Background
SAFAIDRegulatory Advisory

Next three obligationsLive

Tier 1 advisory

Advising institutions at the frontier of finance, technology and regulation

SAFAID maintains a continuous record of the statutes, regulations and standards governing digital assets, artificial intelligence, financial crime and climate markets, and advises regulators, public institutions and licensed firms on the obligations those instruments create. The same practice extends into the technologies those regulators are only beginning to write rules for: physical AI, agentic payments, PropTech, zero-knowledge proofs for governments, embedded development finance and neobank infrastructure.

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Timeline

The compliance horizon

Every date on which an obligation commences, lapses or falls for decision, plotted against a single calendar. The marker moves with the clock.

July 2025 to December 2028

In forcePendingDeferredClosed or expired
To end 2030 · FATF R.16
17 Jul 2025US House passes CLARITY
26 Mar 2026Canada Stablecoin Act assent
01 Jul 2026MiCA transition closes
27 Jul 2026EU AI Omnibus in force
15 Sept 2026CLARITY Senate vote
02 Dec 2026AI content marking
31 Dec 2026CDM closes
01 Jan 2027CORSIA mandatory
02 Dec 2027AI Annex III applies
02 Aug 2028AI Annex I applies
2026
2027
2028

Scroll horizontally to view the full period. Every date is also listed in the register below.

Interactive

Register of tracked instruments

Filter by domain. Open any row for the obligations it creates and the source it is verified against.

8 of 8 instruments shown.

Instruments tracked by SAFAID, with position, status and next event
RefInstrumentPositionStatusNext eventDetail
VA-01

Stablecoin Act

Canada · S.C. 2026, c. 3 · Bill C-15		Royal Assent received 26 March 2026 through the Budget 2025 Implementation Act. Enacted but not yet in force.Not in forceDraft regulationsCommencement expected 2027.

Obligations created

  • Registration with the Bank of Canada for issuers offering to Canadians, including foreign issuers
  • Reserves held one-to-one in high quality liquid assets, in the reference currency
  • A published redemption policy providing redemption at par
  • Governance, risk management, data security and resolution policies

Verified against

Statutes of Canada 2026, c. 3, enacted through Division 45 of Bill C-15. Department of Finance framework guidance, March 2026. Regulations remain in development and will be published in the Canada Gazette for consultation.

VA-02

Digital Asset Market Clarity Act

United States · H.R. 3633		Passed the House 17 July 2025. Reported by Senate Banking 14 May 2026. The Senate adjourned 8 August without a floor vote.Before the Senate15 September 2026Cloture vote on the motion to proceed.

What passage would change

  • A statutory division of authority between the SEC and the CFTC over digital commodities
  • Registration categories for intermediaries, with customer property and bankruptcy protections
  • Treatment of decentralised protocols, including recordkeeping and sanctions obligations
  • Constraints on yield paid on stablecoin balances

Verified against

Congress.gov record for H.R. 3633, including the Senate calendar placement of 1 June 2026 and the merged Banking and Agriculture text released 22 July 2026. Cloture was filed on the motion to proceed before the August recess.

VA-03

Markets in Crypto-Assets Regulation

European Union · Reg. (EU) 2023/1114		The Article 143 transitional regime expired 1 July 2026. ESMA confirmed in April that there would be no extension.Transition closedSupervisionAction against unauthorised providers.

Position now

  • National registration no longer permits service to clients in the Union
  • Only full authorisation carries passporting rights across member states
  • Three routes remain: fresh authorisation, passporting from a licensed entity, or acquisition
  • The transfer of funds regulation continues to apply to originator and beneficiary data

Verified against

Regulation (EU) 2023/1114, Article 143, together with the member state grandfathering elections recorded by ESMA and its confirmation of 17 April 2026 that the backstop would not move.

VA-04

Virtual Assets Act, 2026

Pakistan · PVARA		Passed March 2026, replacing the 2025 Ordinance and establishing PVARA as a permanent statutory authority.In forceFinal regulationsFollowing the June 2026 consultation.

