Anjouan Gaming License Surpasses 1,300 Active Permits – Cost Structure and Oversight Shape 2026 Market Position

Key Takeaways

Regulatory Update in 2023 Drives Adoption

The Anjouan gaming seal, issued from the Comoros Islands, has gained visibility in the iGaming sector following a regulatory update and streamlining process completed in 2023. According to Ron Mendelson, Director of Costa Rica based consultancy Fast Offshore, the revised framework has led to a sharp increase in uptake among operators.

As of 2026, local authorities in Anjouan oversee more than 1,300 active licenses. Licensed operators run thousands of websites globally under this framework. The seal applies to multiple verticals, including online casinos, sportsbooks, poker platforms, lotteries, esports betting, and crypto based gaming products. These activities are covered under a single umbrella permit.

For operators evaluating licensing options, the updated structure has positioned Anjouan as a lower cost alternative compared to jurisdictions such as Malta or the Isle of Man, according to the information provided.

Tax Structure and Cost Model

A central feature of the Anjouan regime is its tax model. The framework does not impose tax on gross gaming revenue. It also does not levy value added tax or corporate income tax. In addition, application and renewal costs are described as comparatively low.

This structure affects how operators allocate capital. Without gaming revenue tax or corporate income tax obligations in the jurisdiction, companies retain a larger share of operational revenue within the licensed entity. According to Mendelson, this allows operators to direct funds toward technology infrastructure, user interface development, marketing, and security systems.

For international operators active in volatile or emerging markets, the absence of local gaming and corporate taxation may influence jurisdictional selection. However, the license is not described as a tier 1 authorization.

Scope of Oversight and Compliance Requirements

Although positioned as a cost efficient option, the Anjouan seal includes compliance requirements. The framework requires certified random number generators to support fair play. Operators must implement anti money laundering controls, transaction monitoring systems, and responsible gaming tools.

Mandatory responsible gaming measures include deposit limits, timeouts, and self exclusion options. In addition, the licensing process includes due diligence checks on owners, directors, and key staff. Applicants must provide passports, proof of address, criminal clearances, and professional background documentation. Criminal background checks are part of the approval process.

Applicants must also submit a detailed business plan outlining offerings, target markets, and financial projections. Technical requirements include encryption standards and certified gaming systems. Anti money laundering and know your customer policies must be documented and implemented.

The process typically involves incorporating a company, often in Anjouan or another qualifying offshore jurisdiction, and opening a local bank account. According to the information provided, if documentation is complete, approval can be issued within weeks and in some cases within days.

Positioning in Global Markets

The Anjouan seal is described as aligned with international regulatory norms. This alignment is presented as enabling operators to target high growth regions across Latin America, Southeast Asia, parts of Europe, and Africa.

For operators serving cross border audiences, a single license covering multiple verticals can simplify operational structuring. The framework allows casino, sportsbook, and crypto gaming activities to operate under one authorization rather than requiring separate approvals for each product type.

For players, the presence of the Anjouan seal on a website is presented as an indicator that the operator is subject to regulatory oversight, audits, and compliance requirements. The framework includes monitoring of transactions and enforcement mechanisms designed to remove non compliant actors.

Application Process and Role of Intermediaries

The licensing process involves several structured steps. Applicants must incorporate a corporate entity, prepare and submit a business plan, provide personal and corporate documentation, and implement compliant technical and compliance systems.

Consultancy firms such as Fast Offshore support operators in preparing applications, incorporating entities, and managing ongoing compliance obligations. According to Mendelson, working with experienced intermediaries can reduce processing times if documentation is complete and meets technical specifications.

The framework is described as less bureaucratic than some established European jurisdictions, while still requiring documented compliance procedures and due diligence checks.

Our Assessment

The Anjouan gaming seal has expanded significantly since its 2023 regulatory update, with more than 1,300 active licenses reported in 2026. Its structure combines a multi vertical permit with a tax model that does not impose gross gaming revenue tax, VAT, or corporate income tax within the jurisdiction. At the same time, it requires certified gaming systems, anti money laundering controls, responsible gaming tools, and documented due diligence on key personnel. For international operators and users evaluating licensing credentials, the framework represents a regulated but non tier 1 option that emphasizes cost structure, processing speed, and formal compliance requirements under the supervision of Anjouan authorities.

