May 12, 2026 · A&O Shearman
As digital-asset frameworks harden across major markets, the era of regulatory ambiguity is ending — and institutional adoption is following.
Digital assets are entering a new phase. The improvised, jurisdiction-by-jurisdiction approach of recent years is giving way to considered frameworks — for stablecoins, custody, tokenised securities and market infrastructure — in the world's leading financial centres.
Clearer rules are, on balance, an enabler. Institutions that stayed on the sidelines during the ambiguous years now have the certainty they need to build, and the compliance obligations that come with it are ones large organisations are well equipped to meet.
The advisers best placed to help are those who understand both the technology and the regulation, and can map how a token, a platform or a payment flow will be treated across the markets it touches. The analysis rarely stops at a single border.
As with every regulated activity, the foundation is disciplined information: clear ownership, enforced permissions and a complete, attributable record. The firms that build on that foundation will define the next chapter of digital finance.
