The Monthly Crypto Map: September 2026

September saw regulators push ahead with rules for stablecoins and tokenised assets, even as the US Senate failed to advance the landmark CLARITY Act. From the Federal Reserve's proposed stablecoin rules to the UK's opening of applications for its new cryptoasset regime, regulatory clarity remained a key theme.

In India, crypto platforms faced closer scrutiny over compliance, even as CoinSwitch swung to profitability. Across Europe and Asia, regulators and central banks advanced plans for tokenised financial markets, while Singapore moved to strengthen its stablecoin framework.

Institutional interest in digital assets continued to grow. Circle agreed to acquire cross-border payments platform Tazapay, and S&P Global moved to acquire blockchain security firm OpenZeppelin. Bitcoin also gained around 7% during the month, outperforming stocks and gold.

But the risks persisted. From US sanctions on an Iranian crypto exchange over alleged transfers linked to the Islamic Revolutionary Guard Corps to fresh warnings about crypto-related fraud and money laundering, enforcement remained firmly on the agenda.

Read on.

US

The US Senate failed to advance the Digital Asset Market Clarity Act after a 49-50 procedural vote, leaving a major effort to establish a comprehensive federal framework for digital assets stalled. The bill required 60 votes to advance. 

The US Federal Reserve has proposed rules requiring payment stablecoin issuers under its supervision to fully back their tokens with approved reserve assets, including short-term US Treasury bills, under the GENIUS Act. The proposals also introduce capital and risk-management requirements for issuers and a tailored approval process for banks seeking to issue stablecoins.

The SEC introduced a temporary, conditional Innovation Exemption allowing certain tokenized securities venues to facilitate onchain trading of tokenized U.S. stocks. The move is intended to test blockchain-based trading while the regulator considers broader policy changes. 

The CFTC updated its FAQs on crypto assets and blockchain technologies, addressing the use of tokenized permitted investments and blockchain technology for regulatory recordkeeping. The agency said the update is intended to provide greater clarity to market participants. 

INDIA

A parliamentary finance committee moved closer to completing its report on virtual digital assets after discussions involving government and financial-sector officials. The report is expected to examine India's approach to cryptocurrency and VDA regulation. 

The Financial Intelligence Unit-India issued non-compliance notices to 15 virtual digital asset service providers under the Prevention of Money Laundering Act. The action puts greater scrutiny on crypto platforms and their AML compliance practices.

Indian users are increasingly converting crypto into overseas gift cards to pay for everyday purchases, including groceries, fuel and gold. The trend highlights the growing use of crypto for payments despite India’s regulatory restrictions.

FATF Vice President Vivek Aggarwal said risks associated with virtual assets, including cryptocurrencies, remain unresolved, particularly because of decentralised peer-to-peer transactions and differences in AML and CTF rules across jurisdictions. He called for stronger cooperation between regulators and other stakeholders. 

Indian crypto platform CoinSwitch reported adjusted EBITDA profitability in FY26, with revenue rising 150% year-on-year to Rs 324.19 crore. Adjusted EBITDA increased to Rs 86.38 crore from Rs 1.65 crore a year earlier, while the company said it had more than 2 crore users and supported over 450 digital assets. 

Kazakhstan's Astana International Financial Centre is exploring a partnership with India's GIFT City. AIFC Governor Renat Bekturov said the two financial centres were examining cooperation, with digital assets among the areas being developed by the Kazakhstan-based financial hub. 

The Enforcement Directorate arrested two persons in connection with its money-laundering investigation into the alleged HashPe cryptocurrency fraud case. The investigation relates to an alleged Rs 40 crore cryptocurrency investment fraud. 

The Central Bureau of Investigation warned cryptocurrency users about risks associated with informal peer-to-peer crypto transactions, particularly offers to buy USDT at unusually high rates. The CBI cautioned that funds received from a buyer could potentially be linked to cyber fraud, leaving the crypto seller exposed to investigation. 

WazirX announced the delisting of ICON (ICX), Secret (SCRT) and Storj (STORJ) from spot trading effective September 1. The exchange cited factors including development activity, liquidity, network stability, project communication and other due-diligence considerations.

CoinDCX's August transparency report, published on September 10, reported a Rs 51.53 crore Crypto Investor Protection Fund (CIPF). The report also disclosed 2,28,52,215 registered users as of August 31 and Rs 11.49 crore in TDS paid to the government during August.

UK & EUROPE

The ECB and EU national central banks called for changes to MiCA stablecoin reserve requirements, arguing that mandatory bank deposits could create financial-stability risks. They also raised concerns about multi-issuer stablecoin structures.

The UK Financial Conduct Authority opened the application window for cryptoasset firms on September 30, allowing businesses to apply for authorisation under the country's upcoming full crypto regulatory framework. Firms have until February 28, 2027 to apply, with the new regime expected to come into force in October 2027.

The European Central Bank launched Pontes on September 21, allowing wholesale transactions in tokenised assets to be settled using central bank money. The initiative is part of the Eurosystem's broader strategy to build infrastructure for Europe's tokenised financial markets.