Philippines Orders Stronger AML Coordination – Casinos and Other High Risk Sectors Face Tighter Scrutiny

Key Takeaways

Presidential Directive Expands Coordination With AMLC

Philippine authorities are intensifying efforts to combat money laundering and terrorism financing following a directive issued on 12 February by President Ferdinand Marcos Jr. The order instructs government agencies to strengthen coordination with the Anti Money Laundering Council, known as the AMLC.

The directive focuses on closer operational cooperation between enforcement bodies and the AMLC. Instead of working in parallel structures, agencies are expected to combine investigative resources and financial intelligence capabilities. The objective is to improve the detection and prosecution of organized crime groups and financial networks that move illicit funds through the domestic system.

For you as an international user evaluating gambling or crypto betting platforms connected to the Philippines, the directive signals a shift toward tighter oversight of financial transactions, particularly in industries considered vulnerable to abuse.

Casinos Classified as Higher Risk Industry

Under the new directive, casinos are explicitly identified as a higher risk sector alongside real estate and import export businesses. Authorities state that these industries are considered more vulnerable to money laundering schemes and other forms of financial abuse.

As a result, monitoring of financial flows linked to these sectors will increase. The government has not outlined specific operational measures in the source material, but the emphasis on enhanced scrutiny indicates that transaction patterns and business practices within these industries will face closer review.

For the iGaming sector, this development is significant because casinos often handle large transaction volumes and may involve cross border payments. Heightened oversight can affect compliance procedures, reporting requirements, and interactions with enforcement agencies.

Police and AMLC to Combine Investigative Powers

The Philippine National Police has confirmed its full support for the presidential directive. General Jose Melencio Nartatez stated that the police are ready to integrate their investigative powers with AMLC operations. According to his statement, the cooperation will target organized crime groups and syndicates, particularly those involved in illegal drugs, smuggling, and cybercrimes.

This integration means that traditional law enforcement capabilities, such as criminal investigations and arrests, will be combined more directly with financial intelligence gathered by the AMLC. By aligning these functions, authorities aim to accelerate the identification of suspicious transactions and the tracing of related criminal networks.

For operators and users in sectors like casinos and online gambling, closer cooperation between financial intelligence units and police investigators can result in faster enforcement action when irregularities are detected.

Specialized Training for Financial and Cybercrime Units

To support the directive, training programs are underway for the Anti Cybercrime Group and the Criminal Investigation and Detection Group. These programs focus on financial investigation methods and evolving criminal patterns.

Authorities are placing particular emphasis on financial forensics and crime trend analysis. This suggests an effort to strengthen technical expertise in tracing complex financial transactions, including those that may involve digital channels or cross border elements.

For you as a platform user, enhanced investigative capacity may translate into stricter compliance checks, improved transaction monitoring, and potentially more detailed verification processes in higher risk sectors.

Expanded International Cooperation to Track Cross Border Funds

In addition to domestic coordination, Philippine authorities plan to expand international cooperation with foreign enforcement partners. The aim is to track funds that move across borders, a common feature in money laundering and terrorism financing cases.

Cross border financial flows are particularly relevant in industries such as casinos and online gambling, where transactions can involve multiple jurisdictions. By strengthening cooperation with foreign counterparts, authorities seek to improve the tracing of funds beyond national boundaries.

For international users and operators, this development indicates that financial activities linked to the Philippines may be subject to increased information sharing between jurisdictions.

Implications for High Risk Industries Including iGaming

The directive places casinos in the same category as real estate and import export businesses in terms of risk exposure. This classification alone can lead to stricter oversight and more detailed compliance expectations.

Although the source material does not detail specific regulatory amendments, the combination of enhanced monitoring, integrated investigations, and specialized training points to a broader enforcement push. Industries identified as higher risk should expect closer attention to financial flows and business practices.

For users comparing gambling or crypto betting services, particularly those connected to the Philippines, the focus on anti money laundering controls highlights the regulatory environment in which these operators function.

Our Assessment

The directive issued on 12 February establishes stronger coordination between the Philippine National Police and the Anti Money Laundering Council, with casinos explicitly named as a higher risk sector. Authorities will increase monitoring of financial flows, expand international cooperation, and provide specialized training to investigative units. Based on the available information, the measures are designed to intensify enforcement and oversight in industries considered vulnerable to money laundering and terrorism financing, including the casino sector.

