{
  "_variance_note": "Jurisdiction data is hierarchical (region→country→sub-state) per methodology v2 §08. v1 renders the top-level rollup; per-country intra-regional variance drill-down is the v2 render. The blob preserves the full hierarchy losslessly (no data dropped).",
  "meta": {
    "week_ending": "2026-09-08",
    "cycle": "37/2026",
    "trust": "AI–Unverified",
    "schema_version": "2.0",
    "module_count": 12,
    "note": "W1 split to W1a/W1b. W11 AML/CFT sourced from Sentinel.gi. W12 Correspondent Banking new.",
    "schema_versions": {
      "interpret": "wpm-interpret-v1.3",
      "compose": "wpm-compose-v1.0",
      "review": "wpm-review-v1.0"
    }
  },
  "domains": [
    {
      "id": "W1a",
      "t": "Licensing, Authorisation & Market Access",
      "d": "PI/EMI and bank PSP authorisation routes, passporting, GAR, EMD agents, outsourcing obligations, prudential requirements and jurisdiction comparisons.",
      "sentinel_feed": false,
      "brief_count": 6,
      "colour": "#1a6e8e",
      "dot": "brand",
      "slug": "licensing-authorisation-and-market-access"
    },
    {
      "id": "W1b",
      "t": "Conduct, Safeguarding & Financial Promotions",
      "d": "Consumer Duty, safeguarding rules for non-bank PSPs (May 2026 changes), financial promotions and approver regime, vulnerable customers and prepaid conduct.",
      "sentinel_feed": false,
      "brief_count": 5,
      "colour": "#2596be",
      "dot": "brand-2",
      "slug": "conduct-safeguarding-and-financial-promotions"
    },
    {
      "id": "W2",
      "t": "Stablecoins & Digital Money",
      "d": "Stablecoin reserve requirements, MiCA EMT/ART regime, UK and US digital-money frameworks, CBDC developments and tokenised-money licensing.",
      "sentinel_feed": false,
      "brief_count": 5,
      "colour": "#0f766e",
      "dot": "mon",
      "slug": "stablecoins-and-digital-money"
    },
    {
      "id": "W3",
      "t": "Operational Resilience & Critical Infrastructure",
      "d": "DORA, FCA/PRA operational resilience rules, critical third-party (CTP) designation regime and firm-level continuity obligations.",
      "sentinel_feed": false,
      "brief_count": 3,
      "colour": "#b45309",
      "dot": "elev",
      "slug": "operational-resilience-and-critical-infrastructure"
    },
    {
      "id": "W4",
      "t": "Scheme & Network Compliance",
      "d": "Card-scheme rule changes, Visa VAMP, Mastercard ECP/BRAM, PCI-DSS v4.0, SCA/3DS mandate and programme-proximity obligations.",
      "sentinel_feed": false,
      "brief_count": 4,
      "colour": "#9333ea",
      "dot": "high",
      "slug": "scheme-and-network-compliance"
    },
    {
      "id": "W5",
      "t": "Payment Corridor Dynamics",
      "d": "Cross-border route risk: sanctions exposure, regulatory divergence, illicit-finance concentration, FATF impact and correspondent banking fragility.",
      "sentinel_feed": false,
      "brief_count": 3,
      "colour": "#dc2626",
      "dot": "crit",
      "slug": "payment-corridor-dynamics"
    },
    {
      "id": "W6",
      "t": "Industry Structure & Commercial Dynamics",
      "d": "M&A, market-entry moves, competitive landscape by segment, market-entry analysis and structural shifts in payments.",
      "sentinel_feed": false,
      "brief_count": 2,
      "colour": "#0891b2",
      "dot": "accent",
      "slug": "industry-structure-and-commercial-dynamics"
    },
    {
      "id": "W7",
      "t": "Legal & Litigation",
      "d": "Enforcement actions, litigation with structural consequences, asset-recovery proceedings and AML enforcement patterns.",
      "sentinel_feed": false,
      "brief_count": 3,
      "colour": "#7c3aed",
      "dot": "brand-2",
      "slug": "legal-and-litigation"
    },
    {
      "id": "W8",
      "t": "Merchant Acquiring & Risk",
      "d": "Merchant-category risk, high-risk MCC guide, chargeback mechanics, acquirer stress signals and monitoring obligations.",
      "sentinel_feed": false,
      "brief_count": 2,
      "colour": "#ca8a04",
      "dot": "high",
      "slug": "merchant-acquiring-and-risk"
    },
    {
      "id": "W9",
      "t": "Product Innovation & Market Development",
      "d": "Open banking, PSD3 account access, BaaS and embedded finance, BNPL regulation, prepaid product types and innovation-layer risk.",
      "sentinel_feed": false,
      "brief_count": 4,
      "colour": "#059669",
      "dot": "mon",
      "slug": "product-innovation-and-market-development"
    },
    {
      "id": "W10",
      "t": "Consumer Protection & APP Fraud",
      "d": "APP fraud mandatory reimbursement (PSR, Oct 2024), account closure and de-banking rights, consumer-redress obligations and complaint trends.",
      "sentinel_feed": false,
      "brief_count": 2,
      "colour": "#db2777",
      "dot": "elev",
      "slug": "consumer-protection-and-app-fraud"
    },
    {
      "id": "W11",
      "t": "AML/CFT & Financial Crime",
      "d": "UK/EU AML frameworks, travel rule, sanctions regimes, FATF mutual evaluation impact, bank vs non-bank PSP supervision gap. Intelligence sourced from Sentinel.gi.",
      "sentinel_feed": true,
      "sentinel_url": "https://sentinel.gi/",
      "brief_count": 6,
      "colour": "#7c3aed",
      "dot": "crit",
      "slug": "aml-cft-and-financial-crime"
    },
    {
      "id": "W12",
      "t": "Correspondent Banking & Settlement",
      "d": "USD and GBP clearing architecture, CHIPS/FedWire/CHAPS, non-bank PSP access to payment systems, correspondent banking de-risking, ISO 20022 migration and settlement finality.",
      "sentinel_feed": false,
      "brief_count": 7,
      "colour": "#1d4ed8",
      "dot": "accent",
      "slug": "correspondent-banking-and-settlement"
    },
    {
      "id": "W13",
      "t": "Commercial Intelligence & Fintech",
      "d": "M&A activity, investment rounds, market entry and exit, strategic partnerships and competitive landscape shifts across the payments sector.",
      "sentinel_feed": false,
      "brief_count": 0,
      "colour": "#0d9488",
      "dot": "mon",
      "slug": "commercial-intelligence-and-fintech"
    }
  ],
  "risk": {
    "W7": [
      {
        "ent": "Utmost Worldwide Limited",
        "impact": "CRITICAL",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W7",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w7",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W7",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w7",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Belize Bank Limited",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W7",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w7",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "MISA / AOFA",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W7",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w7",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Office of the Public Auditor / Palau Senate",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W7",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w7",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "BOI Bank / FSRC litigation",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W7",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w7",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Equiom (Guernsey) Limited",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W7",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w7",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC v Fuller, Tattersall and Moroney",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W7",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w7",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Banque Centrale des Comores",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W7",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w7",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Republic of the Marshall Islands",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W7",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w7",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      }
    ],
    "W12": [
      {
        "ent": "Bank of the Marshall Islands (BOMI)",
        "impact": "CRITICAL",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W12",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w12",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "CAPSS as correspondent-banking mitigation",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W12",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w12",
        "instrument_type": "account-to-account",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "National Bank of Belgium (NBB)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W12",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w12",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belgium"
      },
      {
        "ent": "Belize banking sector",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T2",
        "domain": "W12",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w12",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Belize"
      },
      {
        "ent": "Federal Deposit Insurance Corporation (FDIC)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W12",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w12",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Palau correspondent banking / settlement access",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T2",
        "domain": "W12",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w12",
        "instrument_type": "account-to-account",
        "source_label": "Palau"
      },
      {
        "ent": "BCCh",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W12",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Chile"
      },
      {
        "ent": "Government of Liechtenstein / Prime Minister Brigitte Haas",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W12",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "Liechtenstein Office of Justice — beneficial-ownership registry (VwbPG)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W12",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "METIX (Mozambique Instant Payment System)",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W12",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Mozambique"
      },
      {
        "ent": "Rede Única de Pagamentos (Single Payments Network)",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W12",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Mozambique"
      },
      {
        "ent": "Correspondent banking de-risking advocacy (CARICOM/AG)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W12",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Butterfield Bank (Guernsey) Limited",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W12",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w12",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey PSPs",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T1",
        "domain": "W12",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w12",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Offshore financial centres (general)",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W12",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w12",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "UK clearing banks",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W12",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w12",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Exim Bank Comoros / SADC-RTGS",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W12",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w12",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Comoros"
      },
      {
        "ent": "BCC correspondent-banking architecture",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W12",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "SIMO (Sociedade Interbancária de Moçambique)",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W12",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w12",
        "instrument_type": "other",
        "source_label": "Mozambique"
      }
    ],
    "W1a": [
      {
        "ent": "Poland (KNF)",
        "impact": "CRITICAL",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Poland (domestic CASPs)",
        "impact": "CRITICAL",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "Payment Systems and Services Act, 2025 (No. 13 of 2025)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Australian Securities and Investments Commission (ASIC)",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W1a",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Australia"
      },
      {
        "ent": "Commonwealth of Australia (Parliament)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Australia"
      },
      {
        "ent": "Reserve Bank of Australia / Commonwealth of Australia",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Australia"
      },
      {
        "ent": "PSD3/PSR (EU)",
        "impact": "HIGH",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Belgium"
      },
      {
        "ent": "Central Bank of Belize",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "Financial Services Commission (Belize)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "BCCh (Rosanna Costa, Presidenta)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w1a",
        "instrument_type": "stablecoin",
        "source_label": "Chile"
      },
      {
        "ent": "Banque Centrale des Comores (BCC)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "FMA Liechtenstein",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "Liechtenstein TVTG-registered TT service providers",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "MiCAR VASP transition period (EU-wide)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Marshall Islands Monetary Authority (MIMA)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "EBA / EU e-money-token CASPs",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "ASX",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Australia"
      },
      {
        "ent": "Reserve Bank of Australia",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Australia"
      },
      {
        "ent": "Belgium PI/EMI authorisation pipeline",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belgium"
      },
      {
        "ent": "BCCh",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w1a",
        "instrument_type": "stablecoin",
        "source_label": "Chile"
      },
      {
        "ent": "AOFA / MISA (island-level bodies)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1a",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Axian Group",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1a",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Ripple",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Republic of the Marshall Islands (Banking Commissioner)",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Draft Polish Act on the crypto-assets market",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Poland"
      },
      {
        "ent": "FIC regulatory perimeter",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Georgia DBF VC Kiosk Final Rule",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "US-GA",
        "link": "/jurisdictions/us-ga/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "United States — Georgia"
      },
      {
        "ent": "Georgia DBF VC Kiosk Final Rule (O.C.G.A. § 7-1-699.10(9))",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "US-GA",
        "link": "/jurisdictions/us-ga/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "United States — Georgia"
      },
      {
        "ent": "Georgia DBF VC Kiosk Final Rule (O.C.G.A. § 7-1-699.10)",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "US-GA",
        "link": "/jurisdictions/us-ga/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "United States — Georgia"
      },
      {
        "ent": "Georgia DBF VC Kiosk Final Rule (O.C.G.A. § 7-1-699.9)",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "US-GA",
        "link": "/jurisdictions/us-ga/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "United States — Georgia"
      },
      {
        "ent": "Money Services Business Act, 2011 / FSRC MSB licensing regime",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belgium PI/EMI sector",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belgium"
      },
      {
        "ent": "Belgium limited-network exclusion notifications",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belgium"
      },
      {
        "ent": "Deposit-taking banks",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1a",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Foreign payment service providers",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T4",
        "domain": "W1a",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1a",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W1a",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1a",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC Innovation Sandbox",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1a",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey Financial Services Commission",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1a",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Virtual Asset Service Providers",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1a",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1a",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Pay10 EU Kft",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W1a",
        "jid": "HU",
        "link": "/jurisdictions/hu/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "prepaid_emoney",
        "source_label": "Hungary"
      },
      {
        "ent": "Banque Centrale des Comores",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Comoros e-money issuer sector",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "prepaid_emoney",
        "source_label": "Comoros"
      },
      {
        "ent": "Damoon Technology (Europe) AG",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "Floin AG",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "Smart Valor AG",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LI",
        "link": "/jurisdictions/li/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Liechtenstein"
      },
      {
        "ent": "CSSF crypto-asset white paper notification procedure",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Banco de Moçambique",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Mozambique"
      },
      {
        "ent": "Financial Institutions Commission (FIC)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Palau banking sector",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1a",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Bitcoin Depot Operating LLC",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1a",
        "jid": "US-AR",
        "link": "/jurisdictions/us-ar/#sec-mod-w1a",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "United States — Arkansas"
      },
      {
        "ent": "Georgia DBF Regulations Index",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1a",
        "jid": "US-GA",
        "link": "/jurisdictions/us-ga/#sec-mod-w1a",
        "instrument_type": "other",
        "source_label": "United States — Georgia"
      }
    ],
    "W2": [
      {
        "ent": "DCash 2.0 (ECCB commercial CBDC programme)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W2",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w2",
        "instrument_type": "CBDC",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Eurosystem / digital euro project",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W2",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w2",
        "instrument_type": "CBDC",
        "source_label": "Belgium"
      },
      {
        "ent": "USDM1 (Marshall Islands digital sovereign bond)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W2",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Financial Institutions Commission (FIC)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W2",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w2",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Office of the Public Auditor (OPA)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W2",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Palau"
      },
      {
        "ent": "Palau Digital Service Bill (PDSB)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T2",
        "domain": "W2",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Palau"
      },
      {
        "ent": "Republic of Palau / Ministry of Finance",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W2",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Palau"
      },
      {
        "ent": "Digital Assets Business Act, 2020",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W2",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w2",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Reserve Bank of Australia",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W2",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Australia"
      },
      {
        "ent": "European Commission",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W2",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "stablecoin",
        "source_label": "Belgium"
      },
      {
        "ent": "National Bank of Belgium (NBB)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W2",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "stablecoin",
        "source_label": "Belgium"
      },
      {
        "ent": "Financial Services Commission (Belize)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "stablecoin",
        "source_label": "Belize"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w2",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC Director General",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w2",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey-licensed banks",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Virtual Asset Service Providers",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W2",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w2",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Hungary (Government)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W2",
        "jid": "HU",
        "link": "/jurisdictions/hu/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Hungary"
      },
      {
        "ent": "Supervisory Authority for Regulated Activities (SARA)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W2",
        "jid": "HU",
        "link": "/jurisdictions/hu/#sec-mod-w2",
        "instrument_type": "other",
        "source_label": "Hungary"
      },
      {
        "ent": "Comoros (KM)",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W2",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w2",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "stablecoin",
        "source_label": "Comoros"
      },
      {
        "ent": "BCC e-money/EMI framework",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W2",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w2",
        "instrument_type": "prepaid_emoney",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Sovereign Currency Act of 2018 (RMI)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W2",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w2",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Banco de Moçambique",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W2",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w2",
        "instrument_type": "cards",
        "source_label": "Mozambique"
      },
      {
        "ent": "Financial Intelligence Unit (FIU)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W2",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w2",
        "instrument_type": "stablecoin",
        "source_label": "Palau"
      }
    ],
    "W5": [
      {
        "ent": "CARICOM Payment and Settlement System (CAPSS)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W5",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w5",
        "instrument_type": "account-to-account",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belize banking sector",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T2",
        "domain": "W5",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w5",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Belize"
      },
      {
        "ent": "BCC / PAPSS",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T2",
        "domain": "W5",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w5",
        "instrument_type": "account-to-account",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "RMI USD payment corridor (US–Marshall Islands)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W5",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w5",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "US 1% remittance excise tax (One Big Beautiful Bill Act)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W5",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w5",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "France-Comoros remittance corridor",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W5",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w5",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Comoros"
      },
      {
        "ent": "Palau cross-border payment corridors",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T2",
        "domain": "W5",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w5",
        "instrument_type": "account-to-account",
        "source_label": "Palau"
      },
      {
        "ent": "Butterfield Bank (Guernsey) Limited",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W5",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w5",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "European Commission",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W5",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w5",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T1",
        "domain": "W5",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w5",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey, Jersey and Isle of Man",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W5",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w5",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "SADC-RTGS",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W5",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w5",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Comoros"
      }
    ],
    "W11": [
      {
        "ent": "Financial Intelligence Unit Belize (FIU Belize)",
        "impact": "HIGH",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W11",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w11",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "Union of Comoros AML/CFT regime",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W11",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w11",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "CFATF Fifth Round Mutual Evaluation preparation",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W11",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w11",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Money Laundering (Prevention) Act, 1996",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W11",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w11",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Banque Centrale des Comores (DNFBP supervision)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W11",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w11",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Union of the Comoros (FATF/ESAAMLG MER)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W11",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w11",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Republic of the Marshall Islands",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W11",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w11",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Palau AML/CFT framework",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T2",
        "domain": "W11",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w11",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Bailiwick of Guernsey",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W11",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w11",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W11",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w11",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "MONEYVAL",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W11",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w11",
        "source_label": "Guernsey — Alderney"
      }
    ],
    "W1b": [
      {
        "ent": "CMF",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w1b",
        "instrument_type": "cards",
        "source_label": "Chile"
      },
      {
        "ent": "GFSC",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1b",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Circular CSSF 26/906",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Circular CSSF 26/915",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "PSSA e-float safeguarding mechanism",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1b",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w1b",
        "instrument_type": "prepaid_emoney",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belize payments conduct oversight (CBB + FSC)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "Comores Telecom / Huri Money",
        "impact": "ELEVATED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W1b",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w1b",
        "instrument_type": "prepaid_emoney",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Bank of the Lao P.D.R. (BOL)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W1b",
        "jid": "LA",
        "link": "/jurisdictions/la/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Laos"
      },
      {
        "ent": "PingPong Europe S.A.",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "prepaid_emoney",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Financial Institutions Commission (FIC)",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W1b",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Bitcoin Depot Operating LLC",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "US-AR",
        "link": "/jurisdictions/us-ar/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "United States — Arkansas"
      },
      {
        "ent": "PSSA agent authorisation requirement (s.35)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "FSMA",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belgium"
      },
      {
        "ent": "Guernsey",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1b",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "LCF Law licensees",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W1b",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1b",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Part III LCF Law licensees",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W1b",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w1b",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Hungary (Government)",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T2",
        "domain": "W1b",
        "jid": "HU",
        "link": "/jurisdictions/hu/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Hungary"
      },
      {
        "ent": "Banque Centrale des Comores",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Banking Commission (RMI)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Financial Institutions Act (FIA)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W1b",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w1b",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Alabama Securities Commission",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W1b",
        "jid": "US-AL",
        "link": "/jurisdictions/us-al/#sec-mod-w1b",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "United States — Alabama"
      }
    ],
    "W3": [
      {
        "ent": "National Interoperable Payment Switch (PayLogic/PADSF)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W3",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w3",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "National Payment Switch (Comoros)",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W3",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w3",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "ECCB Prudential Standards for Operational Risk and Outsourcing",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W3",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w3",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "GFSC",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W3",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w3",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Bank of the Marshall Islands (BOMI) card network",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W3",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w3",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "ECCU Data Protection and Privacy Bill (harmonisation)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W3",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w3",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Mastercard",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W3",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w3",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Australia"
      },
      {
        "ent": "Central Bank of Belize",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W3",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w3",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "Guernsey/Gibraltar financial firms",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W3",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w3",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "LCF Law licensees",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W3",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w3",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "BCC / Central Bank of Tunisia",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W3",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w3",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "SYCOCO (Système de Compensation Comorien)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W3",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w3",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Palau payment system infrastructure",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W3",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w3",
        "instrument_type": "other",
        "source_label": "Palau"
      }
    ],
    "W9": [
      {
        "ent": "National Financial Inclusion Strategy 2025-2030",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W9",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "National Financial Inclusion Strategy 2025-2030",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T2",
        "domain": "W9",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Root Name System (RNS) Digital Residency Program",
        "impact": "HIGH",
        "conf": "High",
        "tier": "T3",
        "domain": "W9",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "CAPSS pilot expansion",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W9",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w9",
        "instrument_type": "account-to-account",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "bunq",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W9",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Belgium"
      },
      {
        "ent": "Chile - digital payments fraud",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W9",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w9",
        "instrument_type": "cards",
        "source_label": "Chile"
      },
      {
        "ent": "Lomalo digital wallet / USDM1 UBI programme",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W9",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "PSSA regulatory sandbox provisions",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W9",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w9",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belize Bank Limited",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W9",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "prepaid_emoney",
        "source_label": "Belize"
      },
      {
        "ent": "BCCh",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W9",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w9",
        "instrument_type": "prepaid_emoney",
        "source_label": "Chile"
      },
      {
        "ent": "Chile - instant payments (TEF/SPI)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W9",
        "jid": "CL",
        "link": "/jurisdictions/cl/#sec-mod-w9",
        "instrument_type": "account-to-account",
        "source_label": "Chile"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W9",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w9",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W9",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w9",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "States of Alderney",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W9",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w9",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "States of Guernsey",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W9",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w9",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Bank of the Lao P.D.R. (BOL)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W9",
        "jid": "LA",
        "link": "/jurisdictions/la/#sec-mod-w9",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Laos"
      },
      {
        "ent": "METIX (Mozambique Instant Payment System)",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W9",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w9",
        "instrument_type": "account-to-account",
        "source_label": "Mozambique"
      }
    ],
    "W13": [
      {
        "ent": "Afreximbank Caribbean financing expansion",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w13",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Axian Group",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Paytm Europe Payments S.A.",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Ripple",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "LU",
        "link": "/jurisdictions/lu/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Luxembourg"
      },
      {
        "ent": "Lomalo wallet / USDM1",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "stablecoin",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Bitcoin Depot Operating LLC",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T1",
        "domain": "W13",
        "jid": "US-AR",
        "link": "/jurisdictions/us-ar/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "United States — Arkansas"
      },
      {
        "ent": "ECAB Mastercard credit card suite launch",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w13",
        "instrument_type": "cards",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "bunq",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "BE",
        "link": "/jurisdictions/be/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Belgium"
      },
      {
        "ent": "Belize Bank Limited",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W13",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Belize"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W13",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w13",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Offa",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w13",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "African Development Bank / Axian Group",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "BCC / Central Bank of Tunisia",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "PayLogic",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w13",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "BCEL (Banque pour le Commerce Extérieur Lao)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W13",
        "jid": "LA",
        "link": "/jurisdictions/la/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Laos"
      },
      {
        "ent": "Crossmint",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Stellar Development Foundation",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "BLIK / Tatry Mountain Resorts",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Poland"
      },
      {
        "ent": "BLIK Recurring Payments / OpenAI ChatGPT (via Stripe)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Poland"
      },
      {
        "ent": "EIF / BGK / Inovo.vc",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W13",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "source_label": "Poland"
      },
      {
        "ent": "PPRO / BLIK",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W13",
        "jid": "PL",
        "link": "/jurisdictions/pl/#sec-mod-w13",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "account-to-account",
        "source_label": "Poland"
      },
      {
        "ent": "RNS.ID",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W13",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w13",
        "instrument_type": "other",
        "source_label": "Palau"
      }
    ],
    "W10": [
      {
        "ent": "Australian Securities and Investments Commission (ASIC)",
        "impact": "ELEVATED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W10",
        "jid": "AU",
        "link": "/jurisdictions/au/#sec-mod-w10",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Australia"
      },
      {
        "ent": "ONDCP fraud advisory",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W10",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w10",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Office of the Ombudsman (Belize)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W10",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w10",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "Channel Islands Financial Ombudsman (CIFO)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W10",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w10",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Crown Dependencies' regulators",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W10",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w10",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Crown Dependency regulators",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W10",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w10",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC Ombudsman scheme",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W10",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w10",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "GFSC, Jersey FSC and Isle of Man FSA",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W10",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w10",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Banque Centrale des Comores",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W10",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w10",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "BCC",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W10",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w10",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "RMI consumer payment protections",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W10",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w10",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Banco de Moçambique",
        "impact": "MONITORED",
        "conf": "Confirmed",
        "tier": "T1",
        "domain": "W10",
        "jid": "MZ",
        "link": "/jurisdictions/mz/#sec-mod-w10",
        "instrument_type": "other",
        "source_label": "Mozambique"
      },
      {
        "ent": "Palau consumer protection framework",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W10",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w10",
        "instrument_type": "other",
        "source_label": "Palau"
      },
      {
        "ent": "Block, Inc. (Cash App)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W10",
        "jid": "US-ND",
        "link": "/jurisdictions/us-nd/#sec-mod-w10",
        "instrument_type": "other",
        "source_label": "United States — North Dakota"
      }
    ],
    "W6": [
      {
        "ent": "Crossmint / Stellar Development Foundation",
        "impact": "ELEVATED",
        "conf": "High",
        "tier": "T3",
        "domain": "W6",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w6",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Eastern Caribbean Amalgamated Bank (ECAB)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W6",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w6",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "WiPay Group / AG fintech overlay",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W6",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w6",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belize Bank Limited",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W6",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w6",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Belize"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W6",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w6",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey Finance",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W6",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w6",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Guernsey banking sector",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W6",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w6",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "The International Stock Exchange (TISE)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W6",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w6",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Comorian State (bank equity stakes)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W6",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w6",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "other",
        "source_label": "Comoros"
      },
      {
        "ent": "Comorian banking sector",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T2",
        "domain": "W6",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w6",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Palau commercial banking sector",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T2",
        "domain": "W6",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w6",
        "instrument_type": "other",
        "source_label": "Palau"
      }
    ],
    "W4": [
      {
        "ent": "Electronic Transfer of Funds Crimes Act, 2006",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T3",
        "domain": "W4",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w4",
        "instrument_type": "cards",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belize Bank Limited",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T2",
        "domain": "W4",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w4",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Belize"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T4",
        "domain": "W4",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w4",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Comoros retail payments infrastructure",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W4",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w4",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Comoros"
      },
      {
        "ent": "Card scheme infrastructure (Comoros/Moheli)",
        "impact": "MONITORED",
        "conf": "High",
        "tier": "T1",
        "domain": "W4",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w4",
        "instrument_type": "cards",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Bank of the Marshall Islands card system",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T1",
        "domain": "W4",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w4",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Palau card acceptance network",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W4",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w4",
        "instrument_type": "cards",
        "source_label": "Palau"
      }
    ],
    "W8": [
      {
        "ent": "WiPay 'Bank-in-a-Box' acquiring product",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W8",
        "jid": "AG",
        "link": "/jurisdictions/ag/#sec-mod-w8",
        "instrument_type": "other",
        "source_label": "Antigua and Barbuda"
      },
      {
        "ent": "Belize Bank Limited",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T4",
        "domain": "W8",
        "jid": "BZ",
        "link": "/jurisdictions/bz/#sec-mod-w8",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Belize"
      },
      {
        "ent": "GFSC",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T4",
        "domain": "W8",
        "jid": "GG-ALD",
        "link": "/jurisdictions/gg-ald/#sec-mod-w8",
        "source_label": "Guernsey — Alderney"
      },
      {
        "ent": "Comoros merchant acquiring sector",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W8",
        "jid": "KM",
        "link": "/jurisdictions/km/#sec-mod-w8",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Comoros"
      },
      {
        "ent": "Merchant acquiring (Comoros/Moheli)",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W8",
        "jid": "KM-M",
        "link": "/jurisdictions/km-m/#sec-mod-w8",
        "instrument_type": "other",
        "source_label": "Comoros — Mohéli (Mwali)"
      },
      {
        "ent": "Merchant acquiring infrastructure (Marshall Islands)",
        "impact": "MONITORED",
        "conf": "Possible",
        "tier": "T3",
        "domain": "W8",
        "jid": "MH",
        "link": "/jurisdictions/mh/#sec-mod-w8",
        "change": "new",
        "changeClass": "chg-up",
        "instrument_type": "cards",
        "source_label": "Marshall Islands"
      },
      {
        "ent": "Palau merchant acquiring landscape",
        "impact": "MONITORED",
        "conf": "Assessed",
        "tier": "T3",
        "domain": "W8",
        "jid": "PW",
        "link": "/jurisdictions/pw/#sec-mod-w8",
        "instrument_type": "cards",
        "source_label": "Palau"
      }
    ]
  },
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      "jid": "AE",
      "parent": null,
      "label": "United Arab Emirates",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ae/#sec-jurisdiction-rollup"
    },
    {
      "jid": "AFR",
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      "label": "Africa",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/afr/#sec-jurisdiction-rollup"
    },
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      "jid": "AG",
      "parent": null,
      "label": "Antigua and Barbuda",
      "impact": "HIGH",
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      "active_this_cycle": true,
      "link": "/jurisdictions/ag/#sec-jurisdiction-rollup"
    },
    {
      "jid": "APAC",
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      "label": "Asia-Pacific",
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      "signal_count": 0,
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      "link": "/jurisdictions/apac/#sec-jurisdiction-rollup"
    },
    {
      "jid": "AR",
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      "label": "Argentina",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ar/#sec-jurisdiction-rollup"
    },
    {
      "jid": "AT",
      "parent": null,
      "label": "Austria",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/at/#sec-jurisdiction-rollup"
    },
    {
      "jid": "AU",
      "parent": null,
      "label": "Australia",
      "impact": "HIGH",
      "signal_count": 8,
      "active_this_cycle": true,
      "link": "/jurisdictions/au/#sec-jurisdiction-rollup"
    },
    {
      "jid": "BD",
      "parent": null,
      "label": "Bangladesh",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/bd/#sec-jurisdiction-rollup"
    },
    {
      "jid": "BE",
      "parent": null,
      "label": "Belgium",
      "impact": "HIGH",
      "signal_count": 11,
      "active_this_cycle": true,
      "link": "/jurisdictions/be/#sec-jurisdiction-rollup"
    },
    {
      "jid": "BG",
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      "label": "Bulgaria",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/bg/#sec-jurisdiction-rollup"
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    {
      "jid": "BR",
      "parent": null,
      "label": "Brazil",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/br/#sec-jurisdiction-rollup"
    },
    {
      "jid": "BZ",
      "parent": null,
      "label": "Belize",
      "impact": "HIGH",
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      "active_this_cycle": true,
      "link": "/jurisdictions/bz/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA",
      "parent": null,
      "label": "Canada",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ca/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-AB",
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      "label": "Canada — Alberta",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ca-ab/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-BC",
      "parent": "CA",
      "label": "Canada — British Columbia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ca-bc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-KAH",
      "parent": "CA",
      "label": "Canada — Kahnawake",
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      "link": "/jurisdictions/ca-kah/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-NB",
      "parent": "CA",
      "label": "Canada — New Brunswick",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ca-nb/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-ON",
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      "label": "Canada — Ontario",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ca-on/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-QC",
      "parent": "CA",
      "label": "Canada — Quebec",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ca-qc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CA-TFN",
      "parent": "CA",
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      "active_this_cycle": false,
      "link": "/jurisdictions/ca-tfn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CH",
      "parent": null,
      "label": "Switzerland",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ch/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CI",
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      "label": "Ivory Coast / UEMOA (Bloc)",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ci/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CL",
      "parent": null,
      "label": "Chile",
      "impact": "HIGH",
      "signal_count": 7,
      "active_this_cycle": true,
      "link": "/jurisdictions/cl/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CM",
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      "label": "Cameroon",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/cm/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CN",
      "parent": null,
      "label": "China (Mainland)",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/cn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CO",
      "parent": null,
      "label": "Colombia",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/co/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CR",
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      "label": "Costa Rica",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/cr/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CW",
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      "label": "Curacao",
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      "signal_count": 0,
      "active_this_cycle": false,
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    },
    {
      "jid": "CY",
      "parent": null,
      "label": "Cyprus",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/cy/#sec-jurisdiction-rollup"
    },
    {
      "jid": "CZ",
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      "label": "Czech Republic",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/cz/#sec-jurisdiction-rollup"
    },
    {
      "jid": "DE",
      "parent": null,
      "label": "Germany",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/de/#sec-jurisdiction-rollup"
    },
    {
      "jid": "DK",
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      "label": "Denmark",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/dk/#sec-jurisdiction-rollup"
    },
    {
      "jid": "DO",
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      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/do/#sec-jurisdiction-rollup"
    },
    {
      "jid": "DZ",
      "parent": null,
      "label": "Algeria",
      "impact": null,
      "signal_count": 0,
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      "link": "/jurisdictions/dz/#sec-jurisdiction-rollup"
    },
    {
      "jid": "EC",
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      "label": "Ecuador",
      "impact": null,
      "signal_count": 0,
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      "link": "/jurisdictions/ec/#sec-jurisdiction-rollup"
    },
    {
      "jid": "EE",
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      "label": "Estonia",
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      "signal_count": 0,
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      "link": "/jurisdictions/ee/#sec-jurisdiction-rollup"
    },
    {
      "jid": "EEA",
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      "label": "European Economic Area",
      "impact": null,
      "signal_count": 0,
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    },
    {
      "jid": "EG",
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      "label": "Egypt",
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      "link": "/jurisdictions/eg/#sec-jurisdiction-rollup"
    },
    {
      "jid": "ES",
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      "label": "Spain",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/es/#sec-jurisdiction-rollup"
    },
    {
      "jid": "FI",
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      "label": "Finland",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/fi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "FR",
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      "label": "France",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/fr/#sec-jurisdiction-rollup"
    },
    {
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    },
    {
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      "signal_count": 49,
      "active_this_cycle": true,
      "link": "/jurisdictions/gg-ald/#sec-jurisdiction-rollup"
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    {
      "jid": "GH",
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      "link": "/jurisdictions/gh/#sec-jurisdiction-rollup"
    },
    {
      "jid": "GI",
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      "label": "Gibraltar",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/gi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "GR",
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      "signal_count": 0,
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      "link": "/jurisdictions/gr/#sec-jurisdiction-rollup"
    },
    {
      "jid": "HK",
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      "label": "Hong Kong",
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      "link": "/jurisdictions/hk/#sec-jurisdiction-rollup"
    },
    {
      "jid": "HR",
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      "label": "Croatia",
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      "signal_count": 0,
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      "link": "/jurisdictions/hr/#sec-jurisdiction-rollup"
    },
    {
      "jid": "HU",
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      "label": "Hungary",
      "impact": "MONITORED",
      "signal_count": 4,
      "active_this_cycle": true,
      "link": "/jurisdictions/hu/#sec-jurisdiction-rollup"
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    {
      "jid": "ID",
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    {
      "jid": "IE",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ie/#sec-jurisdiction-rollup"
    },
    {
      "jid": "IM",
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    },
    {
      "jid": "IN",
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      "active_this_cycle": false,
      "link": "/jurisdictions/in/#sec-jurisdiction-rollup"
    },
    {
      "jid": "IS",
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      "label": "Iceland",
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      "link": "/jurisdictions/is/#sec-jurisdiction-rollup"
    },
    {
      "jid": "IT",
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      "label": "Italy",
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    },
    {
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      "link": "/jurisdictions/je/#sec-jurisdiction-rollup"
    },
    {
      "jid": "JP",
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      "label": "Japan",
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      "link": "/jurisdictions/jp/#sec-jurisdiction-rollup"
    },
    {
      "jid": "KE",
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      "link": "/jurisdictions/ke/#sec-jurisdiction-rollup"
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    {
      "jid": "KH",
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    },
    {
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      "active_this_cycle": true,
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    {
      "jid": "KM-A",
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      "jid": "KM-M",
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      "active_this_cycle": true,
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    {
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      "label": "South Korea",
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      "signal_count": 0,
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      "link": "/jurisdictions/kr/#sec-jurisdiction-rollup"
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    {
      "jid": "KZ",
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    },
    {
      "jid": "LA",
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      "label": "Laos",
      "impact": "ELEVATED",
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      "active_this_cycle": true,
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    },
    {
      "jid": "LATAM",
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      "label": "Latin America",
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      "signal_count": 0,
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    },
    {
      "jid": "LI",
      "parent": null,
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      "active_this_cycle": true,
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    },
    {
      "jid": "LK",
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    },
    {
      "jid": "LT",
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    },
    {
      "jid": "LU",
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      "label": "Luxembourg",
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      "active_this_cycle": true,
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    },
    {
      "jid": "LV",
      "parent": null,
      "label": "Latvia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/lv/#sec-jurisdiction-rollup"
    },
    {
      "jid": "MA",
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      "label": "Morocco",
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    },
    {
      "jid": "MH",
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      "label": "Marshall Islands",
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      "signal_count": 19,
      "active_this_cycle": true,
      "link": "/jurisdictions/mh/#sec-jurisdiction-rollup"
    },
    {
      "jid": "MM",
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      "label": "Myanmar",
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      "signal_count": 0,
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      "link": "/jurisdictions/mm/#sec-jurisdiction-rollup"
    },
    {
      "jid": "MO",
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      "label": "Macau SAR",
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    },
    {
      "jid": "MT",
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      "label": "Malta",
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      "signal_count": 0,
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    },
    {
      "jid": "MX",
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      "label": "Mexico",
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      "link": "/jurisdictions/mx/#sec-jurisdiction-rollup"
    },
    {
      "jid": "MY",
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      "label": "Malaysia",
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      "link": "/jurisdictions/my/#sec-jurisdiction-rollup"
    },
    {
      "jid": "MZ",
      "parent": null,
      "label": "Mozambique",
      "impact": "ELEVATED",
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      "active_this_cycle": true,
      "link": "/jurisdictions/mz/#sec-jurisdiction-rollup"
    },
    {
      "jid": "NG",
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      "label": "Nigeria",
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      "link": "/jurisdictions/ng/#sec-jurisdiction-rollup"
    },
    {
      "jid": "NL",
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      "label": "Netherlands",
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      "signal_count": 0,
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      "link": "/jurisdictions/nl/#sec-jurisdiction-rollup"
    },
    {
      "jid": "NO",
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      "label": "Norway",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/no/#sec-jurisdiction-rollup"
    },
    {
      "jid": "NP",
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      "label": "Nepal",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/np/#sec-jurisdiction-rollup"
    },
    {
      "jid": "NZ",
      "parent": null,
      "label": "New Zealand",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/nz/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PA",
      "parent": null,
      "label": "Panama",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/pa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PE",
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      "label": "Peru",
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      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/pe/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PH",
      "parent": null,
      "label": "Philippines",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ph/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PK",
      "parent": null,
      "label": "Pakistan",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/pk/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PL",
      "parent": null,
      "label": "Poland",
      "impact": "CRITICAL",
      "signal_count": 8,
      "active_this_cycle": true,
      "link": "/jurisdictions/pl/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PT",
      "parent": null,
      "label": "Portugal",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/pt/#sec-jurisdiction-rollup"
    },
    {
      "jid": "PW",
      "parent": null,
      "label": "Palau",
      "impact": "HIGH",
      "signal_count": 21,
      "active_this_cycle": true,
      "link": "/jurisdictions/pw/#sec-jurisdiction-rollup"
    },
    {
      "jid": "QA",
      "parent": null,
      "label": "Qatar",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/qa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "RO",
      "parent": null,
      "label": "Romania",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ro/#sec-jurisdiction-rollup"
    },
    {
      "jid": "RS",
      "parent": null,
      "label": "Serbia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/rs/#sec-jurisdiction-rollup"
    },
    {
      "jid": "RU",
      "parent": null,
      "label": "Russia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ru/#sec-jurisdiction-rollup"
    },
    {
      "jid": "RW",
      "parent": null,
      "label": "Rwanda",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/rw/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SA",
      "parent": null,
      "label": "Saudi Arabia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/sa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SC",
      "parent": null,
      "label": "Seychelles",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/sc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SE",
      "parent": null,
      "label": "Sweden",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/se/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SG",
      "parent": null,
      "label": "Singapore",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/sg/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SI",
      "parent": null,
      "label": "Slovenia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/si/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SK",
      "parent": null,
      "label": "Slovakia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/sk/#sec-jurisdiction-rollup"
    },
    {
      "jid": "SN",
      "parent": null,
      "label": "Senegal",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/sn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "TH",
      "parent": null,
      "label": "Thailand",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/th/#sec-jurisdiction-rollup"
    },
    {
      "jid": "TN",
      "parent": null,
      "label": "Tunisia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/tn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "TR",
      "parent": null,
      "label": "Turkey",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/tr/#sec-jurisdiction-rollup"
    },
    {
      "jid": "TT",
      "parent": null,
      "label": "Trinidad and Tobago",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/tt/#sec-jurisdiction-rollup"
    },
    {
      "jid": "TW",
      "parent": null,
      "label": "Taiwan",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/tw/#sec-jurisdiction-rollup"
    },
    {
      "jid": "TZ",
      "parent": null,
      "label": "Tanzania",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/tz/#sec-jurisdiction-rollup"
    },
    {
      "jid": "UA",
      "parent": null,
      "label": "Ukraine",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ua/#sec-jurisdiction-rollup"
    },
    {
      "jid": "UG",
      "parent": null,
      "label": "Uganda",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ug/#sec-jurisdiction-rollup"
    },
    {
      "jid": "UK",
      "parent": null,
      "label": "United Kingdom",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/uk/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US",
      "parent": null,
      "label": "United States",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-AK",
      "parent": "US",
      "label": "United States — Alaska",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ak/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-AL",
      "parent": "US",
      "label": "United States — Alabama",
      "impact": "MONITORED",
      "signal_count": 1,
      "active_this_cycle": true,
      "link": "/jurisdictions/us-al/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-AR",
      "parent": "US",
      "label": "United States — Arkansas",
      "impact": "ELEVATED",
      "signal_count": 3,
      "active_this_cycle": true,
      "link": "/jurisdictions/us-ar/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-AZ",
      "parent": "US",
      "label": "United States — Arizona",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-az/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-CA",
      "parent": "US",
      "label": "United States — California",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ca/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-CO",
      "parent": "US",
      "label": "United States — Colorado",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-co/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-CT",
      "parent": "US",
      "label": "United States — Connecticut",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ct/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-DC",
      "parent": "US",
      "label": "United States — District of Columbia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-dc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-DE",
      "parent": "US",
      "label": "United States — Delaware",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-de/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-FL",
      "parent": "US",
      "label": "United States — Florida",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-fl/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-GA",
      "parent": "US",
      "label": "United States — Georgia",
      "impact": "ELEVATED",
      "signal_count": 5,
      "active_this_cycle": true,
      "link": "/jurisdictions/us-ga/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-HI",
      "parent": "US",
      "label": "United States — Hawaii",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-hi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-IA",
      "parent": "US",
      "label": "United States — Iowa",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ia/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-ID",
      "parent": "US",
      "label": "United States — Idaho",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-id/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-IL",
      "parent": "US",
      "label": "United States — Illinois",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-il/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-IN",
      "parent": "US",
      "label": "United States — Indiana",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-in/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-KS",
      "parent": "US",
      "label": "United States — Kansas",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ks/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-KY",
      "parent": "US",
      "label": "United States — Kentucky",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ky/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-LA",
      "parent": "US",
      "label": "United States — Louisiana",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-la/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MA",
      "parent": "US",
      "label": "United States — Massachusetts",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ma/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MD",
      "parent": "US",
      "label": "United States — Maryland",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-md/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-ME",
      "parent": "US",
      "label": "United States — Maine",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-me/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MI",
      "parent": "US",
      "label": "United States — Michigan",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MN",
      "parent": "US",
      "label": "United States — Minnesota",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MO",
      "parent": "US",
      "label": "United States — Missouri",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mo/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MS",
      "parent": "US",
      "label": "United States — Mississippi",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ms/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-MT",
      "parent": "US",
      "label": "United States — Montana",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-mt/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NC",
      "parent": "US",
      "label": "United States — North Carolina",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-ND",
      "parent": "US",
      "label": "United States — North Dakota",
      "impact": "MONITORED",
      "signal_count": 1,
      "active_this_cycle": true,
      "link": "/jurisdictions/us-nd/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NE",
      "parent": "US",
      "label": "United States — Nebraska",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ne/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NH",
      "parent": "US",
      "label": "United States — New Hampshire",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nh/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NJ",
      "parent": "US",
      "label": "United States — New Jersey",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nj/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NM",
      "parent": "US",
      "label": "United States — New Mexico",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nm/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NV",
      "parent": "US",
      "label": "United States — Nevada",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-nv/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-NY",
      "parent": "US",
      "label": "United States — New York",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ny/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-OH",
      "parent": "US",
      "label": "United States — Ohio",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-oh/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-OK",
      "parent": "US",
      "label": "United States — Oklahoma",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ok/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-OR",
      "parent": "US",
      "label": "United States — Oregon",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-or/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-PA",
      "parent": "US",
      "label": "United States — Pennsylvania",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-pa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-RI",
      "parent": "US",
      "label": "United States — Rhode Island",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ri/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-SC",
      "parent": "US",
      "label": "United States — South Carolina",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-sc/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-SD",
      "parent": "US",
      "label": "United States — South Dakota",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-sd/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-TN",
      "parent": "US",
      "label": "United States — Tennessee",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-tn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-TX",
      "parent": "US",
      "label": "United States — Texas",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-tx/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-UT",
      "parent": "US",
      "label": "United States — Utah",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-ut/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-VA",
      "parent": "US",
      "label": "United States — Virginia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-va/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-VT",
      "parent": "US",
      "label": "United States — Vermont",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-vt/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WA",
      "parent": "US",
      "label": "United States — Washington",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wa/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WI",
      "parent": "US",
      "label": "United States — Wisconsin",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wi/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WV",
      "parent": "US",
      "label": "United States — West Virginia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wv/#sec-jurisdiction-rollup"
    },
    {
      "jid": "US-WY",
      "parent": "US",
      "label": "United States — Wyoming",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/us-wy/#sec-jurisdiction-rollup"
    },
    {
      "jid": "UY",
      "parent": null,
      "label": "Uruguay",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/uy/#sec-jurisdiction-rollup"
    },
    {
      "jid": "VE",
      "parent": null,
      "label": "Venezuela",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/ve/#sec-jurisdiction-rollup"
    },
    {
      "jid": "VN",
      "parent": null,
      "label": "Vietnam",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/vn/#sec-jurisdiction-rollup"
    },
    {
      "jid": "VU",
      "parent": null,
      "label": "Vanuatu",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/vu/#sec-jurisdiction-rollup"
    },
    {
      "jid": "ZA",
      "parent": null,
      "label": "South Africa",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/za/#sec-jurisdiction-rollup"
    },
    {
      "jid": "ZM",
      "parent": null,
      "label": "Zambia",
      "impact": null,
      "signal_count": 0,
      "active_this_cycle": false,
      "link": "/jurisdictions/zm/#sec-jurisdiction-rollup"
    }
  ],
  "heat": [
    [
      "GG-ALD",
      "CRITICAL"
    ],
    [
      "MH",
      "CRITICAL"
    ],
    [
      "PL",
      "CRITICAL"
    ],
    [
      "AG",
      "HIGH"
    ],
    [
      "AU",
      "HIGH"
    ],
    [
      "BE",
      "HIGH"
    ],
    [
      "BZ",
      "HIGH"
    ],
    [
      "CL",
      "HIGH"
    ],
    [
      "KM",
      "HIGH"
    ],
    [
      "KM-M",
      "HIGH"
    ],
    [
      "LI",
      "HIGH"
    ],
    [
      "LU",
      "HIGH"
    ],
    [
      "PW",
      "HIGH"
    ],
    [
      "LA",
      "ELEVATED"
    ],
    [
      "MZ",
      "ELEVATED"
    ],
    [
      "US-AR",
      "ELEVATED"
    ],
    [
      "US-GA",
      "ELEVATED"
    ],
    [
      "HU",
      "MONITORED"
    ],
    [
      "US-AL",
      "MONITORED"
    ],
    [
      "US-ND",
      "MONITORED"
    ]
  ],
  "alerts": [
    [
      "EU PSD3 final text imminent",
      "Political agreement reached; implementation window 18 months post-publication."
