The RCA Briefing — Issue 0039

11 Aug 2026

State of Regulated Crypto Assets 2026

1. 01 · The Policy Shift

   The rulebook question is largely answered in the EU. The evidence question is not.

   The flagship report's central finding: major jurisdictions now operate identifiable perimeters. The binding constraint for institutional on-chain markets is uneven issuer-level public evidence and fragmented registers.

2. 02 · Why It Matters

   Practical impact

   Legal, compliance and operations teams that still budget as if the primary risk were 'no law' are a cycle behind. The live risk is a thin file: the entity cannot be reconstructed from public sources on the review date.

3. 03 · Issuer Watch

   Bank-affiliated euro tokens set a different documentation baseline

   SG-FORGE's EURCV file reads like a banking-group product with a crypto-asset wrapper, not like a startup white paper. That baseline will be used, fairly or not, against non-bank EMT applicants.

   Open Société Générale-FORGE in the registry

4. 04 · Data Watch

   Gold-standard registry opens with 12 issuer files

   Not a universe of all tokens. A curated set where RCA is prepared to show sources, dates, gaps and a coverage label. Expansion is a research process, not a scrape.

5. 05 · The Source

   Regulation (EU) 2023/1114 (MiCA)

   Tier 1In forceEU

   Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA)

   Official Journal of the European Union/9 Jun 2023/RCA review 28 Aug 2026

   Proves

   The EU-level legal text governing crypto-asset issuance, ART/EMT rules, CASP authorisation, white papers, and market-abuse obligations.

   Does not prove

   How a specific issuer, token or CASP is treated in practice, or whether a given offering is authorised.