Payoneer Files for US National Trust Bank Charter – Stablecoin Plans Expand in Growing Fintech Push

Key Takeaways

Payoneer Submits Application to the Office of the Comptroller of the Currency

Global financial services firm Payoneer has applied for a national trust banking charter in the United States. The company confirmed that it filed with the Office of the Comptroller of the Currency, or OCC, to establish an entity named PAYO Digital Bank.

The application places Payoneer among a growing number of fintech and crypto focused companies seeking entry into the US federal banking system. A national trust charter would allow the company to operate under federal oversight and expand its range of regulated financial services.

The move follows a recent partnership between Payoneer and stablecoin infrastructure firm Bridge. That agreement was announced one week before the OCC filing and is intended to add stablecoin capabilities to Payoneer’s platform, which primarily serves cross border transactions.

Planned Stablecoin PAYO-USD and Intended Use Cases

As part of its charter application, Payoneer said it intends to issue a stablecoin named PAYO-USD. According to the company, the token would be compliant with the GENIUS Act and designed to function as the holding currency in Payoneer wallets.

The proposed stablecoin would also allow customers to send and receive stablecoins directly through the platform. If approved by the OCC, Payoneer would be authorized to manage the reserves backing PAYO-USD, provide custodial services, and enable customers to convert stablecoins into their local currencies.

Payoneer’s customer base includes nearly two million users, most of whom are small and medium sized businesses. The company stated that a regulated stablecoin could simplify cross border trade by providing a digital dollar based settlement option within its ecosystem.

According to Payoneer, stablecoins could play a meaningful role in global trade. The company also said that its offering could help advance the use of the US dollar in international transactions, reduce barriers for American companies operating abroad, and expand the dollar’s presence in non dollar payment corridors.

Part of a Broader Wave of Crypto and Fintech Charter Applications

Payoneer’s filing comes amid a broader wave of applications from crypto and fintech companies seeking US bank charters.

Earlier this week, the OCC granted conditional approval to Crypto.com for a banking charter. In December, several crypto firms secured charters, including Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos.

Other applicants are still awaiting decisions. World Liberty Financial, associated with the Trump family, applied in January to expand the use of its USD1 stablecoin. Crypto trading platform Laser Platform also submitted an application in January. Coinbase has been waiting for a decision on its application since October.

These developments indicate increased interest from digital asset firms in obtaining federal banking status. A national trust charter can provide a regulated framework for activities such as custody, reserve management and digital asset related financial services.

In December, Comptroller of the Currency Jonathan Gould stated that new entrants into the federal banking sector are positive for consumers, the banking industry and the broader economy. He said that additional participants can provide access to new products and services, new sources of credit and contribute to a competitive and diverse banking system.

Relevance for Cross Border Payments and Digital Asset Users

Payoneer’s core business focuses on cross border payments. The company positions stablecoins as a tool that could streamline international settlements, particularly for small and medium sized enterprises engaged in global trade.

If PAYO-USD is approved and launched, customers would be able to hold balances in a stablecoin within their Payoneer wallets. They could also convert those holdings into local currencies, subject to regulatory approval and operational implementation under the OCC framework.

For digital asset users and businesses that rely on cross border transfers, a federally regulated stablecoin issuer could provide an alternative settlement mechanism within a supervised US banking structure. At the same time, the outcome of the OCC review process will determine whether Payoneer can proceed with its plans.

Our Assessment

Payoneer has formally entered the group of fintech and crypto companies seeking US national trust bank charters. The company’s application to establish PAYO Digital Bank is directly linked to its plan to issue the PAYO-USD stablecoin and expand regulated crypto related services. With Crypto.com having received conditional approval and several other firms awaiting decisions, the OCC is currently reviewing multiple applications that could shape how stablecoins and digital asset services operate within the US federal banking system.

Wynn Resorts Faces Proposed Class Action Over Alleged ShinyHunters Data Exposure – Legal and Cybersecurity Risks Intensify for Casino Operators

Key Takeaways

Class Action Targets Alleged Data Exposure at Wynn Resorts

Wynn Resorts is confronting a proposed class action lawsuit following allegations that customer information was exposed during a cyber incident linked to the hacking group known as ShinyHunters. The legal action centers on claims that personally identifiable information was accessed due to weaknesses in the company’s cybersecurity measures.