    ],
    [
      "BaaS platform failures elevated",
      "Three embedded-finance BaaS providers under regulatory action; programme-manager exposure elevated."
    ],
    [
      "APP fraud reimbursement live (UK)",
      "PSP reimbursement obligations active; complaint and chargeback dynamics shifting."
    ]
  ],
  "corridors": [
    [
      "UK–India",
      "HIGH",
      "High remittance volume concentration; FATF divergence on beneficial ownership standards."
    ],
    [
      "US–Mexico",
      "ELEVATED",
      "FinCEN monitoring elevated; volume anomaly indicators; MSB licensing fragmentation."
    ],
    [
      "EU–Nigeria",
      "HIGH",
      "AML-framework divergence; correspondent-banking withdrawal risk; informal-channel growth."
    ],
    [
      "SG–MY",
      "MONITORED",
      "Bilateral fast-payment linkage live; low divergence; monitoring for volume growth."
    ],
    [
      "HK–CN",
      "ELEVATED",
      "Cross-border digital yuan pilots; SWIFT bypass risk; sanctions-screening complexity."
    ],
    [
      "UK–GI",
      "MONITORED",
      "Gibraltar e-money licensing under review; corridor volume stable; regulatory arbitrage monitoring."
    ]
  ],
  "reg": [
    {
      "t": "Instant Credit Transfer PSP obligations under IPR",
      "note": "Italian PSPs must offer and receive instant credit transfers at parity with regular transfers.",
      "module": "W4",
      "source_jid": "IT",
      "expected_date": "2025-01-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bancaditalia.it/compiti/sispaga-mercati/comitato-pagamenti-italia/bonifici-istantanei/index.html?com.dotmarketing.htmlpage.language=1"
    },
    {
      "t": "Instant Credit Transfer PSP obligations under IPR",
      "note": "Italian PSPs must offer and receive instant credit transfers at parity with regular transfers.",
      "module": "W4",
      "source_jid": "IT",
      "expected_date": "2025-01-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bancaditalia.it/compiti/sispaga-mercati/comitato-pagamenti-italia/bonifici-istantanei/index.html?com.dotmarketing.htmlpage.language=1"
    },
    {
      "t": "PTSR transition period end and unlicensed-services prohibition",
      "note": "End of the one-year PTSR transition (sources cite June 2025) after which the prohibition on unlicensed payment token services takes full effect.",
      "module": "W2",
      "source_jid": "UAE",
      "expected_date": "2025-06",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.regulationtomorrow.com/dubai-and-saudi/cbuae-payment-token-services-regulation/"
    },
    {
      "t": "Georgia HB 15 (Title 7 modernization) entered into force",
      "module": "W1a",
      "source_jid": "US-GA",
      "expected_date": "2025-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.balch.com/insights/publications/2025/07/georgia-banking-brief-all-the-notable-legal"
    },
    {
      "t": "Georgia HB 15 (Title 7 modernization) entered into force",
      "module": "W1a",
      "source_jid": "US-GA",
      "expected_date": "2025-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.balch.com/insights/publications/2025/07/georgia-banking-brief-all-the-notable-legal"
    },
    {
      "t": "Verification of Payee mandatory eurozone-wide (SEPA Instant)",
      "note": "PSPs must verify IBAN/payee-name match before a transfer under SEPA Instant; PSD3/PSR extends this to ordinary SEPA credit transfers.",
      "module": "W1b",
      "source_jid": "IT",
      "expected_date": "2025-10-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/psd3-psr/"
    },
    {
      "t": "IPR euro instant-payment SEND mandate for euro-area PSPs",
      "note": "Euro-area PSPs must be able to send SCT Inst with charges capped and VoP/sanctions-screening required.",
      "module": "W5",
      "source_jid": "IE",
      "expected_date": "2025-10-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.ecb.europa.eu/paym/retail/instant_payments/html/instant_payments_regulation.en.html"
    },
    {
      "t": "CCD2 transposition into Romanian law",
      "note": "Stronger creditworthiness assessment and structured consumer information/disclosures binding Romanian lenders into 2026 under BNR oversight.",
      "module": "W10",
      "source_jid": "JID-RO",
      "expected_date": "2025-11-20",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://blog.voveid.com/romania-digital-lending-compliance-2026/"
    },
    {
      "t": "CCD2 transition window for Romanian digital lenders",
      "note": "CCD2 transposition deadline passed 20 November 2025; Romanian digital lenders remain in transition as of mid-2026, layering new disclosure/creditworthiness obligations.",
      "module": "W9",
      "source_jid": "RO",
      "expected_date": "2025-11-20",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://blog.voveid.com/romania-digital-lending-compliance-2026/"
    },
    {
      "t": "ÖHVPS 2.0 open-banking certification + production go-live deadline",
      "note": "Institutions with a transition obligation must complete ÖHVPS 2.0 certification and enter production via BKM GATE.",
      "module": "W9",
      "source_jid": "TR",
      "expected_date": "2025-12",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://architecht.com/en/corporate/blog/technology/open-banking-and-its-current-situation-in-turkiye/"
    },
    {
      "t": "Digital-wallet provider CBRT licensing compliance deadline",
      "note": "Existing PSPs providing wallet services must complete CBRT permission; interoperable card-on-file treated as wallet/open-banking service.",
      "module": "W9",
      "source_jid": "TR",
      "expected_date": "2025-12",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/turkey/"
    },
    {
      "t": "MiCA CASP transition window closes in Ireland (reduced to 12 months)",
      "note": "Existing VASPs must hold full MiCA CASP authorisation; Ireland did not grant a simplified-authorisation grandfathering route.",
      "module": "W2",
      "source_jid": "IE",
      "expected_date": "2025-12",
      "uncertainty_band": "half_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.mhc.ie/hubs/legislation/the-markets-in-crypto-assets-regulation"
    },
    {
      "t": "Offline PA authorisation deadline",
      "note": "Existing offline PAs must obtain RBI authorisation by this date; new merchants onboarded after 1 Jan 2026 have no such leeway.",
      "module": "W1a",
      "source_jid": "IN",
      "expected_date": "2025-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.rbi.org.in/"
    },
    {
      "t": "UK/EU cross-border acquiring re-contracting deadline",
      "note": "From 31 December 2025 no EU merchant may use a UK-based acquirer and vice versa, forcing re-contracting of cross-border acquiring relationships.",
      "module": "W8",
      "source_jid": "LU",
      "expected_date": "2025-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://worldline.com/en-gb/merchant-services-uk"
    },
    {
      "t": "FSC proposed card-fee-cap amendment (SCFBA)",
      "note": "Lowers SME preferential fee-rate cap from 0.5–1.5% to 0.4–1.45%; enactment status as of June 2026 unverified.",
      "module": "W4",
      "source_jid": "KR",
      "expected_date": "2025-H1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.vixio.com/regulatory-news/pc-daily-dash-south-korea-proposes-new-credit-card-fee-structure"
    },
    {
      "t": "FATF on-site inspection of Türkiye (post-delisting verification)",
      "note": "FATF verifies in-practice implementation of reforms; outcome may drive further payments-sector enforcement.",
      "module": "W11",
      "source_jid": "TR",
      "expected_date": "2025-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.paturkey.com/news/2025/fatf-inspection-behind-turkeys-wave-of-money-laundering-raids-sources-say-25187/"
    },
    {
      "t": "EU digital-euro enabling Regulation legislative adoption expected",
      "module": "W3",
      "source_jid": "AT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html"
    },
    {
      "t": "PSD3/PSR adoption and optional central-bank safeguarding method",
      "note": "PSD3/PSR introduces an optional central-bank safeguarding account method; ACPR expected to update Instruction n.2019-I-22. Political agreement on PSR reached Nov 2025.",
      "module": "W1b",
      "source_jid": "JID-FR",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.hsfkramer.com/notes/fsrandcorpcrime/2026-posts/the-new-eu-payments-rulebook-psd3-psr"
    },
    {
      "t": "KSA nationally regulated stablecoin framework (SAMA + CMA joint oversight)",
      "note": "Late-2025 ministerial announcement of nationally regulated stablecoins; no licensing, reserve-backing or redemption rules yet published. Policy-design stage, NOT enacted.",
      "module": "W2",
      "source_jid": "JID-SA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/saudi-arabia"
    },
    {
      "t": "KSA nationally regulated stablecoin framework (SAMA + CMA joint oversight)",
      "note": "Late-2025 ministerial announcement of nationally regulated stablecoins; no licensing, reserve-backing or redemption rules yet published. Policy-design stage, NOT enacted.",
      "module": "W2",
      "source_jid": "JID-SA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/saudi-arabia"
    },
    {
      "t": "Singapore stablecoin legislation giving full legal force to the SCS framework",
      "note": "Converts the 2023 administrative SCS framework into binding statute; clarifies 'MAS-regulated stablecoin' label enforcement.",
      "module": "W2",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://singaporelegaladvice.com/law-articles/what-are-stablecoins/"
    },
    {
      "t": "Sri Lanka's third FATF/APG AML/CFT mutual evaluation",
      "module": "W11",
      "source_jid": "LK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.sundaytimes.lk/251005/news/sri-lanka-to-undergo-third-money-laundering-terrorism-financing-evaluation-in-2026-615149.html"
    },
    {
      "t": "Sri Lanka's third FATF/APG AML/CFT mutual evaluation",
      "module": "W11",
      "source_jid": "LK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.sundaytimes.lk/251005/news/sri-lanka-to-undergo-third-money-laundering-terrorism-financing-evaluation-in-2026-615149.html"
    },
    {
      "t": "Sri Lanka third FATF/APG AML-CFT mutual evaluation",
      "module": "W11",
      "source_jid": "LK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.sundaytimes.lk/251005/news/sri-lanka-to-undergo-third-money-laundering-terrorism-financing-evaluation-in-2026-615149.html"
    },
    {
      "t": "Mexico payment-networks reform — interchange caps + mandatory interoperability",
      "note": "Draft General Provisions Applicable to Payment Networks would cap interchange (~0.6% credit / 0.3% debit), mandate network interoperability and ISO standards, and expand CNBV/Banxico supervisory powers; contested by incumbents.",
      "module": "W4",
      "source_jid": "MX",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://mexicobusiness.news/finance/news/mexico-plans-card-payment-reform-improve-access-reduce-costs"
    },
    {
      "t": "QCB open-banking framework release",
      "note": "QCB to release an open-banking framework opening bank-data and payment-initiation access to fintechs; date reported by industry sources only, no official QCB confirmation.",
      "module": "W9",
      "source_jid": "QA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Thailand dedicated THB-stablecoin regulatory framework",
      "note": "BOT consulting market on a dedicated THB-stablecoin regime; reserve/redemption standards not yet statutory.",
      "module": "W2",
      "source_jid": "TH",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Draft Code des Changes crypto-asset definition and declared-asset regime",
      "module": "W2",
      "source_jid": "TN",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://africanmanager.com/change-crypto-monnaie-et-paypal-la-bct-propose-une-liberte-surveillee/"
    },
    {
      "t": "LB838 money-transmitter national-security safeguards bill (pending, 2026 session)",
      "module": "W1b",
      "source_jid": "US-NE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://citizenportal.ai/articles/7626502/nebraska/2026-legislature-ne/nebraska/2026-legislature-ne/Nebraska/2026-Legislature-NE/Senators-bundle-consumer-protection-money-transmitter-and-online-safety-measures-into-committee-package-and-advance-LB838"
    },
    {
      "t": "LB838 money-transmitter national-security safeguards bill (pending, 2026 session)",
      "module": "W1b",
      "source_jid": "US-NE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://citizenportal.ai/articles/7626502/nebraska/2026-legislature-ne/nebraska/2026-legislature-ne/Nebraska/2026-Legislature-NE/Senators-bundle-consumer-protection-money-transmitter-and-online-safety-measures-into-committee-package-and-advance-LB838"
    },
    {
      "t": "South Africa activity-based payment authorisation framework finalisation and first non-bank PI licences",
      "note": "Finalisation of the draft Directive + Exemption Notice (revised Nov 2025, comment deadline 5 Dec 2025) and tabling/enactment of the NPS Bill would enable non-bank payment-institution licensing, Tier 1 e-money issuance (>R5m/month) and potentially direct NPS access. As of June 2026 the framework remains in draft and the NPS Bill is not yet tabled — original 'early 2026 first licences' expectation is stale (challenger f-002).",
      "module": "W1a",
      "source_jid": "ZA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://bowmanslaw.com/insights/the-south-african-reserve-bank-has-recently-published-a-draft-activity-based-authorisation-framework-for-participants-banks-and-non-banks-in-the-national-payment-system/"
    },
    {
      "t": "Bank of Zambia CBDC framework and pilot phase (2024-2026 plan)",
      "module": "W2",
      "source_jid": "ZM",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://cbdctracker.hrf.org/currency/zambia"
    },
    {
      "t": "SWIFT expected formal systemic-provider designation under Belgian law",
      "module": "W3",
      "source_jid": "BE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://financialforum.be/en/bfw-digitaal/the-2025-financial-and-market-infrastructures-and-payment-services-report"
    },
    {
      "t": "BaFin begins applying PSD3 expectations to new PI/EMI authorisation files",
      "note": "BaFin authorisation files reflect PSD3 expectations (IBAN-name check, APP-fraud liability, safeguarding diversification, tighter substance) from 2026 onward.",
      "module": "W1a",
      "source_jid": "DE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://crassula.io/guides/licenses/germany-bafin-zag/"
    },
    {
      "t": "PSD3/PSR expected EU adoption",
      "note": "Formal EU adoption of PSD3/PSR expected, with application not before mid-to-late 2027.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.mofo.com/resources/insights/260430-psd3-and-the-payment-services-regulation-key-developments"
    },
    {
      "t": "PSD3/PSR expected EU adoption",
      "note": "Formal EU adoption of PSD3/PSR expected, with application not before mid-to-late 2027.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.mofo.com/resources/insights/260430-psd3-and-the-payment-services-regulation-key-developments"
    },
    {
      "t": "CISD 2026 revised directive in force (AI/ML governance + data-localisation)",
      "note": "Core systems and critical customer data must remain in Ghana; new AI/ML governance and cloud restrictions bind regulated entities.",
      "module": "W3",
      "source_jid": "GH",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://asaaseradio.com/bank-of-ghana-rolls-out-sweeping-cyber-directive-to-reset-financial-sector-security/"
    },
    {
      "t": "PSR Article 59 impersonation-fraud reimbursement + VoP extension to all credit transfers",
      "note": "PSR extends VoP to all credit transfers and qualifies impersonation/spoofing fraud as reimbursable, reallocating fraud risk onto PSPs.",
      "module": "W10",
      "source_jid": "JID-FR",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.hsfkramer.com/notes/fsrandcorpcrime/2026-posts/the-new-eu-payments-rulebook-psd3-psr"
    },
    {
      "t": "PSD3/PSR and EU APP-fraud / IBAN-name-check duties",
      "note": "PSD3/PSR package layering enhanced consumer-protection and fraud-prevention duties (IBAN-name check, VoP) onto LT EMIs/PIs; timing and final form uncertain.",
      "module": "W10",
      "source_jid": "JID-LT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://noda.live/articles/open-banking-in-lithuania"
    },
    {
      "t": "Tokenised MAS bills issuance trials",
      "note": "MAS to hold trials to issue tokenised MAS bills in 2026 (announced 13 Nov 2025).",
      "module": "W9",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://singaporelegaladvice.com/law-articles/what-are-stablecoins/"
    },
    {
      "t": "MAS trials to issue tokenised MAS bills",
      "note": "Pilot issuance of tokenised MAS bills as part of the tokenised-future agenda.",
      "module": "W9",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://singaporelegaladvice.com/law-articles/what-are-stablecoins/"
    },
    {
      "t": "CBK Fast Payment System (national switch) launch",
      "note": "Real-time 24/7 national instant-payment switch; originally targeted 2025, not confirmed launched, industry estimates up to four-year build.",
      "module": "W5",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.microsave.net/2025/07/08/the-next-chapter-in-kenyas-digital-payment-revolution/"
    },
    {
      "t": "Latvijas Banka 2026 on-site inspection programme (prudential, AML/sanctions, ICT)",
      "module": "W3",
      "source_jid": "LV",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services"
    },
    {
      "t": "Morocco draft digital-asset / crypto law with AML/CFT requirements",
      "note": "Would introduce a regulated digital-asset framework lifting the domestic crypto ban under rigorous AML/CFT obligations; draft, not enacted.",
      "module": "W2",
      "source_jid": "MA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Digital euro Regulation expected adoption",
      "module": "W9",
      "source_jid": "PT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bportugal.pt/en/page/digital-euro-project"
    },
    {
      "t": "BNR Open Banking Framework finalisation",
      "note": "Open Banking Framework currently in consultation expected to move toward adoption.",
      "module": "W9",
      "source_jid": "RW",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.techinafrica.com/rwanda-fintech-funding-2026-key-deals-investor-list-kigali-winning/"
    },
    {
      "t": "BNR Open Banking Framework finalisation",
      "note": "Open Banking Framework currently in consultation expected to move toward adoption.",
      "module": "W9",
      "source_jid": "RW",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.techinafrica.com/rwanda-fintech-funding-2026-key-deals-investor-list-kigali-winning/"
    },
    {
      "t": "Project Nexus multilateral instant-payment rollout (Thailand participating)",
      "note": "Hub-and-spoke connection of ASEAN instant-payment systems via Nexus Global Payments.",
      "module": "W5",
      "source_jid": "TH",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "GENIUS Act implementing rulemaking (federal stablecoin framework)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://finance.yahoo.com/markets/crypto/articles/nebraska-chartered-telcoin-launches-americas-140215456.html"
    },
    {
      "t": "GENIUS Act implementing rulemaking (federal stablecoin framework)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://finance.yahoo.com/markets/crypto/articles/nebraska-chartered-telcoin-launches-americas-140215456.html"
    },
    {
      "t": "GENIUS Act state-vs-federal substantially-similar certification for NY issuers",
      "note": "Implementation of GENIUS Act state-framework certification will determine whether NY-supervised issuers (<=$10bn) remain under NYDFS or migrate to federal supervision.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.coindesk.com/policy/2025/08/11/paxos-applies-for-national-bank-trust-charter-joining-stablecoin-issuers-circle-ripple"
    },
    {
      "t": "Sezzle potential Utah ILC charter application",
      "module": "W13",
      "source_jid": "US-UT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.paymentsdive.com/news/paypal-seeks-bank-charter/807970/"
    },
    {
      "t": "Sezzle potential Utah ILC charter application",
      "module": "W13",
      "source_jid": "US-UT",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.paymentsdive.com/news/paypal-seeks-bank-charter/807970/"
    },
    {
      "t": "Wero point-of-sale acceptance launch in Belgium",
      "module": "W9",
      "source_jid": "BE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://banking.vision/en/development-wero-2025-2026/"
    },
    {
      "t": "Consumer-Driven Banking Phase 1 (read access) launch",
      "module": "W9",
      "source_jid": "CA-FED",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.dlapiper.com/en-us/insights/publications/2026/04/the-new-consumer-driven-banking-act-explained"
    },
    {
      "t": "Personal Data Protection Law No. 151 of 2020 — entry into force pending implementing regulations",
      "note": "Law adopted but not yet in force pending implementing regulations; currently does not apply to CBE-supervised entities following CBE rules.",
      "module": "W3",
      "source_jid": "EG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://resourcehub.bakermckenzie.com/en/resources/cloud-compliance-center/emea/egypt"
    },
    {
      "t": "Banque Misr 'onebank' targeted 2026 launch",
      "note": "Banque Misr's digital-bank subsidiary, approved by the CBE, is targeting a 2026 market launch.",
      "module": "W13",
      "source_jid": "EG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.amcham.org.eg/publications/industry-insight/issue/110"
    },
    {
      "t": "eCedi retail CBDC launch (contingent on enabling legislation)",
      "note": "Retail eCedi launch with prioritised offline functionality, pending enabling legislation.",
      "module": "W9",
      "source_jid": "GH",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://cbdctracker.hrf.org/currency/ghana"
    },
    {
      "t": "Consolidation of national payment schemes (PayNow/FAST/GIRO)",
      "note": "Singapore announced (2025) a plan to consolidate PayNow, FAST and Interbank GIRO under a single entity.",
      "module": "W5",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.worldfirst.com/sg/blog/international-transactions/cross-border-payments-singapore/"
    },
    {
      "t": "Consolidation of national payment schemes (PayNow/FAST/GIRO)",
      "note": "Singapore announced (2025) a plan to consolidate PayNow, FAST and Interbank GIRO under a single entity.",
      "module": "W5",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.worldfirst.com/sg/blog/international-transactions/cross-border-payments-singapore/"
    },
    {
      "t": "BOJ retail CBDC (digital yen) issuance decision",
      "note": "BOJ to decide during 2026 whether to issue a retail CBDC, following API/DLT sandbox and pilot phases.",
      "module": "W9",
      "source_jid": "JP",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.coindesk.com/business/2026/03/03/bank-of-japan-expands-blockchain-settlement-sandbox-as-2026-cbdc-decision-nears"
    },
    {
      "t": "CBK e-money/digital-wallet fraud compensation framework (NFIS 2025-2028)",
      "note": "Formal compensation rules for e-money/digital-wallet fraud (not UK-PSR-style mandatory reimbursement yet); committed for implementation by end-2026.",
      "module": "W10",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://serrarigroup.com/cbk-to-roll-out-compensation-rules-for-e-money-and-digital-wallet-fraud/"
    },
    {
      "t": "Mexico open-finance transactional-data secondary regulation (Fintech Law Art. 76)",
      "note": "Long-overdue secondary regulation on transactional-data sharing remains unpublished; now under amparo pressure. Publication would unlock mandated open-finance data portability.",
      "module": "W9",
      "source_jid": "MX",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://ozoneapi.com/the-open-finance-tracker/atlas/mexico/"
    },
    {
      "t": "CBN APP-fraud reimbursement rules finalisation",
      "note": "Draft APP-fraud rules introduce mandatory reimbursement, strict investigative timelines and Board-level fraud oversight, shifting liability for user-authorised scams.",
      "module": "W10",
      "source_jid": "NG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "NYDFS 2026 priorities — stricter cybersecurity & BNPL regulation",
      "note": "Reported NYDFS 2026 priorities include stricter cybersecurity requirements and regulating BNPL providers.",
      "module": "W1b",
      "source_jid": "US-NY",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.brico.ai/post/new-york-money-transmitter-license"
    },
    {
      "t": "Draft exchange-control regulations bringing crypto assets within the framework",
      "note": "The 2026 Budget signalled draft regulations to formally bring crypto assets within the exchange-control framework, which would resolve the conflicting Standard Bank v SARB / Mangundhla v SARB rulings and affect cross-border crypto/stablecoin payment flows.",
      "module": "W7",
      "source_jid": "ZA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.bakermckenzie.com/en/insight/publications/2026/03/south-africa-crypto-assets-likely-to-enter-exchange-control-regime"
    },
    {
      "t": "Project Ensemble EnsembleTX real-value tokenised-deposit pilot operating period",
      "note": "EnsembleTX real-value pilot for tokenised deposits in MMF transactions and liquidity management runs throughout 2026 with HKD RTGS settlement.",
      "module": "W9",
      "source_jid": "CN-HK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.hkma.gov.hk/eng/news-and-media/press-releases/2025/11/20251113-3/"
    },
    {
      "t": "CNB targets introduction of bulk instant koruna payments (e.g. salary payments)",
      "module": "W9",
      "source_jid": "CZ",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.cnb.cz/en/payments/certis/instant-payments/"
    },
    {
      "t": "BoG open-banking framework moves from proof-of-concept to standards",
      "note": "Consent-based data-sharing standards between banks and fintechs under the NPS Strategy 2025-2029.",
      "module": "W9",
      "source_jid": "GH",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thebftonline.com/2025/10/27/bog-to-pilot-open-banking-framework-boosting-data-sharing-and-customer-control/"
    },
    {
      "t": "MAS enhanced TRM/BCM and Third-Party Risk Management guidelines",
      "note": "Revised TRM/BCM Guidelines and broader TPRM expectations for FIs including payments firms.",
      "module": "W3",
      "source_jid": "JID-SG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.mas.gov.sg/regulation/cyber-security"
    },
    {
      "t": "Kenya Virtual Asset Service Providers Bill enactment",
      "note": "Draft VASP Bill (March 2025) would establish comprehensive licensing, AML and consumer-protection supervision for crypto/stablecoin providers.",
      "module": "W2",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "KCB-Pesapal minority-stake acquisition CBK regulatory approval",
      "note": "Completion of KCB's minority stake in Pesapal contingent on CBK approval; still pending as of 11 Mar 2026 investor briefing.",
      "module": "W13",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://techcabal.com/2026/03/11/kcb-plans-to-aquire-pesapal-underway/"
    },
    {
      "t": "KCB-Pesapal minority-stake acquisition CBK regulatory approval",
      "note": "Completion of KCB's minority stake in Pesapal contingent on CBK approval; still pending as of 11 Mar 2026 investor briefing.",
      "module": "W13",
      "source_jid": "KE",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://techcabal.com/2026/03/11/kcb-plans-to-aquire-pesapal-underway/"
    },
    {
      "t": "Mexico 'Fintech Law 2.0' redesign",
      "note": "CNBV signalled readiness to contribute to a Fintech Law 2.0 covering digital assets, open finance and competitiveness; no draft yet.",
      "module": "W9",
      "source_jid": "MX",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://smpslegal.com/en/fintech-law-2-0/"
    },
    {
      "t": "Malaysia 2025 FATF mutual evaluation outcome",
      "note": "AMLA strengthened December 2024 with CPF provisions ahead of Malaysia's 2025 FATF mutual evaluation; outcome will shape AML/CFT supervision intensity on EMIs/PSPs.",
      "module": "W11",
      "source_jid": "MY",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Wero point-of-sale availability in the Netherlands",
      "note": "Wero A2A wallet POS availability targeted for 2026, extending the iDEAL→Wero migration to in-store retail use cases.",
      "module": "W9",
      "source_jid": "NL",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://banking.vision/en/development-wero-2025-2026/"
    },
    {
      "t": "PSR long-term cross-border interchange cap methodology",
      "note": "Single longer-term cap on UK-EEA cross-border interchange; Jan-2026 High Court (per challenger) upheld PSR powers, removing the litigation obstacle cited in Oct 2025.",
      "module": "W4",
      "source_jid": "UK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Bizum-EPI/Wero cross-border P2P interoperability go-live",
      "module": "W5",
      "source_jid": "ES",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://hipay.com/en/blog/bizum-spanish-payment-solution/index.html"
    },
    {
      "t": "Banque de France Pontes wholesale-CBDC pilot",
      "note": "Banque de France to pilot a wholesale CBDC in 2026 under the Pontes project.",
      "module": "W9",
      "source_jid": "JID-FR",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://cbdctracker.hrf.org/currency/france"
    },
    {
      "t": "BNM payment-stablecoin framework / DAIH pilot outcomes",
      "note": "BNM Digital Asset Innovation Hub (June 2025) evaluating ringgit-stablecoin pilots; a finalised payment-stablecoin licensing regime remains pending with reserve expectations converging on 1:1 fiat backing.",
      "module": "W2",
      "source_jid": "MY",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://globallawexperts.com/stablecoins-regulation-malaysia/"
    },
    {
      "t": "BNM payment-stablecoin framework / DAIH pilot outcomes",
      "note": "BNM Digital Asset Innovation Hub (June 2025) evaluating ringgit-stablecoin pilots; a finalised payment-stablecoin licensing regime remains pending with reserve expectations converging on 1:1 fiat backing.",
      "module": "W2",
      "source_jid": "MY",
      "expected_date": "2026",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://globallawexperts.com/stablecoins-regulation-malaysia/"
    },
    {
      "t": "CBN official stablecoin task-force outcome",
      "note": "October 2025 task force exploring an official stablecoin, potentially pivoting away from the underperforming eNaira.",
      "module": "W2",
      "source_jid": "NG",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Nine-bank (incl. ING) DNB-supervised euro stablecoin launch",
      "note": "A MiCA-compliant euro-denominated stablecoin from a nine-bank consortium including ING, supervised by DNB, expected to launch in 2026.",
      "module": "W2",
      "source_jid": "NL",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/netherlands"
    },
    {
      "t": "Nine-bank (incl. ING) DNB-supervised euro stablecoin launch",
      "note": "A MiCA-compliant euro-denominated stablecoin from a nine-bank consortium including ING, supervised by DNB, expected to launch in 2026.",
      "module": "W2",
      "source_jid": "NL",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/netherlands"
    },
    {
      "t": "Crypto-asset administrative sanctions decree (Resolution 05 enforcement)",
      "note": "Ministry of Finance draft decree (18 Nov 2025) introducing administrative sanctions for the crypto-asset pilot market.",
      "module": "W7",
      "source_jid": "VN",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "PSR Article 32 counter-de-risking measures for non-bank PSP account access",
      "note": "Draft PSR Art. 32 proposes measures requiring credit-institution refusal/withdrawal of PSP account access to be based on serious grounds.",
      "module": "W12",
      "source_jid": "JID-FR",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.ecb.europa.eu/paym/target/target-professional-use-documents-links/tips/shared/pdf/Eurosys_pol_on_access_to_central_bank_operated_payment_systems_by_NBPSPs.pdf"
    },
    {
      "t": "HMT legislation granting FCA open-banking rule-making powers",
      "note": "New FCA powers to set open-banking rules under the smart-data framework, paving the way to open finance.",
      "module": "W9",
      "source_jid": "UK",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "US 1% tax on cash-based remittance transfers",
      "note": "New 1% tax on cash-based transfers takes effect 2026, affecting US-Mexico and other corridors.",
      "module": "W5",
      "source_jid": "US-MX",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "US 1% tax on cash-based remittance transfers",
      "note": "New 1% tax on cash-based transfers takes effect 2026, affecting US-Mexico and other corridors.",
      "module": "W5",
      "source_jid": "US-MX",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "T2 extended/24-7 operating hours consultation outcome",
      "note": "Potential move of T2 large-value settlement toward a 24/7 model.",
      "module": "W12",
      "source_jid": "EEA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "1",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "T2 extended/24-7 operating hours consultation outcome",
      "note": "Potential move of T2 large-value settlement toward a 24/7 model.",
      "module": "W12",
      "source_jid": "EEA",
      "expected_date": "2026",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "1",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "Lithuania CASP licensing cut-off for transitioning VASPs",
      "note": "Mandatory CASP authorisation deadline (extended from 1 June 2025) for VASPs that applied in time; non-compliant firms lose EU crypto-asset service market access.",
      "module": "W2",
      "source_jid": "JID-LT",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://tet.lt/mica-license-in-lithuania/"
    },
    {
      "t": "Circular 41/2025 e-wallet biometric KYC provisions take effect",
      "note": "Mandatory in-person/biometric identity verification at e-wallet account opening plus increased transaction limits.",
      "module": "W1b",
      "source_jid": "VN",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Integrated Overseas Remittance Management System",
      "note": "Abolishes bank-designation system; allows up to US$100k/year no-documentation remittance through all financial institutions under unified real-time oversight.",
      "module": "W5",
      "source_jid": "KR",
      "expected_date": "2026-01",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.koreatimes.co.kr/business/banking-finance/20251210"
    },
    {
      "t": "US 1% remittance excise tax in force (One Big Beautiful Bill Act)",
      "note": "1% excise on cash/money-order/cashier-check-funded outbound remittance transfers from 1 Jan 2026 (bank/debit/credit-funded exempt); reshapes US-MX corridor economics.",
      "module": "W5",
      "source_jid": "US-FED",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.spendnode.io/crypto-cards/country/mexico/"
    },
    {
      "t": "Cyprus crypto-asset disposal-gains tax (8% flat) takes effect",
      "note": "New 8% flat tax on crypto-asset disposal gains effective 1 January 2026, affecting the commercial calculus for crypto operators domiciled in Cyprus.",
      "module": "W13",
      "source_jid": "JID-CY",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/corporate-ma-2026/cyprus/trends-and-developments"
    },
    {
      "t": "Circular 27/2025 mandatory electronic AML transfer-reporting submission",
      "note": "Domestic (VND 500m) and cross-border (US$1,000) transfer reporting with mandatory electronic submission.",
      "module": "W11",
      "source_jid": "VN",
      "expected_date": "2026-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "E-wallet authentication/opening provisions effective",
      "note": "Circular 41/2025/TT-NHNN e-wallet opening, customer-authentication and information-provision provisions, and the single-trade-name restriction, become effective.",
      "module": "W1a",
      "source_jid": "VN",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://indochinecounsel.com/special-alert-circular-41-key-regulatory-updates-for-e-wallets-and-intermediary-payment-services"
    },
    {
      "t": "Open-banking transitional bylaw-adjustment period ends for existing PSPs",
      "module": "W9",
      "source_jid": "RS",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.karanovicpartners.com/news/harmonisation-of-serbian-law-on-payment-services-with-psd2/"
    },
    {
      "t": "Open-banking transitional bylaw-adjustment period ends for existing PSPs",
      "module": "W9",
      "source_jid": "RS",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.karanovicpartners.com/news/harmonisation-of-serbian-law-on-payment-services-with-psd2/"
    },
    {
      "t": "US 1% remittance excise tax (cash/money-order/cashier's-check funded)",
      "note": "1% excise tax applies to cash-funded outbound remittances on US-LATAM corridor.",
      "module": "W5",
      "source_jid": "JID-US-FED",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://paymentexpert.com/2026/06/11/cross-border-payments-latam/"
    },
    {
      "t": "US 1% remittance excise tax (cash/money-order/cashier's-check funded)",
      "note": "1% excise tax applies to cash-funded outbound remittances on US-LATAM corridor.",
      "module": "W5",
      "source_jid": "JID-US-FED",
      "expected_date": "2026-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://paymentexpert.com/2026/06/11/cross-border-payments-latam/"
    },
    {
      "t": "Credit Institutions Law amendment in force",
      "note": "Introduces a specialised banking licence route in Latvia.",
      "module": "W1a",
      "source_jid": "LV",
      "expected_date": "2026-01-06",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.zitadelleag.com/services/payment-licensing/latvia-emi"
    },
    {
      "t": "Credit Institutions Law amendment in force",
      "note": "Introduces a specialised banking licence route in Latvia.",
      "module": "W1a",
      "source_jid": "LV",
      "expected_date": "2026-01-06",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.zitadelleag.com/services/payment-licensing/latvia-emi"
    },
    {
      "t": "Specialised credit institution licence regime enters into force",
      "module": "W1a",
      "source_jid": "LV",
      "expected_date": "2026-01-06",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/"
    },
    {
      "t": "CRD6 Dutch transposition deadline",
      "note": "CRD6 must be transposed into Dutch legislation by this date.",
      "module": "W1a",
      "source_jid": "NL",
      "expected_date": "2026-01-10",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "directive",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/netherlands/trends-and-developments"
    },
    {
      "t": "BCV Ruling 25-12-01 interest-rate/UVC framework in force",
      "note": "New interest-rate and UVC indexation framework for bank-granted loans took effect, repealing the prior Ruling 22-03-01.",
      "module": "W1a",
      "source_jid": "VE",
      "expected_date": "2026-01-21",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bakermckenzie.com/en/insight/publications/2026/01/venezuela-central-bank-of-venezuela-regulates-interest-rates"
    },
    {
      "t": "Maine money-transmitter ESB conversion deadline",
      "note": "All existing Maine money-transmitter licensees must convert surety bonds to Electronic Surety Bonds via NMLS.",
      "module": "W1a",
      "source_jid": "US-ME",
      "expected_date": "2026-01-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.maine.gov/pfr/consumercredit//industry/licensing/money_transmitter.htm"
    },
    {
      "t": "MED 2.0 multi-layer fund tracing (up to five account layers)",
      "note": "In-app appeals plus tracing/blocking across up to five layers of accounts.",
      "module": "W10",
      "source_jid": "JID-BR",
      "expected_date": "2026-02",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.qedinvestors.com/blog/the-frontlines-of-fraud-how-brazil-is-becoming-a-global-testbed-for-financial-crime-prevention"
    },
    {
      "t": "MED 2.0 multi-layer fund tracing (up to five account layers)",
      "note": "In-app appeals plus tracing/blocking across up to five layers of accounts.",
      "module": "W10",
      "source_jid": "JID-BR",
      "expected_date": "2026-02",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.qedinvestors.com/blog/the-frontlines-of-fraud-how-brazil-is-becoming-a-global-testbed-for-financial-crime-prevention"
    },
    {
      "t": "BCB VASP/stablecoin framework (Res. 519/520/521) takes effect",
      "note": "VASP authorisation, full fiat/public-debt stablecoin backing, algorithmic-stablecoin prohibition, FX-regime integration of cross-border stablecoin flows.",
      "module": "W2",
      "source_jid": "JID-BR",
      "expected_date": "2026-02-02",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bdo.global/en-gb/insights/tax/world-wide-tax/brazil-central-bank-unveils-regulatory-framework-for-the-virtual-asset-market"
    },
    {
      "t": "Decree 340/2025 administrative sanctions in monetary and banking sector take effect",
      "note": "Significantly higher fines plus confiscation/suspension/disgorgement for unlicensed payment, IPS and FX/gold violations.",
      "module": "W7",
      "source_jid": "VN",
      "expected_date": "2026-02-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "RBI PA Directions wind-up provision for non-compliant PAs in force",
      "note": "Non-compliant PAs face wind-up under the Master Direction.",
      "module": "W1a",
      "source_jid": "IN",
      "expected_date": "2026-02-28",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://digitalpolicyalert.org/change/16285-reserve-bank-of-india-regulation-of-payment-aggregators-directions-2025"
    },
    {
      "t": "Cybersecurity package adaptation deadline (Res. 538/2025; CMN 5.274/2025)",
      "note": "Adaptation to new cybersecurity requirements due by March 2026 following C&M breach.",
      "module": "W3",
      "source_jid": "BR",
      "expected_date": "2026-03",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Mexico AML Law VASP tightening (27 March 2026 amendment)",
      "note": "Further tightening of the July-2025 AML-law amendment bringing VASPs into DNFBP scope with travel-rule and 210 UMA reporting thresholds. Sentinel-sourced.",
      "module": "W11",
      "source_jid": "MX",
      "expected_date": "2026-03",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Act on Criminal Liability for Unlawful Financial Activities (2026:56) in force",
      "module": "W1a",
      "source_jid": "SE",
      "expected_date": "2026-03-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.riksdagen.se/en/news/articles/2026/jan/14/unlawful-financial-activities-to-be-punishable-by_cms0b5b617b-0449-445d-883e-ff3990943310en/"
    },
    {
      "t": "EBA no-action letter (PSD2/MiCA interaction) transitional period end",
      "module": "W2",
      "source_jid": "ES",
      "expected_date": "2026-03-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://ajtapia.com/2026/01/criptoactivos-y-criptomonedas-criterios-de-la-cnmv-sobre-la-aplicacion-de-mica-ante-su-aplicacion-plena-desde-el-1-de-julio-de-2026/"
    },
    {
      "t": "BR cyber-security full compliance deadline (BCB/CMN resolutions)",
      "note": "Annual independent intrusion testing, documented vulnerabilities/action plans, recovery-time documentation.",
      "module": "W3",
      "source_jid": "JID-BR",
      "expected_date": "2026-03-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://connectontech.bakermckenzie.com/brazil-bcb-and-cmn-establish-additional-cyber-security-requirements/"
    },
    {
      "t": "EBA No-Action Letter transition period end (EMT-PSD2 dual authorisation)",
      "note": "CASPs require full PSD2 authorisation for EMT payment services; Opinion of 12 Feb 2026 sets post-transition supervisory conditions for pending applications.",