Obligations created

  • Licensing in two stages, a No Objection Certificate before incorporation and a full licence thereafter
  • At least one key individual ordinarily resident in Pakistan holding operational authority
  • Fit and proper assessment of controllers, sponsors and the money laundering reporting officer
  • Travel rule and proof of reserve requirements, with service providers treated as financial institutions under the AML Act

Verified against

Virtual Assets Act, 2026, as published in the Gazette. PVARA licensing pages, advisory PVARA/ADV/001/2026 of 26 April 2026, the Sandbox Guidelines 2026, and the draft Pakistan Virtual Asset Services Regulations issued for consultation in June 2026.

FC-01

Travel rule and Recommendation 16

FATF · Revised June 2025 · R.15 and R.16		The revised standard restructures originator and beneficiary data across the payment chain, and reaches virtual asset transfers through the interpretive note to Recommendation 15. Beneficiary verification against the account record is the new obligation.Transition periodEnd 2030National implementation expected.

Obligations created

  • Travel rule data passed with every qualifying transfer, fiat and virtual asset alike, including across unhosted wallet interactions
  • Verification of beneficiary information against the account record held by the receiving institution
  • KYC on natural persons and KYB on legal persons, with beneficial ownership established to the controlling natural person
  • Account attribution, binding a wallet or account to a verified identity and keeping that binding current
  • On-chain analytics for counterparty risk, sanctions exposure and source of funds tracing
  • Clearer allocation of responsibility along the payment chain, including intermediaries

Verified against

The revision adopted at the June 2025 plenary and its explanatory memorandum, together with the draft guidance issued for public consultation in June 2026. Implementation is expected across members by the end of 2030.

AI-01

Artificial Intelligence Act, as amended

EU · Reg. 2024/1689, amended by Reg. 2026/1744		The Digital Omnibus on AI entered into force 27 July 2026, six days before the original high-risk deadline.Phased, amended2 December 2026Marking of synthetic content.

Revised calendar

  • 2 August 2026, Article 50 transparency duties and the full penalty regime apply
  • 2 December 2026, synthetic content marking for systems already on the market
  • 2 December 2027, standalone high-risk systems under Annex III
  • 2 August 2028, high-risk systems embedded in regulated products under Annex I

Verified against

Regulation (EU) 2026/1744, published in the Official Journal 24 July 2026 and in force from 27 July. The risk-based structure, conformity assessment model and general purpose AI track are unchanged by the amendment.

AI-02

Embodied and physical AI systems

EU, United States, Gulf · Emerging coverage		Where AI governance meets product safety law, and models inside machinery become a conformity assessment question.MonitoringDelegated actsSectoral rules for regulated products.

What we are watching

  • The interaction between the AI Act and the Machinery Regulation, revisited by the Omnibus
  • Which authority certifies an autonomous system, and against which standard
  • Liability allocation between model provider, integrator and operator
  • Gulf procurement rules for autonomous equipment in logistics, industry and infrastructure

Verified against

Regulation (EU) 2023/1230 as it interacts with the amended AI Act, and the Commission delegated acts anticipated for AI within regulated product categories. This entry is a monitoring position and not a settled framework.

CM-01

Article 6.4 crediting mechanism and CORSIA

UNFCCC · PACM · ICAO		Foundational standards were endorsed at COP30 and the first credit under the Paris Agreement Crediting Mechanism was issued in February 2026.Operational1 January 2027CORSIA becomes mandatory for all states.

What buyers must check

  • Host country authorisation of the credit for international use
  • Whether a corresponding adjustment has been issued, which CORSIA now requires
  • Transition history where a project has moved across from the Clean Development Mechanism
  • The closure of the Clean Development Mechanism at the end of 2026

Verified against

Article 6.4 Supervisory Body standards endorsed at COP30 in Belem, the first mechanism issuance in February 2026, and ICAO records on CORSIA phases and eligibility assessment.

Sources are primary: the Official Journal, the Canada Gazette, Congress.gov, FATF publications, PVARA and UNFCCC records.
This register summarises the public record and does not constitute legal advice.

Published

Two references maintained in full

Beyond the register, SAFAID publishes a small number of worked instruments. Each is traced to source documents and revised as the underlying record changes.

Instrument 01Published

Budget Lens

Rs 18,771bnPakistan federal budget FY2026-27, total outlay

The federal budget rendered as an examinable document. Outlay, revenue and allocation traced line by line against Finance Ministry sources, including the Rs 15,264bn Federal Board of Revenue target.