According to court filings referenced in the complaint, the plaintiffs argue that the safeguards designed to protect sensitive customer data were not strong enough to prevent intrusion. They allege that gaps in security controls enabled outside actors to gain access to internal records. The lawsuit states that individuals affected by the incident may now face increased risks of identity theft and fraud.

Wynn Resorts has not conceded wrongdoing. The scope of the alleged exposure is still under review, and the case is at a preliminary stage.

Type of Data Reportedly Involved

The information believed to have been accessed includes customer names, email addresses, contact data, and certain account related details. While the full extent of the exposure has not been publicly detailed, the complaint emphasizes that even partial access to such records can create risks for affected individuals.

Casino and resort operators typically manage large volumes of customer information. Their systems often include loyalty program databases, hotel reservation platforms, online wagering accounts, and payment processing channels. In such environments, personally identifiable information is closely integrated with hospitality and gaming operations. As a result, any alleged intrusion into these interconnected systems can trigger regulatory disclosures, forensic investigations, and civil litigation.

In the current case, plaintiffs also question the company’s notification practices. The complaint describes the disclosure process as delayed or insufficient, although specific timelines have not been outlined in the available information.

ShinyHunters and Targeting of Large Consumer Databases

ShinyHunters has been associated with data breaches affecting companies in retail, technology, and entertainment sectors. The group has been linked to incidents involving organizations that maintain extensive consumer databases.

Such databases can be attractive targets because stolen information may later be sold or used in extortion schemes. Companies that collect large volumes of identity and contact data are therefore exposed to both operational and reputational risks when cybersecurity incidents occur.

The alleged connection to ShinyHunters places Wynn Resorts within a broader pattern of cyber activity targeting data rich enterprises. However, the current proceedings focus specifically on whether Wynn Resorts implemented adequate safeguards and responded appropriately once the incident became known.

Digital Transformation Expands Cyber Risk in Gaming and Hospitality

Casino and integrated resort operators rely on complex digital infrastructures. These systems support hotel bookings, gaming activity, customer loyalty programs, and financial transactions. The integration of these services allows for operational efficiency and customer personalization, but it also increases the number of potential entry points for cyber threats.

Large scale data collection has become central to modern gaming and hospitality operations. Resorts process high volumes of transactions while storing detailed identity and behavioral data. This combination makes cybersecurity a core component of operational resilience.

Recent incidents involving major operators in the sector have led to service interruptions, compliance reviews, remediation costs, and legal claims. In this context, lawsuits tied to alleged data protection failures reflect growing legal and regulatory pressure. Consumers and regulators increasingly expect timely disclosure and robust data protection frameworks when incidents occur.

Legal Claims Focus on Security Controls and Disclosure Practices

The complaint against Wynn Resorts outlines several core allegations. These include claims of inadequate cybersecurity controls, exposure of sensitive information, and notification practices that plaintiffs describe as insufficient.

Class action proceedings of this nature typically seek to represent a broader group of individuals who may have been affected by the same incident. At this stage, the lawsuit remains proposed, meaning that court approval is required before it can proceed as a certified class action.

The outcome will depend on the court’s assessment of the evidence presented, including the adequacy of the company’s security measures and the timeliness and clarity of its communications with customers.

Our Assessment

The proposed class action against Wynn Resorts highlights the legal and operational consequences that can follow alleged cybersecurity incidents in the casino and hospitality sector. The case centers on claims that customer data including names, email addresses, and account related details was accessed due to insufficient safeguards. Wynn Resorts has not admitted wrongdoing, and the proceedings are ongoing. The development underscores the central role of cybersecurity controls and disclosure practices for operators managing large volumes of customer information.

Crypto.com Receives Conditional US National Trust Bank Approval – Federal Oversight Would Expand Digital Asset Custody and Staking Services

Key Takeaways

Conditional Approval From the OCC

Crypto.com has announced that it has received conditional approval from the Office of the Comptroller of the Currency to establish a national trust bank in the United States. The decision marks a regulatory step that would place part of the company’s digital asset operations under direct federal supervision once all requirements are met.