The FCA, HMRC and Metropolitan Police targeted three London premises suspected of operating unregistered peer-to-peer crypto businesses. Cease-and-desist notices were issued as authorities stepped up efforts against crypto-related money laundering.

Seven major UK banks participating in the Great British Tokenised Deposit initiative completed the first live customer transactions using tokenised sterling deposits. The pilots included remortgage transactions and a consumer marketplace payment, demonstrating programmable blockchain-based bank money.

European asset manager HANetf launched the world's first currency-hedged crypto ETCs, giving investors Bitcoin exposure while reducing the impact of euro/dollar and pound/dollar exchange-rate movements. The products are listed on European and UK exchanges.

ESMA announced a new Union Strategic Supervisory Priority focused on digital innovation, with initial attention on tokenisation and artificial intelligence. The initiative aims to strengthen regulators’ ability to supervise emerging digital-asset technologies while protecting investors.

ASIA

The Monetary Authority of Singapore (MAS) proposed legislative amendments to implement its stablecoin framework. The proposals cover reserve backing, capital requirements, redemption at par, disclosures, foreign-issued stablecoins and safeguards for financial stability and consumers.

Chainalysis reported that Singapore’s institutional crypto-platform activity increased 94%, making it one of the strongest growth stories in Central & Southeast Asia and Oceania. The report also highlighted rising cross-border stablecoin activity across the region.

South Korea’s Financial Services Commission introduced a three-phase roadmap for tokenised securities infrastructure. The plan covers stocks, bonds and funds and ultimately aims to establish on-chain payment infrastructure linked to stablecoins.

Thailand’s SEC warned users of Holdstation and UNO, saying the platforms were not licensed to operate digital-asset businesses. The SEC had submitted information to the Ministry of Digital Economy and Society, with access blocking scheduled for October 1, 2026, and urged users to withdraw or transfer their assets beforehand.

OTHER REGIONS

The US has imposed sanctions on Iranian cryptocurrency exchange BitBank, controlled by financier Babak Zanjani, accusing it of processing hundreds of millions of dollars in payments linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). The US Treasury said the exchange was used to transfer payments collected by the Hormuz Safe Marine Services Authority for ships transiting the Strait of Hormuz, as Washington steps up efforts to curb sanctions evasion through digital assets.

Canada's banking regulator OSFI published its Capital and Liquidity Treatment of Crypto-asset Exposures guideline for 2027. The final rules include changes covering client-clearing exposures and recognition of cross-exchange hedging for certain crypto assets traded on regulated exchanges.

Brazil's Central Bank approved changes to its rules for virtual-asset service providers. The amendments strengthen supervisory reporting and AML controls, including specific reporting to COAF for transfers to or from self-hosted wallets of US$10,000 or more.

The Reserve Bank of Australia launched a consultation on how its RITS settlement system could support tokenised assets and tokenised private money. The initiative is part of Project Acacia and aims to help develop Australia's wholesale tokenised-finance market while maintaining financial stability.

ASIC issued a final call for digital-asset businesses operating under its temporary no-action position to apply for or vary an Australian Financial Services licence by September 30. Firms failing to meet the conditions could face regulatory action from October 1.

AUSTRAC announced that it had cancelled, suspended or refused renewal of registrations for 45 remittance and virtual-asset service providers over the previous year. The regulator cited issues including inactivity, inadequate operational capacity, improper registration and money-laundering/terrorist-financing risks.

Network International launched the UAE’s first in-store pilot for AED-backed stablecoin payments, allowing customers using supported wallets to pay at selected retailers through existing point-of-sale terminals.

Kazakhstan’s government approved a joint action plan with the National Bank containing 65 measures across 10 areas to expand the digital-asset industry, improve investor protection and increase the use of digital assets for payments and financing.

The IMF reached a staff-level agreement with El Salvador on its programme review. The agreement confirmed that documented Bitcoin accumulation since the previous review came from private donations rather than public funds, while El Salvador also agreed to strengthen governance, regulation and risk management for public-sector crypto assets.

GLOBAL MARKETS

Bitcoin gained around 7% in September, closing the month at $83,995 on September 30, as it outperformed traditional assets such as stocks and gold. The cryptocurrency's monthly gains came despite volatility in the market.

The global crypto market capitalisation crossed $3 trillion for the first time since January 29, according to DWF Labs' market review. Bitcoin's advance helped lift the broader market, while digital-asset investment products recorded strong weekly inflows. The milestone reflected a recovery in aggregate market value, although volatility remained elevated.

CORPORATE DEVELOPMENTS

Circle announced a definitive agreement to acquire Singapore-based Tazapay, a business-to-business cross-border payments platform. The proposed acquisition would add more than 60 banking and fintech partners and payout coverage across over 100 markets, expanding Circle’s stablecoin-powered payments infrastructure. Completion remains subject to regulatory approvals and other conditions.

S&P Global announced an agreement to acquire OpenZeppelin, a provider of smart-contract security assessments and blockchain development tools. The deal is intended to strengthen S&P Global’s capabilities in on-chain risk assessment, security analysis and digital-asset market infrastructure. Financial terms were not disclosed.