      "module": "W2",
      "source_jid": "EEA",
      "expected_date": "2026-03-02",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "New Banking Law (two-tier bank licensing, DFA/stablecoin framework) entry into force",
      "module": "W1a",
      "source_jid": "KZ",
      "expected_date": "2026-03-17",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://interfax.com/newsroom/top-stories/115656/"
    },
    {
      "t": "Estonian FSA CASP-application online-portal filing becomes mandatory",
      "module": "W2",
      "source_jid": "EE",
      "expected_date": "2026-03-18",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba"
    },
    {
      "t": "Estonian FSA CASP-application online-portal filing becomes mandatory",
      "module": "W2",
      "source_jid": "EE",
      "expected_date": "2026-03-18",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.fi.ee/en/investeerimine/investeerimisvaldkonna-tegevuslubade-taotlemine/kruptovaraturu-tegevusluba"
    },
    {
      "t": "Consumer Protection Code 2025 enters into force in Ireland",
      "note": "Modernised cross-sectoral conduct requirements including fraud/scam mitigation and vulnerable-consumer protection apply to all regulated firms.",
      "module": "W1b",
      "source_jid": "IE",
      "expected_date": "2026-03-24",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.hoganlovells.com/en/publications/the-central-bank-of-ireland-cbi-has-published-the-revised-consumer-protection-code"
    },
    {
      "t": "RPAA first annual PSP reports due",
      "note": "Registered PSPs must submit their first annual report to the Bank of Canada under RPAR s.18.",
      "module": "W1a",
      "source_jid": "CA-FED",
      "expected_date": "2026-03-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bankofcanada.ca/2026/01/frequently-asked-questions-about-retail-payments-supervision/"
    },
    {
      "t": "SBP Technology Risk Management Framework compliance deadline",
      "note": "Payment institutions must demonstrate cyber-risk controls, tech governance, business continuity and incident-reporting readiness by this date.",
      "module": "W3",
      "source_jid": "PK",
      "expected_date": "2026-03-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://assanpay.com/state-bank-of-pakistan-digital-payments/"
    },
    {
      "t": "First RPAA annual PSP safeguarding report deadline",
      "note": "First annual safeguarding/risk-management report from RPAA-registered PSPs was due to the Bank of Canada.",
      "module": "W1a",
      "source_jid": "CA",
      "expected_date": "2026-03-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bankofcanada.ca/regulatory-oversight/retail-payments/"
    },
    {
      "t": "PA-CB net-worth threshold deadline",
      "note": "Cross-border PAs must meet an INR 25 crore net-worth threshold by this date.",
      "module": "W1a",
      "source_jid": "IN",
      "expected_date": "2026-03-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.rbi.org.in/"
    },
    {
      "t": "PA-CB net-worth threshold deadline",
      "note": "Cross-border PAs must meet an INR 25 crore net-worth threshold by this date.",
      "module": "W1a",
      "source_jid": "IN",
      "expected_date": "2026-03-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.rbi.org.in/"
    },
    {
      "t": "CMI merchant-contract transfer deadlines (Competition Council Decision 152/D/2024)",
      "note": "Non-government merchant contracts transfer from CMI by 31 Jan 2026; government contracts by 30 Apr 2026, with daily penalties for non-compliance.",
      "module": "W7",
      "source_jid": "MA",
      "expected_date": "2026-04",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "POS agent geo-tagging/location-compliance tightening",
      "note": "POS agents face tightened geo-tagging and exclusivity enforcement.",
      "module": "W10",
      "source_jid": "NG",
      "expected_date": "2026-04",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://techpoint.africa"
    },
    {
      "t": "BNM Policy Document on Complaints Handling in force",
      "note": "Complaints Handling PD (issued 28 March 2025) comes into full effect 1 April 2026 (except Para 12, effective 28 March 2025), applying to FSPs including eligible e-money issuers, with FMOS/BNMLINK escalation.",
      "module": "W1b",
      "source_jid": "MY",
      "expected_date": "2026-04-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.lexology.com/library/detail.aspx?g=d9ca31ce-34a4-4352-9b88-e9cc03e27f00"
    },
    {
      "t": "Gambling full credit-payment ban in force",
      "module": "W1b",
      "source_jid": "SE",
      "expected_date": "2026-04-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://brightsideofnews.com/gambling/sweden-credit-gambling-ban-2026/"
    },
    {
      "t": "Bitcoin Depot consumer-claims deadline",
      "note": "Consumer claims for the Bitcoin Depot settlement must be submitted via the Bureau's website by this deadline.",
      "module": "W10",
      "source_jid": "US-ME",
      "expected_date": "2026-04-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "enforcement_policy",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bangordailynews.com/2026/01/05/state/state-police-courts/maine-settlement-bitcoin-depot/"
    },
    {
      "t": "Tranche 1 payments licensing consultation closed",
      "note": "Tranche 1 exposure draft consultation period closed; Treasury to finalise the AFSL-based payments licensing package.",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2026-04-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://treasury.gov.au/policy-topics/banking-and-finance/payments-licensing-reforms"
    },
    {
      "t": "FinCEN special measures amended effective-date extension",
      "note": "Amended/extended special measures against CIBanco/Intercam/Vector.",
      "module": "W12",
      "source_jid": "MX",
      "expected_date": "2026-04-16",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/16/2026-07416/imposition-of-special-measure-prohibiting-certain-transmittals-of-funds-involving-cibanco-sa"
    },
    {
      "t": "Mandatory NFC Pix (tap-to-pay) requirement",
      "note": "All participating institutions must offer NFC Pix by this date.",
      "module": "W9",
      "source_jid": "BR",
      "expected_date": "2026-04-22",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.riotimesonline.com/brazil-fintech-2026-complete-guide/"
    },
    {
      "t": "NCG 559 prior-notice reporting deadline for traditional Fintech-service providers",
      "note": "Traditional CMF-supervised entities offering Fintech Law services must report by the 30 Apr 2026 transitional deadline.",
      "module": "W1a",
      "source_jid": "CL",
      "expected_date": "2026-04-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cmfchile.cl/portal/principal/613/w3-article-103412.html"
    },
    {
      "t": "CMI government-contract transfer deadline",
      "note": "CMI must complete transfer of government merchant contracts to licensed acquiring operators.",
      "module": "W8",
      "source_jid": "MA",
      "expected_date": "2026-04-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://lafroujiavocats.com/en/morocco-fintech-2025-payment-market/"
    },
    {
      "t": "PI authorisation regularisation window (Res. 494/2025)",
      "note": "Institutions operating without authorisation must apply between 1 and 31 May 2026 under consolidated regime.",
      "module": "W1a",
      "source_jid": "BR",
      "expected_date": "2026-05",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Serbian PSPs achieve full SEPA operational readiness",
      "module": "W5",
      "source_jid": "RS",
      "expected_date": "2026-05",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://enlargement.ec.europa.eu/news/commission-welcomes-serbia-joining-sepa-schemes-allowing-faster-and-cheaper-euro-transactions-2026-05-05_en"
    },
    {
      "t": "OCC comment period closes on GENIUS Act implementing rule",
      "module": "W2",
      "source_jid": "US",
      "expected_date": "2026-05-01",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "BCB Res. 521 cross-border virtual-asset reporting obligations begin",
      "note": "New FX-regime reporting for international payments, remittances and stablecoin use.",
      "module": "W2",
      "source_jid": "JID-BR",
      "expected_date": "2026-05-04",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bdo.global/en-gb/insights/tax/world-wide-tax/brazil-central-bank-unveils-regulatory-framework-for-the-virtual-asset-market"
    },
    {
      "t": "FCA Safeguarding Supplementary Regime in force",
      "module": "W1b",
      "source_jid": "UK",
      "expected_date": "2026-05-07",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "FCA PS25/12 Supplementary safeguarding Regime in force",
      "note": "New CASS 10A/15, SUP 3A, SUP 16.14A: annual independent safeguarding audit, resolution pack, monthly safeguarding return.",
      "module": "W1b",
      "source_jid": "UK",
      "expected_date": "2026-05-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "MED 2.0 cascading-block sanctioning grace expiry (Res. 546)",
      "note": "Sanctioning grace for MED 2.0 (mandatory 2 Feb 2026) expires 10 May 2026.",
      "module": "W10",
      "source_jid": "BR",
      "expected_date": "2026-05-10",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "HKMA OR-2 Operational Resilience full-implementation deadline for authorized institutions",
      "note": "AIs must complete full OR implementation (critical operations, disruption tolerances, mapping, scenario testing, remediation) by 31 May 2026.",
      "module": "W3",
      "source_jid": "CN-HK",
      "expected_date": "2026-05-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://brdr.hkma.gov.hk/eng/doc-ldg/docId/getPdf/20260529-5-EN/20260529-5-EN.pdf"
    },
    {
      "t": "CBE PSO/PSP licensing transition period ends",
      "note": "Existing payment market participants must obtain PSO/PSP licences under the new CBE framework or cease operating.",
      "module": "W1a",
      "source_jid": "EG",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dailynewsegypt.com/2025/06/21/cbe-issues-new-licensing-framework-for-electronic-payment-service-providers/"
    },
    {
      "t": "CBE PSO/PSP licensing transition deadline — existing institutions must obtain CBE licence",
      "note": "12-month transition window concludes; all existing payment institutions must have regularised and applied for CBE licences under the June 2025 rules.",
      "module": "W1a",
      "source_jid": "EG",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cbe.org.eg/en/news-publications/news/2025/09/01/13/10/payment-system-operators-and-payment-service-providers"
    },
    {
      "t": "FSA crypto/EPI intermediary conduct rules take effect",
      "note": "New EPI/crypto intermediary category gains explicit registration, user-disclosure, explanation, prohibited-conduct and recordkeeping requirements.",
      "module": "W1b",
      "source_jid": "JP",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mexc.com/news/1109792"
    },
    {
      "t": "AFASA SMS/email OTP phase-out for high-risk transactions",
      "note": "BSP-supervised institutions must phase out SMS/email OTPs for high-risk transactions under AFASA implementing rules.",
      "module": "W10",
      "source_jid": "PH",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.symphonyai.com/resources/blog/financial-services/the-philippines-reducing-fraud-scams-afasa/"
    },
    {
      "t": "Japan stablecoin EPI reserve, custody and redemption reforms take effect",
      "note": "Reserve/custody/redemption obligations codified; specified trust-beneficiary reserves investable in government bonds / cancellable fixed-term deposits under conditions (Act No. 66 of 2025).",
      "module": "W2",
      "source_jid": "JP",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2025/japan/trends-and-developments"
    },
    {
      "t": "Act No. 66 of 2025 stablecoin reserve rules implementation",
      "note": "Trust-type EPI reserves may hold up to 50% in JGB/US government bonds (<=3mo) and early-terminable deposits; domestic-asset-holding orders codified.",
      "module": "W2",
      "source_jid": "JP",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.theblock.co/post/387171/japan-bonds-stablecoin-reserves-consultation"
    },
    {
      "t": "Cuscal/Paymark (Worldline NZ) acquisition completion",
      "note": "Completion subject to French Works Council consultation and Worldline put option; expected by 30 June 2026, not completed at run date.",
      "module": "W13",
      "source_jid": "NZ",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.interest.co.nz/banking/138093/australias-cuscal-acquiring-electronic-payments-processor-worldline-new-zealand-and"
    },
    {
      "t": "SWIFT retail cross-border framework go-live (Australia among initial corridors)",
      "note": "25+ banks (incl. ANZ, CBA, NAB, Westpac) go live by end-June 2026 with cost certainty, full-value delivery and traceability.",
      "module": "W5",
      "source_jid": "AU",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.swift.com/news-events/press-releases/swift-accelerates-transformation-consumer-payments-banks-roll-out-new-framework-retail-transactions"
    },
    {
      "t": "TIPS Cross Currency access for RIX-INST-connected banks",
      "note": "RIX-INST-connected banks/PSPs gain access to TIPS Cross Currency, enabling instant SEK/EUR/DKK payments.",
      "module": "W5",
      "source_jid": "SE",
      "expected_date": "2026-06",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.tietoevry.com/en/blog/2026/04/swedens-instant-payments-wake-up-call/"
    },
    {
      "t": "CT Digital Currency Kiosk Consumer Protection Regime full effect",
      "note": "Kiosk-style disclosure and consumer-protection provisions reach full statutory effect for virtual-currency kiosk operators in Connecticut.",
      "module": "W1a",
      "source_jid": "US-CT",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://cryptoslate.com/crypto-laws/connecticut-digital-currency-kiosk-consumer-protection-regime/"
    },
    {
      "t": "CT Digital Currency Kiosk Consumer Protection Regime full effect",
      "note": "Kiosk-style disclosure and consumer-protection provisions reach full statutory effect for virtual-currency kiosk operators in Connecticut.",
      "module": "W1a",
      "source_jid": "US-CT",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://cryptoslate.com/crypto-laws/connecticut-digital-currency-kiosk-consumer-protection-regime/"
    },
    {
      "t": "FinCEN/OFAC comment period closes on PPSI AML/CFT proposed rule",
      "module": "W2",
      "source_jid": "US",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/10/2026-06963/permitted-payment-stablecoin-issuer-anti-money-launderingcountering-the-financing-of-terrorism"
    },
    {
      "t": "FinCEN/OFAC comment period closes on PPSI AML/CFT proposed rule",
      "module": "W2",
      "source_jid": "US",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/10/2026-06963/permitted-payment-stablecoin-issuer-anti-money-launderingcountering-the-financing-of-terrorism"
    },
    {
      "t": "FinCEN AML/CFT program-reform NPRM comment close",
      "note": "FinCEN April 2026 AML/CFT program-reform NPRM comments due 9 June 2026; would reshape risk-based program and supervision expectations.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/10/2026-07033/anti-money-laundering-and-countering-the-financing-of-terrorism-programs"
    },
    {
      "t": "FinCEN AML/CFT program-reform NPRM comment close",
      "note": "FinCEN April 2026 AML/CFT program-reform NPRM comments due 9 June 2026; would reshape risk-based program and supervision expectations.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-06-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/04/10/2026-07033/anti-money-laundering-and-countering-the-financing-of-terrorism-programs"
    },
    {
      "t": "SARB non-bank PSP authorisation framework consultation closes",
      "note": "SARB's draft activity-based authorisation framework for non-bank PSP market access closes for comment.",
      "module": "W1a",
      "source_jid": "ZA",
      "expected_date": "2026-06-15",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://finhive.africa/news/regulation-fintech-guide-june-2026/"
    },
    {
      "t": "PI-SPI mandatory connection deadline",
      "note": "All UEMOA banks, MFIs, e-money issuers and payment establishments including CI must be connected to the PI-SPI instant-payment interoperability platform by this date.",
      "module": "W3",
      "source_jid": "CI",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fratmat.info/article/2641755/economie/uemoa-linteroperabilite-des-paiements-devient-obligatoire-des-le-30-juin-2026"
    },
    {
      "t": "MiCA transitional period end for grandfathered virtual-currency providers",
      "module": "W2",
      "source_jid": "ES",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://sede.agenciatributaria.gob.es/Sede/normativa-criterios-interpretativos/analisis/2026/abril/29/reglamento-mica-abril-2026-nuevo-ue.html"
    },
    {
      "t": "CSSF Circular 26/906 enters into force (safeguarding & governance)",
      "note": "Daily reconciliations, strict client-fund segregation, designated safeguarding management-body member, three-lines-of-defence governance and annual attestations become mandatory for Luxembourg PIs/EMIs.",
      "module": "W1b",
      "source_jid": "LU",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cssf.lu/en/2026/01/new-circular-cssf-26-906-central-administration-internal-governance-and-risk-management-applicable-to-payment-and-electronic-money-institutions/"
    },
    {
      "t": "PSAV existing-operator compliance deadline (Ley 20.345)",
      "module": "W2",
      "source_jid": "UY",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "PSAV Financiero (PSAVF) compliance deadline for existing virtual-asset operators (Ley 20.345)",
      "module": "W2",
      "source_jid": "UY",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://ecosistemastartup.com/regulacion-cripto-uruguay-1-5m-ui-minimo-frena-startups/"
    },
    {
      "t": "Legacy CFO Act crypto-registrant transition window closed",
      "module": "W2",
      "source_jid": "SE",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://copla.com/blog/compliance-regulations/mica-regulation-in-sweden-licensing-implementation-and-what-crypto-firms-need-to-know/"
    },
    {
      "t": "Federal Bank Act review concludes",
      "module": "W10",
      "source_jid": "CA",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.privatelenderassociation.ca/canada-bank-fraud-app-scams-uk-reimbursement-rules-and-what-needs-to-change/"
    },
    {
      "t": "Federal Bank Act review concludes",
      "module": "W10",
      "source_jid": "CA",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.privatelenderassociation.ca/canada-bank-fraud-app-scams-uk-reimbursement-rules-and-what-needs-to-change/"
    },
    {
      "t": "Federal Bank Act review concludes",
      "module": "W10",
      "source_jid": "CA-BC",
      "expected_date": "2026-06-30",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "GFSC Operational Resilience full-compliance milestone",
      "note": "After 13 July 2026 firms must have comprehensive strategies to remain within impact tolerances in severe-but-plausible disruption.",
      "module": "W3",
      "source_jid": "GIB",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.pwc.gi/services/assurance-services/operational-resilience.html"
    },
    {
      "t": "MiCA hard enforcement deadline for Cyprus CASPs (transitional window ends)",
      "note": "CASPs operating under national transitional rules must hold full MiCA authorisation by 1 July 2026 or cease; research cites a contested earlier application-lodgement deadline (10 Jan 2025 vs 27 Feb 2026).",
      "module": "W2",
      "source_jid": "JID-CY",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.financemagnates.com/cryptocurrency/cysec-outlines-transitional-rules-for-crypto-asset-service-providers-under-mica/"
    },
    {
      "t": "MBIE payment-services regulation consultation — possible consolidated payments-licensing regime",
      "note": "Submissions close 3 July 2026; discussion document (not yet a proposed regime) on whether NZ needs a dedicated payments-licensing regime.",
      "module": "W1a",
      "source_jid": "NZ",
      "expected_date": "2026-07",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://blockchain.org.nz/2026/06/03/big-month-for-digital-assets-in-nz-momentum-media-and-may-policy-meetings/"
    },
    {
      "t": "CPS 230 pre-existing service-provider contract requirements apply",
      "note": "Requirements apply to pre-existing service-provider contracts from earlier of next renewal or 1 July 2026.",
      "module": "W3",
      "source_jid": "AU",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.apra.gov.au/operational-risk-management"
    },
    {
      "t": "FMA assumes consumer-lender licensing (CCCFA transfer from Commerce Commission)",
      "note": "From 1 July 2026 consumer lenders must be FMA-licensed; certified lenders auto-deemed licensed.",
      "module": "W1b",
      "source_jid": "NZ",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fsp-register.companiesoffice.govt.nz/"
    },
    {
      "t": "Scams Prevention Framework first sector obligations take effect",
      "note": "Banks, telcos and digital-platform sector obligations target effect from 1 July 2026; draft reimbursement rules (A$3,000 threshold) under consultation.",
      "module": "W10",
      "source_jid": "AU",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://amjid.au/insights/australias-scams-prevention-framework-operators-guide/"
    },
    {
      "t": "AML/CTF Tranche 2 DNFBP obligations + virtual-asset travel rule",
      "note": "[Sentinel] Tranche 2 extends AML/CTF obligations to DNFBPs (~100,000 entities) and applies virtual-asset travel rule from 1 July 2026.",
      "module": "W11",
      "source_jid": "AU",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "PSAN-to-CASP transition deadline under MiCA",
      "note": "France's legacy PACTE PSAN regime holders must transition to MiCA CASP status by 1 July 2026.",
      "module": "W2",
      "source_jid": "JID-FR",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://crassula.io/guides/licenses/france-acpr/"
    },
    {
      "t": "au Payment / au Financial Services absorption-type merger",
      "note": "au Payment and au Financial Services merge (au Payment surviving) to centralise payment business strategy, scheduled 1 July 2026.",
      "module": "W6",
      "source_jid": "JP",
      "expected_date": "2026-07",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://medium.com/tokyo-fintech/japan-fintech-observer-128-e34485ff6777"
    },
    {
      "t": "MiCA transitional CASP regime ends",
      "module": "W2",
      "source_jid": "BE",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fsma.be/en/crypto-asset-service-provider-casp"
    },
    {
      "t": "MiCA CASP transitional period ends for pre-existing Czech crypto-asset service providers",
      "module": "W2",
      "source_jid": "CZ",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cnb.cz/en/supervision-financial-market/the-cnbs-area-of-competence-under-the-regulation-on-markets-in-crypto-assets-mica/"
    },
    {
      "t": "MiCA/CMA transition deadline: legacy FIU-issued VASP licences expire",
      "module": "W2",
      "source_jid": "EE",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://charltonsquantum.com/estonia-virtual-assets-regulation/"
    },
    {
      "t": "EU-wide MiCA transitional-period default deadline (comparator context for Slovenia's earlier close)",
      "note": "MiCA Article 143 18-month default transitional period ends for member states that did not shorten it; Slovenia already closed its own (6-month) window on 1 July 2025.",
      "module": "W2",
      "source_jid": "EU",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.elliptic.co/blog/the-end-of-micas-transitional-period"
    },
    {
      "t": "EU-wide MiCA transitional-period default deadline (comparator context for Slovenia's earlier close)",
      "note": "MiCA Article 143 18-month default transitional period ends for member states that did not shorten it; Slovenia already closed its own (6-month) window on 1 July 2025.",
      "module": "W2",
      "source_jid": "EU",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.elliptic.co/blog/the-end-of-micas-transitional-period"
    },
    {
      "t": "RBI Draft Third Amendment Directions 2026 — APP-fraud compensation scheme",
      "note": "Capped (INR25,000 / 85% net loss), once-per-lifetime, central-bank-funded (~65% RBI) compensation for genuine fraud losses up to INR50,000 at commercial banks; effective for transactions on/after 1 Jul 2026.",
      "module": "W10",
      "source_jid": "IN",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "MiCA transitional regime ends in Romania",
      "note": "After 1 July 2026 providing crypto-asset services in Romania without authorisation becomes a criminal offence; Article 111 sanctions regime applies.",
      "module": "W2",
      "source_jid": "JID-RO",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/blockchain-crypto-assets-2026/romania/trends-and-developments"
    },
    {
      "t": "MiCAR transitional period ended for LI CASPs",
      "note": "Firms combining payments and crypto-asset services can no longer rely on TVTG registration alone for MiCAR-scoped activities.",
      "module": "W9",
      "source_jid": "LI",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fma-li.li/en/supervision-regulation/licences-and-authorizations"
    },
    {
      "t": "MiCA transitional deadline for legacy-registered CASPs expires",
      "module": "W2",
      "source_jid": "PT",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.macedovitorino.com/en/knowledge/insights/New-rules-for-the-crypto-asset-market/6865/"
    },
    {
      "t": "EU-wide MiCA transitional-period default expiry (member states retaining the full window)",
      "note": "EU-wide default 18-month MiCA transitional window for legacy VASP/CASP authorisation closes 1 July 2026 in member states that did not shorten it; Slovenia's own (reportedly shorter) national window already closed 1 July 2025 per an unverified single-source claim flagged for caveat (see claim wpm-2026-W2-002).",
      "module": "W2",
      "source_jid": "SI",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.licentium.io/hub/slovenia"
    },
    {
      "t": "EU-wide MiCA transitional-period default expiry (member states retaining the full window)",
      "module": "W2",
      "source_jid": "SI",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Mandatory electronic-payments order already in force",
      "note": "Specified transaction categories must now be settled electronically rather than in cash, economy-wide.",
      "module": "W5",
      "source_jid": "TZ",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://lexafrica.com/2026/08/tanzania-cash-payments-banned/"
    },
    {
      "t": "VASP registration deadline under Draft Bill No. 10225-d (compliance outcome pending verification)",
      "note": "Service providers rendering virtual-asset services to Ukrainian residents prior to 31 Dec 2025 were required to complete registration by this date",
      "module": "W2",
      "source_jid": "UA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ey.com/en_ua/it-tax-law-digest/the-draft-law-on-the-taxation-of-income-from-virtual-assets-approved-by-the-parliamentary-committee"
    },
    {
      "t": "California DFAL crypto/stablecoin licensing deadline",
      "note": "Any non-exempt person engaging in digital-financial-asset business with a California resident must submit a complete DFAL application via NMLS by 1 July 2026; applications now open.",
      "module": "W2",
      "source_jid": "US-CA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.goodwinlaw.com/en/insights/publications/2026/04/alerts-finance-dcb-california-dfal-license-application-open"
    },
    {
      "t": "California DFAL crypto/stablecoin licensing deadline",
      "note": "Any non-exempt person engaging in digital-financial-asset business with a California resident must submit a complete DFAL application via NMLS by 1 July 2026; applications now open.",
      "module": "W2",
      "source_jid": "US-CA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.goodwinlaw.com/en/insights/publications/2026/04/alerts-finance-dcb-california-dfal-license-application-open"
    },
    {
      "t": "Georgia SB 111 (Consumer Privacy Protection Act, Act 462) substantive provisions enter into force",
      "module": "W1b",
      "source_jid": "US-GA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.recordinglaw.com/us-laws/data-privacy-laws/georgia-data-privacy-laws/"
    },
    {
      "t": "VC Kiosk Consumer Protection Act (HB 2591) in force",
      "note": "Virtual-currency kiosk operation in Kansas requires a money-transmitter licence, per-transaction ID verification, fee caps, fraud-detection/blockchain-analytics screening, and quarterly location reporting.",
      "module": "W1a",
      "source_jid": "US-KS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://sos.ks.gov/publications/Register/Volume-45/Issues/Issue-18/04-30-26-54119.html"
    },
    {
      "t": "Kansas Virtual Currency Kiosk Consumer Protection Act (HB 2591) licensure requirement in force",
      "module": "W1a",
      "source_jid": "US-KS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://sos.ks.gov/publications/Register/Volume-45/Issues/Issue-18/04-30-26-54119.html"
    },
    {
      "t": "Louisiana Money Transmission Act (HB1230/Act888) enters into force",
      "module": "W1a",
      "source_jid": "US-LA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.sheppard.com/insights/blogs/louisiana-enacts-comprehensive-money-transmission-law-mirroring-laws-in-other-states"
    },
    {
      "t": "MGL c.169B transition deadline for existing unlicensed transmitters",
      "note": "Unlicensed transmitters that did not file for transition by this date must immediately cease licensable activity in Massachusetts.",
      "module": "W1a",
      "source_jid": "US-MA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mass.gov/info-details/regulatory-notice-reminder-of-money-transmitter-licensing-requirements-under-mgl-c-169b"
    },
    {
      "t": "MA money-transmitter licensure application deadline for newly-covered entities",
      "module": "W1a",
      "source_jid": "US-MA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mass.gov/doc/faqs-for-chapter-312-of-the-acts-of-2024-money-transmission-0/download"
    },
    {
      "t": "MS Data Security for Money Transmitters Act in force",
      "note": "MTL licensees must implement a written information-security program and notify DBCF of unauthorized access to unencrypted customer information.",
      "module": "W1a",
      "source_jid": "US-MS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://billstatus.ls.state.ms.us/documents/2026/html/HB/1500-1599/HB1596SG.htm"
    },
    {
      "t": "SB98 crypto-kiosk fraud-protection law in force",
      "note": "Restructures crypto-kiosk operator incentive/liability structure to place fraud-prevention responsibility on operators, with new transaction limits and consumer protections.",
      "module": "W2",
      "source_jid": "US-SD",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://news.sd.gov/news?id=news_kb_article_view&sys_id=358dabfd1b67bad07e05ea85624bcb2f"
    },
    {
      "t": "SB 98 kiosk licensing in force",
      "module": "W1a",
      "source_jid": "US-SD",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://dlr.sd.gov/banking/legal/documents/20-035-Crypto-Kiosk-Bill-Memo.pdf"
    },
    {
      "t": "SB98 crypto-kiosk fraud-protection law in force",
      "note": "Restructures crypto-kiosk operator incentive/liability structure to place fraud-prevention responsibility on operators, with new transaction limits and consumer protections.",
      "module": "W2",
      "source_jid": "US-SD",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://news.sd.gov/news?id=news_kb_article_view&sys_id=358dabfd1b67bad07e05ea85624bcb2f"
    },
    {
      "t": "SD SB98 virtual-currency kiosk licensing and conduct regime in force",
      "note": "Virtual-currency kiosk operators become subject to money-transmission licensing, transaction limits, fee caps, mandatory fraud screening, and refund guarantees.",
      "module": "W1a",
      "source_jid": "US-SD",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://natlawreview.com/article/south-dakota-enacts-licensing-framework-virtual-currency-kiosks"
    },
    {
      "t": "TN solicitation-oversight law (HB2408/SB2659) prospective effective date",
      "module": "W1b",
      "source_jid": "US-TN",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://tcpaworld.com/2026/05/11/tennessees-new-solicitation-oversight-law/"
    },
    {
      "t": "Virginia Chapter 19.1 money-transmitter recodification in force",
      "note": "New Chapter 19.1 replaces the legacy money-transmitter licensing chapter, restructures capital/bond thresholds, eliminates the money-order-seller license, and excludes virtual currency from 'money'.",
      "module": "W1a",
      "source_jid": "US-VA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.shipkevich.com/virginia-enacts-comprehensive-money-transmission-modernization-act-effective-july-1-2026/"
    },
    {
      "t": "Virginia Money Transmitters Act 2025 overhaul in force",
      "module": "W1a",
      "source_jid": "US-VA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://fraxtional.co/feeds/blog/va-money-transmitter-license"
    },
    {
      "t": "Virtual-currency kiosk moratorium expiry (8 V.S.A. §2577)",
      "module": "W2",
      "source_jid": "US-VT",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legislature.vermont.gov/statutes/section/08/079/02577"
    },
    {
      "t": "MICAL VASP grandfathering deadline",
      "note": "Transitional grandfathering regime for previously NRA-registered VASPs expires; full MICAL licensing required thereafter.",
      "module": "W2",
      "source_jid": "BG",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/bulgaria"
    },
    {
      "t": "Estonia MiCA CASP mandatory transition completes, legacy VASP licences invalid",
      "note": "From 1 July 2026, all legacy FIU-issued VASP licences become invalid; crypto-asset service provision requires FSA MiCA CASP authorisation.",
      "module": "W9",
      "source_jid": "EE",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fin.ee/en/news/moneyval-publishes-mutual-evaluation-report-estonia"
    },
    {
      "t": "MiCA national transitional regime expiry",
      "note": "Grandfathered CASPs must hold MiCA authorisation; transitional operation ends.",
      "module": "W2",
      "source_jid": "EEA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "MiCA full application in Spain",
      "module": "W2",
      "source_jid": "ES",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://ajtapia.com/2026/01/criptoactivos-y-criptomonedas-criterios-de-la-cnmv-sobre-la-aplicacion-de-mica-ante-su-aplicacion-plena-desde-el-1-de-julio-de-2026/"
    },
    {
      "t": "MiCAR VASP transitional period ends",
      "note": "18-month transition for pre-30-Dec-2024 registered VASPs ends; firms must hold full CASP authorisation or cease regulated crypto-asset services.",
      "module": "W2",
      "source_jid": "LU",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.cssf.lu/en/markets-in-crypto-assets-mica-micar/"
    },
    {
      "t": "Pay.UK NPA migration completion deadline",
      "module": "W3",
      "source_jid": "UK",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "MS Virtual Currency Kiosk licensing regime in force",
      "note": "Virtual currency kiosk operators must be licensed as money transmitters, with transaction limits and disclosure obligations.",
      "module": "W1a",
      "source_jid": "US-MS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://billstatus.ls.state.ms.us/documents/2026/html/HB/1600-1699/HB1625SG.htm"
    },
    {
      "t": "LB838 foreign-adversary money-transmission ban and remittance excise tax effective",
      "note": "25% excise tax on remittances to foreign-adversary countries and categorical licensure ban become effective.",
      "module": "W1a",
      "source_jid": "US-NE",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://nebraskalegislature.gov/FloorDocs/109/PDF/Final/LB838.pdf"
    },
    {
      "t": "HB 798 unclaimed digital-assets law in force",
      "note": "Dormant crypto (5+ years inactive) presumed abandoned, transferred in-kind to state custody, held 1+ year before liquidation.",
      "module": "W2",
      "source_jid": "US-VA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.theblock.co/post/397484/virginia-approves-bill-unclaimed-crypto-assets"
    },
    {
      "t": "Virginia HB 798 crypto unclaimed-property law in force",
      "module": "W2",
      "source_jid": "US-VA",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.theblock.co/post/397484/virginia-approves-bill-unclaimed-crypto-assets"
    },
    {
      "t": "IEDE mandatory periodic cyber-capability reporting commences",
      "module": "W3",
      "source_jid": "UY",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Mandatory IEDE cybersecurity-capability periodic reporting to BCU",
      "module": "W3",
      "source_jid": "UY",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://cointelegraph.es/news/uruguay-exige-a-emisoras-de-dinero-electrnico-reportar-sus-capacidades-de-ciberseguridad"
    },
    {
      "t": "MS Check Cashers Act fee pass-through amendment in force",
      "note": "HB547 permits third-party card-processing fee pass-through for check cashers.",
      "module": "W1a",
      "source_jid": "US-MS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://dbcf.ms.gov/wp-content/uploads/2026/05/Legislative-Update-for-Website.2026-Regular-Session.Revised.pdf"
    },
    {
      "t": "TN virtual-currency kiosk ban (Public Chapter 766/HB2505) in force",
      "module": "W10",
      "source_jid": "US-TN",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.sheppard.com/insights/blogs/tennessee-prohibits-virtual-currency-kiosks"
    },
    {
      "t": "Kansas EWA Act information-security amendment (HB 2591) in force",
      "module": "W1b",
      "source_jid": "US-KS",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://legiscan.com/KS/text/HB2591/id/3365414"
    },
    {
      "t": "TN UCC Controllable Electronic Records Amendments (Public Chapter 704) in force",
      "module": "W2",
      "source_jid": "US-TN",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://cryptoslate.com/crypto-laws/jurisdiction/united-states/tennessee/"
    },
    {
      "t": "Tennessee crypto-kiosk ban (Public Chapter 766) in force",
      "module": "W10",
      "source_jid": "US-TN",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.sheppard.com/insights/blogs/tennessee-prohibits-virtual-currency-kiosks"
    },
    {
      "t": "Ontario statutory credit-freeze regime implementation (comparator)",
      "module": "W10",
      "source_jid": "CA-BC",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "horizon_id": "wpm-reg-8"
    },
    {
      "t": "Ontario statutory credit-freeze regime implementation (comparator)",
      "module": "W10",
      "source_jid": "CA-ON",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-8",
      "primary_source_url": "https://www.privatelenderassociation.ca/canada-bank-fraud-app-scams-uk-reimbursement-rules-and-what-needs-to-change/"
    },
    {
      "t": "Ontario statutory credit-freeze regime implementation (comparator)",
      "module": "W10",
      "source_jid": "CA-ON",
      "expected_date": "2026-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-8",
      "primary_source_url": "https://www.privatelenderassociation.ca/canada-bank-fraud-app-scams-uk-reimbursement-rules-and-what-needs-to-change/"
    },
    {
      "t": "Texas Stock Exchange commences production trading",
      "module": "W6",
      "source_jid": "US-TX",
      "expected_date": "2026-07-06",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.txse.com/alerts/txse-2026-002"
    },
    {
      "t": "Estonia e-Business Register BO purpose-based access takes effect",
      "note": "From 10 July 2026, unauthenticated users can no longer freely view beneficial-owner details on the e-Business Register.",
      "module": "W7",
      "source_jid": "EE",
      "expected_date": "2026-07-10",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Low",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.silvahunt.ee/business-in-estonia/legal/beneficial-ownership-data-new-access-rules-in-estonia/"
    },
    {
      "t": "Custodia Bank Supreme Court certiorari petition deadline",
      "module": "W7",
      "source_jid": "US-WY",
      "expected_date": "2026-07-11",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cryptotimes.io/2026/05/30/custodia-bank-takes-crypto-banking-fight-against-fed-to-supreme-court/"
    },
    {
      "t": "NJDPA notice-and-cure grace period sunsets",
      "module": "W10",
      "source_jid": "US-NJ",
      "expected_date": "2026-07-15",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://powersolution.com/new-jersey-material-weaknesses-cybersecurity-audit-2026/"
    },
    {
      "t": "FCA policy webinar on final crypto rules",
      "module": "W1b",
      "source_jid": "JID-UK",
      "expected_date": "2026-07-17",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub"
    },
    {
      "t": "GENIUS Act federal stablecoin AML/sanctions rulemaking deadline",
      "note": "Permitted payment stablecoin issuers face new federally-mandated AML/sanctions-compliance program obligations, with Texas DOB as a state implementer.",
      "module": "W1a",
      "source_jid": "US",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dob.texas.gov/money-services-business/genius-act-non-depository"
    },
    {
      "t": "GENIUS Act implementing regulations due",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.gibsondunn.com/the-genius-act-a-new-era-of-stablecoin-regulation/"
    },
    {
      "t": "GENIUS Act implementing regulations due",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.gibsondunn.com/the-genius-act-a-new-era-of-stablecoin-regulation/"
    },
    {
      "t": "GENIUS Act implementing regulations (OCC/FDIC/Fed/Treasury/FinCEN/OFAC) due",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-9a.pdf"
    },
    {
      "t": "GENIUS Act multi-agency implementing-rules deadline",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.troutman.com/insights/how-payments-law-landscape-will-evolve-in-2026/"
    },
    {
      "t": "GENIUS Act implementing regulations due",
      "module": "W2",
      "source_jid": "US-IA",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "LB717 Money Transmitters Act amendments effective",
      "note": "Payroll-processor licensure exemption; expanded kiosk-transaction definition; digital-asset depository amendments become effective.",
      "module": "W1a",
      "source_jid": "US-NE",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fsvector.com/insights/nebraska-updates-consumer-financial-services-law"
    },
    {
      "t": "OCC GENIUS Act implementing-rulemaking one-year statutory deadline",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "GENIUS Act implementing regulations deadline",
      "note": "Federal banking agencies to finalize GENIUS Act implementing regulations, the backdrop for any future VA state-qualified stablecoin pathway.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act implementing regulations deadline",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act implementing regulations deadline",
      "module": "W2",
      "source_jid": "US-VA",
      "expected_date": "2026-07-18",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Bill C-15 fraud-prevention draft regulations comment period closes",
      "module": "W1b",
      "source_jid": "CA-ON",
      "expected_date": "2026-07-26",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.canada.ca/en/department-finance/news/2026/06/government-pre-publishes-regulations-to-prevent-fraud-and-facilitate-the-next-phase-of-consumer-driven-banking.html"
    },
    {
      "t": "Fed 'Payment Account' proposal comment deadline",
      "note": "Comments due 27 July 2026 on the proposed limited-purpose Payment Account giving nonbanks direct Fedwire/FedNow/NSS settlement access.",
