這是事件驅動型交易逐漸被納入正式企業政策，而非僅僅停留在場外的首個明確跡象。</p><p><strong><em>參加首屆 2026 年新加坡金融巨頭峰會，屆時亞太地區的經紀商、金融科技公司、銀行、電子貨幣機構、財富管理公司和對沖基金將齊聚一堂。</em></strong></p><p>摩根大通是首批審查其內部員工交易這些合約規則的公司之一，並可能向其 32 萬名員工發佈關於使用 Kalshi 和 Polymarket 等平臺的明確指導。</p><h2>加密貨幣交易所進軍 TradeFi</h2><p>與此同時，在加密貨幣領域，多元化正迅速成為新的準則。加密貨幣平臺正越來越多地涉足過去屬於傳統金融範疇的交易產品。</p><p><iframe/></p><p>最新的例子是Kraken，該公司在 2 月下旬表示，將向非美國客戶提供代幣化股票的永續期貨，使交易者能夠全天候 24 小時獲得類似股票的價格波動，槓桿高達 20 倍，並且可以做多或做空。</p><p>這些產品最初追蹤的是主要股票指數、大宗商品和知名上市公司的代幣化版本。永續期貨常被認為是代幣化股票中缺失的一環，因為它們沒有到期日。</p><h2> IG考慮跨越大西洋</h2><p>IG集團正考慮將其上市地點從倫敦轉移至紐約，以深化其在全球最大金融市場之一的業務佈局。該券商表示，正在評估其股票上市地點、公司法定註冊地，以及是否應通過收購來推進更廣泛的增長戰略。</p><p>首席財務官克利福德·亞伯拉罕告訴<em>彭博社</em>，在美國上市可以幫助IG在競爭對手中脫穎而出，吸引新的投資者，併為其交易提供更多選擇。他還指出，此舉將使員工受益，讓他們更容易進入全球資本市場，並有可能獲得更具吸引力的股權激勵。</p><div><div><span/></div><div><div><table><thead><tr><td><p><strong>關鍵績效指標</strong></p></td><td><p><strong>CY25</strong></p></td><td><p> <strong>CY24</strong></p></td><td><p><strong>改變</strong></p></td></tr></thead><tbody><tr><td><p>總收入</p></td><td><p>11.234億英鎊</p></td><td><p>10.522億英鎊</p></td><td><p>+7%</p></td></tr><tr><td><p>淨交易收入</p></td><td><p>10.046億英鎊</p></td><td><p>9.106億英鎊</p></td><td><p>+10%</p></td></tr><tr><td><p>淨利息收入</p></td><td><p>1.188億英鎊</p></td><td><p>1.416億英鎊</p></td><td><p>-16%</p></td></tr><tr><td><p>息稅折舊攤銷前利潤</p></td><td><p>5.311億英鎊</p></td><td><p>5.25億英鎊</p></td><td><p>+1%</p></td></tr><tr><td><p> EBITDA利潤率</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公佈2025年營收創歷史新高，達到11.2億英鎊，這主要得益於淨交易收入的強勁兩位數增長以及Freetrade整合帶來的新客戶增長。截至2025年12月31日的12個月內，淨交易收入增長10%，達到10.046億英鎊，高於2024年的9.106億英鎊。</p><h2> Swissquote 看好 2026 年營收</h2><p>瑞士市場研究機構Swissquote也公佈了更多數據，該公司預計2026年底淨收入將達到7.6億瑞士法郎，稅前利潤為3.85億瑞士法郎。該公司還將2028年淨收入目標從9億瑞士法郎上調至9.5億瑞士法郎，但同時將稅前利潤率目標從55%下調至53%。</p><p>此次業績展望是在2025年強勁增長的基礎上做出的。2025年，Swissquote公佈的淨收入為7.233億瑞士法郎，稅前利潤為4.202億瑞士法郎，分別同比增長9.4%和21.6%。去年的收入增長得益於交易活動的增加，淨手續費和佣金收入增長17.5%至2.094億瑞士法郎，淨交易收入增長52.6%至1.195億瑞士法郎。</p><h2> Colmex Pro將退出差價合約交易，並停止接受新客戶。</h2><p>差價合約（CFD）領域的一些經紀商經營狀況不佳，Colmex Pro 就是最新的例子。這家受塞浦路斯監管的公司已停止接受新的零售客戶購買差價合約，並逐步退出該產品線。</p><p> Colmex Pro表示，此舉是其長期戰略的一部分，旨在將其業務重心轉向投資產品和市場準入服務。該經紀商目前計劃專注於股票、ETF和其他交易所交易工具等產品。</p><h2> HTFX在失去塞浦路斯證券交易委員會（CySEC）牌照後將退出英國市場</h2><p>HTFX已於2026年1月7日申請註銷其在英國金融行為監管局（FCA）的牌照，此舉標誌著該公司正在縮減其在歐洲的監管業務。此前不久，該經紀商已於本月早些時候正式放棄了其在塞浦路斯證券交易委員會（CySEC）的牌照，這預示著該公司將進一步退出歐洲兩大主要監管市場。