The planned entity will be formed as Foris Dax National Trust Bank and will operate as Crypto.com National Trust Bank after full authorization. The OCC approval is conditional, meaning Crypto.com must satisfy specific pre opening requirements before it can begin operations under the federal charter. These requirements relate to capital levels, governance structures, risk management controls, and internal policies.

Until final approval is granted, the bank cannot commence operations as a federally supervised national trust bank.

Scope of Services: Custody, Staking, and Trade Settlement

The proposed national trust bank will function as a limited purpose institution. It will not accept customer deposits and will not issue loans. Instead, it will focus exclusively on digital asset services.

According to the announcement, these services include institutional grade custody, staking, and trade settlement. Custody refers to the safeguarding of digital assets on behalf of clients. Staking involves participating in blockchain validation processes where applicable, while trade settlement covers the processing and finalization of digital asset transactions.

For users of crypto platforms, especially institutional clients, federally supervised custody can affect how assets are held and managed. Oversight by the OCC introduces a single federal regulatory framework for the trust bank’s activities, as opposed to oversight solely at the state level.

Relationship to Existing State Regulated Entity

Crypto.com already operates Crypto.com Custody Trust Company, a non depository trust firm regulated by the New Hampshire Banking Department. The new federal charter would exist alongside this state level entity.

With the addition of a national trust bank, Crypto.com aims to offer what it describes as a one stop qualified custodian under federal oversight. In practical terms, this would allow certain institutional clients to work within a unified federal regulatory structure rather than relying solely on state supervision.

CEO Kris Marszalek stated that the conditional approval reflects the company’s focus on compliance and on providing regulated services. He described the development as a step toward meeting institutional demand for custody solutions under what he called a gold standard of federal oversight.

Political Context and Corporate Activity

According to Bloomberg, Marszalek was among the first crypto executives to meet with Donald Trump at Mar a Lago following his 2024 election victory. The company later contributed 1 million dollars to Trump’s inauguration committee and made eight figure donations to MAGA Inc., a conservative political action committee. In January, Crypto.com added another 5 million dollars to MAGA Inc., according to a recent filing.

Separately, earlier this month Marszalek acquired the AI.com domain for approximately 70 million dollars in cryptocurrency. The purchase was brokered by Larry Fischer and is described as the largest domain name transaction to date. The domain had previously been listed at 100 million dollars. Marszalek plans to launch a consumer AI platform under that brand.

These developments are separate from the national trust bank application but form part of the broader corporate activity surrounding the company.

Part of a Broader Trend Among Digital Asset Firms

Crypto.com is not alone in pursuing a national trust charter. The announcement places the exchange among a group of digital asset firms that have sought similar federal approvals. Companies mentioned include Circle Internet Group, Paxos, BitGo, and Fidelity Digital Assets.

For institutional investors, federal oversight by the OCC can provide regulatory clarity and a standardized supervisory framework. In the context of digital asset custody, this may simplify compliance processes for entities that require federally regulated counterparties.

The national trust bank structure differs from a traditional commercial bank model because it does not involve deposit taking or lending. Instead, it is tailored to specific fiduciary or custodial functions.

What the Conditional Status Means

Conditional approval does not equate to immediate operational status. Crypto.com must meet the OCC’s pre opening conditions before the charter becomes fully effective. These conditions typically relate to demonstrating sufficient capital, establishing governance and board structures, implementing risk management systems, and finalizing internal compliance policies.

Only after the OCC confirms that these requirements have been satisfied can the institution open as a national trust bank. Until then, Crypto.com’s existing regulated activities continue under its current structure, including its New Hampshire regulated custody trust company.

Our Assessment

The conditional approval from the OCC allows Crypto.com to move forward with plans to establish a federally supervised national trust bank focused on digital asset custody, staking, and trade settlement. The institution will operate as a limited purpose trust bank and will not engage in deposit taking or lending. Final authorization depends on meeting capital, governance, and risk control requirements set by the regulator. The development places Crypto.com among several digital asset firms seeking national trust charters and expands the company’s regulatory footprint beyond its existing state regulated custody entity.

OCC Grants Crypto.com Conditional Bank Trust Charter – Federal Oversight Would Expand Custody Role in the US

Key Takeaways

OCC Issues Conditional Approval for Crypto.com

The US Office of the Comptroller of the Currency has granted Crypto.com conditional approval for a national bank trust charter. The exchange announced the development on Monday, stating that it had applied for the charter in October.