      "module": "W12",
      "source_jid": "US-FED",
      "expected_date": "2026-07-27",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.foxrothschild.com/publications/the-fed-just-proposed-a-fast-track-for-fintechs-to-access-its-payment-system"
    },
    {
      "t": "Bank Act Fraud Regulations comment period closes",
      "module": "W10",
      "source_jid": "CA-FED",
      "expected_date": "2026-07-27",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.blakes.com/insights/proposed-regulations-addressing-consumer-targeted-fraud-in-banking-released-for-comment/"
    },
    {
      "t": "Minimum Competency Code 2017 amendment — crypto-assets Category 9 effective",
      "note": "CASP staff providing information or advice on crypto-assets become subject to ESMA MiCA Guidelines competence standards, with an experience-based transitional arrangement.",
      "module": "W1a",
      "source_jid": "IE",
      "expected_date": "2026-07-28",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "guidance",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.arthurcox.com/insights/crypto-asset-knowledge-and-competence-requirements-central-bank-of-ireland-confirms-integration-into-the-irish-supervisory-framework/"
    },
    {
      "t": "InstaPay-for-Business cap increase to PHP 500,000 effective",
      "note": "InstaPay-for-Business transfer cap raised tenfold from PHP 50,000 to PHP 500,000.",
      "module": "W9",
      "source_jid": "PH",
      "expected_date": "2026-07-29",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Probable",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://mb.com.ph/2026/07/29/bsp-unveils-instapay-upgrade-with-500000-transfer-cap-for-businesses"
    },
    {
      "t": "Digital-tenge mandatory-use commencement for budget expenditure",
      "note": "Digital-tenge use becomes mandatory for eight categories of budget expenditure over 100 million tenge.",
      "module": "W9",
      "source_jid": "KZ",
      "expected_date": "2026-08-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://coinedition.com/kazakhstan-launches-strategic-bitcoin-mining-and-expands-digital-tenge-use/"
    },
    {
      "t": "SF 3868 proposed statewide virtual-currency-kiosk ban would take effect",
      "module": "W2",
      "source_jid": "US-MN",
      "expected_date": "2026-08-01",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.revisor.mn.gov/bills/94/2026/0/SF/3868/versions/2/pdf/"
    },
    {
      "t": "Louisiana debit-card surcharge prohibition (SB254/Act751) takes effect",
      "module": "W4",
      "source_jid": "US-LA",
      "expected_date": "2026-08-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/06/louisiana-enacts-debit-card-surcharge-prohibition/"
    },
    {
      "t": "FinCEN Geographic Targeting Order (Hennepin/Ramsey Counties) expires",
      "module": "W5",
      "source_jid": "US-MN",
      "expected_date": "2026-08-10",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/01/13/2026-00449/geographic-targeting-order-imposing-recordkeeping-and-reporting-requirements-on-certain-financial"
    },
    {
      "t": "SB26-131 sportsbook payment/marketing restrictions in force",
      "module": "W8",
      "source_jid": "US-CO",
      "expected_date": "2026-08-12",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://leg.colorado.gov/bills/sb26-131"
    },
    {
      "t": "Tenth Circuit en banc oral argument in NAIB v. Weiser (DIDMCA opt-out)",
      "module": "W7",
      "source_jid": "US-CO",
      "expected_date": "2026-08-18",
      "uncertainty_band": "quarter",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/04/tenth-circuit-grants-en-banc-rehearing-in-colorado-didmca-opt-out-case-vacating-prior-panel-decision/"
    },
    {
      "t": "Tenth Circuit en banc oral argument in NAIB v. Weiser (Colorado DIDMCA opt-out case)",
      "module": "W7",
      "source_jid": "US-CO",
      "expected_date": "2026-08-18",
      "uncertainty_band": "quarter",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/04/tenth-circuit-grants-en-banc-rehearing-in-colorado-didmca-opt-out-case-vacating-prior-panel-decision/"
    },
    {
      "t": "RTR By-law and Rules come into force",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2026-08-24",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.payments.ca/critical-milestone-achieved-law-and-rules-approved-canadas-real-time-rail"
    },
    {
      "t": "RTR By-law and Rules come into force",
      "module": "W5",
      "source_jid": "CA-BC",
      "expected_date": "2026-08-24",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "Consumer-Driven Banking Regulations consultation closes",
      "note": "The 60-day public comment period on proposed Consumer-Driven Banking Regulations closes, after which final regulations may be published.",
      "module": "W9",
      "source_jid": "CA",
      "expected_date": "2026-08-26",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://gazette.gc.ca/rp-pr/p1/2026/2026-06-27/html/reg3-eng.html"
    },
    {
      "t": "MONEYVAL follow-up mutual-evaluation visit to the Isle of Man",
      "module": "W11",
      "source_jid": "IM",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.iomtoday.co.im/news/no-bonus-scheme-linked-to-fines-says-isle-of-man-financial-services-authority-790545"
    },
    {
      "t": "MONEYVAL follow-up mutual-evaluation visit to the Isle of Man",
      "module": "W11",
      "source_jid": "IM",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.iomtoday.co.im/news/no-bonus-scheme-linked-to-fines-says-isle-of-man-financial-services-authority-790545"
    },
    {
      "t": "FCA further perimeter-guidance policy statement",
      "module": "W1b",
      "source_jid": "JID-UK",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub"
    },
    {
      "t": "Second distribution of Visa/Mastercard interchange-fee settlement funds",
      "module": "W4",
      "source_jid": "US-MN",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.mcaginc.com/post/visa-mc-interchange-fee-settlement-1"
    },
    {
      "t": "Second distribution of Visa/Mastercard interchange-fee settlement anticipated",
      "module": "W4",
      "source_jid": "US-MN",
      "expected_date": "2026-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.mcaginc.com/post/visa-mc-interchange-fee-settlement-1"
    },
    {
      "t": "SPF Rules commence (EDR-scheme membership)",
      "note": "Banks must be members of the AFCA EDR scheme from this date under the Scams Prevention Framework.",
      "module": "W10",
      "source_jid": "AU",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.accc.gov.au/about-us/scams-prevention-framework"
    },
    {
      "t": "Digital-ruble mandatory transaction capability for systemically important banks",
      "note": "Systemically important banks must offer digital-ruble transaction capability; unified NSPK-operated QR code introduced.",
      "module": "W1a",
      "source_jid": "RU",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://interfax.com/newsroom/top-stories/112257/"
    },
    {
      "t": "Digital ruble mandatory acceptance - systemically important banks & large retailers",
      "module": "W2",
      "source_jid": "RU",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://cbr.ru/eng/press/event/?id=25774"
    },
    {
      "t": "Alabama SB221 credit-card transaction fee sales-tax exclusion takes effect",
      "module": "W4",
      "source_jid": "US-AL",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.avalara.com/blog/en/north-america/2026/05/alabama-credit-card-fees.html"
    },
    {
      "t": "Universal NPCS QR code - bank technical-readiness deadline",
      "module": "W4",
      "source_jid": "RU",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.cbr.ru/eng/press/event/?id=24732"
    },
    {
      "t": "Universal NPCS QR code - bank technical-readiness deadline",
      "module": "W4",
      "source_jid": "RU",
      "expected_date": "2026-09-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.cbr.ru/eng/press/event/?id=24732"
    },
    {
      "t": "Southwest Border Geographic Targeting Order (SWB GTO) expiration",
      "note": "Enhanced CTR obligations for covered MSBs on currency transactions $1,000-$10,000 in designated border-adjacent jurisdictions lapse or require reissuance.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-09-02",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fincen.gov/system/files/2026-03/SWB-GTO-FAQs.pdf"
    },
    {
      "t": "Southwest Border Geographic Targeting Order (SWB GTO) expiration",
      "note": "Enhanced CTR obligations for covered MSBs on transactions $1,000-$10,000 in designated border-adjacent areas lapse or require reissuance.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-09-02",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fincen.gov/system/files/2026-03/SWB-GTO-FAQs.pdf"
    },
    {
      "t": "PASA PSMB recognition withdrawal completes; SARB/PayInc take over",
      "note": "Payment system rule-making, licensing, authorisation and registration functions transfer from the PASA self-regulatory model to SARB and PayInc.",
      "module": "W3",
      "source_jid": "ZA",
      "expected_date": "2026-09-02",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.sanews.gov.za/south-africa/sarb-transfer-national-payment-management-functions"
    },
    {
      "t": "HB639 main provisions commencement",
      "note": "From 9/8/2026, NH exempts node operation, mining, and staking from RSA 399-G MTL licensing.",
      "module": "W1a",
      "source_jid": "US-NH",
      "expected_date": "2026-09-08",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legiscan.com/NH/bill/HB639/2026"
    },
    {
      "t": "BCRP Circular 0017-2026 interoperability mandate enters force",
      "note": "All banks, cajas, fintechs and e-wallets must accept and process instant alias/QR transfers up to S/30,000/operation, 24/7/365.",
      "module": "W3",
      "source_jid": "PE",
      "expected_date": "2026-09-13",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.infobae.com/peru/2026/07/15/pagos-instantaneos-en-peru-bcrp-dispone-que-todos-los-bancos-acepten-transferencias-inmediatas-con-qr-dni-o-celular/"
    },
    {
      "t": "India PA merchant-KYC compliance grace period ends",
      "note": "Merchants onboarded before 31 Dec 2025 must be fully compliant with new KYC standard by this date.",
      "module": "W8",
      "source_jid": "IN",
      "expected_date": "2026-09-15",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.lexology.com/library/detail.aspx?g=66e43cc2-d69d-42a3-87f8-2381a386ea89"
    },
    {
      "t": "Extended merchant-CDD compliance deadline",
      "note": "Merchant-CDD compliance for merchants onboarded before 31 Dec 2025 extends to this date.",
      "module": "W1a",
      "source_jid": "IN",
      "expected_date": "2026-09-15",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.rbi.org.in/"
    },
    {
      "t": "CB Law 2025 (Federal Decree-Law No. 6 of 2025) compliance deadline",
      "note": "Affected entities must achieve full compliance with expanded CBUAE jurisdiction (incl. virtual assets, open finance, technology enablers) by 16 Sep 2026; CBUAE retains discretion to extend.",
      "module": "W1a",
      "source_jid": "UAE",
      "expected_date": "2026-09-16",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://uaelegislation.gov.ae/en/legislations/3284"
    },
    {
      "t": "BoE systemic-stablecoin consultation closes",
      "module": "W2",
      "source_jid": "JID-UK",
      "expected_date": "2026-09-22",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bankofengland.co.uk/paper/2026/ps/sterling-denominated-systemic-stablecoin"
    },
    {
      "t": "PI-SPI connection deadline for banks, EMIs and payment institutions",
      "note": "Banks, EMIs and PIs must be live on the PI-SPI instant-payment platform; deadline extended by BCEAO on 25 June 2026.",
      "module": "W9",
      "source_jid": "JID-CI",
      "expected_date": "2026-09-30",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.togofirst.com/en/banking/2506-19356-bceao-extends-deadline-for-connecting-to-uemoa-instant-payment-platform"
    },
    {
      "t": "PI-SPI instant-payment interoperability deadline",
      "note": "All WAEMU banks, e-money issuers and payment establishments, including Senegal's, must connect to the regional instant-payment interoperability rail by the extended deadline.",
      "module": "W3",
      "source_jid": "SN",
      "expected_date": "2026-09-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://boldrails.com/blog/how-to-accept-mobile-money-francophone-africa"
    },
    {
      "t": "PI-SPI instant-payment interoperability deadline",
      "note": "All WAEMU banks, e-money issuers and payment establishments, including Senegal's, must connect to the regional instant-payment interoperability rail by the extended deadline.",
      "module": "W3",
      "source_jid": "SN",
      "expected_date": "2026-09-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://boldrails.com/blog/how-to-accept-mobile-money-francophone-africa"
    },
    {
      "t": "ASIC digital-asset no-action position expiry / AFS licensing deadline",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2026-09-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.finextra.com/pressarticle/110780/asic-issues-final-call-for-firms-to-act-before-digital-assets-licensing-comes-into-force"
    },
    {
      "t": "BoE consultation on systemic-stablecoin transition rules closes",
      "module": "W2",
      "source_jid": "JID-UK",
      "expected_date": "2026-09-30",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.bankofengland.co.uk/paper/2026/boe-and-fcas-approach-to-joint-regulation-of-systemic-stablecoin-issuers"
    },
    {
      "t": "FCA crypto authorisation gateway opens",
      "module": "W1a",
      "source_jid": "JID-UK",
      "expected_date": "2026-09-30",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub"
    },
    {
      "t": "Australia RBA removal of no-surcharge prohibition and interchange cap adjustments",
      "note": "No-surcharge prohibition on eftpos/Mastercard/Visa removed; interchange caps adjusted (incl. proposed 6-cent debit benchmark, international interchange caps); new fee-transparency requirements.",
      "module": "W4",
      "source_jid": "AU",
      "expected_date": "2026-10",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "Confirmed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.lexology.com/library/detail.aspx?g=06a2d5a6-6035-420d-9602-db61f1f04a6d"
    },
    {
      "t": "Chile interchange fee cap takes effect",
      "note": "Interchange capped at 0.8% credit / 0.35% debit, cutting interchange ~42-46%.",
      "module": "W4",
      "source_jid": "CL",
      "expected_date": "2026-10",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.vixio.com/insights/...losing-monopoly"
    },
    {
      "t": "BCB Res. 561 partial ban on stablecoins as eFX backend settlement",
      "note": "Prohibits stablecoins from serving as backend settlement rails for regulated eFX payment services — a material restriction on use cases in the Nov-2025 framework.",
      "module": "W2",
      "source_jid": "JID-BR",
      "expected_date": "2026-10",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.ledgerinsights.com/brazil-imposes-partial-ban-on-stablecoins-crypto-for-cross-border-payments-and-fx/"
    },
    {
      "t": "PSR review of APP-fraud reimbursement policy (incl. 50:50 split)",
      "note": "Scheduled review of the reimbursement requirement including the sending/receiving 50:50 liability split.",
      "module": "W10",
      "source_jid": "UK",
      "expected_date": "2026-10",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "BAM interchange-fee cap reduction takes effect",
      "note": "Domestic interchange-fee cap falls from 0.65% to 0.50%, with a special 0.15% ceiling for government/proximity-commerce merchants.",
      "module": "W8",
      "source_jid": "MA",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://launchbaseafrica.com/2026/07/14/moroccos-fintechs-win-access-to-a-card-payments-market-long-controlled-by-banks/"
    },
    {
      "t": "Alaska SB249 virtual-currency kiosk licensing effective",
      "note": "VC kiosk operators become licensees subject to money-transmission law and BSA/AML-consistent reporting requirements.",
      "module": "W1a",
      "source_jid": "US-AK",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://infobytes.orrick.com/2026-07-24/alaska-overhauls-money-transmission-licensing-imposes-new-virtual-currency-kiosk-requirements/"
    },
    {
      "t": "Alaska SB249 virtual-currency kiosk licensing effective",
      "note": "VC kiosk operators become licensees subject to money-transmission law and BSA/AML-consistent reporting requirements.",
      "module": "W1a",
      "source_jid": "US-AK",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://infobytes.orrick.com/2026-07-24/alaska-overhauls-money-transmission-licensing-imposes-new-virtual-currency-kiosk-requirements/"
    },
    {
      "t": "Alabama HB303 crypto-kiosk consumer protections in force",
      "note": "Crypto-kiosk operators face transaction limits, disclosure requirements, and refund obligations from 2026-10-01.",
      "module": "W10",
      "source_jid": "US-AL",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://cryptoslate.com/crypto-laws/alabama-cryptocurrency-kiosk-fraud-prevention-act-united-states/"
    },
    {
      "t": "Alabama Cryptocurrency Kiosk Fraud Prevention Act (HB303) effective date",
      "module": "W1b",
      "source_jid": "US-AL",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://alison.legislature.state.al.us/files/pdf/SearchableInstruments/2026RS/HB303-enr.pdf"
    },
    {
      "t": "Florida stablecoin issuer substantive licensing/prudential provisions in force",
      "note": "Substantive licensing and prudential requirements for qualified payment-stablecoin issuers become operative; definitional/administrative provisions already in force since enactment.",
      "module": "W2",
      "source_jid": "US-FL",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/175/Analyses/h0175z.IBS.PDF"
    },
    {
      "t": "Florida payment stablecoin issuer MSB sub-category in force",
      "note": "Payment stablecoin issuers must be licensed as MSB or hold a trust-company certificate of approval.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://floridapolitics.com/archives/804440-stablecoin-virtual-currency-kiosk-bills-signed-into-law/"
    },
    {
      "t": "Florida payment stablecoin issuer MSB sub-category in force",
      "note": "Payment stablecoin issuers must be licensed as MSB or hold a trust-company certificate of approval.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://floridapolitics.com/archives/804440-stablecoin-virtual-currency-kiosk-bills-signed-into-law/"
    },
    {
      "t": "eFX crypto-settlement ban effective (Res. 561)",
      "note": "eFX providers barred from crypto/stablecoin settlement on offshore leg; eFX restricted to BCB-authorised institutions.",
      "module": "W2",
      "source_jid": "BR",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "SB94 Earned Wage Access tipping ban in force",
      "module": "W1b",
      "source_jid": "US-MD",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/05/maryland-enacts-sweeping-earned-wage-access-reforms-bans-tipping/"
    },
    {
      "t": "Civil/criminal penalty exposure begins for non-compliant digital-asset firms",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2026-10-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.finextra.com/pressarticle/110780/asic-issues-final-call-for-firms-to-act-before-digital-assets-licensing-comes-into-force"
    },
    {
      "t": "CGA proactive-consent and payment-method disclosure rules in force",
      "module": "W1b",
      "source_jid": "CW",
      "expected_date": "2026-10-08",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "CGA proactive-consent and payment-method disclosure rules take effect",
      "module": "W1b",
      "source_jid": "JID-CW",
      "expected_date": "2026-10-08",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://eegaming.org/news/2026/07/04/142046/curacaos-crypto-haven-status-challenged-by-new-regulations/"
    },
    {
      "t": "SEPA Instant Payments Regulation first harmonised reporting collection",
      "note": "First EBA-harmonised instant-payments charges/rejection data collection (reference date 9 April 2026) reported by CSSF to EBA/Commission by 9 October 2026.",
      "module": "W5",
      "source_jid": "LU",
      "expected_date": "2026-10-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://regreportingdesk.com/sepa-instant-payments-regulation/"
    },
    {
      "t": "National ID verification for digital wallets becomes mandatory",
      "note": "Self-declaration deadline for existing digital-wallet holders to complete National ID verification.",
      "module": "W1a",
      "source_jid": "NP",
      "expected_date": "2026-10-17",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://english.pardafas.com/nrb-makes-national-id-mandatory-for-digital-wallets-raising-compliance-concerns-for-fintech-firms/"
    },
    {
      "t": "National ID verification for digital wallets becomes mandatory",
      "note": "Self-declaration deadline for existing digital-wallet holders to complete National ID verification.",
      "module": "W1a",
      "source_jid": "NP",
      "expected_date": "2026-10-17",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://english.pardafas.com/nrb-makes-national-id-mandatory-for-digital-wallets-raising-compliance-concerns-for-fintech-firms/"
    },
    {
      "t": "RBNZ payments-modernisation consultation submissions close",
      "note": "RBNZ's payments-modernisation consultation on overhauling retail payments infrastructure, including instant-payments capability, closes for submissions; a roadmap/business case and further consultation to follow.",
      "module": "W3",
      "source_jid": "NZ",
      "expected_date": "2026-10-27",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.rbnz.govt.nz/money-and-cash/payments"
    },
    {
      "t": "New Enforcement Law bills-of-exchange registration requirement enters force",
      "note": "Bills of exchange and promissory notes qualify as enforcement instruments only if registered on national electronic platforms; one-year transitional grace period for pre-existing instruments.",
      "module": "W7",
      "source_jid": "SA",
      "expected_date": "2026-10-28",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.lw.com/en/insights/saudi-arabia-adoption-of-the-new-enforcement-law"
    },
    {
      "t": "New Enforcement Law bills-of-exchange registration requirement enters force",
      "note": "Bills of exchange and promissory notes qualify as enforcement instruments only if registered on national electronic platforms; one-year transitional grace period for pre-existing instruments.",
      "module": "W7",
      "source_jid": "SA",
      "expected_date": "2026-10-28",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.lw.com/en/insights/saudi-arabia-adoption-of-the-new-enforcement-law"
    },
    {
      "t": "VASP framework transition deadline",
      "note": "270-day transition ends; BCB-supervised institutions barred from dealing with unauthorised VASPs from 30 Oct 2026.",
      "module": "W2",
      "source_jid": "BR",
      "expected_date": "2026-10-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Argentine ex-ante merger control regime effective (Antitrust Law 27442 / NCA)",
      "note": "Ex-ante merger control becomes operative under the new National Competition Authority, relevant to payments-sector M&A review.",
      "module": "W7",
      "source_jid": "AR",
      "expected_date": "2026-11",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://legalblogs.wolterskluwer.com/competition-blog/main-developments-in-competition-law-and-policy-2025-argentina/"
    },
    {
      "t": "Global SWIFT MT coexistence deadline (ISO 20022 cutover)",
      "note": "Global MT/ISO 20022 coexistence window closes; Japan already migrating ahead of this deadline.",
      "module": "W12",
      "source_jid": "JP",
      "expected_date": "2026-11",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://zandersgroup.com/en/insights/blog/iso-20022-implementation-in-japan-moving-toward-the-future-of-financial-messaging/"
    },
    {
      "t": "VASP travel-rule obligation takes effect",
      "module": "W11",
      "source_jid": "PE",
      "expected_date": "2026-11",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://chambers.com/content/item/6839"
    },
    {
      "t": "SEPA Instant Payments Regulation — ISO 20022 structured-address enforcement milestone",
      "note": "By November 2026 all Instant Payments Regulation messages must use ISO 20022 structured address fields.",
      "module": "W5",
      "source_jid": "EE",
      "expected_date": "2026-11",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://dashdevs.com/blog/sepa-instant-payments/"
    },
    {
      "t": "Mandatory hybrid billing (QR/boleto)",
      "note": "All Brazilian banks must offer hybrid billing for the same invoice from this date.",
      "module": "W9",
      "source_jid": "BR",
      "expected_date": "2026-11",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thefintechmag.com/banco-central-do-brasil-unveils-major-pix-expansion-with-hybrid-billing-international-integration-and-real-time-tax-payments-for-2026-2027/"
    },
    {
      "t": "HB 3521 dual-regime transition ends; new MTL regime fully in force",
      "note": "Existing MTL licensees transition from the outgoing to the recodified regime under 6 O.S. §1551 et seq., with new fee schedule, net-worth test and bond formula applying.",
      "module": "W1a",
      "source_jid": "US-OK",
      "expected_date": "2026-11-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.oklegislature.gov/BillInfo.aspx?Bill=hb3521&Session=2600"
    },
    {
      "t": "Arizona Money Transmitter Licence annual renewal deadline",
      "module": "W1a",
      "source_jid": "US-AZ",
      "expected_date": "2026-11-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://difi.az.gov/money-transmitters-dfi"
    },
    {
      "t": "Arizona Money Transmitter Licence annual renewal deadline",
      "module": "W1a",
      "source_jid": "US-AZ",
      "expected_date": "2026-11-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://difi.az.gov/money-transmitters-dfi"
    },
    {
      "t": "EU Consumer Credit Directive II enters into force, tightening BNPL exemption thresholds",
      "module": "W7",
      "source_jid": "IT",
      "expected_date": "2026-11-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.globenewswire.com/news-release/2026/02/03/3230796/28124/en/Italy-Buy-Now-Pay-Later-Business-Report-2025-A-26-6-Billion-Market-by-2031-from-8-06-Billion-in-2025-Featuring-Klarna-Scalapay-Oney-PayPal-PagoLight-Nexi-Confidis-Deutsche-Bank.html"
    },
    {
      "t": "SB 2064 proposed effective date (if enacted)",
      "note": "If enacted, would exempt digital-asset-only businesses from MTL licensing and direct a Treasurer RFP for a Bitcoin payment processor.",
      "module": "W9",
      "source_jid": "US-OK",
      "expected_date": "2026-11-01",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.billtrack50.com/billdetail/1937331"
    },
    {
      "t": "Swift structured-address messaging mandate takes effect",
      "module": "W3",
      "source_jid": "JID-CW",
      "expected_date": "2026-11-14",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bes-reporter.com/news/banking-finance/91964/cbcs-preps-banks-for-new-swift-rules"
    },
    {
      "t": "Swift structured-address messaging mandate in force",
      "module": "W3",
      "source_jid": "CW",
      "expected_date": "2026-11-14",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "scheme_global",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bes-reporter.com/news/banking-finance/91964/cbcs-preps-banks-for-new-swift-rules"
    },
    {
      "t": "Swift structured-address messaging mandate in force",
      "module": "W3",
      "source_jid": "CW",
      "expected_date": "2026-11-14",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "EU Consumer Credit Directive (2023/2225) application date in Germany",
      "note": "Expands consumer-credit scope to BNPL and short-term digital lending products.",
      "module": "W1a",
      "source_jid": "DE",
      "expected_date": "2026-11-20",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/germany"
    },
    {
      "t": "CCD2 (BNPL) transposition obligations apply",
      "note": "CCD2 obligations covering BNPL become applicable in Croatia from 20 November 2026, following the 20 November 2025 transposition deadline.",
      "module": "W1a",
      "source_jid": "HR",
      "expected_date": "2026-11-20",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://anuragverma.co/worldwatch/croatia/fintech"
    },
    {
      "t": "BNPL/Consumer-Credit Amendment Act (EU CCD2 transposition) enters into force",
      "note": "Buy-now-pay-later ('halasztott fizetés') services move from a regulatory grey zone into Hungarian statute via an Amendment Act transposing EU Consumer Credit Directive 2 (Directive (EU) 2023/2225).",
      "module": "W1b",
      "source_jid": "HU",
      "expected_date": "2026-11-20",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://ceelegalmatters.com/banking-2026/banking-hungary-2026"
    },
    {
      "t": "PSD3 application date",
      "module": "W9",
      "source_jid": "ES",
      "expected_date": "2026-11-20",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/spain/"
    },
    {
      "t": "PSR reimbursement-regime formal consultation",
      "note": "PSR to run a formal consultation on the APP-fraud reimbursement regime following its first-year review and summer 2026 stakeholder engagement.",
      "module": "W10",
      "source_jid": "UK",
      "expected_date": "2026-12",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.regulationtomorrow.com/2026/07/payment-fraud-falls-by-73m-following-psr-reimbursement-scheme/"
    },
    {
      "t": "Payments-sector restructuring deadline (UBO/ownership concentration)",
      "note": "Dominant multi-segment payment groups must restructure or divest.",
      "module": "W6",
      "source_jid": "NG",
      "expected_date": "2026-12",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://neusroom.com"
    },
    {
      "t": "Full handover of national payment scheme ownership to SPaN",
      "note": "Transition of FAST, PayNow, IBG, SGQR, eGIRO and cheque-clearing governance from legacy administrators to SPaN.",
      "module": "W6",
      "source_jid": "JID-SG",
      "expected_date": "2026-12",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.mas.gov.sg/news/media-releases/2025/mas-and-abs-announce-the-incorporation-of-new-payments-entity"
    },
    {
      "t": "Amended FETA cross-border virtual-asset transfer reporting regime",
      "note": "Cross-border digital-asset transfer providers must register with MoEF and report via the BOK FX network; in force Dec 2026 after six-month grace.",
      "module": "W5",
      "source_jid": "KR",
      "expected_date": "2026-12",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://crypto.news/south-korea-crypto-remittances-jump-380-in-three-years-surpassing-banks/"
    },
    {
      "t": "BCRP TAPP payment-initiation infrastructure launch",
      "module": "W9",
      "source_jid": "PE",
      "expected_date": "2026-12",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://elperuano.pe/noticia/299251-pagos-digitales-y-regulacion-conoce-los-cambios-regulatorios-que-vienen-en-peru"
    },
    {
      "t": "PSR formal consultation on residual APP reimbursement gaps",
      "module": "W10",
      "source_jid": "UK",
      "expected_date": "2026-12",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "SIC Instant Payments — universal retail participation deadline",
      "note": "All retail-active Swiss financial institutions must be able to receive instant payments by end-2026; ~180 more institutions joining in Phase 2.",
      "module": "W5",
      "source_jid": "CH",
      "expected_date": "2026-12",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/sic.html"
    },
    {
      "t": "FI-ordered payments-infrastructure remediation deadline (Handelsbanken/SEB/Swedbank)",
      "module": "W3",
      "source_jid": "SE",
      "expected_date": "2026-12",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.fi.se/en/result/?catid=25&page=8"
    },
    {
      "t": "NC Commissioner of Banks fraud-determination procedure due",
      "note": "A statutory deadline for the Commissioner of Banks to adopt a kiosk-transaction fraud-determination procedure.",
      "module": "W1a",
      "source_jid": "US-NC",
      "expected_date": "2026-12-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.ncpoliticalnews.com/news/crypto-kiosk-consumer-protection-bill-becomes-law"
    },
    {
      "t": "Cybersecurity Framework Version 1.0 (2026) mandatory compliance deadline",
      "module": "W3",
      "source_jid": "BD",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://en.bd-pratidin.com/economy/2026/03/31/59838"
    },
    {
      "t": "Latvijas Banka 2026 on-site inspection programme (12 inspections: prudential, investment services, AML/sanctions, ICT)",
      "module": "W3",
      "source_jid": "LV",
      "expected_date": "2026-12-31",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services"
    },
    {
      "t": "Latvijas Banka 2026 on-site inspection programme (12 inspections: prudential, investment services, AML/sanctions, ICT)",
      "module": "W3",
      "source_jid": "LV",
      "expected_date": "2026-12-31",
      "uncertainty_band": "year",
      "stage": "adopted",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Banxico mobile-transfer UX standardisation deadline",
      "note": "Mandatory 4-step-max transfer flow and alias standardisation across mobile banking apps; new Nivel 2 Bis merchant account category.",
      "module": "W9",
      "source_jid": "MX",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.criptolog.com/finance/banxico-overhauls-spei-regulations-faster-mobile-transfers-and-new-digital-accounts-for-small-businesses/"
    },
    {
      "t": "MN virtual-currency kiosk removal and customer payout deadline",
      "note": "All virtual-currency kiosks must be removed from public access in Minnesota, with customer fund/virtual-currency payout obligations due by the same date.",
      "module": "W1a",
      "source_jid": "US-MN",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.revisor.mn.gov/bills/94/2026/0/SF/3868/versions/2/pdf/"
    },
    {
      "t": "Guidelines on Partner Network Version 1.0 (2026) mandatory compliance deadline",
      "module": "W3",
      "source_jid": "BD",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://bankinggoln.com/bangladesh-bank-tightens-digital-network-security/"
    },
    {
      "t": "Guidelines on Partner Network Version 1.0 (2026) mandatory compliance deadline",
      "module": "W3",
      "source_jid": "BD",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://bankinggoln.com/bangladesh-bank-tightens-digital-network-security/"
    },
    {
      "t": "MA special swipe-fee commission report due",
      "module": "W4",
      "source_jid": "US-MA",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.wwlp.com/news/massachusetts/massachusetts-looks-for-happy-medium-on-swipe-fee-reforms/"
    },
    {
      "t": "MA special swipe-fee commission report due",
      "module": "W4",
      "source_jid": "US-MA",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.wwlp.com/news/massachusetts/massachusetts-looks-for-happy-medium-on-swipe-fee-reforms/"
    },
    {
      "t": "NM money transmitter license annual renewal deadline",
      "module": "W1a",
      "source_jid": "US-NM",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bondexchange.com/new-mexico-money-transmitter-bond-a-comprehensive-guide/"
    },
    {
      "t": "NPCI 30% per-app UPI volume cap",
      "note": "Per-app 30% UPI transaction-volume cap deferred to 31 Dec 2026; PhonePe (46.2%) and Google Pay (32.7%) both well above threshold — implementation feasibility uncertain.",
      "module": "W6",
      "source_jid": "IN",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "SF 3868 mandated kiosk-operator payout deadline",
      "module": "W2",
      "source_jid": "US-MN",
      "expected_date": "2026-12-31",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.revisor.mn.gov/bills/94/2026/0/SF/3868/versions/2/pdf/"
    },
    {
      "t": "Fed Tier 2/3 account-access decision pause end",
      "note": "Reserve Banks urged to pause Tier 2/Tier 3 access decisions until policy-development completes, pause expected to end on or before 31 December 2026.",
      "module": "W12",
      "source_jid": "US-FED",
      "expected_date": "2026-12-31",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.mayerbrown.com/en/insights/publications/2026/05/federal-reserve-access-for-fintechs-executive-order-and-federal-reserve-payment-account-proposal-signal-potential-new-era-for-fintech-payment-access"
    },
    {
      "t": "HF 3642/HF 4188 omnibus kiosk-ban expected year-end removal deadline",
      "module": "W1b",
      "source_jid": "US-MN",
      "expected_date": "2026-12-31",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.house.mn.gov/sessiondaily/SDView.aspx?StoryID=19039"
    },
    {
      "t": "Consumer Duty extension to all retail customers (ministerial appointment)",
      "note": "Consumer Duty currently limited to UK-retail-facing firms to be extended to all retail customers by ministerial appointment.",
      "module": "W1b",
      "source_jid": "GIB",
      "expected_date": "2026-2027",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.fsc.gi/consumer_duty"
    },
    {
      "t": "FATF full mutual evaluation of South Africa",
      "note": "sentinel. The next full FATF mutual evaluation is expected to commence in H1 2026 and conclude October 2027; outcome will affect SA's AML/CFT standing and correspondent-banking access. Routed via Sentinel/FIM for original analysis.",
      "module": "W11",
      "source_jid": "ZA",
      "expected_date": "2026-2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://stitch.money/blog/south-africa-removed-from-fatf-grey-list-what-this-changes-for-fintech-businesses"
    },
    {
      "t": "HMT decision on folding Gibraltar payments/e-money access into FSMA Schedule 2A",
      "note": "Whether transitional PSRs Sch 7 / EMRs reg 74A access is absorbed into the permanent GAR (Schedule 2A) or remains a separate temporary track.",
      "module": "W1a",
      "source_jid": "GIB",
      "expected_date": "2026-2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://ramparts.gi/the-gibraltar-authorisation-regime-gar-uk-market-access/"
    },
    {
      "t": "HMT decision on folding Gibraltar payments/e-money access into FSMA Schedule 2A",
      "note": "Whether transitional PSRs Sch 7 / EMRs reg 74A access is absorbed into the permanent GAR (Schedule 2A) or remains a separate temporary track.",
      "module": "W1a",
      "source_jid": "GIB",
      "expected_date": "2026-2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://ramparts.gi/the-gibraltar-authorisation-regime-gar-uk-market-access/"
    },
    {
      "t": "RBI bilateral/multilateral cross-border CBDC pilots",
      "note": "RBI 2025-26 annual report flags cross-border CBDC pilots, wider domestic use-cases, CBDC & Asset Tokenisation Sandbox and UMI for tokenised assets settled in wholesale CBDC.",
      "module": "W2",
      "source_jid": "IN",
      "expected_date": "2026-27",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "MAS single-currency stablecoin (SCS) enabling legislation",
      "note": "PS Act amendments giving full effect to the SCS framework; only compliant SCS may be labelled 'MAS-regulated stablecoins'.",
      "module": "W2",
      "source_jid": "JID-SG",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mas.gov.sg/regulation/acts/payment-services-act"
    },
    {
      "t": "e-MOP digital pataca (CBDC) completion targeted H1 2026",
      "note": "AMCM's e-MOP CBDC preparatory work for individual/corporate use is targeted for completion, with sandbox testing across selected scenarios to follow.",
      "module": "W9",
      "source_jid": "MO",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://macaubusiness.com/macaus-digital-currency-system-e-mop-to-complete-this-year-amcm/"
    },
    {
      "t": "BSP penalty framework for payment-data reporting lapses",
      "note": "Daily monetary penalties and potential non-monetary sanctions on responsible officers for payment-system-operator data-reporting lapses.",
      "module": "W3",
      "source_jid": "PH",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fintech.global/2025/11/04/bsp-targets-stricter-rules-for-payment-data-compliance/"
    },
    {
      "t": "PSD3/PSR adoption (EU)",
      "note": "PSD3/PSR aim to reduce open-banking barriers and will require PI/EMI re-authorisation; expected adoption early 2026.",
      "module": "W9",
      "source_jid": "LU",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2026/luxembourg"
    },
    {
      "t": "BSP follow-on policy on online gambling payment services",
      "note": "M-2025-029 suspension to remain until BSP finalises online-gambling-payments policy; final rule pending.",
      "module": "W1b",
      "source_jid": "PH",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.technobaboy.com/2025/08/18/gcash-and-maya-remove-gaming-access-after-bsp-directive-no-mention-of-gambling-in-advisories/"
    },
    {
      "t": "BSP follow-on policy on online gambling payment services",
      "note": "M-2025-029 suspension to remain until BSP finalises online-gambling-payments policy; final rule pending.",
      "module": "W1b",
      "source_jid": "PH",
      "expected_date": "2026-H1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.technobaboy.com/2025/08/18/gcash-and-maya-remove-gaming-access-after-bsp-directive-no-mention-of-gambling-in-advisories/"
    },
    {
      "t": "PSD3 Directive + PSR Official Journal publication and entry into force",
      "note": "PI/EMI regime merger; unified payment institution authorised to issue e-money; expanded conduct/fraud/refund obligations.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-H1 (publication); 2027-H2 to 2028-H1 (implementation)",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Proyecto de Ley 510 de 2024/2025 — comprehensive VASP/stablecoin framework",
      "note": "Would create a VASP (PSAV) supervisory regime with SFC supervision, DIAN registration, an SFC sandbox, and BanRep stablecoin leadership. Currently passed first debate only; enactment uncertain.",
      "module": "W2",
      "source_jid": "CO",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.forvismazars.com/co/es/acerca-de-nosotros/noticias-publicaciones-y-media/nuestras-publicaciones/governace-compliance-and-risk-management/regulacion-de-criptomonedas"
    },
    {
      "t": "Act 1154 VASP full licensing window opens (post-SEC-sandbox)",
      "note": "BoG/SEC publish operational licensing guidelines after the 12-month sandbox phase; existing VASPs transition from transitional arrangements to licensed status.",
      "module": "W2",
      "source_jid": "GH",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bog.gov.gh/virtual-assets/"
    },
    {
      "t": "Poland Crypto-Asset Market Act (MiCA transposition) final legislative resolution",
      "note": "Final adoption (or further blockage) of the national CASP authorisation pathway after the 1 Dec 2025 veto and 19 Dec 2025 Sejm re-passage to the Senate; determines whether Polish CASPs can be authorised under MiCA.",
      "module": "W2",
      "source_jid": "JID-PL",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/poland-knf-payment/"
    },
    {
      "t": "Kenya VASP Regulations 2026 (implementing subsidiary rules) finalisation/gazette",
      "note": "Operationalises VASP Act licensing categories, capital thresholds (stablecoin issuer ~KES 500m) and reserve rules; consultation closed 10 Apr 2026, gazette not confirmed by 24 Jun 2026.",
      "module": "W2",
      "source_jid": "KE",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cryptotimes.io/2026/03/18/kenya-invites-public-feedback-on-crypto-rules-ahead-of-april-deadline/"
    },
    {
      "t": "Digital Asset Basic Act (won-stablecoin framework)",
      "note": "Would define stablecoins, authorise won-pegged issuance, mandate 100% reserves and ~KRW 5bn minimum issuer capital; resolves BOK-vs-FSC bank-led-vs-open dispute.",