Open Budget Lens →
Instrument 02In preparation

Pakistan Regulatory Tracker

Ordinance to Act to licenceVirtual Assets Act 2026 and subordinate rulemaking

Every step from the 2025 Ordinance through the 2026 Act to the licensing regulations now in consultation, with advisories, sandbox guidelines and authorisation decisions recorded against the instrument that effected each one.

Publication forthcoming
Practice

What we do with the record, and beyond it

Monitoring is the input, not the product. Institutions engage SAFAID to convert the record into obligations, controls and evidence a supervisor will accept — and to build the systems those rules will eventually govern.

Regulatory advisory
VA-01 · VA-03 · VA-04

Licensing and authorisation

Application strategy, jurisdiction selection and submission drafting for stablecoin issuers and virtual asset service providers, from initial clearance through full authorisation.

FC-01

Travel rule, AML and CFT

Travel rule implementation across fiat and virtual asset rails, KYC and KYB programme design, beneficial ownership verification, mutual evaluation preparation and supervisory framework design.

FC-01 · VA-04

On-chain analytics and attribution

Counterparty risk scoring, sanctions and mixer exposure, source of funds tracing, and account attribution binding wallets to verified identities so a transaction can be explained to a supervisor.

VA-01

Reserves and redemption

Reserve composition, custody segregation, redemption operations and proof of reserve attestation, designed against the disclosure standards supervisors are converging on.

AI-01 · AI-02

AI governance and conformity

System classification, transparency obligations, technical documentation and conformity assessment readiness, including where models sit within regulated products.

All domains

Retained regulatory monitoring

The register maintained privately for your perimeter, with change notices, obligation mapping and a quarterly review against your control environment.

CM-01

Carbon market integrity

Credit eligibility review, corresponding adjustment and authorisation checks, and procurement due diligence for buyers exposed to CORSIA and Article 6 requirements.

Frontier practice
Physical Systems

Physical AI

Governance, liability allocation and conformity pathways for embodied and physical AI, where a model's decisions move machinery rather than a screen.

Payments Infrastructure

Agentic payments

Authorisation, spend controls and settlement design for machine-initiated payments, as autonomous agents move from advisory to transacting on a principal's behalf.

Real Assets

PropTech

Structuring for tokenised real estate, digital land registries and mortgage infrastructure, read against the property law and land title regime each jurisdiction actually enforces.

Public Sector Cryptography

Zero-knowledge proofs for governments

Selective disclosure identity, tax and eligibility verification, and voting infrastructure built on zero-knowledge proofs, specified in terms a public sector procurement process can evaluate.

Development Finance

Embedded finance for the development sector

Payment rails and disbursement systems embedded directly into aid, subsidy and development programmes, built for donor reporting and beneficiary reconciliation from the outset.

Banking Infrastructure

API integrations for neobanks

Core banking connectivity, ledger and KYC integration, and third-party API architecture for neobank build-out and the incumbents integrating around them.

Written by the firm

Notes against the register

Short analytical notes on what a development actually requires. Published by SAFAID. We do not carry outside bylines.

Digital assets

Enacted, not in force: what the Stablecoin Act asks issuers to do before commencement

The obligations are legible now, even though the regulations are not written. Reserve composition and redemption operations are the two that take longest to build.

Note 06/26
VA-01Financial crime

Beneficiary verification is the difficult part of the travel rule

Checking a name against the account record sounds administrative. In practice it touches payment messaging, KYB records, screening and exception handling across systems that were never joined up.

Note 05/26
FC-01Artificial intelligence

The Omnibus deferred the deadline, not the work

December 2027 replaces August 2026 for Annex III systems. Transparency duties and the penalty regime did not move, and classification still has to be completed first.

Note 04/26
AI-01Digital assets

After the MiCA transition: three routes back into the single market

Fresh authorisation, passporting from a licensed entity, or acquisition. Each carries a different timeline and a different relationship with the home regulator.

Note 03/26
VA-03
Enquiries

Bring us the obligation you are unsure about

We accept a limited number of engagements each quarter across monitoring, licensing, financial crime and assurance. Enquiries from public institutions, regulators and licensed entities are read directly by the partners.

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Offices
Mississauga · Dubai · Lahore
Coverage
Canada, the United States, the European Union, the FATF standards, Pakistan and the Gulf