Visa and Lloyds Banking Group completed a seven-day live pilot using stablecoins to settle US$750,000 of payment obligations. The test demonstrated settlement in under an hour, including during weekends, using USDC across blockchain environments.

Standard Chartered launched institutional spot trading for Bitcoin and Ether in the UAE through its DIFC operation. The bank said it became the first global systemically important bank to offer this capability in the UAE.

Binance invested $100 million in Circle and renewed its strategic USDC partnership for five years. Binance will promote USDC across its global platform, particularly in emerging markets, while Circle continues providing supporting infrastructure.

Coinbase filed for regulatory approval to list perpetual futures tied to individual U.S. stocks, potentially covering around 50–60 large-cap stocks such as Apple, Microsoft, Tesla and Nvidia. The move would bring this type of leveraged product to a regulated U.S. platform for the first time if approved.

Coinbase Receives CFTC Approval for Its Crypto Clearinghouse

The CFTC approved Coinbase Clearing LLC as a derivatives clearing organisation, completing Coinbase's planned U.S. derivatives infrastructure alongside its futures brokerage and derivatives exchange. The approval expands Coinbase's role across the regulated crypto derivatives market. 

Coinbase expanded its collaboration with Citi to provide businesses with fiat and stablecoin payment infrastructure. Citi's Virtual Account Wallet will support Coinbase Virtual Accounts, while Citi's institutional clients can use Coinbase infrastructure to accept stablecoin payments. 

Crypto payments company MoonPay signed a definitive agreement to acquire North Capital Investment Technology, which provides private-market infrastructure and regulated brokerage services. The proposed deal would give MoonPay additional capabilities for issuing, managing and trading private securities, including tokenised assets. The transaction remains subject to regulatory approvals and customary closing conditions.

Digital-asset data provider Kaiko secured $110 million in a funding round led by S&P Global, with participation from investors including BNP Paribas, Nasdaq, Royal Bank of Canada, Bpifrance and Susquehanna. The funding is intended to strengthen Kaiko’s data services and expand its products for institutions operating in crypto and tokenised markets.

Blockchain intelligence and crypto-investigation company TRM Labs announced an expansion of its Series C funding round, reaching a valuation of $2 billion. Led by Blockchain Capital, the investment reflects demand for blockchain analytics, fraud detection and tools that help financial institutions and law-enforcement agencies investigate digital-asset crime.

Blockchain-based financial infrastructure company tZERO announced a funding round led by Marc and Max Cohodes, with participation from existing investor Intercontinental Exchange and other backers. The company plans to support its long-term growth and expand infrastructure for tokenised securities, trading, custody and asset servicing.

Cari, a bank-governed digital-money network, announced that it had raised $32.5 million in the first tranche of its initial external funding round, with investments coming entirely from banks. The capital will support network development, bank onboarding and infrastructure designed to enable regulated institutions to use tokenised deposits and programmable payments.

Crypto exchange Bitget integrated with Sygnum Bank’s Sygnum Protect platform, giving eligible institutional clients another option for keeping trading collateral with a regulated bank rather than on the exchange’s balance sheet. The arrangement aims to reduce counterparty exposure while allowing clients to continue trading through Bitget.

Stablecoin infrastructure provider Reap and Visa announced a strategic collaboration to support stablecoin-linked Visa credit-card programmes across more than 100 markets. Reap will provide card-issuing infrastructure, processing and compliance capabilities, enabling businesses and fintech partners to develop payment products connected to stablecoin balances.

FRAUDS

North Korean hackers are suspected of stealing more than $351 million from cryptocurrency exchange Bitget in a cyberattack on its wallets, making it the largest known crypto theft of 2026 so far. Bitget said its $464 million user protection fund should be sufficient to cover the losses

A US federal court ordered two defendants to pay more than $31 million over their involvement in the Fundsz digital-asset and precious-metals fraud scheme. The CFTC said the defendants made material misrepresentations about expected profits, risk and historical trading performance. 

The SEC charged four entities over two alleged investment-confidence scams that collectively misappropriated more than $15 million. In one scheme, victims were allegedly persuaded through WhatsApp groups and fake AI trading signals to transfer crypto assets to fraudulent platforms. 

The UK FCA secured confiscation orders worth more than £851,000 against two individuals involved in a £1.5 million crypto investment fraud. The recovered funds are being returned to victims who were defrauded through fake cryptoasset investment opportunities.

Brazilian authorities announced Operation ClickFix, targeting a cybercrime group accused of carrying out sophisticated electronic fraud and hacking public-sector systems. Investigators seized approximately R$8.78 million in cryptoassets and executed search warrants and arrests as part of the operation.

Tasmania Police warned that local victims had lost more than A$1.5 million through cryptocurrency ATM deposits over a three-month period. Scammers reportedly used fake investment opportunities, romance schemes and recovery scams to persuade victims to deposit cash into crypto ATMs.

AUSTRAC warned that scammers were impersonating its staff and using fake official communications to obtain money and sensitive information. Some reportedly offered to recover lost funds, a common tactic used to target people who have already suffered investment or cryptocurrency losses.