According to Crypto.com, full approval would allow the company to establish itself as a federally regulated institution operating under OCC oversight. In that capacity, it would act as a custodian across the United States.

The company previously said that its trust bank would provide custody services for digital asset treasuries, exchange-traded funds, and other institutional participants. Custody services typically involve safeguarding digital assets on behalf of clients, a function that carries regulatory and compliance obligations when conducted within the US banking framework.

The OCC is the federal agency responsible for chartering, regulating, and supervising national banks and federal savings associations. A national bank trust charter places an institution under direct federal supervision rather than a patchwork of state-level licensing regimes.

Part of a Broader Wave of Conditional Approvals

Crypto.com is not the only digital asset company to receive a conditional green light from the OCC in recent months. In December, the regulator conditionally approved five national bank charter applications submitted by Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.

These approvals marked a significant policy step for the federal banking regulator in relation to crypto-focused firms seeking integration into the traditional banking system. While conditional approval does not equate to full authorization, it signals that the OCC is willing to consider crypto-native companies within the national banking framework, subject to meeting supervisory and compliance requirements.

Coinbase also applied for a national bank trust charter in October. However, the company stated that it had no intention of becoming a bank if its application were approved.

Industry Pushback and Regulatory Timing Concerns

The wave of applications has drawn scrutiny from parts of the traditional banking sector. This month, the American Bankers Association sent a comment letter to the OCC urging the regulator to delay granting new national trust bank charters to companies associated with digital assets.

The association argued that the framework for the payment stablecoin legislation known as the GENIUS Act, which was signed into law in July, should be fully implemented before additional charters are approved. The group stated that each application review requires robust and broadly applicable safety and soundness standards. It also cautioned the OCC against measuring its decision timelines against traditional benchmarks.

These comments reflect ongoing debates about how digital asset companies should be supervised and how new federal standards intersect with existing banking regulations.

Implications of a National Trust Charter

A national bank trust charter can materially change how a crypto company operates in the United States. According to BairdHolm attorney Eli Rosenberg, most state money transmission regulations exclude chartered trust companies. As a result, a nationally chartered trust company would likely be exempt from most state licensing requirements.

For companies operating across multiple US jurisdictions, state-level licensing can involve separate applications, reporting obligations, and compliance procedures in each state. A national charter centralizes supervision under the OCC, potentially streamlining regulatory oversight.

In Crypto.com’s case, the company has stated that the charter would support its custody business. Custody of digital assets for treasuries and exchange-traded funds involves safeguarding client holdings and maintaining operational controls consistent with federal banking standards.

Political Scrutiny Around Other Applications

The broader charter process has also intersected with political developments. World Liberty Financial, the crypto company behind the USD1 stablecoin and backed by US President Donald Trump and his sons, applied for a national bank trust charter in January.

The company said that, if approved, the charter would allow it to issue and custody USD1 directly rather than relying on third-party providers. The application has drawn scrutiny from Massachusetts Senator Elizabeth Warren, who questioned whether the review process would be handled impartially. OCC head Jonathan Gould has stated that the review would be conducted as an apolitical and nonpartisan process.

These developments underscore that applications for national trust charters by crypto firms are being evaluated in a politically sensitive environment, particularly when they involve high-profile backers.

Our Assessment

The OCC’s conditional approval of Crypto.com’s national bank trust charter application places the exchange among several major digital asset firms seeking federal banking status. If finalized, the charter would allow Crypto.com to operate as a federally supervised custodian in the United States and could reduce reliance on state-level money transmission licenses. The decision forms part of a broader series of conditional approvals by the OCC and is unfolding amid industry feedback and political scrutiny over how crypto-related banking activities should be regulated.

France Introduces Framework for Monetizable Digital Object Games – New Rules Define Limits for Web3 Titles Without Cash Payouts

Key Takeaways

France Establishes a Legal Category for Monetizable Digital Object Games

France has introduced a dedicated regulatory framework for games that include what the national gambling authority defines as monetizable digital objects. The Autorité Nationale des Jeux, or ANJ, announced the new mechanism as part of a three-year pilot programme.