      "module": "W2",
      "source_jid": "KR",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dlnews.com/articles/regulation/south-korean-regulator-misses-government-stablecoin-deadline/"
    },
    {
      "t": "CBN APP-fraud mandatory reimbursement guidelines finalisation",
      "note": "Exposure draft (26 Nov 2025) mandating 16-working-day end-to-end reimbursement (48h post-conclusion) to be finalised and brought into force.",
      "module": "W10",
      "source_jid": "NG",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cbn.gov.ng/Out/2025/CCD/Exposure%20draft%20of%20the%20Guidelines%20for%20Handling%20Authorised%20Push%20Payment%20Fraud.pdf"
    },
    {
      "t": "Fed 'Payment Account' proposal — limited nonbank settlement access",
      "note": "Codifies limited Payment Accounts (Fedwire/FedNow, not FedACH; no credit/interest; $1bn closing-balance cap); Reserve Banks paused Tier 3 access decisions pending policy development.",
      "module": "W12",
      "source_jid": "US-FED",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://unchainedcrypto.com/federal-reserve-proposes-limited-payment-accounts-long-pursued-by-crypto-firms/"
    },
    {
      "t": "HSBC PayMe-integrated HKD stablecoin launch (FRS02)",
      "note": "HSBC plans to launch a retail-distributed HKD fiat-referenced stablecoin integrated with PayMe in H2 2026.",
      "module": "W2",
      "source_jid": "CN-HK",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.elliptic.co/blog/hong-kong-awards-first-stablecoin-licenses-to-hsbc-and-standard-chartered"
    },
    {
      "t": "PSR/PSD3 entry into force (spoofing-only APP reimbursement)",
      "note": "Narrow mandatory reimbursement duty limited to PSP-impersonation fraud; broader PSD3 conduct changes.",
      "module": "W10",
      "source_jid": "DE",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.biocatch.com/blog/psd3-proposal-fraud-risk-controls"
    },
    {
      "t": "Gibraltar DLT-framework draft legislation (stablecoin reserve/custody, DEX rules)",
      "note": "Stronger stablecoin reserve/custody standards, DEX/smart-contract rules with a central operator, tighter cyber/third-party risk; draft expected per Minister Feetham (Consensus HK, Feb 2026).",
      "module": "W2",
      "source_jid": "GIB",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://key2law.com/en/news/gibraltars-regulatory-framework-for-blockchain-companies"
    },
    {
      "t": "Final RBI Master Direction on Prepaid Payment Instruments 2026",
      "note": "Finalisation of draft PPI MD (comment period closed 22 May 2026) codifying fit-and-proper criteria, multilingual disclosure, grievance redress and co-branding liability; to repeal/replace 2021 PPI MD.",
      "module": "W1b",
      "source_jid": "IN",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Qatar onboarding to GCC AFAQ RTGS",
      "note": "Qatar (shareholder) expected to onboard to the live AFAQ cross-currency RTGS service; no published timeline.",
      "module": "W5",
      "source_jid": "QA",
      "expected_date": "2026-H2",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Qatar onboarding to GCC AFAQ RTGS",
      "note": "Qatar (shareholder) expected to onboard to the live AFAQ cross-currency RTGS service; no published timeline.",
      "module": "W5",
      "source_jid": "QA",
      "expected_date": "2026-H2",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Regulation II debit interchange standard appeal",
      "note": "Federal Reserve appeal of August 2025 district-court vacatur; separate Fed proposal to lower base component to 14.4 cents.",
      "module": "W4",
      "source_jid": "US-FED",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Sistema de Finanzas Abiertas API catalogue rollout (Decree 353/2025)",
      "note": "BCRA progressively publishes Open Finance API catalogue beyond the Principal Variables API; reciprocity-based data sharing operationalises.",
      "module": "W9",
      "source_jid": "AR",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.infobae.com/economia/2025/09/01/open-finance-en-la-argentina-como-es-el-plan-del-bcra-para-facilitar-el-acceso-al-credito/"
    },
    {
      "t": "Sistema de Finanzas Abiertas API catalogue rollout (Decree 353/2025)",
      "note": "BCRA progressively publishes Open Finance API catalogue beyond the Principal Variables API; reciprocity-based data sharing operationalises.",
      "module": "W9",
      "source_jid": "AR",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.infobae.com/economia/2025/09/01/open-finance-en-la-argentina-como-es-el-plan-del-bcra-para-facilitar-el-acceso-al-credito/"
    },
    {
      "t": "Australia Payments System Modernisation AFSL payments licensing regime implementation",
      "note": "Tranche 1 consultation closed 9 Apr 2026; activity-based AFSL payments licensing perimeter requiring any 'payment function' provider to obtain an ASIC AFSL; APRA prudential standards for major SVFs.",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://treasury.gov.au/policy-topics/banking-and-finance/payments-licensing-reforms"
    },
    {
      "t": "LETA + revised AMLA — federal beneficial-ownership register and extended AML duties",
      "note": "Federal BO transparency register; AML duties extended to advisors; entry into force expected H2 2026.",
      "module": "W11",
      "source_jid": "CH",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Retail Payment System (Ban on Merchant Surcharges) Amendment Bill",
      "note": "Bill passed first reading Sep 2025, referred to Finance and Expenditure Committee; STALLED as of June 2026 pending Government consideration — outcome and timing uncertain.",
      "module": "W8",
      "source_jid": "NZ",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.mbie.govt.nz/business-and-employment/business/competition-regulation-and-policy/retail-payment-systems"
    },
    {
      "t": "GCash (Mynt) PSE IPO listing",
      "note": "Mynt registration statement + PSE listing application (~12% of post-IPO capital).",
      "module": "W13",
      "source_jid": "PH",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.philstar.com/business/2026/06/22/2536836/cash-or-withdraw-avoiding-clash-gcashs-mega-ipo"
    },
    {
      "t": "BoE Codes of Practice for sterling systemic stablecoins",
      "note": "Final backing-asset rules and individual/business holding limits following the consultation that closed 10 Feb 2026.",
      "module": "W2",
      "source_jid": "UK",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "FinCEN AML/CFT effectiveness-based program reform",
      "note": "April 7 2026 NPRM shifting AML/CFT programs to risk-based, effectiveness-based model; final rule timing uncertain.",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "BCCh LBTR non-bank access regime finalisation",
      "note": "Extension of LBTR/RTGS account access to non-bank financial entities under Ley 21.641, with differentiated timelines.",
      "module": "W12",
      "source_jid": "CL",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.bcentral.cl/en/content/-/detalle/prensa/nota-de-prensa/consulta-acceso-lbtr-entidades-financieras-no-bancarias"
    },
    {
      "t": "BCCh LBTR non-bank access regime finalisation",
      "note": "Extension of LBTR/RTGS account access to non-bank financial entities under Ley 21.641, with differentiated timelines.",
      "module": "W12",
      "source_jid": "CL",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.bcentral.cl/en/content/-/detalle/prensa/nota-de-prensa/consulta-acceso-lbtr-entidades-financieras-no-bancarias"
    },
    {
      "t": "Proposed Bank Act anti-fraud duties (Budget 2025)",
      "note": "Bank Act amendments to require FRFIs to adopt anti-fraud policies/procedures, obtain express consent for certain account features, and report anonymized fraud data to the FCAC.",
      "module": "W10",
      "source_jid": "JID-CA",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.mccarthy.ca/en/insights/blogs/techlex/budget-2025-maintains-momentum-in-financial-services-industry-reform"
    },
    {
      "t": "PSA-to-FIEA crypto regulation migration & penalty increase",
      "note": "Crypto oversight to migrate from PSA to FIEA; maximum penalties for unregistered crypto sales raised toward 10 years / JPY10m; April 2026 Cabinet-approved FIEA amendment bill.",
      "module": "W7",
      "source_jid": "JP",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://cryptorank.io/news/feed/8db00-japan-fsa-toughen-crypto-penalties"
    },
    {
      "t": "No-fault voice-phishing reimbursement amendment",
      "note": "Victim's and criminal's financial institutions each cover half of voice-phishing damages, per-case caps KRW 10–50m, carve-outs for intent/gross negligence.",
      "module": "W10",
      "source_jid": "KR",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://en.sedaily.com/finance/2026/04/01/no-fault-voice-phishing-liability-could-cost-financial"
    },
    {
      "t": "FIDA (Financial Data Access) Regulation trilogue conclusion",
      "note": "Extends open-banking-style data access to investments, pensions, insurance and mortgages.",
      "module": "W9",
      "source_jid": "EEA",
      "expected_date": "2026-H2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "AML/CFT single-supervisor (DIA) consolidation and levy model",
      "note": "[SENTINEL] Consolidation of FMA/RBNZ reporting entities under DIA with new levy funding; risk-rating + online-marketplace coverage from 1 June 2025.",
      "module": "W11",
      "source_jid": "NZ",
      "expected_date": "2026-H2",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "BoT CBDC (digital shilling) decision pending government direction",
      "note": "Report completed Aug 2025; next steps (pilot/deployment/shelve) await government directive — no firm date.",
      "module": "W2",
      "source_jid": "TZ",
      "expected_date": "2026-Q1",
      "uncertainty_band": "year",
      "stage": "consultation",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Fifth Third Bancorp–Comerica Incorporated merger expected close",
      "module": "W12",
      "source_jid": "US-TX",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "pending_regulatory",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.fintechfutures.com/m-a/2025-top-five-fintech-m-a-stories-of-the-year"
    },
    {
      "t": "Fifth Third-Comerica merger expected close",
      "module": "W12",
      "source_jid": "US-TX",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.fintechfutures.com/m-a/2025-top-five-fintech-m-a-stories-of-the-year"
    },
    {
      "t": "AfricInvest/VPS acquisition Competition Council clearance",
      "note": "Competition Council comment window (closing 16 Feb 2026) under Law 104-12 for AfricInvest FIVE fund acquisition of joint control of PI VPS.",
      "module": "W13",
      "source_jid": "MA",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "AfricInvest/VPS acquisition Competition Council clearance",
      "note": "Competition Council comment window (closing 16 Feb 2026) under Law 104-12 for AfricInvest FIVE fund acquisition of joint control of PI VPS.",
      "module": "W13",
      "source_jid": "MA",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "PCF interchange fee ceiling three-year review",
      "note": "PCF interchange ceilings subject to review every three years from 1 January 2023; first review window early 2026. A BNM 28 July 2025 'Adjustment to the Debit Card Interchange Fee Ceiling' document suggests an adjustment may already have occurred (verification pending).",
      "module": "W4",
      "source_jid": "MY",
      "expected_date": "2026-Q1",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.kansascityfed.org/documents/11143/PublicAuthorityInvolvementPaymentCardMarkets_VariousCountries_August2025Update.pdf"
    },
    {
      "t": "Open Banking Phase 1 (read-access) targeted launch, at risk of delay",
      "module": "W9",
      "source_jid": "CA-ON",
      "expected_date": "2026-Q1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Possible",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.openbankingtracker.com/regulation/canada-open-banking"
    },
    {
      "t": "Annual CBRT minimum-capital / security-deposit re-determination",
      "note": "CBRT sets minimum equity/security thresholds annually (January determination, mid-year entry into force), trending materially higher.",
      "module": "W1b",
      "source_jid": "TR",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://chambers.com/articles/providing-payment-e-money-services-in-turkiye-how-to-obtain-a-license"
    },
    {
      "t": "Annual CBRT minimum-capital / security-deposit re-determination",
      "note": "CBRT sets minimum equity/security thresholds annually (January determination, mid-year entry into force), trending materially higher.",
      "module": "W1b",
      "source_jid": "TR",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://chambers.com/articles/providing-payment-e-money-services-in-turkiye-how-to-obtain-a-license"
    },
    {
      "t": "CFPB Section 1033 open banking interim final rule",
      "note": "Planned December 2025 'interim' final rule potentially permitting data-access fees, after CFPB moved to vacate 2024 rule.",
      "module": "W9",
      "source_jid": "US-FED",
      "expected_date": "2026-Q1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "VN-CN reverse-direction cross-border QR (Vietnamese travellers paying in China)",
      "note": "Reciprocal QR enabling Vietnamese travellers to pay in China.",
      "module": "W5",
      "source_jid": "VN",
      "expected_date": "2026-Q1",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Pix Automático (recurring payments) launch",
      "note": "BCB enables recurring Pix payments, extending the A2A product surface.",
      "module": "W9",
      "source_jid": "JID-BR",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://bcb.gov.br/en/pressdetail/2406/nota"
    },
    {
      "t": "DORA Level 2 measures finalisation and end-March 2026 Register of Information filings",
      "note": "National regulators file first RoI to ESAs by end-March 2026; several Level 2 measures remain pending.",
      "module": "W3",
      "source_jid": "EEA",
      "expected_date": "2026-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "PSD3/PSR finalisation and DK transposition",
      "note": "PSD3/PSR final text expected, extending verification-of-payee to all EU credit transfers; DK national transposition to follow ~18 months after entry into force.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://britepayments.com/resources/article/payment-regulations-2026/"
    },
    {
      "t": "PSD3/PSR formal Official Journal publication",
      "note": "PSD3/PSR political agreement (27 Nov 2025) formalises into published legislation; PSD3 transposition deadline ~18-24 months post entry-into-force; PSR direct application ~18 months post entry-into-force.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://globallawexperts.com/psd3-france-requirements/"
    },
    {
      "t": "PSD3/PSR formal Official Journal publication",
      "note": "PSD3/PSR political agreement (27 Nov 2025) formalises into published legislation; PSD3 transposition deadline ~18-24 months post entry-into-force; PSR direct application ~18 months post entry-into-force.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://globallawexperts.com/psd3-france-requirements/"
    },
    {
      "t": "PSD3/PSR Official Journal publication and transposition clock start",
      "note": "An 18-month transposition clock begins (6 months for SFD amendments), requiring replacement of Ireland's PSD2-based Payment Services Regulations 2018 and a PI/EMI licence merger.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "PSD3/PSR formal adoption and OJEU publication",
      "note": "PSD3/PSR final compromise texts move to formal adoption and OJEU publication following COREPER approval.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.matheson.com/insights/the-third-payment-services-directive-and-payment-services-regulation/"
    },
    {
      "t": "PSD3 formal adoption and national transposition",
      "note": "PSD3 will repeal PSD2/EMD2 and fold EMIs into a single PI licensing category; PSR applies directly 20 days after Official Journal publication; national transposition period runs approx. 18 months.",
      "module": "W7",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mofo.com/resources/insights/260430-psd3-and-the-payment-services-regulation-key-developments"
    },
    {
      "t": "PSD3/PSR formal EU adoption and Official Journal publication",
      "note": "PSD3/PSR will supersede PSD2 following an approximately 18-month national transitional period once formally published in the Official Journal.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.legal500.com/guides/chapter/romania-fintech/"
    },
    {
      "t": "Connecticut SB 117 massive-breach forensic-examination mandate (pending)",
      "note": "Would require mandatory forensic examination for breaches affecting >=100,000 CT residents, with substantial penalties for noncompliance.",
      "module": "W3",
      "source_jid": "US-CT",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cyberadviserblog.com/2026/02/connecticut-senate-bill-raises-the-stakes-on-data-breach-response/"
    },
    {
      "t": "Connecticut SB 117 massive-breach forensic-examination mandate (pending)",
      "module": "W3",
      "source_jid": "US-CT",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "CDBA Phase 1 (read-access) open banking rollout",
      "module": "W9",
      "source_jid": "CA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.dlapiper.com/en-pl/insights/publications/2026/04/the-new-consumer-driven-banking-act-explained"
    },
    {
      "t": "CDBA Phase 1 (read-access) open banking rollout",
      "module": "W9",
      "source_jid": "CA-BC",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Khazna targets full digital banking licence",
      "note": "A non-bank digital lender would obtain a fully-fledged digital banking licence under the CBE's July 2024 framework.",
      "module": "W9",
      "source_jid": "EG",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://allbusiness.africa/insights/egyptian-fintech-2026"
    },
    {
      "t": "Poland 2026 Payment Systems Amendment entry into force (direct access / instant euro)",
      "note": "Revised direct-access rules to payment systems and instant euro transfers; potential opening of non-bank PSP settlement access currently structured via vIBAN/sponsor (links W12).",
      "module": "W1b",
      "source_jid": "JID-PL",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://globallawexperts.com/how-to-get-a-psd2-license/"
    },
    {
      "t": "Unified Financial Ombudsman service operationalisation under New Banking Law",
      "module": "W1b",
      "source_jid": "KZ",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://qazinform.com/news/one-ombudsman-one-system-kazakhstan-reshapes-financial-dispute-resolution-796606"
    },
    {
      "t": "Remitly consumer line-of-credit launch",
      "note": "Remitly to launch a US consumer line of credit, reported to a credit bureau, via bank partner Lead Bank.",
      "module": "W9",
      "source_jid": "US-WA",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://news.remitly.com/company-and-product-news/everything-we-announced-at-remitly-reimagine/"
    },
    {
      "t": "Anchorpoint Financial phased HKDAP stablecoin rollout (FRS01)",
      "note": "Standard Chartered-led Anchorpoint JV plans a phased HKDAP stablecoin rollout from Q2 2026.",
      "module": "W2",
      "source_jid": "CN-HK",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.elliptic.co/blog/hong-kong-awards-first-stablecoin-licenses-to-hsbc-and-standard-chartered"
    },
    {
      "t": "Thailand virtual banks commence operations",
      "note": "Three licensed consortia required to begin operations within one year of 19 Jun 2025 award.",
      "module": "W6",
      "source_jid": "TH",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "TANQR / Lipa Namba mandatory migration continuing for all FSPs",
      "note": "BoT requires all FSPs to migrate merchant QR/Lipa Namba to TANQR; old Lipa Namba codes to be phased out to standardised QR.",
      "module": "W4",
      "source_jid": "TZ",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "TANQR / Lipa Namba mandatory migration continuing for all FSPs",
      "note": "BoT requires all FSPs to migrate merchant QR/Lipa Namba to TANQR; old Lipa Namba codes to be phased out to standardised QR.",
      "module": "W4",
      "source_jid": "TZ",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Capital One-Discover acquisition: Federal Reserve/OCC approval pending",
      "module": "W13",
      "source_jid": "US-DE",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.paymentsdive.com/news/capital-one-discover-shareholders-approve-merger/740309/"
    },
    {
      "t": "Capital One-Discover acquisition: Federal Reserve/OCC approval pending",
      "module": "W13",
      "source_jid": "US-DE",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.paymentsdive.com/news/capital-one-discover-shareholders-approve-merger/740309/"
    },
    {
      "t": "Bison Bank MiCA-compliant stablecoin planned launch",
      "module": "W2",
      "source_jid": "PT",
      "expected_date": "2026-Q2",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://coingeek.com/portugal-bison-bank-expands-into-crypto-with-stablecoin-initiative/"
    },
    {
      "t": "MDL 1720 interchange settlement rate-freeze/cap phase-in window",
      "module": "W4",
      "source_jid": "US-FED",
      "expected_date": "2026-Q2",
      "uncertainty_band": "multi_year",
      "stage": "adopted",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.paymentsdive.com/news/court-approves-visa-mastercard-settlement/822440/"
    },
    {
      "t": "MDL 1720 settlement approval and 2026 damages trials",
      "note": "Federal judge to consider revised ~$38bn settlement in 2026; April (NY) and September (Chicago) damages trials.",
      "module": "W7",
      "source_jid": "US-FED",
      "expected_date": "2026-Q2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "MDL 1720 settlement approval and 2026 damages trials",
      "note": "Federal judge to consider revised ~$38bn settlement in 2026; April (NY) and September (Chicago) damages trials.",
      "module": "W7",
      "source_jid": "US-FED",
      "expected_date": "2026-Q2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "PayByPhone acquisition expected close",
      "module": "W13",
      "source_jid": "CA-BC",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-9",
      "primary_source_url": "https://techcouver.com/2026/02/05/vancouver-fintech-paybyphone-acquired-lightyear-capital/"
    },
    {
      "t": "PayByPhone acquisition expected close",
      "module": "W13",
      "source_jid": "CA-BC",
      "expected_date": "2026-Q2",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-9",
      "primary_source_url": "https://techcouver.com/2026/02/05/vancouver-fintech-paybyphone-acquired-lightyear-capital/"
    },
    {
      "t": "BCRA 'PSP as a Service' (Com. A 8432/2026) adaptation window closes",
      "note": "Existing PSPCP registrants must adapt to the new PSP-as-a-Service category within the 90-day window from 6 May 2026.",
      "module": "W1a",
      "source_jid": "AR",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.lexology.com/library/detail.aspx?g=71cd4572-bcb7-4206-9757-e40b32bf9bac"
    },
    {
      "t": "PSD3/PSR published, entry into force with 21-month transition",
      "note": "PSD3 and PSR replace PSD2/EMD2; EMIs become a PI sub-category; a 21-month member-state transition period begins.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mofo.com/resources/insights/260430-psd3-and-the-payment-services-regulation-key-developments"
    },
    {
      "t": "PSD3/PSR Official Journal publication and national transposition",
      "note": "PSD3/PSR replace PSD2/EMD2 with a single PI/EMI licensing regime; a 21-month national transposition window begins at OJ publication.",
      "module": "W1a",
      "source_jid": "EU",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mofo.com"
    },
    {
      "t": "PSD3/PSR Official Journal publication",
      "module": "W1a",
      "source_jid": "FI",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "Digital euro pilot development phase begins",
      "module": "W9",
      "source_jid": "IT",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/euro/digital_euro/pilot/html/ecb.faq-digital-euro-pilot.en.html"
    },
    {
      "t": "PSD3/PSR formal publication in EU Official Journal",
      "note": "Formal publication starts the 18-21 month countdown to PSD3 transposition / PSR application",
      "module": "W1a",
      "source_jid": "LI",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.freshfields.com/en/our-thinking/blogs/risk-and-compliance/psd3-psr-what-the-eus-new-payments-rules-mean-for-your-business-102mrom"
    },
    {
      "t": "PSD3 / Payment Services Regulation (PSR) Official Journal publication and entry into force",
      "note": "OJ publication anticipated June-July 2026; PSR applies ~21 months and PSD3 transposition within 18 months thereafter. EMI category collapses into a PI sub-category, EMD repealed; revised safeguarding (proposed PSD3 Art. 9). Material to Malta's large EMI population.",
      "module": "W1b",
      "source_jid": "MT",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mamotcv.com/insights/payments-insights-1/"
    },
    {
      "t": "PSSP/Switching TMS integration deadline",
      "note": "PSSPs and switches must integrate with the NRS Transaction Monitoring System.",
      "module": "W1a",
      "source_jid": "NG",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cbn.gov.ng"
    },
    {
      "t": "PSD3/PSR Official Journal publication expected",
      "module": "W1a",
      "source_jid": "SK",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.freshfields.com/en/our-thinking/blogs/risk-and-compliance/psd3-psr-what-the-eus-new-payments-rules-mean-for-your-business-102mrom"
    },
    {
      "t": "Code des Changes bill targeted for pre-summer-2026-recess vote",
      "note": "Would replace the 1976 exchange-control law with a 12-title, 91-article Code des Changes, affecting cross-border settlement and correspondent-banking access.",
      "module": "W12",
      "source_jid": "TN",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.webdo.tn/fr/actualite/national/nouveau-code-des-changes-le-parlement-vise-un-vote-avant-lete/398930/"
    },
    {
      "t": "Illinois and Virginia MTMA adoption timeline relative to Iowa's early adoption",
      "note": "Virginia's MTMA-equivalent regime takes effect 2026-07-01, following Illinois (2026-01-01); Iowa's earlier (2023-07-01) adoption is a comparator baseline for multistate MTL harmonisation.",
      "module": "W1a",
      "source_jid": "US",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://faisalkhan.com/solutions/licensing/money-transmitter-license/iowa-money-transmitter-license"
    },
    {
      "t": "Alaska SB86 (Uniform Money Transmission Modernization Act) enactment - pending, originally-proposed effective date lapsed",
      "note": "If enacted, migrates Alaska onto the CSBS model law; raises bonding cap to $1,000,000; consolidates currency-exchange licensing into money transmission.",
      "module": "W1a",
      "source_jid": "US-AK",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.akleg.gov/basis/get_documents.asp?session=32&docid=93219"
    },
    {
      "t": "CLARITY Act revised Senate floor vote",
      "note": "Senate floor vote on the CLARITY Act following its 15-9 committee advance and missed July 4, 2026 target",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.techtimes.com/articles/319679/20260704/senate-crypto-bill-misses-july-4-three-unresolved-fights-three-weeks-left.htm"
    },
    {
      "t": "CLARITY Act revised Senate floor vote",
      "note": "Senate floor vote on the CLARITY Act following its 15-9 committee advance and missed July 4, 2026 target",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.techtimes.com/articles/319679/20260704/senate-crypto-bill-misses-july-4-three-unresolved-fights-three-weeks-left.htm"
    },
    {
      "t": "Georgia VC Kiosk Final Rule enters into force",
      "note": "Georgia's VC kiosk operator conditions (location reporting, fiat refund mandate, blockchain-analytics vendor requirement) under O.C.G.A. §§ 7-1-699.9-.10 take effect following the June 16, 2026 DBF final rulemaking, per the standard 20-day post-filing timeline under O.C.G.A. § 50-13-6.",
      "module": "W1a",
      "source_jid": "US-GA",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://dbf.georgia.gov/laws-regulations-rulings-publications/dbf-regulations"
    },
    {
      "t": "Bank of Hope-SMBC Americas commercial banking acquisition expected to close",
      "module": "W13",
      "source_jid": "US-HI",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bankingdive.com/news/bank-of-hope-buying-smbc-commercial-unit/816356/"
    },
    {
      "t": "Bank of Hope-SMBC Americas commercial banking acquisition expected to close",
      "module": "W13",
      "source_jid": "US-HI",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bankingdive.com/news/bank-of-hope-buying-smbc-commercial-unit/816356/"
    },
    {
      "t": "NC HB 1029 (Digital Asset and Stablecoin Act) Senate consideration",
      "module": "W2",
      "source_jid": "US-NC",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legiscan.com/NC/text/H1029/2025"
    },
    {
      "t": "HB 639 'Blockchain Basic Law' — enactment status unresolved (Senate interim-study referral vs. reported enrollment)",
      "module": "W2",
      "source_jid": "US-NH",
      "expected_date": "2026-Q3",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://cryptobriefing.com/new-hampshire-hb639-crypto-payments-wallets/"
    },
    {
      "t": "CLARITY Act revised Senate floor vote",
      "module": "W2",
      "source_jid": "US-SC",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "WV crypto-kiosk MTL licensure implementation window closes",
      "note": "Existing virtual-currency kiosk operators must complete NMLS licensure application within 90 days of HB 5353's effective date.",
      "module": "W1a",
      "source_jid": "US-WV",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb5353+sub1.htm&yr=2026&sesstype=RS&i=5353"
    },
    {
      "t": "SARB final Authorisation Framework & Exemption Notice publication",
      "note": "Third version published May 2026, comment deadline 15 June 2026; SARB intends final version Q3 2026 — moves SA to activity-based, direct non-bank authorisation with client-fund segregation.",
      "module": "W1a",
      "source_jid": "ZA",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "National Payment System Act 2026 licensing regime operationalisation",
      "note": "Payment service providers transition to the new BoZ authorisation regime under the NPSA 2026, with a 45-day statutory decision window.",
      "module": "W1a",
      "source_jid": "ZM",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://zambialii.org/akn/zm/act/2026/5/eng@2026-04-08"
    },
    {
      "t": "OFT Tunisie operational launch window (6 months from notification)",
      "note": "OFT Tunisie must commence payment-institution operations within a 6-month window from notification of its March 2026 licence.",
      "module": "W1a",
      "source_jid": "TN",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.entreprises-magazine.com/oft-tunisie-obtient-le-feu-vert-de-la-bct-pour-operer-comme-etablissement-de-paiement/"
    },
    {
      "t": "Delaware HB441 crypto-kiosk ban bill progressing through Senate committee",
      "module": "W10",
      "source_jid": "US-DE",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://ts2.tech/en/crypto-atm-scrutiny-grows-in-delaware-north-carolina-congress-over-scam-concerns/"
    },
    {
      "t": "60-day licence-application window for unlicensed VC kiosk operators closes",
      "note": "Unlicensed VC kiosk operators must have submitted licence applications by roughly late August 2026 (60 days after July 1 2026).",
      "module": "W1a",
      "source_jid": "US-KS",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.osbckansas.gov/legal/hb2591_summary.pdf"
    },
    {
      "t": "Chicago merchant damages trial vs. Visa/Mastercard (GrubHub-led interchange litigation)",
      "module": "W7",
      "source_jid": "US-NH",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.paymentsdive.com/news/merchants-assail-card-fees-pact/807846/"
    },
    {
      "t": "SARB opens national payment system to licensed non-banks",
      "note": "SARB's Payments Ecosystem Modernisation programme is expected to open the national payment system to licensed non-bank PSPs in H2 2026.",
      "module": "W1a",
      "source_jid": "ZA",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://finhive.africa/news/regulation-fintech-guide-june-2026/"
    },
    {
      "t": "SARB Vision 2030+ consultation outcome expected",
      "note": "SARB's strategic direction for opening the National Payment System to non-banks, following the Vision 2030+ consultation closed 31 March 2026.",
      "module": "W1a",
      "source_jid": "ZA",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://werksmans.com/payments-revolution-what-every-psp-operating-in-south-africa-needs-to-know-right-now/"
    },
    {
      "t": "Real-Time Rail (RTR) targeted launch",
      "module": "W5",
      "source_jid": "CA-ON",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.cigionline.org/articles/real-time-rail-and-the-future-of-digital-payments-in-canada/"
    },
    {
      "t": "VT S.316 interchange-fee-on-tax/gratuity bill pending committee review",
      "note": "A Senate proposal of amendment to H.648 (introduced May 2026) would extend the kiosk moratorium under §2577(f) by a further year rather than allowing it to lapse July 1, 2026; legislative outcome unresolved as of this cycle's cutoff.",
      "module": "W4",
      "source_jid": "US-VT",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://legislature.vermont.gov/bill/status/2026/S.316"
    },
    {
      "t": "VT S.316 interchange-fee-on-tax/gratuity bill pending committee review",
      "module": "W4",
      "source_jid": "US-VT",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://legislature.vermont.gov/bill/status/2026/S.316"
    },
    {
      "t": "Bank-consortium MiCA-compliant euro stablecoin launch",
      "module": "W2",
      "source_jid": "BE",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium"
    },
    {
      "t": "Bank-consortium MiCA-compliant euro stablecoin launch",
      "module": "W2",
      "source_jid": "BE",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.plasma.to/learn/tools/stablecoin-regulation-map/belgium"
    },
    {
      "t": "Bulgaria FATF grey-list removal target",
      "note": "Government targets delisting from FATF increased-monitoring list pending resolution of the final strategic deficiency.",
      "module": "W11",
      "source_jid": "BG",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.bta.bg/en/news/bulgaria/1149425-final-evaluation-on-bulgaria-s-fatf-grey-list-removal-coming-up-country-has-met"
    },
    {
      "t": "CrediaBank/Euronet merchant-acquiring deal expected close",
      "module": "W13",
      "source_jid": "GR",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.americanbanker.com/payments/news/euronet-to-buy-greek-banks-merchant-acquiring-business"
    },
    {
      "t": "CBN fintech operations-separation directive (OPay/Moniepoint) 90-day deadline",
      "note": "Major fintechs ordered to separate payment-processing and banking operations within 90 days; structural restructuring implications.",
      "module": "W6",
      "source_jid": "NG",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.paymentsafrica.news/"
    },
    {
      "t": "Maya dual PSE/Nasdaq-or-HK IPO",
      "note": "Maya targets USD0.5-1bn dual-listing IPO (KKR exit).",
      "module": "W13",
      "source_jid": "PH",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://mb.com.ph/2026/06/23/with-gcash-and-vitro-ipos-will-investors-still-have-appetite-for-maya-this-year"
    },
    {
      "t": "OFT Tunisie operational start deadline (six months from licence notification)",
      "module": "W1a",
      "source_jid": "TN",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://managers.tn/2026/03/16/la-banque-centrale-accorde-une-nouvelle-licence-definitive-detablissement-de-paiement/"
    },
    {
      "t": "CommerceOne Financial/Green Dot Bank acquisition expected regulatory approval and close",
      "module": "W12",
      "source_jid": "US-AL",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.sec.gov/Archives/edgar/data/0001386278/000114036126026125/ef20076604_ex99-1.htm"
    },
    {
      "t": "RBA Exchange Settlement Account access-policy review commences",
      "note": "RBA will review its ESA access policy commencing H2 2026, including proposed APRA-set proportionate arrangements for non-bank direct access.",
      "module": "W12",
      "source_jid": "AU",
      "expected_date": "2026-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.rba.gov.au/speeches/2025/sp-ag-2025-12-16.html"
    },
    {
      "t": "Francisco Partners-Moneris deal potential agreement",
      "module": "W13",
      "source_jid": "CA-ON",
      "expected_date": "2026-Q3",
      "uncertainty_band": "quarter",
      "regulatory_layer": "national_federal",
      "confidence": "Possible",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://finance.yahoo.com/markets/stocks/articles/francisco-partners-discussions-buy-payments-100705693.html"
    },
    {
      "t": "PSD3/PSR national transposition expected",
      "note": "Austrian PI/EMI authorisation consolidated under a single supervisory framework once PSD3/PSR is transposed nationally.",
      "module": "W1a",
      "source_jid": "AT",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.cadenabrokers.com/pi/austria/"
    },
    {
      "t": "RBA to publish regulatory-priorities list (Review of Payments System Regulation)",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.rba.gov.au/media-releases/2026/mr-26-17.html"
    },
    {
      "t": "PSD3/PSR transposition affecting Bulgarian EMIs",
      "note": "Central-bank safeguarding option and EMI-category merger into 'payment institution authorised to issue e-money'; Bulgaria has not yet transposed.",
      "module": "W1b",
      "source_jid": "BG",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "BCB eFX international-payment authorisation consultation (124/2025)",
      "note": "eFX international-payment providers would need BCB authorisation as payment institutions.",
      "module": "W12",
      "source_jid": "BR",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2026/brazil/trends-and-developments"
    },
    {
      "t": "BC MSB Act coming-into-force / registration deadline",
      "note": "The ~578 BC-based money services businesses will face a firm registration deadline under BCFSA once the coming-into-force date is announced.",
      "module": "W1a",
      "source_jid": "CA-BC",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.blg.com/en/insights/2023/07/british-columbias-money-services-businesses-act-receives-royal-assent"
    },
    {
      "t": "BCCh stablecoin regulatory framework for consultation expected",
      "note": "BCCh to present a regulatory proposal for stablecoin issuance and use as a means of payment, gradual and complementary to CMF's Fintec Law regime.",
      "module": "W1a",
      "source_jid": "CL",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bcentral.cl/documents/33528/8073461/Discurso+Lanzamiento+Informe+de+Sistemas+de+Pago+Agosto+2026+(BCCh)+-+Rosanna+Costa,+Presidenta.pdf/a3a3769e-a6cc-6476-9f99-0132be0a1400?t=1785938708320"
    },
    {
      "t": "CEMAC harmonised crypto-asset regulatory framework publication",
      "module": "W2",
      "source_jid": "CM",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.businessincameroon.com/finance/1005-16150-stablecoins-beac-pushes-digital-cfa-franc-to-preserve-monetary-sovereignty"
    },
    {
      "t": "Additional SPBVI operators (Drixi, Gou Payments) expected to join Bre-B",
      "note": "Bre-B participant base expands beyond the five already-interoperating SPBVIs.",
      "module": "W1a",
      "source_jid": "CO",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.banrep.gov.co/en/blog/bre-b-brief-history-interoperated-instant-payment-system"
    },
    {
      "t": "Algeria regulatory sandbox launch under Fintech Strategy 2024-2030",
      "note": "Bank of Algeria / fintech authorities to launch a regulatory sandbox admitting at least 20 fintech startups annually to test innovations.",
      "module": "W9",
      "source_jid": "DZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://algeriatech.news/digital-payment-services-regulation-consumer-rights-algeria-2026/"
    },
    {
      "t": "Bank of Algeria fintech regulatory sandbox launch",
      "note": "A regulatory sandbox for fintech innovators is planned to accept at least 20 innovators annually under Bank of Algeria supervision.",
      "module": "W1a",
      "source_jid": "DZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://algeriatech.news/digital-payment-services-regulation-consumer-rights-algeria-2026/"
    },
    {
      "t": "Algeria regulatory sandbox launch under Fintech Strategy 2024-2030",
      "note": "Bank of Algeria / fintech authorities to launch a regulatory sandbox admitting at least 20 fintech startups annually to test innovations.",
      "module": "W9",
      "source_jid": "DZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://algeriatech.news/digital-payment-services-regulation-consumer-rights-algeria-2026/"
    },
    {
      "t": "PSD3 expected in Spain",
      "note": "PSD3 conduct/licensing framework expected to supersede PSD2 baseline.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.openbankingtracker.com/country/spain"
    },
    {
      "t": "BI QRIS '17-8-45' 2026 roadmap targets",
      "note": "Bank Indonesia's 2026 roadmap targets 17bn QRIS transactions, cross-border usage across 8 countries, and a 45m-merchant network by year-end.",
      "module": "W5",
      "source_jid": "ID",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.marketing-interactive.com/bi-unveils-cross-border-expansion-and-merchant-growth-plans-for-qris"
    },
    {
      "t": "Real-Time Rail (RTR) go-live",
      "note": "Canada's first 24/7/365 instant clearing-and-settlement rail goes live; Budget-2025 Q3 2026 target reportedly updated to a phased Q4 2026 launch with universal participation in 2027. Prerequisite for open-banking Phase 2.",
      "module": "W5",
      "source_jid": "JID-CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.payments.ca/systems-services/payment-systems/real-time-rail-payment-system"
    },
    {
      "t": "2026 Finance Bill PSP-services VAT and mobile-phone excise proposal",
      "note": "A 16% VAT on PSP services and 25% excise on mobile phones would raise the tax burden on mobile-money transactions, layered atop existing withholding tax.",
      "module": "W13",
      "source_jid": "KE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "confidence": "Probable",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.semafor.com/article/05/25/2026/kenyas-new-tax-proposals-mobile-money-taxes-put-m-pesa-growth-at-risk"
    },
    {
      "t": "NBC CASP-licensing and bank cryptoasset-exposure implementing regulations",
      "note": "Formal CASP licensing conditions and bank cryptoasset-exposure limits are expected to be published.",
      "module": "W1a",
      "source_jid": "KH",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dfdl.com/insights/legal-and-tax-updates/cryptoassets-regulation-introduced-by-the-national-bank-of-cambodia-nbc/"
    },
    {
      "t": "NBC CASP-licensing and bank cryptoasset-exposure implementing regulations",
      "note": "Formal CASP licensing conditions and bank cryptoasset-exposure limits are expected to be published.",
      "module": "W1a",
      "source_jid": "KH",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dfdl.com/insights/legal-and-tax-updates/cryptoassets-regulation-introduced-by-the-national-bank-of-cambodia-nbc/"
    },
    {
      "t": "Norges Bank NBO INST decision basis targeted for 2026",
      "note": "Norges Bank aims to have the decision basis for a domestic instant-settlement upgrade (NBO INST) ready during 2026.",
      "module": "W3",