公司文件顯示，自2023年以來，HTFX的所有權結構發生了重大變化。 </p><div><img src="https://cnews24.ru/uploads/d7a/d7a624a50a7e5ecae073ec884a6d65ff553c1dbd.jpeg"/><div><div>該經紀商的網站正在出售</div></div></div><p>在當年10月之前，該公司由李立軍和一家離岸公司控制，後者自2022年8月起獲得授權。目前，這家英國實體由斯蒂芬·威廉姆斯和利維·貝納羅奇管理，分別擔任董事和首席執行官。該公司同時退出塞浦路斯證券交易委員會（CySEC）和英國金融行為監管局（FCA）的監管，凸顯了其明顯偏離該地區嚴格監管框架的意圖。</p><h2> Admirals 不接受持有約旦和肯尼亞牌照的 CFD 用戶加入。</h2><p> Admirals公司已於2025年第四季度停止通過其約旦牌照接收新客戶，並已停止通過其肯尼亞實體接收新客戶。目前，來自約旦和肯尼亞的新交易員均需通過該公司的塞舌爾牌照註冊。</p><p>一位客戶服務主管告訴Finance Magnates，公司已通知客戶此次調整，並根據監管要求和客戶的個人需求提供了量身定製的解決方案。但該主管表示，出於合規原因，公司無法透露更多細節。</p><h2> iFOREX股票停滯不前</h2><p>iFOREX Financial Trading Holdings的股票在倫敦證券交易所已經兩週沒有交易活動，這種低迷狀態引起了人們的關注。這家差價合約經紀商在經歷了八個月的延遲後，終於在2月25日於倫敦證券交易所主板上市，目前股價約為每股207便士，比其195便士的發行價高出約6%。</p><p>然而，這微弱的漲幅並不能反映投資者情緒或交易動能的多少。iFOREX 首次公開募股（IPO）時，發行價為每股 195 便士，共發行了 449 萬股新股，僅佔其總股本的 20.2%。現有投資者均未出售其持股，大部分股票仍被緊緊持有。此次發行籌集了 875 萬英鎊，使公司總估值達到約 4330 萬英鎊。但由於公眾持股比例極低，市場如今顯得更加僵化而非活躍。</p><h2>科摩羅駕照的幻象是否即將結束？</h2><p>儘管一些島上機構聲稱擁有其他合法金融監管機構，但科摩羅聯盟唯一合法的金融監管機構是科摩羅中央銀行。一些機構認為，只需支付少量費用並打上熱帶品牌的旗號就能獲得監管合法性，但這完全是無稽之談。</p><p>科摩羅聯盟由東非海岸附近的三個島嶼組成——恩加濟賈島（大科摩羅島）、姆瓦利島（莫埃利島）和恩茲瓦尼島（昂儒昂島）。</p><p>儘管該國在政治和法律方面歷來存在一些怪異之處，但其金融監管遠比宣傳的要複雜得多。安儒昂離岸金融管理局（AOFA）和姆瓦利國際服務管理局（MISA）這兩個地方機構聲稱有權頒發銀行、外匯和保險牌照。然而，它們的這種權限卻備受質疑。</p><h2>差價合約經紀商面臨更嚴格的英國報告規則</h2><p>在監管方面，FCA 確認了新的規則，以改進包括 CFD 經紀商在內的金融公司報告涉及第三方提供商的運營事件和問題的方式。</p><p>監管機構表示，更新後的框架將使報告更加清晰、一致且易於遵循。它還旨在幫助當局更快地應對網絡攻擊或停電等嚴重中斷事件，同時為企業提供更明確的報告內容和報告時間指導。</p><p>這些變化源於整個行業網絡威脅和運營風險的增加。據英國金融行為監管局 (FCA) 稱，2025 年報告的網絡安全事件中，超過 40% 涉及第三方服務提供商。近期影響 Cloudflare 和亞馬遜網絡服務 (AWS) 相關服務的故障凸顯了該行業對外部技術合作夥伴日益增長的依賴。</p><h2>經紀商對新加坡外匯增長充滿信心</h2><p>最後，隨著新加坡外匯交易活動的持續增長，市場參與者對該國的互聯互通和交易基礎設施充滿信心，認為其能夠滿足當前及未來的需求。業內人士表示，現有系統完全能夠應對不斷增長的交易量和日益增強的全球參與。</p><p>根據國際清算銀行每三年一次的全球外匯和場外衍生品市場調查，2022年4月至2025年4月期間，新加坡的日均外匯交易量增長了60%。這一增長主要得益於美元、日元和歐元的強勁交易，鞏固了新加坡作為世界領先外匯中心之一的地位。</p><p>與此同時，新加坡金融管理局正通過 2022 年啟動的“守護者計劃”（Project Guardian）進一步鞏固其在資產代幣化領域的領先地位。該計劃已實現貨幣市場基金和債券的代幣化和鏈上結算，體現了新加坡在創新和監管方面採取的平衡方針。</p></div></div>

每週簡報：美國推翻舊加密貨幣策略；IG考慮從倫敦遷至華爾街

微策略（Strategy）創辦人 Michael Saylor 斷言比特幣已贏得全球敘事戰，同時點名 BIP- […]
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Michael Saylor 警告 BIP-110 是比特幣最大威脅；四年週期已死、機構資本才是真主角

Block 旗下的比特幣項目比特幣 at Block（Block 由 Twitter聯創傑克·多西創立）剛剛宣佈上線免費比特幣水龍頭，標記比特幣分發模式的迴歸……

傑克·多西宣佈了一項價值 100 萬鎂的項目，旨在免費贈送比特幣。

加密貨幣並沒有失敗，它只是在過去十年裡，找錯了用戶。