The framework targets games that operate between traditional video gaming and regulated gambling. These titles allow players to obtain digital assets such as NFTs or blockchain-based items that can be traded on secondary markets. However, they do not provide payouts in legal tender in the way licensed gambling products do.

The legal basis for the framework is the Security and Digital Space Regulation Act, known as the SREN Act, which was passed in May 2024. Under this legislation, France created a distinct legal category for online games that involve chance, financial stakes and resellable digital assets without cash payouts. This distinction separates such products from both conventional video games and fully licensed gambling offerings.

Scope: Blockchain Mechanics and Secondary Market Trading

The new rules directly affect blockchain-based gaming mechanics. Any game that enables players to acquire digital objects with monetary value through resale falls within the scope of the framework, provided that no legal tender payouts are offered.

This is particularly relevant for Web3-based gaming models in which in-game items are tokenized and transferable. The ability to trade these assets externally has been a defining feature of many blockchain projects. Under the French framework, this monetization element triggers regulatory oversight even if the operator does not distribute cash prizes.

For users of crypto-based gaming platforms, this means that certain titles previously operating in a regulatory grey area will now be subject to formal supervision in France. The classification hinges on the presence of chance, financial participation and the resale value of digital objects.

Operational Requirements: KYC, Limits and Reporting

Operators offering games under this new category must comply with several obligations. First, minors are not permitted to participate. Companies must therefore implement strict know your customer procedures with a focus on age verification.

Second, the framework introduces limits on the maximum value of digital rewards that a single player can receive during a defined period. Although these rewards can be monetized through secondary markets, they cannot be exchanged for cash directly through the game in the manner of licensed gambling products.

Third, responsible gambling measures are mandatory. Operators must provide tools such as play-time limits, spending limits and self-exclusion features. These requirements align the oversight of monetizable digital object games more closely with established gambling compliance standards.

In addition, companies must file a formal declaration with the ANJ before launching games that fall under the new regime in France. They are also required to maintain detailed activity logs and grant the regulator access provisions to track fund flows. This reporting structure enables ongoing supervision and potential scrutiny of how digital assets are distributed and traded.

Three-Year Pilot Programme Under the SREN Act

The framework has been introduced as a pilot programme lasting three years. During this period, the ANJ will oversee how the category functions in practice and how operators comply with the obligations.

By embedding the regime in the SREN Act, France has provided a statutory foundation rather than relying on informal guidance. The creation of a clearly defined legal category signals that the authorities view monetizable digital object games as distinct from both unregulated gaming and traditional gambling.

For international operators, the pilot structure indicates that the rules are operational but may be subject to evaluation over time. Any company targeting the French market with blockchain-based mechanics must assess whether its product falls within this new classification.

European Context: Belgium, the UK and Poland

France is described as the first jurisdiction to introduce a dedicated framework specifically overseeing monetizable digital object games. However, other European countries have also addressed similar products.

Belgium and the United Kingdom have enacted their own regulatory measures concerning such games. While the specific approaches differ, the existence of national rules in multiple jurisdictions shows that regulators are increasingly examining titles that combine elements of chance, financial participation and digital asset trading.

Poland is currently working on an amendment to its Gambling Act aimed at making the legislation more inclusive and comprehensive. This indicates that legislative developments in this area are ongoing within the European Union.

For operators and users of crypto-integrated gaming platforms, this broader European movement suggests a shift toward clearer legal definitions and supervisory mechanisms for Web3-related gaming models.

Our Assessment

France has formally defined and regulated a category of games that involve chance, financial stakes and resellable digital assets without cash payouts. The framework, introduced as a three-year pilot under the SREN Act, imposes KYC requirements, responsible gambling tools, reward limits and reporting obligations, while excluding minors. In a European environment where Belgium, the UK and Poland are also addressing similar products, the French model establishes a structured approach to supervising blockchain-based games that monetize digital objects through secondary markets.

Crypto Capital Shifts From Token Launches to Listed Stocks – New Data Shows Most 2025 Tokens Trade Below TGE Price

Key Takeaways

Majority of 2025 Token Launches Trade Below Listing Price

Research referenced by market maker DWF Labs indicates that most token launches in 2025 have struggled to maintain their initial valuations. Drawing on data from Memento Research that covers hundreds of token launches across major centralized and decentralized exchanges, DWF reports that more than 80% of projects now trade below their token generation event price.