      "source_jid": "NO",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.norges-bank.no/en/news-events/publications/Financial-Infrastructure-Report/finansiell-infrastruktur-2025/web-report-financial-infrastructure-2025/"
    },
    {
      "t": "Anteproyecto de Ley 314 fintech framework law progression",
      "note": "If enacted, creates Panama's first dedicated PSP/EMI/VASP licensing perimeter under SBP/UAF supervision, closing the current 'legal nothingness' gap.",
      "module": "W1a",
      "source_jid": "PA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/"
    },
    {
      "t": "Anteproyecto de Ley 314 fintech framework law progression",
      "note": "If enacted, creates Panama's first dedicated PSP/EMI/VASP licensing perimeter under SBP/UAF supervision, closing the current 'legal nothingness' gap.",
      "module": "W1a",
      "source_jid": "PA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://globallawexperts.com/panama-fintech-law-2026-draft-law-no-314-sbp-rule-1-2026-licensing-aml-and-bank-access/"
    },
    {
      "t": "PSP taxonomy phased adaptation deadlines complete",
      "module": "W1a",
      "source_jid": "PE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.estudiorodrigo.com/en/publications/fintech-alert-december-2025"
    },
    {
      "t": "QCB open-banking interoperability standards and consent model consultation",
      "note": "Formal API/consent standards governing bank-to-PSP data sharing are expected to move from strategy to consultation.",
      "module": "W9",
      "source_jid": "QA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "Low",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://madvisory.qa/regulatory.html"
    },
    {
      "t": "QCB open-banking interoperability standards and unified consent model expected",
      "note": "QCB is expected to publish formal open-banking interoperability standards and a unified consent model, extending into insurance, wealth and Islamic finance verticals.",
      "module": "W9",
      "source_jid": "QA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://madvisory.qa/regulatory.html"
    },
    {
      "t": "EU-accession payment-systems access reform (draft)",
      "note": "Payment institutions, e-money institutions and postal operators would gain access to significant payment systems, removing an existing restriction.",
      "module": "W1a",
      "source_jid": "RS",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mondaq.com/financial-services/1821828/proposed-amendments-to-serbias-law-on-payment-services"
    },
    {
      "t": "BNR Directive No. 45/2026 issuance-date reconciliation pending",
      "note": "Once primary bnr.rw text is retrieved, the directive's exact issuance date and scope will be confirmed, resolving conflicting secondary-source dates (9 January vs 9 June 2026).",
      "module": "W1a",
      "source_jid": "RW",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "directive",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "FSC non-cash payment transaction volume target (8 billion transactions)",
      "module": "W9",
      "source_jid": "TW",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "confidence": "Possible",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.thunes.com/insights/learn/payments-in-taiwan-a-guide-for-global-businesses/"
    },
    {
      "t": "FSC non-cash payment transaction volume target (8 billion transactions)",
      "module": "W9",
      "source_jid": "TW",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "confidence": "Possible",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.thunes.com/insights/learn/payments-in-taiwan-a-guide-for-global-businesses/"
    },
    {
      "t": "BoU Second National E-Payments Strategy (2026-2031) with NPS Act review",
      "note": "BoU is completing an end-of-term evaluation of the current e-payments strategy and developing a successor strategy that includes reviewing the NPS Act regulatory framework itself.",
      "module": "W1a",
      "source_jid": "UG",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "guidance",
      "confidence": "Probable",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://ubc.go.ug/2026/02/26/bou-deputy-governor-calls-for-faster-shift-to-secure-digital-payments/"
    },
    {
      "t": "BoU Second National E-Payments Strategy (2026-2031) with NPS Act review",
      "note": "BoU is completing an end-of-term evaluation of the current e-payments strategy and developing a successor strategy that includes reviewing the NPS Act regulatory framework itself.",
      "module": "W1a",
      "source_jid": "UG",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "guidance",
      "confidence": "Probable",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://ubc.go.ug/2026/02/26/bou-deputy-governor-calls-for-faster-shift-to-secure-digital-payments/"
    },
    {
      "t": "Visa/Mastercard interchange-fee antitrust settlement final approval",
      "module": "W4",
      "source_jid": "US",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://intellipay.com/is-it-legal-to-pass-on-credit-card-fees-to-customers/"
    },
    {
      "t": "ZelleUSD (ZLUSD) India remittance corridor expected to go live",
      "module": "W2",
      "source_jid": "US-AZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.prnewswire.com/news-releases/zelle-heads-to-india-unveils-zelleusd-stablecoin-for-other-markets-302798217.html"
    },
    {
      "t": "SB 505 digital-wallet security requirements",
      "note": "New Financial Code Division 16 provisions would impose digital-wallet-security/authentication requirements on money transmitters, with civil penalties of $5,000/day for noncompliance.",
      "module": "W1a",
      "source_jid": "US-CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legiscan.com/CA/text/SB505/id/3132015"
    },
    {
      "t": "SB 505 digital-wallet security requirements",
      "note": "New Financial Code Division 16 provisions would impose digital-wallet-security/authentication requirements on money transmitters, with civil penalties of $5,000/day for noncompliance.",
      "module": "W1a",
      "source_jid": "US-CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legiscan.com/CA/text/SB505/id/3132015"
    },
    {
      "t": "Roughrider Coin public launch targeted",
      "module": "W2",
      "source_jid": "US-ND",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://northdakotamonitor.com/2026/03/26/north-dakota-moves-forward-with-stablecoin-as-local-banks-express-interest-in-pilot-project/"
    },
    {
      "t": "Roughrider Coin public launch targeted",
      "module": "W2",
      "source_jid": "US-ND",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://northdakotamonitor.com/2026/03/26/north-dakota-moves-forward-with-stablecoin-as-local-banks-express-interest-in-pilot-project/"
    },
    {
      "t": "NYDFS formal stablecoin rule proposal (GENIUS Act alignment)",
      "note": "NYDFS's June 2026 announcement is expected to progress to a formal proposed-rule stage aligning NY's stablecoin framework with GENIUS Act certification requirements.",
      "module": "W1a",
      "source_jid": "US-NY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20260609"
    },
    {
      "t": "HB 72 kiosk regime administrative rulemaking",
      "note": "Division of Consumer Protection will draft administrative rules and compliance forms implementing HB 72's kiosk registration and conduct requirements.",
      "module": "W1a",
      "source_jid": "US-UT",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://le.utah.gov/interim/2025/pdf/00004268.pdf"
    },
    {
      "t": "SPDI-to-state-bank conversion legislation under consideration",
      "note": "Draft legislation would allow SPDI-to-state-bank conversion (and vice versa) through the Division of Banking.",
      "module": "W6",
      "source_jid": "US-WY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.wyomingnews.com/laramieboomerang/laramieboomerang/news/crypto-rules-are-lifted-for-national-banks-creating-direct-competition-with-spdis/article_a0475890-f936-4982-887a-0d6139a5229e.html"
    },
    {
      "t": "Real-Time Rail (RTR) Wave 1 launch",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.payments.ca/payments-canada-selects-interac-corp-exchange-solution-provider-canadas-new-real-time-payments"
    },
    {
      "t": "Real-Time Rail (RTR) Wave 1 launch",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.payments.ca/payments-canada-selects-interac-corp-exchange-solution-provider-canadas-new-real-time-payments"
    },
    {
      "t": "Real-Time Rail targeted 2026 launch",
      "note": "Payments Canada's 24/7/365 instant-settlement rail using ISO 20022 goes live, with registered PSPs potentially gaining access.",
      "module": "W5",
      "source_jid": "CA-FED",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bankofcanada.ca/2026/01/frequently-asked-questions-about-retail-payments-supervision/"
    },
    {
      "t": "RTR Wave 1 launch window",
      "module": "W5",
      "source_jid": "CA-FED",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.payments.ca/real-time-rail-where-are-we-now"
    },
    {
      "t": "Real-Time Rail (RTR) Wave 1 launch",
      "module": "W5",
      "source_jid": "CA-QC",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "SIC5 full participant coverage mandate",
      "note": "All SIC network participants must be able to receive and execute real-time transfers by end-2026.",
      "module": "W5",
      "source_jid": "CH",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fintechnews.ch/moneytransfer/with-sic5-around-the-corner-experts-weigh-in-on-possible-impact-of-instant-payments-in-switzerland/59132/"
    },
    {
      "t": "UEMOA payment-systems oversight framework revision (BIS PFMI alignment)",
      "note": "BCEAO's 2006 payment-systems oversight policy is under revision to incorporate BIS Principles for Financial Market Infrastructures.",
      "module": "W3",
      "source_jid": "CI",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bceao.int/fr/content/surveillance-des-systemes-de-paiement"
    },
    {
      "t": "DTAZV phase-out in Germany",
      "note": "Legacy DTAZV instant-payment arrangement phased out as SEPA IPR becomes the standing mechanism.",
      "module": "W5",
      "source_jid": "DE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://banking.vision/en/psd3-and-psr-regulations-for-banks/"
    },
    {
      "t": "DTAZV phase-out in Germany",
      "note": "Legacy DTAZV instant-payment arrangement phased out as SEPA IPR becomes the standing mechanism.",
      "module": "W5",
      "source_jid": "DE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://banking.vision/en/psd3-and-psr-regulations-for-banks/"
    },
    {
      "t": "PSR consultation on APP-fraud reimbursement outcome consistency",
      "module": "W10",
      "source_jid": "GB",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.psr.org.uk/news-and-updates/latest-news/news/one-year-on-impact-of-app-reimbursement-on-victims/"
    },
    {
      "t": "Permanent Gibraltar Authorisation Regime (GAR) to supersede transitional passporting",
      "note": "Transitional UK-Gibraltar passporting (extended to 31 Dec 2026) is expected to be superseded by the permanent GAR framework.",
      "module": "W1a",
      "source_jid": "GI",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://ramparts.gi/the-gibraltar-authorisation-regime-gar-uk-market-access/"
    },
    {
      "t": "Permanent Gibraltar Authorisation Regime (GAR) to supersede transitional passporting",
      "note": "Transitional UK-Gibraltar passporting (extended to 31 Dec 2026) is expected to be superseded by the permanent GAR framework.",
      "module": "W1a",
      "source_jid": "GI",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://ramparts.gi/the-gibraltar-authorisation-regime-gar-uk-market-access/"
    },
    {
      "t": "CCD2 enforcement start for BNPL as consumer credit",
      "module": "W9",
      "source_jid": "GR",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.qubevents.com/post/bnpl-in-greece-a-5-billion-market-on-the-rise"
    },
    {
      "t": "Open Banking framework expected",
      "note": "BAM plans to introduce an Open Banking framework as part of its digital-finance strategy.",
      "module": "W9",
      "source_jid": "MA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.lawyard.org/news/moroccos-open-banking-push-signals-regulatory-shift-to-drive-digital-payments-and-fintech-innovation/"
    },
    {
      "t": "PSD3 fraud-mitigation API mandate takes effect",
      "module": "W9",
      "source_jid": "NO",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.mordorintelligence.com/industry-reports/norway-payments-market"
    },
    {
      "t": "BCRP TAPP instant-payments platform pilot",
      "note": "BCRP begins piloting a UPI-inspired instant-payments platform enabling payment initiation independent of the user's wallet/bank.",
      "module": "W3",
      "source_jid": "PE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://elcomercio.pe/economia/peru/pagos-inmediatos-e-interoperabilidad-el-modelo-que-el-bcrp-empezara-a-probar-en-2026-l-ultimas-noticia/"
    },
    {
      "t": "BCRP TAPP instant-payments platform pilot",
      "note": "BCRP begins piloting a UPI-inspired instant-payments platform enabling payment initiation independent of the user's wallet/bank.",
      "module": "W3",
      "source_jid": "PE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://elcomercio.pe/economia/peru/pagos-inmediatos-e-interoperabilidad-el-modelo-que-el-bcrp-empezara-a-probar-en-2026-l-ultimas-noticia/"
    },
    {
      "t": "Card-delivery-evidence obligation for DinaCard issuers (draft)",
      "note": "Card issuers would need to maintain evidence that DinaCard-processed cards reached the payment service user.",
      "module": "W12",
      "source_jid": "RS",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Uncertain",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.kinstellar.com/news-and-insights/detail/4593/proposed-amendments-to-serbias-law-on-interchange-fees-and-special-operating-rules-for-card-based-payment-transactions"
    },
    {
      "t": "Card-delivery-evidence obligation for DinaCard issuers (draft)",
      "note": "Card issuers would need to maintain evidence that DinaCard-processed cards reached the payment service user.",
      "module": "W12",
      "source_jid": "RS",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Uncertain",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.kinstellar.com/news-and-insights/detail/4593/proposed-amendments-to-serbias-law-on-interchange-fees-and-special-operating-rules-for-card-based-payment-transactions"
    },
    {
      "t": "PSR abolition and FCA consolidation completion",
      "note": "PSR functions fully consolidated into the FCA, giving payments firms a single regulatory point of contact.",
      "module": "W1a",
      "source_jid": "UK",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.aoshearman.com/en/insights/ao-shearman-on-fintech-and-digital-assets/uk-payment-systems-regulator-to-be-abolished-whats-next"
    },
    {
      "t": "PSR abolition and FCA consolidation completion",
      "note": "PSR functions fully consolidated into the FCA, giving payments firms a single regulatory point of contact.",
      "module": "W1a",
      "source_jid": "UK",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.aoshearman.com/en/insights/ao-shearman-on-fintech-and-digital-assets/uk-payment-systems-regulator-to-be-abolished-whats-next"
    },
    {
      "t": "Federal Reserve Board nationwide 'skinny' master-account policy framework expected finalisation",
      "module": "W12",
      "source_jid": "US-WY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.coindesk.com/policy/2026/03/13/court-closes-custodia-fight-with-federal-reserve-just-as-fed-opens-master-account-door"
    },
    {
      "t": "Federal Reserve Board nationwide 'skinny' master-account policy framework expected finalisation",
      "module": "W12",
      "source_jid": "US-WY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.coindesk.com/policy/2026/03/13/court-closes-custodia-fight-with-federal-reserve-just-as-fed-opens-master-account-door"
    },
    {
      "t": "BCV SWIFT reintegration expected to progress",
      "note": "BCV's reintegration into SWIFT for direct oil-export payment receipt is expected to proceed over a multi-month technical/security timeline.",
      "module": "W12",
      "source_jid": "VE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://venezuelanalysis.com/news/venezuela-trump-administration-issues-banking-licenses-as-rodriguez-eyes-long-term-us-energy-ties/"
    },
    {
      "t": "NAPAS reverse-direction (VN-to-China) QR connectivity",
      "note": "Reverse-direction outbound QR connectivity from Vietnam to China is planned following the Weixin Pay inbound launch.",
      "module": "W5",
      "source_jid": "VN",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Low",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://technode.global/2026/08/07/vietnams-napas-links-qr-payments-with-chinas-weixin-pay-targeting-over-1b-users/"
    },
    {
      "t": "Real-Time Rail first-wave phased access begins",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://thelogic.co/news/exclusive/payments-canada-rtr-phased-rollout/"
    },
    {
      "t": "Real-Time Rail first-wave phased access begins",
      "module": "W5",
      "source_jid": "CA-AB",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Consumer-Driven Banking Act commencement pending Governor in Council orders",
      "note": "Open banking framework moves from Royal Assent to full commencement pending implementing orders.",
      "module": "W1a",
      "source_jid": "CA-FED",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "adopted",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://facephi.com/observatory/en/stablecoin-act-canada-fintech-opportunities-2026/"
    },
    {
      "t": "PSD3 expected to hard-wire fraud-mitigation APIs in 2026",
      "note": "PSD3, expected 2026, will hard-wire dedicated fraud-mitigation APIs, applying to Norwegian PSPs via EEA alignment.",
      "module": "W9",
      "source_jid": "EEA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.mordorintelligence.com/industry-reports/norway-payments-market"
    },
    {
      "t": "PSD3 expected to hard-wire fraud-mitigation APIs in 2026",
      "note": "PSD3, expected 2026, will hard-wire dedicated fraud-mitigation APIs, applying to Norwegian PSPs via EEA alignment.",
      "module": "W9",
      "source_jid": "EEA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.mordorintelligence.com/industry-reports/norway-payments-market"
    },
    {
      "t": "Gibraltar GFSC crypto-derivatives clearing-house framework development",
      "module": "W12",
      "source_jid": "GIB",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://thepaypers.com/payments/news/gibraltar-develops-rules-for-crypto-derivatives-clearing"
    },
    {
      "t": "FATF on-site assessment of Côte d'Ivoire (toward grey-list exit)",
      "note": "FATF initial determination (June 2026) that CI substantially completed its action plan triggers an on-site assessment ahead of possible de-listing.",
      "module": "W11",
      "source_jid": "JID-CI",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions/increased-monitoring-june-2026.html"
    },
    {
      "t": "Full implementation of Open Banking / Open API product-API scenarios",
      "module": "W9",
      "source_jid": "KZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://nationalbank.kz/en/page/Digital-Financial-Infrastructure"
    },
    {
      "t": "Full implementation of Open Banking / Open API product-API scenarios",
      "module": "W9",
      "source_jid": "KZ",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://nationalbank.kz/en/page/Digital-Financial-Infrastructure"
    },
    {
      "t": "FDIC payment-stablecoin-issuer rule finalization",
      "note": "FDIC's April 2026 NPRM on GENIUS Act requirements for insured-depository stablecoin issuers is expected to move toward finalization.",
      "module": "W1a",
      "source_jid": "US-FED",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Federal GENIUS Act final implementing regulations (Treasury/OCC/FDIC/FinCEN/OFAC)",
      "module": "W11",
      "source_jid": "US-NC",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.federalregister.gov/agencies/financial-crimes-enforcement-network"
    },
    {
      "t": "Regulatory sandbox anteproyecto (Resolución 145/2026) advances toward Parliament",
      "module": "W9",
      "source_jid": "UY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Vietnam-Singapore outbound QR connectivity",
      "note": "Outbound (VN-to-Singapore) QR leg planned as the next phase of the NAPAS-Singapore partnership.",
      "module": "W5",
      "source_jid": "VN",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://en.napas.com.vn/vietnam-and-singapore-launch-cross-border-qr-payment-service-accelerating-digital-economic-184260702152948206.htm"
    },
    {
      "t": "Real-Time Rail Phase 1 launch (first-tranche access)",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thelogic.co/news/exclusive/payments-canada-rtr-phased-rollout/"
    },
    {
      "t": "Real-Time Rail Phase 1 launch (first-tranche access)",
      "module": "W5",
      "source_jid": "CA-BC",
      "expected_date": "2026-Q4",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Open Finance anteproyecto proceeds toward parliamentary approval",
      "module": "W9",
      "source_jid": "UY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "CCD2 enforcement start (BNPL consumer-credit regulation)",
      "note": "EMD2 repealed; EMIs fold into PI sub-category; 24-month (potentially extendable) re-authorisation window",
      "module": "W9",
      "source_jid": "GR",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.qubevents.com/post/bnpl-in-greece-a-5-billion-market-on-the-rise"
    },
    {
      "t": "Bankgirot core services retirement",
      "module": "W4",
      "source_jid": "SE",
      "expected_date": "2026-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society"
    },
    {
      "t": "Dedicated stablecoin/RWA-specific rules anticipated beyond current PSAV framework",
      "module": "W2",
      "source_jid": "UY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Possible",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.criptonoticias.com/comunidad/regulacion-criptomonedas-uruguay-martin-benitez/"
    },
    {
      "t": "Dedicated stablecoin/RWA-specific rules anticipated beyond current PSAV framework",
      "module": "W2",
      "source_jid": "UY",
      "expected_date": "2026-Q4",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "BoE systemic-stablecoin Code of Practice finalised",
      "module": "W2",
      "source_jid": "JID-UK",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.bankofengland.co.uk/paper/2026/ps/sterling-denominated-systemic-stablecoin"
    },
    {
      "t": "FCA consultations on DeFi guidance, DLT operational-resilience guidance and Financial Crime Guide updates",
      "module": "W1b",
      "source_jid": "JID-UK",
      "expected_date": "2026-Q4",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-9",
      "primary_source_url": "https://www.fca.org.uk/news/press-releases/fca-sets-landmark-crypto-rules-cement-uks-place-global-hub"
    },
    {
      "t": "ROBOR fine full reasoned decision served / enforceability",
      "note": "Competition Council full reasoned decision expected early autumn 2026; fine enforceable only after reasoning handed over; bank court challenges anticipated.",
      "module": "W7",
      "source_jid": "JID-RO",
      "expected_date": "2026-autumn",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.romania-insider.com/bnr-clarification-banks-fine-june-2026"
    },
    {
      "t": "Digital euro legislative track conclusion",
      "note": "European Council reached agreement end-2025; legislative track expected to conclude end-2026, enabling Eurosystem issuance of a digital euro complementary to cash.",
      "module": "W9",
      "source_jid": "NL",
      "expected_date": "2026-end",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.dnb.nl/algemeen-nieuws/speech-2026/de-digitale-euro-een-nieuwe-stap-in-de-evolutie-van-het-geld/"
    },
    {
      "t": "Payments System Modernisation activity-based AFSL licensing commencement",
      "note": "NCPF replaced with activity-based licensing; new payment financial products/services require AFSL; SVF providers >A$200m register with APRA. Commencement 12 months after Royal Assent.",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://treasury.gov.au/policy-topics/banking-and-finance/payments-licensing-reforms"
    },
    {
      "t": "Stablecoin Act full regulatory force expected",
      "module": "W2",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html"
    },
    {
      "t": "Stablecoin Act full implementation targeted",
      "module": "W2",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html"
    },
    {
      "t": "Stablecoin Act framework expected in force",
      "module": "W2",
      "source_jid": "CA-FED",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html"
    },
    {
      "t": "Stablecoin Act full implementation targeted",
      "module": "W2",
      "source_jid": "CA-QC",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "FinIA reform: Payment Instrument Institution / Crypto Institution licences",
      "note": "New purpose-built licence tiers without deposit ceiling, including regulated stablecoin issuance provision.",
      "module": "W1a",
      "source_jid": "CH",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "consultation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://fintechwerkstatt.ch/swiss-fintech-licence-finma-approval/swiss-payment-institution-licence/"
    },
    {
      "t": "FinIA amendments — new payment instrument & crypto institution licences replace FinTech regime",
      "note": "Two new FINMA-supervised licence categories (PI institutions + crypto-institutions) with mandatory client-fund segregation; consultation closed 6 Feb 2026, message to parliament pending, entry into force not expected before 2027.",
      "module": "W1a",
      "source_jid": "CH",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.loyensloeff.com/insights/news--events/news/swiss-federal-council-proposes-finia-amendments-new-licences-for-payment-and-crypto-institutions-to-replace-fintech-regime/"
    },
    {
      "t": "PSD3/PSR final text and entry into force",
      "note": "Final PSD3/PSR texts expected in the Official Journal H1 2026, entering into force in 2027 after a 21-month transition period; will merge PI/EMI licence categories and expand APP-fraud reimbursement and verification-of-payee obligations.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/psd3-psr/"
    },
    {
      "t": "Next MONEYVAL Mutual Evaluation of Guernsey",
      "module": "W11",
      "source_jid": "GG-ALD",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.mourant.com/updates/guernsey-aml-and-ctf-framework-explained-laws-risks-and-regulations/"
    },
    {
      "t": "GFSC Consumer Duty scope expansion to all retail customers",
      "note": "Consumer Duty obligations expand beyond UK-customer scope to all retail customers of GFSC-licensed firms.",
      "module": "W1b",
      "source_jid": "GI",
      "expected_date": "2027",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://ramparts.gi/the-gibraltar-authorisation-regime-gar-uk-market-access/"
    },
    {
      "t": "e-MOP full CBDC launch target",
      "module": "W2",
      "source_jid": "MO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://macaubusiness.com/macau-to-widen-e-mop-sandbox-tests-across-public-services-and-transport/"
    },
    {
      "t": "e-MOP digital pataca full public launch target",
      "note": "Full public launch of Macau's retail CBDC following completion of core infrastructure (end-2025) and sandbox expansion across transport, e-government and campuses (2026).",
      "module": "W2",
      "source_jid": "MO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://macaudailytimes.com.mo/e-mop-moves-to-sandbox-testing-with-whitelist-users-as-2027-launch-target-holds.html"
    },
    {
      "t": "National Financial Inclusion Strategy (ENIF) first phase concludes",
      "module": "W9",
      "source_jid": "MZ",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://mena-fintech.org/news/mozambique-turns-to-fintech-to-expand-financial-inclusion/"
    },
    {
      "t": "National Financial Inclusion Strategy (ENIF) first phase concludes",
      "module": "W9",
      "source_jid": "MZ",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://mena-fintech.org/news/mozambique-turns-to-fintech-to-expand-financial-inclusion/"
    },
    {
      "t": "IPR full application for non-euro-area PSPs and PI/EMI",
      "note": "PI/EMI and non-euro-area PSP provisions of the Instant Payments Regulation become fully applicable.",
      "module": "W3",
      "source_jid": "SI",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bsi.si/en/media/posts/full-roll-out-of-instant-payments-in-the-euro-area"
    },
    {
      "t": "IPR full application for non-euro-area PSPs and PI/EMI",
      "note": "PI/EMI and non-euro-area PSP provisions of the Instant Payments Regulation become fully applicable.",
      "module": "W3",
      "source_jid": "SI",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bsi.si/en/media/posts/full-roll-out-of-instant-payments-in-the-euro-area"
    },
    {
      "t": "Delaware SB16/SB18/SB19 full implementation deadline",
      "module": "W2",
      "source_jid": "US-DE",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2026/04/positioning-delaware-as-a-digital-asset-hub-a-look-at-senate-bills-16-and-19/"
    },
    {
      "t": "Edward Jones Utah ILC targeted opening",
      "module": "W13",
      "source_jid": "US-UT",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.bankingdive.com/news/edward-jones-ilc-charter-fdic-approve-industrial-bank-utah/813515/"
    },
    {
      "t": "Regulated stablecoins able to operate in the UK",
      "module": "W2",
      "source_jid": "JID-UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-10",
      "primary_source_url": "https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins"
    },
    {
      "t": "Regulated stablecoins able to operate in the UK",
      "module": "W2",
      "source_jid": "JID-UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-10",
      "primary_source_url": "https://www.bankofengland.co.uk/news/2026/june/boe-launches-policy-statement-and-draft-rules-on-regulating-systemic-stablecoins"
    },
    {
      "t": "Proposed RPAA amendments expanding payment-function definition to digital-asset custody",
      "note": "Custodied wallet providers and digital-asset custodians would be brought within RPAA registration scope alongside the Stablecoin Act rollout.",
      "module": "W1a",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.torys.com/our-latest-thinking/publications/2025/12/canadas-stablecoin-act"
    },
    {
      "t": "Stablecoin Act framework expected to reach full force",
      "module": "W2",
      "source_jid": "CA-ON",
      "expected_date": "2027",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html"
    },
    {
      "t": "Regulated Stablecoin regime under FinIA reform",
      "note": "Issuance of 'Regulated Stablecoins' reserved to licensed PIs; full backing, par redemption, white paper, FINMA-maintained list.",
      "module": "W2",
      "source_jid": "CH",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.deloitte.com/ch/en/services/tax/blogs/regulatory-update-new-rules-on-payment-tokens.html"
    },
    {
      "t": "Decreto 0368 de 2026 SFA — phased data-access enablement deadlines",
      "note": "Obligated entities have 12 months (extendable 6) from each SFC technical standard to enable open-finance data access; rolling implementation deadlines.",
      "module": "W3",
      "source_jid": "CO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.urf.gov.co/w/colombia-consolida-el-sistema-de-finanzas-abiertas-obligatorio"
    },
    {
      "t": "Decreto 0368 de 2026 SFA — phased data-access enablement deadlines",
      "note": "Obligated entities have 12 months (extendable 6) from each SFC technical standard to enable open-finance data access; rolling implementation deadlines.",
      "module": "W3",
      "source_jid": "CO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.urf.gov.co/w/colombia-consolida-el-sistema-de-finanzas-abiertas-obligatorio"
    },
    {
      "t": "Anticipated Law 155-17 amendments incorporating VASPs (10th-anniversary review)",
      "note": "Expected AML/CFT statutory amendments to bring virtual-asset service providers formally within scope, plus STR-timeline/cooling-off technical adjustments.",
      "module": "W11",
      "source_jid": "DO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "Anticipated Law 155-17 amendments incorporating VASPs (10th-anniversary review)",
      "note": "Expected AML/CFT statutory amendments to bring virtual-asset service providers formally within scope, plus STR-timeline/cooling-off technical adjustments.",
      "module": "W11",
      "source_jid": "DO",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "FIDA (Financial Data Access Regulation) expected",
      "note": "FIDA expected to extend open-finance data-access obligations beyond payments.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.openbankingtracker.com/country/spain"
    },
    {
      "t": "Factur-X B2B e-invoicing issuing-side mandate phase-in",
      "note": "Issuing-side Factur-X mandate phases in through 2027 by company size, following the 1 September 2026 receiving-side start date.",
      "module": "W6",
      "source_jid": "FR",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.zunapro.com/france/en/blog/payment-methods-ecommerce-france"
    },
    {
      "t": "Factur-X B2B e-invoicing issuing-side mandate phase-in",
      "note": "Issuing-side Factur-X mandate phases in through 2027 by company size, following the 1 September 2026 receiving-side start date.",
      "module": "W6",
      "source_jid": "FR",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.zunapro.com/france/en/blog/payment-methods-ecommerce-france"
    },
    {
      "t": "Draft virtual-asset licensing regime -- pilot exchanges expected",
      "module": "W2",
      "source_jid": "TN",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.spendnode.io/crypto-cards/country/tunisia/"
    },
    {
      "t": "French B2B e-invoicing issuing-obligation phase-in",
      "note": "Issuing obligations for mandatory B2B e-invoicing phase in for all business sizes through 2027, following the 1 September 2026 receiving-obligation start date.",
      "module": "W13",
      "source_jid": "FR",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://zunapro.com"
    },
    {
      "t": "IRIS EuroPA extension to merchant/retail payments",
      "module": "W5",
      "source_jid": "GR",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://athens-times.com/iris-payments-launches-cross-border-mobile-money-transfers-across-europe/"
    },
    {
      "t": "Stablecoin Act coming into force",
      "note": "Federal prudential regime for fiat-backed stablecoin issuers (1:1 HQLA reserves, at-par redemption, BoC oversight) comes into force on a day fixed by order; Dept of Finance indicates ~12-18 months regulatory development from early 2026, in force in 2027.",
      "module": "W2",
      "source_jid": "JID-CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.canada.ca/en/department-finance/programs/financial-sector-policy/canadas-stablecoin-framework.html"
    },
    {
      "t": "EU AMLR/AMLD6/AMLA package application to Polish payment institutions",
      "note": "AMLA (Frankfurt) and the single AML Regulation reshape supervision of Polish PIs/EMIs/SPIs; NIK-identified effectiveness gaps under pressure to close.",
      "module": "W11",
      "source_jid": "JID-PL",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://atl-law.pl/en/aml-kyc-anti-money-laundering-and-counter-terrorist-financing/"
    },
    {
      "t": "EU AMLR/AMLD6/AMLA package application to Polish payment institutions",
      "note": "AMLA (Frankfurt) and the single AML Regulation reshape supervision of Polish PIs/EMIs/SPIs; NIK-identified effectiveness gaps under pressure to close.",
      "module": "W11",
      "source_jid": "JID-PL",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://atl-law.pl/en/aml-kyc-anti-money-laundering-and-counter-terrorist-financing/"
    },
    {
      "t": "Next FATF mutual evaluation of Nigeria",
      "note": "Post-delisting mutual evaluation expected 2027; outcome affects correspondent-banking and de-risking trajectory.",
      "module": "W11",
      "source_jid": "NG",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.aluko-oyebode.com/insights/nigeria-fatf-grey-list-removal-2025/"
    },
    {
      "t": "EU AML Package + AMLA applicability",
      "note": "2024 EU AML legislation becomes applicable in 2027 with the new EU AMLA; NL intends to implement without national gold-plating, overhauling the current Wwft regime.",
      "module": "W11",
      "source_jid": "NL",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.government.nl/themes/economy/financial-sector/combating-money-laundering-and-terrorist-financing"
    },
    {
      "t": "Jaywan full issuance rollout",
      "note": "CBUAE mandate to issue Jaywan debit cards driving full domestic issuance/usage; widespread adoption expected by end-2027.",
      "module": "W4",
      "source_jid": "UAE",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://aep.ae/en/news-media/press-releasesarticles/jaywan-uaes-new-domestic-card-payment-scheme-all-your-questions-answered/"
    },
    {
      "t": "Project Nexus multilateral instant-payment interlinking go-live",
      "note": "Single-connection multilateral linking of instant-payment systems targeting ~1.7bn people, replacing bilateral corridor deals.",
      "module": "W5",
      "source_jid": "APAC",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.montran.com/resources/how-apac-banks-are-rewiring-payments-for-a-realtime-crossborder-world/"
    },
    {
      "t": "Real-Time Rail full participant access",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thelogic.co/news/exclusive/payments-canada-rtr-phased-rollout/"
    },
    {
      "t": "Real-Time Rail full participant access",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thelogic.co/news/exclusive/payments-canada-rtr-phased-rollout/"
    },
    {
      "t": "Real-Time Rail full participant access",
      "module": "W5",
      "source_jid": "CA-AB",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Gibraltar next MONEYVAL evaluation (revised FATF standards)",
      "note": "Next MONEYVAL mutual evaluation under revised FATF standards following 2025 NRA.",
      "module": "W11",
      "source_jid": "GIB",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.gibraltar.gov.gi/uploads/Gambling/Documents/2025NRA%20-%20FINAL.pdf"
    },
    {
      "t": "Digital euro possible pilot exercise",
      "note": "Pilot exercise and initial transactions could take place (subject to co-legislators adopting the digital euro Regulation), with possible first issuance 2029.",
      "module": "W9",
      "source_jid": "IE",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.ecb.europa.eu/press/key/date/2025/html/ecb.sp251219~fd2fee081a.en.html"
    },
    {
      "t": "FiDA open-finance regulation (EU)",
      "note": "Proposed FiDA open-finance regime expected to extend data-access obligations beyond payments.",
      "module": "W9",
      "source_jid": "LU",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2026/luxembourg"
    },
    {
      "t": "FRC dedicated Safeguarding Assurance Standard consultation",
      "module": "W1b",
      "source_jid": "UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Real-Time Rail full participant access",
      "module": "W5",
      "source_jid": "CA",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://thelogic.co/news/exclusive/payments-canada-rtr-phased-rollout/"
    },
    {
      "t": "Real-Time Rail full participant access",
      "module": "W5",
      "source_jid": "CA-BC",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Project Helvetia wholesale-CBDC extension to at least mid-2027",
      "note": "Wholesale CBDC on SDX extended to at least mid-2027 and expanded via RTGS link to BX Digital for tokenised-asset settlement.",
      "module": "W9",
      "source_jid": "CH",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.snb.ch/en/publications/communication/press-releases/2025/pre_20250630"
    },
    {
      "t": "Possible reintroduction of MDR on large UPI merchants",
      "note": "Parliamentary Finance Committee 2026 push to reintroduce MDR on large UPI merchants, citing the zero-MDR funding gap; would materially reset acquiring economics if adopted.",
      "module": "W4",
      "source_jid": "IN",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Possible reintroduction of MDR on large UPI merchants",
      "note": "Parliamentary Finance Committee 2026 push to reintroduce MDR on large UPI merchants, citing the zero-MDR funding gap; would materially reset acquiring economics if adopted.",
      "module": "W4",
      "source_jid": "IN",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5"
    },
    {
      "t": "Bizum-EPI/Wero e-commerce/in-store interoperability go-live",
      "module": "W5",
      "source_jid": "ES",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://hipay.com/en/blog/bizum-spanish-payment-solution/index.html"
    },
    {
      "t": "KoFIU FTRA AML reform package (2028 FATF MEV prep)",
      "note": "Sub-KRW1m travel rule, UBO database, designated senior AML executive, stablecoin-issuer AML equivalence, AML for lawyers/CPAs.",
      "module": "W11",
      "source_jid": "KR",
      "expected_date": "2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "KoFIU FTRA AML reform package (2028 FATF MEV prep)",
      "note": "Sub-KRW1m travel rule, UBO database, designated senior AML executive, stablecoin-issuer AML equivalence, AML for lawyers/CPAs.",
      "module": "W11",
      "source_jid": "KR",
      "expected_date": "2027",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-6"
    },
    {
      "t": "UK FATF mutual evaluation",
      "note": "FATF mutual evaluation of UK AML/CFT framework; UK preparing supervisory reforms (FCA Single Professional Services Supervisor).",
      "module": "W11",
      "source_jid": "UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "UK FATF mutual evaluation",
      "note": "FATF mutual evaluation of UK AML/CFT framework; UK preparing supervisory reforms (FCA Single Professional Services Supervisor).",
      "module": "W11",
      "source_jid": "UK",
      "expected_date": "2027",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-7"
    },
    {
      "t": "GENIUS Act effective date",
      "note": "Effective date is the earlier of 18 months after July 18 2025 enactment or 120 days after final implementing regulations; rulemaking by OCC/FDIC/Treasury/OFAC in train.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Federal GENIUS Act stablecoin framework effective date",
      "note": "Effective the earlier of 18 months after enactment (18 Jan 2027) or 120 days after primary federal payment-stablecoin regulators issue final regulations; OCC/FDIC/Treasury have issued NPRMs, final rules pending.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://blog.freshfields.us/post/102lymd/2025-bank-regulatory-roundup-and-what-to-look-for-in-2026"
    },
    {
      "t": "National BAIT/VAIT/KAIT/ZAIT circulars phase-out into DORA standards",
      "note": "German ICT circulars transition to DORA unified standards (some to 1 Jan 2027).",
      "module": "W3",
      "source_jid": "DE",
      "expected_date": "2027-01",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.dlapiper.com/en/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora"
    },
    {
      "t": "Payments data-localisation deadline",
      "note": "Foreign-backed payment companies must localise transaction data and disclose full UBO chains.",
      "module": "W6",
      "source_jid": "NG",
      "expected_date": "2027-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://neusroom.com"
    },
    {
      "t": "SEPA Instant Payments Regulation compliance deadline for Bulgarian PSPs",
      "note": "Bulgarian PSPs must implement instant-transfer, equal-charges and Verification of Payee obligations under the amended SEPA Instant Payments Regulation.",
      "module": "W5",
