Brazil Expands DREX Pilot

100 institutions join phase 2.

The Central Bank of Brazil expanded the DREX (Brazilian CBDC) pilot to include 100 financial institutions in phase 2 testing.

The Jurisdictional Map

The 2026 regulatory map is more legible than at any point in the cycle. EU has MiCA. UK has FSMA. US still has competing regulators but the temperature has dropped.

What’s in the Secondary Pipeline

• DeFi. The line between non-custodial protocol and regulated service is being redrawn.
• Staking. Treatment of staking yields is a live debate.
• NFTs. Final categorization rules are coming.
• Tokenized securities. The biggest growth area.

Enforcement Trends

Enforcement shifted from existential cases to targeted cases against marketing schemes, fraudulent token launches, and unlicensed venues.

What Builders Should Do

Compliance is a product feature now, not a sunk cost.

Bad regulation kills companies. Good regulation kills bad companies.