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Anvesan News Weekly No. 4 Monday 26 October 2026

The OCC finalises its GENIUS Act rule, and the FCA consults on new crypto exclusions

TL;DR

  • US: the OCC issued its final GENIUS Act rule for stablecoin issuers. It takes effect on 18 Jan 2027.
  • UK: the FCA consults on guidance for new cryptoasset exclusions, with forbearance for some applicants. Comments close on 18 Nov 2026.
  • Taiwan: the FSC revised the Travel Rule duties for VASPs, but neither FSC document says when the new duties start to bind.
  • Also: the OCC sent its stablecoin application forms to OMB for review, with comments due by 23 Nov 2026.

Two of this week's stories set a firm date while a key piece is still missing. The OCC's rule takes effect on 18 Jan 2027, but the OCC has not said when it will accept applications. The FCA's final guidance may land near or after its 28 Feb 2027 cut-off.

What happened last week

OCC issues final GENIUS Act rule for stablecoin issuers, effective 18 Jan 2027

OCC final GENIUS Act rule for stablecoin issuers takes effect 18 Jan 2027

On 21 Oct 2026 the Office of the Comptroller of the Currency (OCC) issued a final rule implementing the GENIUS Act for payment stablecoin issuers under its jurisdiction. Most of it is a new 12 CFR 15, with standards on reserves, redemption, custody, applications and capital. Timely redemption may not exceed two business days after a request. Anti-money laundering rules follow separately. It takes effect on 18 Jan 2027.

Who it affects
National banks, federal savings associations and federal branches, nonbank federal qualified issuers, state qualified issuers under OCC authority, foreign issuers, and OCC-supervised custodians.
Applies from

What it means. From 18 Jan 2027, issuing a payment stablecoin in the United States without being a permitted issuer carries criminal penalties. An existing issuer under OCC jurisdiction can seek a waiver to keep issuing only with a substantially complete application pending by that date. The OCC has not yet said when it will start accepting applications.

Read the story

Consultation United Kingdom FCA

FCA consults on new UK cryptoasset exclusions, with forbearance for some applicants

On 21 Oct 2026 the Financial Conduct Authority (FCA) opened consultation CP26/36 on guidance for new exclusions from UK cryptoasset regulation. Its examples include temporary settlement and stablecoin holding arrangements, stablecoin backing assets, proprietary trading, and technical services that merely give access to a third party or a decentralised protocol. The FCA says the technical services exclusion is not a general exclusion for technical or decentralised finance services.

Who it affects
Firms planning regulated cryptoasset activities in the UK after 25 Oct 2027, authorised firms that may vary permissions, firms weighing the exclusions, and their advisers.
Consultation closes

What it means. Some firms get forbearance: extra time on incomplete parts of an otherwise complete application relating to the arranging permission, if uncertainty about the technical services exclusion materially affected them. The FCA aims to publish final guidance in January 2027 or spring 2027, close to or after the 28 Feb 2027 application cut-off.

Read the story

Amendment Taiwan FSC

Taiwan's FSC revises Travel Rule duties for virtual asset service providers

On 20 Oct 2026 Taiwan's Financial Supervisory Commission (FSC) amended the Travel Rule provisions in its anti-money laundering rules for virtual asset service providers (VASPs). The Travel Rule applies to every transfer. Above thirty thousand New Taiwan dollars, the VASP must obtain more originator and beneficiary information, and the receiving VASP must check beneficiary details against its own customer records.

Who it affects
VASPs in Taiwan, and their customers who transfer virtual assets to another domestic VASP.

What it means. The amendment is final, but neither FSC document says when the new Article 7 duties start to bind VASPs. That depends on a scope and timetable the VASP trade association sets and the FSC approves, and on how Article 18 applies to Article 7.

Read the story

Also last week

Interesting developments in general

  • The OCC sent its GENIUS Act information collection, Applications for Licensing or Registration to Issue Payment Stablecoins, to OMB for review; comments must be received by November 23, 2026.

    Office of the Comptroller of the Currency Official source

  • ESMA published reporting instructions for crypto-asset service providers sending data to the MiCA Digital Assets Surveillance system (MIDAS), which monitors market abuse; order book data is mandatory only for trading platform operators.

    European Securities and Markets Authority Official source

  • The EBA extended the deadline for its consultation on the methodology for setting fines under MiCA, and three other consultations, to 26 Oct 2026 after taking its website offline.

    European Banking Authority (EBA) Official source

  • Kazakhstan's AFSA said the AIFC Court issued injunctions barring the operators of BingX, Bitcoin.com, Huobi Global (HTX), BitMart, Coinbase and WEEX from providing digital asset-related services within the AIFC without the appropriate licence.

    Astana Financial Services Authority (AIFC) Official source

  • FINMA approved, for the first time, an exchange-traded retail fund that invests directly in Bitcoin, with an exemption from the risk diversification rules; FINMA said other fund providers have also submitted or announced applications.

    Swiss Financial Market Supervisory Authority Official source

  • Revolut Global Digital Assets Limited, the Revolut Group's Gibraltar-based subsidiary, received a permission under Part 7 of the Financial Services Act to undertake regulated distributed ledger technology (DLT) activities in Gibraltar, HM Government of Gibraltar said on 19 Oct 2026.

    New licence Gibraltar Official source

Dates to watch

From our guides

FCA crypto regulation: registration and the new authorisation regime

The FCA lead turns on who needs authorisation. Our guide covers who needs FCA authorisation from 25 Oct 2027, the application period to 28 Feb 2027 and how to check the FCA register.