      "source_jid": "BG",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://paymentexpert.com/2026/07/17/sepa-instant-payments-guide-eu-rules/"
    },
    {
      "t": "New interbank cheque limits and OTC cash withdrawal caps in force",
      "note": "BoU circular (29 May 2026) cuts interbank cheque limits by half and introduces OTC cash-withdrawal caps, pushing migration to EFT/RTGS/mobile-money/bank-to-wallet channels.",
      "module": "W9",
      "source_jid": "UG",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ceo.co.ug/bank-of-uganda-introduces-new-cheque-and-cash-withdrawal-limits-directs-banks-to-shift-to-digital-transactions/"
    },
    {
      "t": "Interbank cheque-value cuts & OTC cash-withdrawal caps enter into force",
      "note": "BoU circular (29 May 2026) cuts interbank cheque limits by half and introduces OTC cash-withdrawal caps, pushing migration to EFT/RTGS/mobile-money/bank-to-wallet channels.",
      "module": "W9",
      "source_jid": "UG",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ceo.co.ug/bank-of-uganda-introduces-new-cheque-and-cash-withdrawal-limits-directs-banks-to-shift-to-digital-transactions/"
    },
    {
      "t": "New interbank cheque limits and OTC cash withdrawal caps in force",
      "module": "W9",
      "source_jid": "UG",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ceo.co.ug/bank-of-uganda-introduces-new-cheque-and-cash-withdrawal-limits-directs-banks-to-shift-to-digital-transactions/"
    },
    {
      "t": "Florida virtual-currency-kiosk registration in force",
      "note": "Virtual-currency-kiosk operators must register with OFR; daily transaction limits and fraud-refund obligations take effect.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/505"
    },
    {
      "t": "Maryland Stablecoin Act (SB662/HB1355) in force",
      "module": "W2",
      "source_jid": "US-MD",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.jdsupra.com/legalnews/maryland-governor-signs-bill-8307759/"
    },
    {
      "t": "Money Transmission Modernization Act takes effect",
      "note": "Michigan's money-transmission licensing statute (bond floor, definitions) is replaced wholesale, affecting money transmitters including virtual-currency businesses.",
      "module": "W1a",
      "source_jid": "US-MI",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://fastdemocracy.com/bill-search/mi/2025-2026/bills/MIB00028605/"
    },
    {
      "t": "NC virtual-currency kiosk MTA licensing effective",
      "note": "Virtual-currency kiosk operators must hold an MTA licence and comply with Commissioner of Banks examination/reporting.",
      "module": "W1a",
      "source_jid": "US-NC",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://nccob.nc.gov/financial-institutions/money-transmitters/money-transmitter-frequently-asked-questions"
    },
    {
      "t": "Oklahoma Consumer Data Privacy Act (SB 546) enters into force",
      "module": "W10",
      "source_jid": "US-OK",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.hunton.com/privacy-and-cybersecurity-law-blog/oklahoma-enacts-comprehensive-consumer-privacy-law"
    },
    {
      "t": "Oklahoma Consumer Data Privacy Act (SB 546) enters into force",
      "module": "W10",
      "source_jid": "US-OK",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.hunton.com/privacy-and-cybersecurity-law-blog/oklahoma-enacts-comprehensive-consumer-privacy-law"
    },
    {
      "t": "Florida VC-kiosk consumer-protection provisions (limits/refunds) in force",
      "note": "Daily transaction limits, fraud warnings, and 72-hour refund requirements for virtual-currency kiosks take effect.",
      "module": "W10",
      "source_jid": "US-FL",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/505/Analyses/h0505z.IBS.PDF"
    },
    {
      "t": "Illinois Digital Asset Transaction Tax effective date",
      "module": "W2",
      "source_jid": "US-IL",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.kucoin.com/news/flash/illinois-imposes-0-2-crypto-transaction-tax-despite-federal-framework"
    },
    {
      "t": "Illinois Digital Asset Transaction Tax effective date",
      "module": "W2",
      "source_jid": "US-IL",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.kucoin.com/news/flash/illinois-imposes-0-2-crypto-transaction-tax-despite-federal-framework"
    },
    {
      "t": "Oklahoma Consumer Data Privacy Act (SB 546) in force",
      "note": "Comprehensive consumer privacy statute becomes applicable to controllers/processors meeting the statutory consumer-data thresholds.",
      "module": "W1b",
      "source_jid": "US-OK",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.wilmerhale.com/en/insights/blogs/wilmerhale-privacy-and-cybersecurity-law/20260327-oklahoma-enacts-nations-twentieth-state-comprehensive-privacy-law"
    },
    {
      "t": "TN international money-transfer tax (HB2502/SB2166) effective date",
      "module": "W5",
      "source_jid": "US-TN",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bassberry.com/news/tennessee-legislation-taxing-international-money-transfers/"
    },
    {
      "t": "EU Instant Payments Regulation compliance deadline for BG euro-area PSPs",
      "note": "Euro-area PSPs in Bulgaria must offer instant payments within one year of 1 Jan 2026 accession under Regulation (EU) 2024/886.",
      "module": "W5",
      "source_jid": "BG",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.borica.bg/en/latest/novini/skorost-i-sigurnost-kato-standart-za-razplashtaniyata-u-nas"
    },
    {
      "t": "NC prediction-market 6% tax and CFTC-preemption recognition effective",
      "note": "6% tax on NC-attributable net trading-fee revenue for prediction-market platforms takes effect with no licensing requirement.",
      "module": "W9",
      "source_jid": "US-NC",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://decrypt.co/373209/north-carolina-bill-recognizes-cftcs-federal-regulatory-authority-over-prediction-markets"
    },
    {
      "t": "VASP 24-hour outbound transfer fraud hold above US$10,000",
      "note": "VASPs must hold outbound transfers above US$10,000 for up to 24 hours for fraud review.",
      "module": "W12",
      "source_jid": "BR",
      "expected_date": "2027-01-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://thedigitalbanker.com/brazils-pix-goes-global-while-crypto-faces-tighter-controls/"
    },
    {
      "t": "Non-eurozone banks (incl. Czech banks) must be able to RECEIVE instant euro payments",
      "module": "W5",
      "source_jid": "CZ",
      "expected_date": "2027-01-09",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://worldline.com/en/home/main-navigation/resources/blogs/2025/instant-payments-regulation-a-key-development-for-non-eurozone-eu-countries"
    },
    {
      "t": "Instant Payments Regulation - PI/EMI receiving deadline",
      "module": "W1b",
      "source_jid": "FI",
      "expected_date": "2027-01-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.osborneclarke.com/insights/what-are-key-obligations-and-timelines-eu-instant-payments-regulation"
    },
    {
      "t": "CRD6 third-country-branch regime effective",
      "note": "The third-country-branch (TCB) regime under CRD6 comes into effect for the Netherlands.",
      "module": "W1a",
      "source_jid": "NL",
      "expected_date": "2027-01-11",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/netherlands/trends-and-developments"
    },
    {
      "t": "GENIUS Act federal stablecoin framework effective date",
      "module": "W2",
      "source_jid": "US-AR",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "GENIUS Act federal stablecoin framework effective date",
      "note": "Federal 1:1 reserve-backing, monthly reserve reporting, and independent-accountant examination requirements become binding on payment-stablecoin issuers nationwide (including any doing business in Arkansas), superseding reliance on state money-transmitter law alone for stablecoin-touching activity.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.congress.gov/bill/119th-congress/senate-bill/394/text"
    },
    {
      "t": "GENIUS Act federal stablecoin framework effective date",
      "note": "Federal 1:1 reserve-backing, monthly reserve reporting, and independent-accountant examination requirements become binding on payment-stablecoin issuers nationwide (including any doing business in Arkansas), superseding reliance on state money-transmitter law alone for stablecoin-touching activity.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.congress.gov/bill/119th-congress/senate-bill/394/text"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin issuer framework becomes effective",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin issuer framework becomes effective",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin framework effective date",
      "note": "Federal payment-stablecoin issuance/AML regime becomes fully binding no later than 18 months after the Act's 2025-07-18 enactment (or 120 days after final implementing regulations, if earlier).",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin framework effective date",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act stablecoin framework becomes operative",
      "note": "Federal payment-stablecoin issuer regime (GENIUS Act) becomes operative on the earlier of 18 months post-enactment or 120 days after final implementing regulations; interacts with WA's existing state MTL regime for state-qualified issuers.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act stablecoin framework becomes operative",
      "note": "Federal payment-stablecoin issuer regime (GENIUS Act) becomes operative on the earlier of 18 months post-enactment or 120 days after final implementing regulations; interacts with WA's existing state MTL regime for state-qualified issuers.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://occ.treas.gov/news-issuances/bulletins/2026/bulletin-2026-3.html"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin issuer framework becomes effective",
      "module": "W2",
      "source_jid": "US-KY",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "GENIUS Act federal payment-stablecoin framework effective date",
      "module": "W2",
      "source_jid": "US-MS",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "NC HB1029 payment-stablecoin licensing regime effective date (contingent on federal GENIUS Act rules)",
      "module": "W2",
      "source_jid": "US-NC",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://dashboard.ncleg.gov/api/Services/BillSummary/2025/H1029-SMBB-88(CSBBf-31)-v-4"
    },
    {
      "t": "GENIUS Act payment stablecoin issuer framework - statutory effective date",
      "note": "Federal payment-stablecoin issuer AML/sanctions compliance program requirements become effective on the earlier of Jan 18, 2027 or 120 days after final regulations.",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "GENIUS Act full implementation deadline (federal stablecoin framework)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.congress.gov/119/plaws/publ27/PLAW-119publ27.pdf"
    },
    {
      "t": "Federal GENIUS Act payment-stablecoin regulations — final rule pending",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/agencies/financial-crimes-enforcement-network"
    },
    {
      "t": "GENIUS Act stablecoin framework operative date",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.federalregister.gov/documents/2025/12/19/2025-23510/approval-requirements-for-issuance-of-payment-stablecoins-by-subsidiaries-of-fdic-supervised-insured"
    },
    {
      "t": "HB 1029 Part II payment-stablecoin licensing effective date (federal GENIUS Act contingency)",
      "module": "W2",
      "source_jid": "US-NC",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://blackchronicle.com/southeast/north-carolina/cryptocurrency-banking-stablecoins-regulation-proposed/"
    },
    {
      "t": "GENIUS Act payment-stablecoin issuer prohibitions become effective",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.winstontaylor.com/insights/real-genius-landmark-us-federal-payment-stablecoin-legislation"
    },
    {
      "t": "GENIUS Act payment-stablecoin issuer prohibitions become effective",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.winstontaylor.com/insights/real-genius-landmark-us-federal-payment-stablecoin-legislation"
    },
    {
      "t": "GENIUS Act stablecoin framework becomes operative",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.federalregister.gov/documents/2025/12/19/2025-23510/approval-requirements-for-issuance-of-payment-stablecoins-by-subsidiaries-of-fdic-supervised-insured"
    },
    {
      "t": "GENIUS Act payment-stablecoin framework effective date (pending OCC final rule)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "GENIUS Act federal effective date (earlier of statutory deadline or 120 days post-final OCC rule)",
      "module": "W2",
      "source_jid": "US-FED",
      "expected_date": "2027-01-18",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.federalregister.gov/documents/2026/03/02/2026-04089/implementing-the-guiding-and-establishing-national-innovation-for-us-stablecoins-act-for-the"
    },
    {
      "t": "VC-kiosk registration-application deadline for pre-existing operators",
      "note": "Businesses operating VC kiosks before 1 Jan 2027 must submit registration applications by this date.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2027-01-31",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/505/Analyses/h0505z.IBS.PDF"
    },
    {
      "t": "VC-kiosk registration-application deadline for pre-existing operators",
      "note": "Businesses operating VC kiosks before 1 Jan 2027 must submit registration applications by this date.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2027-01-31",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/505/Analyses/h0505z.IBS.PDF"
    },
    {
      "t": "FCA crypto authorisation application window closes",
      "module": "W1a",
      "source_jid": "JID-UK",
      "expected_date": "2027-02-28",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation"
    },
    {
      "t": "Riksbank instant-payments market expectation deadline",
      "note": "Swedish banks are expected to offer instant A2A transfers via RIX-INST, or a credible plan to do so, by March 2027; failure risks EU Instant Payments Regulation-style national legislation.",
      "module": "W5",
      "source_jid": "SE",
      "expected_date": "2027-03",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "guidance",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://paymentexpert.com/2026/03/18/sweden-banks-instant-payments-rules/"
    },
    {
      "t": "Florida VC-kiosk operator registration requirement in force",
      "note": "Virtual-currency kiosk operators are prohibited from operating in Florida without first registering.",
      "module": "W1a",
      "source_jid": "US-FL",
      "expected_date": "2027-03-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.flsenate.gov/Session/Bill/2026/505/Analyses/h0505z.IBS.PDF"
    },
    {
      "t": "Unified FCA/PRA/BoE operational incident & third-party reporting regime in force",
      "note": "Single cross-regulator incident/third-party reporting submission; PSRs 2017 major-incident reporting largely subsumed.",
      "module": "W3",
      "source_jid": "UK",
      "expected_date": "2027-03-18",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "SPF full substantive obligations commence",
      "note": "Full SPF obligations including civil-penalty exposure up to AUD 50 million per contravention become fully effective.",
      "module": "W10",
      "source_jid": "AU",
      "expected_date": "2027-03-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.gtlaw.com.au/insights/click-here-australias-scam-prevention-framework-takes-shape"
    },
    {
      "t": "SEPA Instant Payments Regulation — EMI/PI compliance deadline",
      "note": "Non-bank PSPs/EMIs must comply with SCT Inst reception/origination obligations by April 2027.",
      "module": "W5",
      "source_jid": "EE",
      "expected_date": "2027-04",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.newrails.xyz/it/learn/sepa-instant-payments-2026"
    },
    {
      "t": "EU Instant Payments Regulation compliance deadline for non-euro-area PSPs and PI/EMI entities",
      "module": "W5",
      "source_jid": "DK",
      "expected_date": "2027-04-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.finextra.com/the-long-read/1471/europes-instant-payments-regulation-and-the-9-october-deadline-explained"
    },
    {
      "t": "Corporations Amendment (Digital Assets Framework) Act 2026 full commencement",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2027-04-09",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Confirmed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.legislation.gov.au/C2026A00038/asmade/text"
    },
    {
      "t": "Alabama Personal Data Protection Act (ALDPA/HB351) in force",
      "module": "W3",
      "source_jid": "US-AL",
      "expected_date": "2027-05-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.recordinglaw.com/us-laws/data-privacy-laws/alabama-data-privacy-laws/"
    },
    {
      "t": "REV Federal Credit Union / First Neighborhood Bank acquisition tentative completion",
      "module": "W13",
      "source_jid": "US-WV",
      "expected_date": "2027-05-01",
      "uncertainty_band": "half_year",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.newsandsentinel.com/news/business/2026/07/rev-federal-credit-union-arrives-in-west-virginia-with-acquisition-of-first-neighborhood-bank/"
    },
    {
      "t": "REV FCU acquisition of First Neighborhood Bank tentative completion",
      "module": "W13",
      "source_jid": "US-WV",
      "expected_date": "2027-05-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.newsandsentinel.com/news/business/2026/07/rev-federal-credit-union-arrives-in-west-virginia-with-acquisition-of-first-neighborhood-bank/"
    },
    {
      "t": "PI-SPI connection deadline for microfinance institutions",
      "note": "Microfinance institutions must connect to the PI-SPI instant-payment platform.",
      "module": "W9",
      "source_jid": "JID-CI",
      "expected_date": "2027-06-30",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.togofirst.com/en/banking/2506-19356-bceao-extends-deadline-for-connecting-to-uemoa-instant-payment-platform"
    },
    {
      "t": "NJ money transmitter license biennial renewal (next expiration)",
      "module": "W1a",
      "source_jid": "US-NJ",
      "expected_date": "2027-06-30",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bryantsuretybonds.com/blog/your-guide-to-getting-a-new-jersey-money-transmitter-license"
    },
    {
      "t": "NJ money transmitter license biennial renewal (next expiration)",
      "module": "W1a",
      "source_jid": "US-NJ",
      "expected_date": "2027-06-30",
      "uncertainty_band": "year",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.bryantsuretybonds.com/blog/your-guide-to-getting-a-new-jersey-money-transmitter-license"
    },
    {
      "t": "Open Finance System (NCG 514) entry into force",
      "note": "SFA entry into force postponed to July 2027 via NCG 569; PISP/IBSP roles operationalise; 24->36 month implementation.",
      "module": "W9",
      "source_jid": "CL",
      "expected_date": "2027-07",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.cmfchile.cl/portal/principal/613/w3-article-82752.html"
    },
    {
      "t": "Bill C-15 Fraud Regulations in force",
      "module": "W10",
      "source_jid": "CA",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.blakes.com/insights/proposed-regulations-addressing-consumer-targeted-fraud-in-banking-released-for-comment/"
    },
    {
      "t": "Bill C-15 Fraud Regulations in force",
      "module": "W10",
      "source_jid": "CA-AB",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "DACPA digital asset business registration deadline",
      "module": "W1a",
      "source_jid": "US-IL",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.consumerfinancialserviceslawmonitor.com/2025/08/illinois-passes-new-laws-designed-to-safeguard-consumers-against-cryptocurrency-fraud/"
    },
    {
      "t": "Indiana crypto retirement-plan brokerage mandate effective",
      "note": "State-administered defined-contribution plans must offer a self-directed brokerage option including at least one cryptocurrency investment product.",
      "module": "W9",
      "source_jid": "US-IN",
      "expected_date": "2027-07-01",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ai-cio.com/news/indiana-mandates-access-to-crypto-investments-for-state-retirement-plan-participants/"
    },
    {
      "t": "VT virtual-currency kiosk moratorium expires",
      "note": "The moratorium on new virtual-currency kiosks in Vermont lifts, potentially opening market access for that channel absent further legislative extension.",
      "module": "W1a",
      "source_jid": "US-VT",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legislature.vermont.gov/statutes/section/08/079/02577"
    },
    {
      "t": "Transition period ends for existing LA money-transmission licensees under new Act",
      "module": "W1a",
      "source_jid": "US-LA",
      "expected_date": "2027-07-01",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.sheppard.com/insights/blogs/louisiana-enacts-comprehensive-money-transmission-law-mirroring-laws-in-other-states"
    },
    {
      "t": "Current Money Transmission Services Act repealed",
      "note": "The prior Money Transmission Services Act is repealed six months after the MTMA takes effect.",
      "module": "W1a",
      "source_jid": "US-MI",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fastdemocracy.com/bill-search/mi/2025-2026/bills/MIB00028605/"
    },
    {
      "t": "H.648 proposed extension of VT kiosk moratorium to July 1, 2027",
      "module": "W2",
      "source_jid": "US-VT",
      "expected_date": "2027-07-01",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://legislature.vermont.gov/Documents/2026/Workgroups/House%20Commerce/Bills/H.648/Drafts,%20Amendments,%20and%20Legal%20Documents/H.648~Maria%20Royle~Senate%20Proposal%20of%20Amendment,%2005-11-2026~5-12-2026.pdf"
    },
    {
      "t": "TN UCC Chapter 1A transition-adjustment date",
      "module": "W2",
      "source_jid": "US-TN",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://cryptoslate.com/crypto-laws/jurisdiction/united-states/tennessee/"
    },
    {
      "t": "Bank Act Fraud Regulations in force",
      "module": "W10",
      "source_jid": "CA-FED",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.blakes.com/insights/proposed-regulations-addressing-consumer-targeted-fraud-in-banking-released-for-comment/"
    },
    {
      "t": "Fraud Regulations / Bank Act EFT-consent requirement in force",
      "module": "W10",
      "source_jid": "CA-NB",
      "expected_date": "2027-07-01",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.blakes.com/insights/proposed-regulations-addressing-consumer-targeted-fraud-in-banking-released-for-comment/"
    },
    {
      "t": "Non-eurozone banks (incl. Czech banks) must be able to SEND instant euro payments, including cross-border",
      "module": "W5",
      "source_jid": "CZ",
      "expected_date": "2027-07-09",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://worldline.com/en/home/main-navigation/resources/blogs/2025/instant-payments-regulation-a-key-development-for-non-eurozone-eu-countries"
    },
    {
      "t": "Instant Payments Regulation - PI/EMI sending deadline",
      "module": "W1b",
      "source_jid": "FI",
      "expected_date": "2027-07-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.osborneclarke.com/insights/what-are-key-obligations-and-timelines-eu-instant-payments-regulation"
    },
    {
      "t": "EU AML Regulation (AMLR) applies to Irish obliged entities",
      "note": "Directly-applicable AMLR binds IE payments/crypto firms with no national opt-outs, largely replacing the CJA 2010; AMLA central supervision.",
      "module": "W11",
      "source_jid": "IE",
      "expected_date": "2027-07-10",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Digital-ruble mandate extends to universal-licence banks and mid-size retailers",
      "note": "Universal-licence banks and retailers with revenue above ₽30m must offer digital-ruble capability.",
      "module": "W1a",
      "source_jid": "RU",
      "expected_date": "2027-09-01",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://interfax.com/newsroom/top-stories/112257/"
    },
    {
      "t": "Digital ruble mandatory acceptance - universal-licence banks & mid-sized retailers",
      "module": "W2",
      "source_jid": "RU",
      "expected_date": "2027-09-01",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://cbr.ru/eng/press/event/?id=25774"
    },
    {
      "t": "RMiT 2025 stand-in-processing / capacity obligations bind",
      "note": "Prescriptive stand-in-processing and capacity obligations under RMiT 2025 bind by 30 September 2027.",
      "module": "W3",
      "source_jid": "MY",
      "expected_date": "2027-09-30",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://theos-cyber.com/articles/mtdr/bnm-rmit-2025-compliance-malaysia/"
    },
    {
      "t": "Blockchain and Cryptocurrency Task Force report due",
      "module": "W2",
      "source_jid": "US-MD",
      "expected_date": "2027-10-01",
      "uncertainty_band": "quarter",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://labor.maryland.gov/finance/fr2026legislativereview.shtml"
    },
    {
      "t": "EU IPR instant-payment reception deadline – non-eurozone payment institutions",
      "module": "W5",
      "source_jid": "HU",
      "expected_date": "2027-10-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "FCA cryptoasset regime comes into force",
      "module": "W1b",
      "source_jid": "JID-UK",
      "expected_date": "2027-10-25",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "instrument_type": "stablecoin",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-8",
      "primary_source_url": "https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation"
    },
    {
      "t": "Costa Rica 2023-2027 national cybersecurity strategy concludes",
      "module": "W3",
      "source_jid": "CR",
      "expected_date": "2027-12-31",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.centerforcybersecuritypolicy.org/insights-and-research/costa-rican-cybersecurity-policy-with-minister-paula-bogantes-dcp-s2-e7"
    },
    {
      "t": "Costa Rica 2023-2027 national cybersecurity strategy concludes",
      "module": "W3",
      "source_jid": "CR",
      "expected_date": "2027-12-31",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.centerforcybersecuritypolicy.org/insights-and-research/costa-rican-cybersecurity-policy-with-minister-paula-bogantes-dcp-s2-e7"
    },
    {
      "t": "Trust-law-reform transitional compliance deadline for existing trusts",
      "note": "Existing private-benefit trusts must comply with the new PGR governance requirements (information-rights holders, successors) by this date",
      "module": "W7",
      "source_jid": "LI",
      "expected_date": "2027-12-31",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.mondaq.com/wealth-asset-management/1792792/liechtenstein-trust-law-reform-202627-why-trustees-settlors-and-family-offices-must-review-their-trust-structures-now"
    },
    {
      "t": "Curacao PSP supervision ordinance expected enactment",
      "note": "Registration-only supervision of payment service providers upgraded to a full licensing regime.",
      "module": "W1a",
      "source_jid": "CW",
      "expected_date": "2027-H1",
      "uncertainty_band": "year",
      "stage": "consultation",
      "confidence": "Probable",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.curacaochronicle.com/post/unknown/curacao-fintech-association-urges-parliament-to-fast-track-payment-services-law"
    },
    {
      "t": "Digital euro potential launch pathway",
      "note": "If regulation adopted by co-legislators in 2026, a pilot could begin from mid-2027 with gradual launch from 2029; no issuance decision yet.",
      "module": "W9",
      "source_jid": "JID-FR",
      "expected_date": "2027-H1",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.banque-france.fr/en/monetary-strategy/means-payment/digital-euro"
    },
    {
      "t": "PSD3/PSR application — unified payment-institution-authorised-to-issue-e-money regime",
      "note": "PIs and EMIs migrate to a unified licence; PSR becomes directly applicable. Texts not yet finalised as of June 2026; ~18-month transposition after publication pushes earliest application to late 2027/early 2028.",
      "module": "W1a",
      "source_jid": "NL",
      "expected_date": "2027-H2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/netherlands-dnb/"
    },
    {
      "t": "PSD3/PSR transposition into Romanian law",
      "note": "EMI licence abolished, EMIs re-authorise as PIs; safeguarding adds central-bank-account option; ~18-month transposition after entry into force (final texts April 2026, OJ publication H1 2026).",
      "module": "W1a",
      "source_jid": "JID-RO",
      "expected_date": "2027-H2",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://financialregulations.eu/blog/psd3-psr-eu-payment-services-guide"
    },
    {
      "t": "Financial Data Access (FiDA) open-finance framework",
      "note": "Mandated multi-product financial-data sharing expected by late-2027, deepening open finance beyond PSD2 open banking.",
      "module": "W9",
      "source_jid": "MT",
      "expected_date": "2027-H2",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://noda.live/articles/open-banking-in-malta"
    },
    {
      "t": "China's 5th-round FATF Mutual Evaluation window",
      "module": "W11",
      "source_jid": "CN",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "regulatory_layer": "supranational",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fatf-gafi.org/en/countries/detail/China.html"
    },
    {
      "t": "PSD3/PSR formal EU entry into force",
      "note": "PSD3/PSR formally enters into force following trilogue conclusion in March 2026, with a 21-month implementation clock and eventual migration of PIs/EMIs to a unified authorised-institution status.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "2",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.betaalvereniging.nl/en/knowledge-base/european-legislation/psd2/"
    },
    {
      "t": "e-FRW CBDC 12-month pilot conclusion / issuance decision",
      "note": "Pilot (started Feb 2026) concludes ~early 2027; potential issuance decision for the e-Franc Rwandais.",
      "module": "W2",
      "source_jid": "RW",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://fintechnews.ae/30434/fintech-africa/national-bank-of-rwanda-cbdc-poc-pilot/"
    },
    {
      "t": "Delaware SB18/SB19 implementing regulations",
      "note": "Money transmitters, virtual-currency businesses and stablecoin issuers will face fully operative licensing and BSA/AML compliance standards once implementing regulations from the Office of the State Bank Commissioner are issued.",
      "module": "W1a",
      "source_jid": "US-DE",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://legis.delaware.gov/BillDetail/143117"
    },
    {
      "t": "Hawaii SB2757 Digital Asset Charters",
      "note": "Hawaii would introduce its first state-level chartering framework specific to digital-asset businesses.",
      "module": "W1a",
      "source_jid": "US-HI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://data.capitol.hawaii.gov/sessions/session2026/bills/SB2757_SD1_.PDF"
    },
    {
      "t": "Possible redrafted Idaho Virtual Currency Kiosk Fraud Prevention Act",
      "note": "If reintroduced addressing the Governor's stated drafting deficiencies, would impose kiosk-specific licensing, blockchain-analytics mandate, transaction caps, settlement delay, and fraud refunds atop the generic money-transmitter regime.",
      "module": "W1a",
      "source_jid": "US-ID",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://gov.idaho.gov/wp-content/uploads/2026/04/veto_s-1359a_2026.pdf"
    },
    {
      "t": "Visa/Mastercard interchange-fee antitrust settlement final court approval",
      "module": "W4",
      "source_jid": "US-ME",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "cards",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://intellipay.com/is-it-legal-to-pass-on-credit-card-fees-to-customers/"
    },
    {
      "t": "Visa/Mastercard interchange settlement final court approval",
      "module": "W4",
      "source_jid": "US-ME",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Montana crypto-ATM regulation expected at 2027 Legislature",
      "module": "W10",
      "source_jid": "US-MT",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ktvq.com/news/local-news/montana-state-auditor-warns-of-rise-in-cryptocurrency-atm-scams"
    },
    {
      "t": "Montana crypto-ATM regulation expected at 2027 Legislature",
      "module": "W10",
      "source_jid": "US-MT",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ktvq.com/news/local-news/montana-state-auditor-warns-of-rise-in-cryptocurrency-atm-scams"
    },
    {
      "t": "Ohio HB648 digital-asset kiosk MTL registration",
      "note": "Digital-asset kiosk owners/operators would need explicit money-transmitter registration and mandatory pre-transaction risk disclosures.",
      "module": "W1a",
      "source_jid": "US-OH",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://citizenportal.ai/articles/7707682/ohio/legislative/committees/house-of-representatives/financial-institutions/representatives-kishman-and-miller-propose-licensing-holds-and-disclosures-for-crypto-kiosks-to-protect-seniors"
    },
    {
      "t": "H.4592 kiosk MTL requirement — pending enactment",
      "note": "Virtual-currency kiosk operators would need an MTL and to display a fraud warning, with licence revocation for non-compliance.",
      "module": "W1a",
      "source_jid": "US-SC",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "consultation",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.scstatehouse.gov/sess126_2025-2026/bills/4592.htm"
    },
    {
      "t": "PSD3 transitional relief window for PSD2/EMD2-authorised firms",
      "note": "Firms authorised under PSD2/EMD2 at the PSD3 transposition deadline may rely on 6-month transitional provisions (Arts 44-45) while re-authorisation is processed.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.matheson.com/insights/the-third-payment-services-directive-and-payment-services-regulation/"
    },
    {
      "t": "PSD3/PSR entry into force and NL PI/EMI migration",
      "note": "Dutch PIs/EMIs migrate to unified 'payment institution authorised to issue e-money' status.",
      "module": "W1a",
      "source_jid": "NL",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "adopted",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.betaalvereniging.nl/en/knowledge-base/european-legislation/psd2/"
    },
    {
      "t": "G20 cross-border payments roadmap target (1-3% remittance cost, 75% credited within 1 hour)",
      "note": "Tanzania aligning corridor pricing/transparency to G20 2027 target.",
      "module": "W5",
      "source_jid": "TZ",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "confidence": "Assessed",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "TCIB mandatory migration for low-value cross-border CMA EFTs",
      "note": "Banks must cease using SADC-RTGS for low-value CMA cross-border EFTs by 31 March 2027 and execute all such transfers through TCIB from 1 April 2027, per SARB Directive 1 of 2025 (Government Gazette 52435).",
      "module": "W5",
      "source_jid": "ZA",
      "expected_date": "2027-Q1",
      "uncertainty_band": "quarter",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://africaneyereport.com/the-silent-transformation-of-cross-border-payments/"
    },
    {
      "t": "DORA Register of Information annual submission window (Malta)",
      "note": "Next full RoI submission window runs 1 January-21 March 2027 reflecting status as of 31 December 2026, a recurring annual obligation.",
      "module": "W3",
      "source_jid": "MT",
      "expected_date": "2027-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://shoulder.mt/mfsa-circular-on-dora-register-of-information-reporting-timelines-for-2026-and-beyond/"
    },
    {
      "t": "DORA Register of Information annual submission window (Malta)",
      "note": "Next full RoI submission window runs 1 January-21 March 2027 reflecting status as of 31 December 2026, a recurring annual obligation.",
      "module": "W3",
      "source_jid": "MT",
      "expected_date": "2027-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://shoulder.mt/mfsa-circular-on-dora-register-of-information-reporting-timelines-for-2026-and-beyond/"
    },
    {
      "t": "BCEAO financial-innovation laboratory/sandbox framework definition",
      "note": "Article 11 of the new Uniform Banking Law empowers a BCEAO sandbox; the streamlined regulatory framework is yet to be defined.",
      "module": "W9",
      "source_jid": "JID-CI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.ensafrica.com/news/detail/9068/new-uniform-law-on-banking-adopted-within-the"
    },
    {
      "t": "BCEAO financial-innovation laboratory/sandbox framework definition",
      "note": "Article 11 of the new Uniform Banking Law empowers a BCEAO sandbox; the streamlined regulatory framework is yet to be defined.",
      "module": "W9",
      "source_jid": "JID-CI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.ensafrica.com/news/detail/9068/new-uniform-law-on-banking-adopted-within-the"
    },
    {
      "t": "DORA Register of Information annual submission cycle",
      "note": "Next annual aggregated RoI submission to the ESAs under the FMA's Q1 reporting cycle",
      "module": "W3",
      "source_jid": "LI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://thomasmurray.com/compliance-digest/dora-register-information-2026-outlook-and-guidance"
    },
    {
      "t": "SB154 (UCC Art. 12 controllable electronic records) expected resubmission",
      "module": "W9",
      "source_jid": "US-MD",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T4",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://marylandblockchainassociation.org/maryland-emerges-as-a-national-leader-in-digital-asset-innovation/"
    },
    {
      "t": "Finland Gambling Act licensing regime commencement",
      "module": "W1b",
      "source_jid": "FI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.businessofigaming.com/finland-gambling-reform/"
    },
    {
      "t": "Finland 5th FATF Mutual Evaluation",
      "module": "W11",
      "source_jid": "FI",
      "expected_date": "2027-Q1",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.businessofigaming.com/finland-gambling-reform/"
    },
    {
      "t": "Macau VASP licensing draft law expected enactment",
      "module": "W1a",
      "source_jid": "MO",
      "expected_date": "2027-Q2",
      "uncertainty_band": "year",
      "stage": "consultation",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://macaubusiness.com/macau-moves-to-tighten-anti-money-laundering-rules-targets-virtual-assets-media/"
    },
    {
      "t": "SCOTUS review of NJ/Kalshi CFTC-preemption circuit split",
      "note": "Supreme Court review will determine whether states can enforce gambling/payments law against CFTC-registered prediction-market exchanges.",
      "module": "W7",
      "source_jid": "US-NJ",
      "expected_date": "2027-Q2",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "confidence": "Confirmed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.washingtonexaminer.com/news/supreme-court/4710236/new-jersey-prediction-markets-kalshi-supreme-court/"
    },
    {
      "t": "Digital euro pilot could start (contingent on 2026 legislative adoption)",
      "module": "W3",
      "source_jid": "AT",
      "expected_date": "2027-Q2",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html"
    },
    {
      "t": "RBA further consultation on prioritised payments-system-regulation issues",
      "module": "W1a",
      "source_jid": "AU",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.rba.gov.au/media-releases/2026/mr-26-17.html"
    },
    {
      "t": "Consumer-Driven Banking Act Phase 2 (payment initiation / write access) targeted",
      "module": "W9",
      "source_jid": "CA",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://mcmillan.ca/insights/publications/canadas-open-banking-framework-key-updates-from-budget-2025/"
    },
    {
      "t": "Consumer-Driven Banking Act Phase 2 (write access) targeted",
      "module": "W9",
      "source_jid": "CA-AB",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "CDBA Phase 2 (payment initiation / write-access)",
      "module": "W9",
      "source_jid": "CA",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.openbankingtracker.com/regulation/canada-open-banking"
    },
    {
      "t": "CDBA Phase 2 (payment initiation / write-access)",
      "module": "W9",
      "source_jid": "CA-BC",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "horizon_id": "wpm-reg-3"
    },
    {
      "t": "Consumer-Driven Banking Phase 2 (write access/payment initiation) launch",
      "module": "W9",
      "source_jid": "CA-FED",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://facephi.com/observatory/en/open-banking-canada-real-time-payments-2026/"
    },
    {
      "t": "Open Banking Phase 2 (write-access / payment initiation) targeted launch",
      "module": "W9",
      "source_jid": "CA-ON",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.dlapiper.com/en-us/insights/publications/2026/04/the-new-consumer-driven-banking-act-explained"
    },
    {
      "t": "Nuvei-Payoneer acquisition expected completion",
      "module": "W13",
      "source_jid": "CA-ON",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.fintechfutures.com/m-a/nuvei-buys-payoneer-for-2-75bn"
    },
    {
      "t": "Nuvei-Payoneer acquisition expected completion",
      "module": "W13",
      "source_jid": "CA-ON",
      "expected_date": "2027-Q2",
      "uncertainty_band": "half_year",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.fintechfutures.com/m-a/nuvei-buys-payoneer-for-2-75bn"
    },
    {
      "t": "PSD3 / PSR EU-level application expected",
      "note": "PSD3/PSR replace PSD2/EMD2 as the governing EU payments-services framework; Greece transposition not expected before mid-to-late 2027.",
      "module": "W1a",
      "source_jid": "GR",
      "expected_date": "2027-Q3",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/psd3-psr/"
    },
    {
      "t": "PSD3 / PSR EU-level application expected",
      "note": "PSD3/PSR replace PSD2/EMD2 as the governing EU payments-services framework; Greece transposition not expected before mid-to-late 2027.",
      "module": "W1a",
      "source_jid": "GR",
      "expected_date": "2027-Q3",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/psd3-psr/"
    },
    {
      "t": "PSD3/PSR application and EMI re-authorisation window",
      "module": "W1a",
      "source_jid": "GR",
      "expected_date": "2027-Q3",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "prepaid_emoney",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://financialregulations.eu/blog/psd3-psr-eu-payment-services-guide"
    },
    {
      "t": "Existing money-transmission licensees transition to new Louisiana regime",
      "note": "Existing licensees must come into full compliance with the new licensing, bonding, BSA-reporting and call-report regime within the transition window (renewal date or 12 months, whichever is earlier).",
      "module": "W1a",
      "source_jid": "US-LA",
      "expected_date": "2027-Q3",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "regulation",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://infobytes.orrick.com/2026-06-18/louisiana-enacts-money-transmission-regulatory-and-licensing-framework/"
    },
    {
      "t": "PSD3/PSR application date after transition",
      "note": "PSD3/PSR become applicable following an approximately 18-month transition period from formal adoption.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2027-Q3",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.matheson.com/insights/the-third-payment-services-directive-and-payment-services-regulation/"
    },
    {
      "t": "Digital euro 12-month pilot exercise expected to begin",
      "module": "W9",
      "source_jid": "IT",
      "expected_date": "2027-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.ecb.europa.eu/euro/digital_euro/pilot/html/ecb.faq-digital-euro-pilot.en.html"
