Research Thread · Regulatory Landscape
How FATF, Singapore, and the EU are trying to regulate what they can barely see
Coming soon — why crypto breaks conventional AML logic. Pseudonymity at the address level, instant cross-border transfer with no correspondent banking layer, programmable obfuscation, and a global ledger that is simultaneously transparent and hard to attribute.
Coming soon — Recommendation 15, the Travel Rule, and the 2023 finding that 75% of jurisdictions remain only partially or non-compliant. The gap between standard-setting and real-world implementation is itself the story.
Coming soon — MAS PSN02, the Digital Payment Token licensing regime under the Payment Services Act, and how the Travel Rule lands in practice at the S$1,500 threshold.
Coming soon — MiCA, the Transfer of Funds Regulation, and the case for a unified 27-country passport with no de minimis Travel Rule threshold. How the 18-month grandfathering period creates an interim patchwork.
Coming soon — different jurisdictions, different bets. Enforcement capacity, supervisory philosophy, and the question of which model travels well to mid-size emerging market regulators.
Coming soon — what regulation is actually chasing: mixer and tumbler usage, chain-hopping, DeFi as a layering vehicle, and exploitation of P2P networks. Ties into the on-chain case study.
Coming soon — open questions, honest unknowns. A student's view, not a policy prescription. What I now know I don't know.
This piece is being written in stages as the research develops. Sections will be published as they are ready. Last updated: May 2026.