The token generation event price is the exchange-listed opening price set before launch. According to DWF Labs managing partner Andrei Grachev, most tokens reach a peak within the first month after listing and then trend downward as selling pressure builds. The data show that typical declines range between 50% and 70% within roughly 90 days of listing.

The analysis focuses on structured launches linked to projects with products or protocols, rather than meme coins. Identified sources of selling pressure include airdrops and early investor token unlocks. These mechanisms increase circulating supply shortly after listing, which can weigh on market prices when demand does not keep pace.

For you as a market participant, the data highlight that initial exchange pricing has not translated into sustained market support for most newly issued tokens in 2025.

IPO Fundraising and M&A Activity Increase in the Same Period

While token performance has weakened, capital formation in traditional financial markets tied to the crypto sector has accelerated. According to figures cited by DWF, fundraising for crypto-related initial public offerings reached about $14.6 billion in 2025. This marks a sharp increase from the prior year.

Merger and acquisition activity in the sector also rose significantly, surpassing $42.5 billion. That represents the highest level in five years, based on the data referenced in the report.

Grachev described the development as a rotation of capital rather than an exit from the sector. He pointed to the simultaneous rise in IPO funding and M&A activity as evidence that investor money remains within the broader crypto ecosystem, but is shifting from token-based exposure to equity stakes in publicly listed companies.

For international users evaluating crypto businesses, these figures indicate that institutional and corporate transactions are taking place at scale, even as many token markets face post-listing declines.

Valuation Gap Between Listed Crypto Companies and Token Projects

DWF compared publicly listed crypto companies including Circle, Gemini, eToro, Bullish and Figure with tokenized projects using trailing 12-month price-to-sales ratios. According to the report, public equities trade at multiples ranging from roughly 7 to 40 times sales. Comparable tokenized projects trade at lower multiples, between about 2 and 16 times sales.

The firm attributes this valuation gap primarily to accessibility. Many institutional investors, such as pension funds and endowments, are restricted to regulated securities markets. Public shares can also be included in indexes and exchange-traded funds, which can create automatic buying through passive investment products.

Tokens, by contrast, often require additional custody approvals and policy adjustments within institutional frameworks. As a result, equity instruments may fit more easily into existing portfolio rules and compliance structures.

Market Participants Distinguish Between Tokens and Businesses

Maksym Sakharov, co-founder and group CEO of WeFi, confirmed that he has observed a capital rotation away from token launches. He stated that when risk appetite tightens, investors seek clearer ownership structures, disclosure standards and enforceable rights.

According to Sakharov, capital is moving toward businesses that function as infrastructure, including custody, payments, settlement, brokerage and compliance services. He noted that the equity structure aligns with licensing, audits, partnerships and distribution channels, which are features of operating companies rather than standalone tokens.

Sakharov also emphasized that the market increasingly treats tokens and businesses as separate entities. A token without sustained user activity, transaction volume and revenue may be priced primarily on expectations. This dynamic can lead to strong initial performance followed by later declines if operational metrics do not meet market assumptions.

Listed crypto equities are not necessarily described as safer, but they offer standardized reporting, governance frameworks and legal claims. These characteristics can make them easier to evaluate within established investment processes.

Structural Shift Rather Than Short-Term Volatility

Grachev characterized the development as structural rather than cyclical. In his view, tokens will continue to play roles in network incentives and governance, but institutional capital is increasingly favoring equity-based exposure.

He described the situation as a bifurcation in which protocols with demonstrable revenue may continue to attract support, while a larger group of speculative launches faces a more challenging environment.

For users of crypto platforms, including those active in adjacent sectors such as digital payments or online services that integrate tokens, this shift underscores a broader differentiation in how capital markets evaluate digital assets compared with regulated corporate entities.

Our Assessment

The data presented by DWF Labs show a clear divergence in 2025 between token market performance and capital flows into publicly listed crypto companies. Most new token launches trade below their initial listing price, often with significant drawdowns within three months. At the same time, IPO fundraising and M&A volumes in the crypto sector have reached multi-year highs. The figures indicate that capital remains active in the sector but is increasingly directed toward equity structures rather than newly issued tokens.