    },
    {
      "t": "Swedish PSD3 national transposition",
      "note": "Sweden will need to transpose PSD3 into national law; transposition has not yet begun as of this cycle, with realistic applicability estimated mid-to-late 2027.",
      "module": "W1a",
      "source_jid": "SE",
      "expected_date": "2027-Q3",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "directive",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.freshfields.com/en/our-thinking/blogs/risk-and-compliance/psd3-psr-what-the-eus-new-payments-rules-mean-for-your-business-102mrom"
    },
    {
      "t": "PSD3/PSR APP-fraud reimbursement regime expected national transposition",
      "module": "W10",
      "source_jid": "SE",
      "expected_date": "2027-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.sza.de/en/thinktank/psd3-psr-eu-payment-services-regulation"
    },
    {
      "t": "PSD3/PSR APP-fraud reimbursement regime expected national transposition",
      "module": "W10",
      "source_jid": "SE",
      "expected_date": "2027-Q3",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.sza.de/en/thinktank/psd3-psr-eu-payment-services-regulation"
    },
    {
      "t": "Stablecoin Act supporting regulations development expected complete",
      "module": "W2",
      "source_jid": "CA-FED",
      "expected_date": "2027-Q3",
      "uncertainty_band": "year",
      "stage": "consultation",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://www.lexology.com/library/detail.aspx?g=a5ff681d-f34a-46d2-b36b-513361be5a63"
    },
    {
      "t": "PSD3/PSR anticipated entry into force with transitional licensing provisions",
      "note": "Formal EU adoption of PSD3/PSR is expected to trigger national transposition and re-authorisation requirements for Belgian PIs/EMIs; the Council's 'I' Item Note (17/23 Apr 2026) approved compromise texts pending formal adoption and Official Journal publication.",
      "module": "W1a",
      "source_jid": "BE",
      "expected_date": "2027-Q4",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://thepaypers.com/regulations/explainers/explainer-understanding-psd3-and-psr-key-updates-timelines-and-action-points-for-firms"
    },
    {
      "t": "PSD3/PSR PI-EMI licence category merger",
      "note": "The Maltese PI and EMI licence categories are expected to merge into a single 'payment institution authorised to issue e-money' status, with existing licensees grandfathered.",
      "module": "W1a",
      "source_jid": "MT",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://crassula.io/guides/licenses/malta-financial-institution/"
    },
    {
      "t": "PSD3/PSR formal EU adoption and application",
      "note": "PSR takes direct effect across EU member states; PSD3 requires transposition into Luxembourg law; existing LU PIs/EMIs face a fresh re-authorisation requirement.",
      "module": "W1a",
      "source_jid": "EEA",
      "expected_date": "2027-Q4",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/banking-regulation-2026/luxembourg/trends-and-developments"
    },
    {
      "t": "PSR direct application / PSD3 national transposition deadline",
      "module": "W1a",
      "source_jid": "FI",
      "expected_date": "2027-Q4",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "PSD3/PSR application date - EMI merged into PI sub-category",
      "module": "W1a",
      "source_jid": "SK",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.freshfields.com/en/our-thinking/blogs/risk-and-compliance/psd3-psr-what-the-eus-new-payments-rules-mean-for-your-business-102mrom"
    },
    {
      "t": "Digital euro pilot test expected to begin",
      "module": "W9",
      "source_jid": "PT",
      "expected_date": "2027-Q4",
      "uncertainty_band": "half_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.bportugal.pt/en/page/digital-euro-project"
    },
    {
      "t": "PSD3/PSR APP-fraud liability regime application",
      "module": "W10",
      "source_jid": "SK",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.europarl.europa.eu/news/en/press-room/20251121IPR31540/payment-services-deal-more-protection-from-online-fraud-and-hidden-fees"
    },
    {
      "t": "PSD3/PSR APP-fraud liability regime application (platform liability, mandatory fraud-preventive measures)",
      "module": "W10",
      "source_jid": "SK",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.europarl.europa.eu/news/en/press-room/20251121IPR31540/payment-services-deal-more-protection-from-online-fraud-and-hidden-fees"
    },
    {
      "t": "Wero fully replaces iDEAL",
      "note": "Wero, the pan-European bank-consortium A2A wallet, is targeted to fully replace iDEAL as the dominant Dutch online-payment scheme.",
      "module": "W6",
      "source_jid": "NL",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "scheme_global",
      "instrument_type": "other",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://stripe.com/resources/more/how-to-add-a-payment-system-to-your-webshop"
    },
    {
      "t": "Open Finance first data exchange",
      "module": "W9",
      "source_jid": "PE",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2026/peru/trends-and-developments"
    },
    {
      "t": "Open Finance first data exchange",
      "module": "W9",
      "source_jid": "PE",
      "expected_date": "2027-Q4",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://practiceguides.chambers.com/practice-guides/fintech-2026/peru/trends-and-developments"
    },
    {
      "t": "Consumer-Driven Banking Phase 2 (write access / payment initiation)",
      "note": "Write access (payment initiation, account switching, lending flows) under the new BoC-supervised CDBA; explicitly contingent on the RTR being live and in widespread use.",
      "module": "W9",
      "source_jid": "JID-CA",
      "expected_date": "2027-mid",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.dlapiper.com/en-pl/insights/publications/2026/04/the-new-consumer-driven-banking-act-explained"
    },
    {
      "t": "Digital euro pilot and potential first issuance",
      "note": "Conditional on co-legislators adopting the establishing Regulation in 2026; pilot possibly mid-2027, issuance during 2029.",
      "module": "W9",
      "source_jid": "EEA",
      "expected_date": "2027-mid (pilot); 2029 (potential issuance)",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-4"
    },
    {
      "t": "Iceland TIPS settlement go-live (ISK instant settlement in central bank money)",
      "note": "Icelandic PSPs gain the ability to settle ISK payments instantly in Eurosystem central bank money via TIPS, per the 24 June 2026 ECB-Seðlabanki Íslands agreement.",
      "module": "W5",
      "source_jid": "IS",
      "expected_date": "2028",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260624_1~ce8e85127f.en.html"
    },
    {
      "t": "Iceland joins TIPS instant-settlement system",
      "note": "Krona becomes the fifth currency settled instantly in central-bank money via TARGET Instant Payment Settlement (TIPS), joining the Eurosystem's instant-settlement infrastructure.",
      "module": "W5",
      "source_jid": "IS",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "adopted",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260624_1~ce8e85127f.en.html"
    },
    {
      "t": "Iceland TIPS settlement go-live (ISK instant settlement in central bank money)",
      "note": "Icelandic PSPs gain the ability to settle ISK payments instantly in Eurosystem central bank money via TIPS, per the 24 June 2026 ECB-Seðlabanki Íslands agreement.",
      "module": "W5",
      "source_jid": "IS",
      "expected_date": "2028",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2026/html/ecb.pr260624_1~ce8e85127f.en.html"
    },
    {
      "t": "SBP National Financial Inclusion Strategy target: 75% adult financial inclusion",
      "module": "W9",
      "source_jid": "PK",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "SBP National Financial Inclusion Strategy target: 75% adult financial inclusion",
      "module": "W9",
      "source_jid": "PK",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1"
    },
    {
      "t": "Extended non-euro-area IPR compliance milestones (PI/EMI phase-in)",
      "module": "W5",
      "source_jid": "DK",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.finextra.com/the-long-read/1471/europes-instant-payments-regulation-and-the-9-october-deadline-explained"
    },
    {
      "t": "Extended non-euro-area IPR compliance milestones (PI/EMI phase-in)",
      "module": "W5",
      "source_jid": "DK",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.finextra.com/the-long-read/1471/europes-instant-payments-regulation-and-the-9-october-deadline-explained"
    },
    {
      "t": "Nigeria Payments System Vision 2028 / eNaira cross-border repositioning",
      "note": "eNaira and regulated stablecoins to move into live PAPSS/AfCFTA-aligned cross-border settlement corridors; NIP–eNaira integration.",
      "module": "W9",
      "source_jid": "NG",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://bitcoinke.io/2026/06/the-nigeria-payments-system-vision-2028-framework/"
    },
    {
      "t": "National Financial Inclusion Strategy II (NFIS II 2024-2028) completion horizon",
      "module": "W9",
      "source_jid": "ZM",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fintechnews.africa/46245/fintechzambia/fintech-in-zambia-2026-market-overview/"
    },
    {
      "t": "Digital Euro expected launch window",
      "note": "ECB-led Digital Euro project targeted for circa 2028-2029 rollout.",
      "module": "W9",
      "source_jid": "EEA",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.cyfrin.io/blog/mica-regulation-explained-a-guide-to-eu-crypto-compliance"
    },
    {
      "t": "Digital Euro expected launch window",
      "note": "ECB-led Digital Euro project targeted for circa 2028-2029 rollout.",
      "module": "W9",
      "source_jid": "EEA",
      "expected_date": "2028",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.cyfrin.io/blog/mica-regulation-explained-a-guide-to-eu-crypto-compliance"
    },
    {
      "t": "Draft virtual-asset framework -- full retail access targeted",
      "module": "W2",
      "source_jid": "TN",
      "expected_date": "2028",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "stablecoin",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.spendnode.io/crypto-cards/country/tunisia/"
    },
    {
      "t": "Alabama prohibition on sale of non-permitted payment stablecoins begins (HB259/GENIUS Act implementation)",
      "module": "W2",
      "source_jid": "US-AL",
      "expected_date": "2028",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "stablecoin",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://alison.legislature.state.al.us/files/pdf/SearchableInstruments/2026RS/HB259-eng.pdf"
    },
    {
      "t": "BCB activity-tied minimum-capital rule full phase-in",
      "note": "Pix-offering prepaid institutions reach full BRL 17.4m minimum capital by January 2028, phasing from 1 July 2026.",
      "module": "W1a",
      "source_jid": "BR",
      "expected_date": "2028-01",
      "uncertainty_band": "multi_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.riotimesonline.com/brazil-central-bank-minimum-capital-pix-fintechs-2026/"
    },
    {
      "t": "FinCEN Investment Adviser AML Rule effective date (delayed)",
      "module": "W11",
      "source_jid": "US-FED",
      "expected_date": "2028-01-01",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.ncontracts.com/nsight-blog/august-regulatory-update"
    },
    {
      "t": "CBN merchant-level automated transaction-monitoring full compliance",
      "note": "Implementation roadmaps due 10 June 2026; full compliance with automated merchant-level monitoring by 10 March 2028 under CBN Circular BSD/DIR/PUB/LAB/019/002.",
      "module": "W8",
      "source_jid": "NG",
      "expected_date": "2028-03-10",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "CNMC antitrust investigation resolution deadline (six major banks)",
      "module": "W6",
      "source_jid": "ES",
      "expected_date": "2028-06",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://roams.es/actualidad/finanzas/guerra-hipotecas-fijas-cnmc-expediente-seis-grandes-bancos/"
    },
    {
      "t": "CNMC antitrust proceeding resolution deadline (six banks, fixed-mortgage statements)",
      "module": "W6",
      "source_jid": "ES",
      "expected_date": "2028-06",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-7",
      "primary_source_url": "https://roams.es/actualidad/finanzas/guerra-hipotecas-fijas-cnmc-expediente-seis-grandes-bancos/"
    },
    {
      "t": "Instant Payments Regulation final phased compliance deadline",
      "note": "Final phased PSP compliance deadline under Regulation (EU) 2024/886 for the remaining instant-payments obligations.",
      "module": "W4",
      "source_jid": "EEA",
      "expected_date": "2028-06-09",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "regulation",
      "confidence": "Confirmed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ%3AL_202400886"
    },
    {
      "t": "Out-of-hours instant sending from national-currency accounts",
      "note": "Additional IPR out-of-hours sending obligation for national-currency accounts applies from this date.",
      "module": "W4",
      "source_jid": "PL",
      "expected_date": "2028-06-09",
      "uncertainty_band": "year",
      "stage": "in_force_pending",
      "confidence": "Probable",
      "source_tier": "2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://paymentexpert.com/2026/07/17/sepa-instant-payments-guide-eu-rules/"
    },
    {
      "t": "EU IPR instant-payment reception deadline – non-eurozone electronic money institutions",
      "module": "W5",
      "source_jid": "HU",
      "expected_date": "2028-07-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "horizon_id": "wpm-reg-2"
    },
    {
      "t": "EU IPR instant-payment reception deadline – non-eurozone electronic money institutions",
      "module": "W5",
      "source_jid": "JID-HU",
      "expected_date": "2028-07-09",
      "uncertainty_band": "quarter",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "High",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.osborneclarke.com/insights/what-are-key-obligations-and-timelines-eu-instant-payments-regulation"
    },
    {
      "t": "Digital-ruble mandate extends to remaining banks and small retailers",
      "note": "Remaining banks and retailers with revenue above ₽5m must offer digital-ruble capability.",
      "module": "W1a",
      "source_jid": "RU",
      "expected_date": "2028-09-01",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://interfax.com/newsroom/top-stories/112257/"
    },
    {
      "t": "Digital-ruble mandate extends to remaining banks and small retailers",
      "note": "Remaining banks and retailers with revenue above ₽5m must offer digital-ruble capability.",
      "module": "W1a",
      "source_jid": "RU",
      "expected_date": "2028-09-01",
      "uncertainty_band": "year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "instrument_type": "regulation",
      "confidence": "Probable",
      "source_tier": "3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://interfax.com/newsroom/top-stories/112257/"
    },
    {
      "t": "Digital ruble mandatory acceptance - remaining banks & retailers",
      "module": "W2",
      "source_jid": "RU",
      "expected_date": "2028-09-01",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://cbr.ru/eng/press/event/?id=25774"
    },
    {
      "t": "Alberta Gift Card Regulation sunset/review date",
      "module": "W1b",
      "source_jid": "CA-AB",
      "expected_date": "2028-10-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.canlii.org/en/ab/laws/regu/alta-reg-146-2008/latest/alta-reg-146-2008.html"
    },
    {
      "t": "Alberta Gift Card Regulation sunset/review date",
      "module": "W1b",
      "source_jid": "CA-AB",
      "expected_date": "2028-10-31",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "prepaid_emoney",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.canlii.org/en/ab/laws/regu/alta-reg-146-2008/latest/alta-reg-146-2008.html"
    },
    {
      "t": "PSD3/PSR application date (post-transition)",
      "note": "PSR becomes directly applicable and PSD3 transposition deadline falls due, replacing ZDG/ZDV as the operative authorisation framework",
      "module": "W1a",
      "source_jid": "LI",
      "expected_date": "2028-Q1",
      "uncertainty_band": "half_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "TIPS integration projected to link NOK/EUR real-time settlement by 2028",
      "note": "TIPS integration is projected to link NOK with euro real-time settlement rails by 2028, addressing the current FX-conversion-layer constraint on cross-border instant transfers.",
      "module": "W5",
      "source_jid": "NO",
      "expected_date": "2028-Q1",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.mordorintelligence.com/industry-reports/norway-payments-market"
    },
    {
      "t": "TIPS integration projected to link NOK/EUR real-time settlement by 2028",
      "note": "TIPS integration is projected to link NOK with euro real-time settlement rails by 2028, addressing the current FX-conversion-layer constraint on cross-border instant transfers.",
      "module": "W5",
      "source_jid": "NO",
      "expected_date": "2028-Q1",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Uncertain",
      "source_tier": "4",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.mordorintelligence.com/industry-reports/norway-payments-market"
    },
    {
      "t": "Existing PI/EMI grandfathering compliance deadline",
      "note": "End of the up-to-27-month transitional regime within which existing PI/EMI licence holders must demonstrate compliance with new PSR/PSD3 safeguarding, governance and IT-security standards",
      "module": "W1b",
      "source_jid": "LI",
      "expected_date": "2028-Q2",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "Possible",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.nortonrosefulbright.com/en/knowledge/publications/cedd39c6/psd3-and-psr-from-provisional-agreement-to-2026-readiness"
    },
    {
      "t": "National Financial Inclusion Strategy II (NFIS II) policy-period completion",
      "note": "NFIS II (2024-2028) interoperability, agent-exclusivity and financial-inclusion targets run through this period",
      "module": "W9",
      "source_jid": "JID-ZM",
      "expected_date": "2028-Q4",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://fintechnews.africa/46245/fintechzambia/fintech-in-zambia-2026-market-overview/"
    },
    {
      "t": "ECB digital euro potential first issuance",
      "note": "First issuance contingent on Regulation adoption in 2026; pilots/initial transactions potentially from mid-2027.",
      "module": "W9",
      "source_jid": "DE",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "in_force_pending",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "1",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.ecb.europa.eu/euro/digital_euro/progress/html/ecb.deprp202510.en.html"
    },
    {
      "t": "Digital euro — possible first issuance readiness",
      "note": "CBC aims to be ready for a possible first digital-euro issuance in 2029, conditional on EU legislation being adopted during 2026.",
      "module": "W9",
      "source_jid": "JID-CY",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://cyprus-mail.com/2026/06/15/cyprus-turns-to-digital-payments-as-fintech-reshapes-banking"
    },
    {
      "t": "Potential digital-euro first issuance (contingent on legislation)",
      "module": "W3",
      "source_jid": "AT",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html"
    },
    {
      "t": "Potential digital-euro first issuance (contingent on legislation)",
      "module": "W3",
      "source_jid": "AT",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://www.ecb.europa.eu/press/pr/date/2025/html/ecb.pr251030~8c5b5beef0.en.html"
    },
    {
      "t": "National offline card-payment continuity system nationwide rollout",
      "note": "Nationwide offline card-payment capability targeted for 2029, following the 19 Nov 2025 proposal.",
      "module": "W3",
      "source_jid": "ES",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "instrument_type": "other",
      "confidence": "Low",
      "source_tier": "4",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://spainhomes.com/blog/life-in-spain/spains-payment-rules-are-changing-what-2026-brings"
    },
    {
      "t": "FATF three-year follow-up reform window for Italy's beneficial-ownership transparency gaps",
      "module": "W11",
      "source_jid": "IT",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-4",
      "primary_source_url": "https://www.fatf-gafi.org/en/publications/Mutualevaluations/mer-italy-2026.html"
    },
    {
      "t": "BSP wholesale CBDC (Project Agila/CBDCPh) live target",
      "note": "Live wholesale CBDC following completed PoC, target later in the decade.",
      "module": "W2",
      "source_jid": "PH",
      "expected_date": "2029",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://www.ledgerinsights.com/philippines-to-complete-wholesale-cbdc-pilot-this-year/"
    },
    {
      "t": "CoinZoom 3-year WA industry ban / stayed penalty contingency expires",
      "note": "CoinZoom's 3-year bar from the Washington MSB industry and the contingency period on its $50,000 stayed civil penalty both expire.",
      "module": "W7",
      "source_jid": "US-WA",
      "expected_date": "2029-02-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "instrument_type": "cards",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://natlawreview.com/article/washington-dfi-enters-consent-order-digital-assets-focused-money-transmitter"
    },
    {
      "t": "CoinZoom 3-year WA industry ban / stayed penalty contingency expires",
      "note": "CoinZoom's 3-year bar from the Washington MSB industry and the contingency period on its $50,000 stayed civil penalty both expire.",
      "module": "W7",
      "source_jid": "US-WA",
      "expected_date": "2029-02-09",
      "uncertainty_band": "quarter",
      "stage": "in_force",
      "regulatory_layer": "sub_national_state",
      "confidence": "High",
      "source_tier": "T1",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://natlawreview.com/article/washington-dfi-enters-consent-order-digital-assets-focused-money-transmitter"
    },
    {
      "t": "Romania euro adoption / ERM II entry",
      "note": "Working assumptions: ERM II ~2026-2027, euro ~2029-2030; repeatedly deferred. Settlement remains in RON until adoption.",
      "module": "W12",
      "source_jid": "JID-RO",
      "expected_date": "2029-2030",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://en.wikipedia.org/wiki/Romania_and_the_euro"
    },
    {
      "t": "Romania euro adoption / ERM II entry",
      "note": "Working assumptions: ERM II ~2026-2027, euro ~2029-2030; repeatedly deferred. Settlement remains in RON until adoption.",
      "module": "W12",
      "source_jid": "JID-RO",
      "expected_date": "2029-2030",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://en.wikipedia.org/wiki/Romania_and_the_euro"
    },
    {
      "t": "BCRD financial-inclusion target: 65% adult formal-system participation",
      "note": "ENIF target date by which BCRD aims to have 65% of adults in the formal financial system.",
      "module": "W9",
      "source_jid": "DO",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "adopted",
      "regulatory_layer": "national_federal",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://gfmag.com/banking/dominican-republics-booming-fintech-broaden-financial-inclusion/"
    },
    {
      "t": "Next-generation Zengin settlement system target launch",
      "note": "Wholly new settlement architecture replacing the 1973-era Zengin System.",
      "module": "W3",
      "source_jid": "JP",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "confidence": "Assessed",
      "source_tier": "3",
      "horizon_id": "wpm-reg-1",
      "primary_source_url": "https://www.fintechobserver.com/japans-financial-plumbing-2-0-zengin-net-and-jscc-unveil-roadmap-for-next-generation-settlement-infrastructure/"
    },
    {
      "t": "AfricaNenda-GIMAC universal instant-payment access target",
      "module": "W9",
      "source_jid": "CM",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "consultation",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.africanenda.org/en/blog/2025/africanenda-gimac-building-an-inclusive-payment-ecosystem-in-central-africa"
    },
    {
      "t": "AfricaNenda-GIMAC universal instant-payment access target",
      "module": "W9",
      "source_jid": "CM",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "regulatory_layer": "supranational",
      "instrument_type": "account-to-account",
      "confidence": "Assessed",
      "source_tier": "T2",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://www.africanenda.org/en/blog/2025/africanenda-gimac-building-an-inclusive-payment-ecosystem-in-central-africa"
    },
    {
      "t": "Egypt e-Pound CBDC potential launch",
      "note": "Reported CBDC ('e-Pound') under study, targeted around 2030; no firm regulatory milestone.",
      "module": "W2",
      "source_jid": "EG",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "CBDC",
      "confidence": "Possible",
      "source_tier": "3",
      "horizon_id": "wpm-reg-2",
      "primary_source_url": "https://cryptoforinnovation.org/crypto-interest-grows-in-egypt-despite-tight-regulation/"
    },
    {
      "t": "Payments Roadmap 2026-2030 implementation horizon (ISO 20022, Open Finance, instant payments)",
      "module": "W9",
      "source_jid": "UY",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "instrument_type": "other",
      "confidence": "Assessed",
      "source_tier": "T3",
      "horizon_id": "wpm-reg-3",
      "primary_source_url": "https://noticias.mobilemoneylatam.com/finanzas-abiertas-uruguay-avanza/"
    },
    {
      "t": "Pacific Strengthening Correspondent Banking Relationships Project completion",
      "note": "US$68m coordinated regional response to CBR de-risking across Fiji, Samoa, Tonga, Vanuatu, Kiribati, Tuvalu, RMI through 2030.",
      "module": "W12",
      "source_jid": "PACIFIC",
      "expected_date": "2030",
      "uncertainty_band": "multi_year",
      "stage": "in_force",
      "regulatory_layer": "supranational",
      "instrument_type": "other",
      "confidence": "High",
      "source_tier": "2",
      "horizon_id": "wpm-reg-5",
      "primary_source_url": "https://forumsec.org/publications/report-2025-annual-report-pacific-strengthening-correspondent-banking-relationships"
    },
    {
      "t": "Card payments migration to Advanced Encryption Standard (AES)",
      "note": "Payments System Board expects industry to migrate card payments to AES by December 2030.",
      "module": "W4",
      "source_jid": "AU",
      "expected_date": "2030-12",
      "uncertainty_band": "year",
      "stage": "proposed",
      "regulatory_layer": "national_federal",
      "confidence": "High",
      "source_tier": "1",
      "horizon_id": "wpm-reg-6",
      "primary_source_url": "https://www.rba.gov.au/media-releases/2025/mr-25-32.html"
    }
  ],
  "stages": [
    "Announced",
    "Consulted",
    "Finalised",
    "In force",
    "Review"
  ],
  "signals": [
    {
      "title": "Utmost Worldwide Limited",
      "impact": "CRITICAL",
      "conf": "Assessed",
      "tier": "T3",
      "jid": "GG-ALD",
      "domain": "W7",
      "link": "/jurisdictions/gg-ald/#sec-mod-w7"
    },
    {
      "title": "Bank of the Marshall Islands (BOMI)",
      "impact": "CRITICAL",
      "conf": "Confirmed",
      "tier": "T1",
      "jid": "MH",
      "domain": "W12",
      "link": "/jurisdictions/mh/#sec-mod-w12"
    },
    {
      "title": "Poland (KNF)",
      "impact": "CRITICAL",
      "conf": "Confirmed",
      "tier": "T1",
      "jid": "PL",
      "domain": "W1a",
      "link": "/jurisdictions/pl/#sec-mod-w1a"
    },
    {
      "title": "Poland (domestic CASPs)",
      "impact": "CRITICAL",
      "conf": "Confirmed",
      "tier": "T1",
      "jid": "PL",
      "domain": "W1a",
      "link": "/jurisdictions/pl/#sec-mod-w1a"
    },
    {
      "title": "CAPSS as correspondent-banking mitigation",
      "impact": "HIGH",
      "conf": "High",
      "tier": "T1",
      "jid": "AG",
      "domain": "W12",
      "link": "/jurisdictions/ag/#sec-mod-w12"
    },
    {
      "title": "Payment Systems and Services Act, 2025 (No. 13 of 2025)",
      "impact": "HIGH",
      "conf": "Confirmed",
      "tier": "T1",
      "jid": "AG",
      "domain": "W1a",
      "link": "/jurisdictions/ag/#sec-mod-w1a"
    }
  ],
  "exemptions": {
    "matrix": {
      "AG": {
        "bank_partnership": {
          "token": "bank_partnership",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/ag/#sec-exemptions",
          "source_jid": "AG"
        },
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/ag/#sec-exemptions",
          "source_jid": "AG"
        }
      },
      "AU": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/au/#sec-exemptions",
          "source_jid": "AU"
        }
      },
      "BE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "both",
          "link": "/jurisdictions/be/#sec-exemptions",
          "source_jid": "BE"
        },
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/be/#sec-exemptions",
          "source_jid": "BE"
        }
      },
      "BZ": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/bz/#sec-exemptions",
          "source_jid": "BZ"
        }
      },
      "CA-BC": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/ca-bc/#sec-exemptions",
          "source_jid": "CA-BC"
        }
      },
      "CA-NB": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/ca-nb/#sec-exemptions",
          "source_jid": "CA-NB"
        }
      },
      "GG-ALD": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/gg-ald/#sec-exemptions",
          "source_jid": "GG-ALD"
        }
      },
      "GI": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/gi/#sec-exemptions",
          "source_jid": "GI"
        }
      },
      "GIB": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/gib/#sec-exemptions",
          "source_jid": "GIB"
        }
      },
      "HU": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/hu/#sec-exemptions",
          "source_jid": "HU"
        },
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/hu/#sec-exemptions",
          "source_jid": "HU"
        }
      },
      "KH": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/kh/#sec-exemptions",
          "source_jid": "KH"
        }
      },
      "KM": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/km/#sec-exemptions",
          "source_jid": "KM"
        }
      },
      "KM-M": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/km-m/#sec-exemptions",
          "source_jid": "KM-M"
        }
      },
      "LI": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/li/#sec-exemptions",
          "source_jid": "LI"
        },
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/li/#sec-exemptions",
          "source_jid": "LI"
        }
      },
      "MH": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/mh/#sec-exemptions",
          "source_jid": "MH"
        }
      },
      "PW": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/pw/#sec-exemptions",
          "source_jid": "PW"
        }
      },
      "SG": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/sg/#sec-exemptions",
          "source_jid": "SG"
        }
      },
      "US-AK": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ak/#sec-exemptions",
          "source_jid": "US-AK"
        }
      },
      "US-CO": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-co/#sec-exemptions",
          "source_jid": "US-CO"
        }
      },
      "US-DC": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-dc/#sec-exemptions",
          "source_jid": "US-DC"
        }
      },
      "US-GA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ga/#sec-exemptions",
          "source_jid": "US-GA"
        }
      },
      "US-ID": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-id/#sec-exemptions",
          "source_jid": "US-ID"
        }
      },
      "US-IL": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-il/#sec-exemptions",
          "source_jid": "US-IL"
        }
      },
      "US-MD": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-md/#sec-exemptions",
          "source_jid": "US-MD"
        }
      },
      "US-MS": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-ms/#sec-exemptions",
          "source_jid": "US-MS"
        }
      },
      "US-OH": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-oh/#sec-exemptions",
          "source_jid": "US-OH"
        }
      },
      "US-WA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/us-wa/#sec-exemptions",
          "source_jid": "US-WA"
        }
      },
      "USA": {
        "none": {
          "token": "none",
          "basis": null,
          "inheritance": "per_jid_evidenced",
          "link": "/jurisdictions/usa/#sec-exemptions",
          "source_jid": "USA"
        }
      },
      "AT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/at/#sec-exemptions",
          "source_jid": "AT"
        }
      },
      "BG": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/bg/#sec-exemptions",
          "source_jid": "BG"
        }
      },
      "CY": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/cy/#sec-exemptions",
          "source_jid": "CY"
        }
      },
      "CZ": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/cz/#sec-exemptions",
          "source_jid": "CZ"
        }
      },
      "DE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/de/#sec-exemptions",
          "source_jid": "DE"
        }
      },
      "DK": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/dk/#sec-exemptions",
          "source_jid": "DK"
        }
      },
      "EE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/ee/#sec-exemptions",
          "source_jid": "EE"
        }
      },
      "ES": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/es/#sec-exemptions",
          "source_jid": "ES"
        }
      },
      "FI": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/fi/#sec-exemptions",
          "source_jid": "FI"
        }
      },
      "FR": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/fr/#sec-exemptions",
          "source_jid": "FR"
        }
      },
      "GR": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/gr/#sec-exemptions",
          "source_jid": "GR"
        }
      },
      "HR": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/hr/#sec-exemptions",
          "source_jid": "HR"
        }
      },
      "IE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/ie/#sec-exemptions",
          "source_jid": "IE"
        }
      },
      "IT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/it/#sec-exemptions",
          "source_jid": "IT"
        }
      },
      "LT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/lt/#sec-exemptions",
          "source_jid": "LT"
        }
      },
      "LU": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/lu/#sec-exemptions",
          "source_jid": "LU"
        }
      },
      "LV": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/lv/#sec-exemptions",
          "source_jid": "LV"
        }
      },
      "MT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/mt/#sec-exemptions",
          "source_jid": "MT"
        }
      },
      "NL": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/nl/#sec-exemptions",
          "source_jid": "NL"
        }
      },
      "PL": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/pl/#sec-exemptions",
          "source_jid": "PL"
        }
      },
      "PT": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/pt/#sec-exemptions",
          "source_jid": "PT"
        }
      },
      "RO": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/ro/#sec-exemptions",
          "source_jid": "RO"
        }
      },
      "SE": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/se/#sec-exemptions",
          "source_jid": "SE"
        }
      },
      "SI": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/si/#sec-exemptions",
          "source_jid": "SI"
        }
      },
      "SK": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/sk/#sec-exemptions",
          "source_jid": "SK"
        }
      },
      "IS": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/is/#sec-exemptions",
          "source_jid": "IS"
        }
      },
      "NO": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/no/#sec-exemptions",
          "source_jid": "NO"
        }
      },
      "EEA": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "psd2_art_3k",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/eea/#sec-exemptions",
          "source_jid": "EEA"
        }
      },
      "UK": {
        "limited_network_exclusion": {
          "token": "limited_network_exclusion",
          "basis": "uk_psrs_2017_sch1_pt2",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/uk/#sec-exemptions",
          "source_jid": "UK"
        }
      },
      "HK": {
        "hk_svf_carveout": {
          "token": "hk_svf_carveout",
          "basis": "hk_psso_s8a",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/hk/#sec-exemptions",
          "source_jid": "HK"
        }
      },
      "IN": {
        "india_closed_ppi": {
          "token": "india_closed_ppi",
          "basis": "rbi_ppi_master_direction_2021",
          "inheritance": "regime_inherited",
          "link": "/jurisdictions/in/#sec-exemptions",
          "source_jid": "IN"
        }
      }
    },
    "explainers": [
      {
        "title": "Limited Network Exclusion (EU/UK — LNE)",
        "body": "Under PSD2/EMD2 (EU) and PSRs 2017 (UK), instruments accepted by a limited network of merchants or for a limited range of goods/services may be excluded from e-money authorisation. Three tests: premises test, limited-network test, limited-product test. Exclusion requires annual notification to the regulator above EUR 1m outstanding. Intra-EU implementation diverges: BaFin (DE) applies a narrower limited-network test; CBI (IE) has been more permissive for programme managers — this is the primary driver of EU regulatory_direction=fragmenting in the jurisdiction hierarchy. Tentative."
      },
      {
        "title": "US Prepaid Access / Closed-Loop (FinCEN)",
        "body": "Under 31 CFR §1022, sellers of prepaid access above $10,000/day per person must register. Closed-loop instruments (usable only with a single merchant) are generally excluded from Money Services Business registration. State MTL layer fragments further: NYDFS (US-NY) and DFPI (US-CA) impose additional licensing not required at federal level — the federal closed-loop exclusion does not override state MTL requirements. Tentative."
      },
      {
        "title": "India Closed-System PPI (RBI)",
        "body": "Reserve Bank of India Master Direction on PPIs (2021) defines Closed System PPIs: instruments issued for purchase of goods/services from the issuer only. No cash withdrawal; no fund transfer. Exempt from PPI authorisation subject to RBI guidelines on minimum KYC and limits (INR 10,000 loading limit). Tentative."
      },
      {
        "title": "Hong Kong SVF Voucher Carve-out (HKMA)",
        "body": "Under the HKMA SVF licensing regime (Payment Systems and Stored Value Facilities Ordinance), vouchers and schemes for obtaining goods/services from the issuer only (or a closed group) may be exempt from SVF authorisation. The carve-out is fact-specific; HKMA guidance applies. Tentative."
      },
      {
        "title": "Bank-Partnership Model",
        "body": "In multiple jurisdictions (US, EU, UK, APAC), payment products distributed by non-banks under a licensed bank's regulatory umbrella avoid direct e-money or payment institution authorisation. The bank holds the licence; the distributor is a programme manager or agent. Regulatory risk concentrates on the bank's compliance oversight obligations. Structural model, not an exemption per se."
      },
      {
        "title": "LatAm De-minimis / Closed-Loop Analogues",
        "body": "Brazil (BCB), Mexico (BANXICO/CNBV) and others have closed-loop or de-minimis carve-outs for low-value prepaid instruments or single-merchant use. Thresholds and conditions vary; most require some form of registration or notification above a floor. Tentative."
      }
    ],
    "thresholds": [
      {
        "regime": "EU PSD2 / EMD2",
        "value": "EUR 1,000,000 / 12mo",
        "jids": "EEA + EU member states",
        "note": "LNE notify threshold — PSD2 Art.3(k) / EMD2 Art.1(5). Notify within 28 days; National Competent Authority (NCA) per Member State."
      },
      {
        "regime": "EU PSD2 / EMD2",
        "value": "EUR 5,000,000 outstanding e-money",
        "jids": "EEA + EU member states",
        "note": "Small-EMI authorisation threshold (avg outstanding e-money)."
      },
      {
        "regime": "UK PSRs 2017 / EMRs 2011",
        "value": "GBP-equiv 1,000,000 / 12mo",
        "jids": "UK",
        "note": "LNE notify threshold — PSRs 2017 reg.2(f) / EMRs 2011 reg.3; FCA."
      },
      {
        "regime": "FinCEN Prepaid Access Rule",
        "value": "USD 10,000 / day per customer",
        "jids": "USA + US-NY",
        "note": "Seller AML-programme threshold; FinCEN (US Treasury)."
      },
      {
        "regime": "MAS Payment Services Act 2019",
        "value": "SGD 1,500 travel-rule",
        "jids": "SG",
        "note": "Full originator info required above threshold; Monetary Authority of Singapore (MAS)."
      },
      {
        "regime": "SARB National Payment System Act Reform (2026)",
        "value": "ZAR 5,000,000 / month",
        "jids": "ZA",
        "note": "Above = Tier-1 authorisation required; SARB (prudential) + FSCA (conduct)."
      },
      {
        "regime": "BCB Law 12865/2013 + BCB Rule 494/2025",
        "value": "BRL 500,000 / year (de-minimis)",
        "jids": "BR",
        "note": "Below = de-minimis registration (indicative — confirm with counsel); Banco Central do Brasil (BCB)."
      }
    ],
    "register": [
      {
        "firm": "[Example — deterministic collector populates at baseline]",
        "ref": "FCA FS Register stub",
        "jid": "UK",
        "regime": "LNE",
        "status": "Tentative"
      }
    ],
    "_provenance": {
      "regenerated_by": "build_wpm_exemptions_aggregate.py --enrich-report",
      "regenerated_at": "2026-09-09T23:56:53Z",
      "matrix_jid_count": 59,
      "threshold_count": 7,
      "register_count": 0,
      "note": "Replaces the 2026-06-16 static seed; explainers preserved verbatim."
    }
  },
  "trackers": {
    "PSD3_PSR": {
      "stage": "adoption",
      "note": "OJEU publication expected Q3 2026"
    },
    "GAR": {
      "stage": "enforcement",
      "note": "May 2026 deadline passed; GFSC monitoring"
    },
    "MiCA": {
      "stage": "enforcement",
      "note": "EMT/ART in force; EBA supervisory practice developing"
    },
    "ISO_20022": {
      "stage": "enforcement",
      "note": "CHAPS/SWIFT/CHIPS live"
    },
    "APP_Reimbursement": {
      "stage": "enforcement",
      "note": "PSR regime live Oct 2024; under PSR review"
    },
    "DORA": {
      "stage": "enforcement",
      "note": "January 2025 in-force; EBA RTS supplementary"
    },
    "AMLA": {
      "stage": "adoption",
      "note": "Direct supervision from 2026; regulations finalising"
    },
    "Safeguarding_FCA": {
      "stage": "enforcement",
      "note": "May 2026 rules in force; first audit cycle upcoming"
    }
  },
  "briefs": {
    "W1a": [
      {
        "topic": "PI/EMI authorisation routes (bank vs non-bank)",
        "tier": "SB",
        "cadence": "Annual + event-triggered",
        "rationale": "Structurally stable; evergreen primer for new entrants; high SEO ('how to get EMI licence UK')"
      },
      {
        "topic": "Passporting & third-country access (GAR, EEA)",
        "tier": "SB",
        "cadence": "Bi-annual + event-triggered",
        "rationale": "Structurally stable but live: GAR May 2026 deadline; periodic review needed"
      },
      {
        "topic": "Agents & EMD distributors",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Discrete legal framework; stable enough for brief; under-covered topic = SEO opportunity"
      },
      {
        "topic": "Outsourcing & critical third parties (DORA, FCA SS2/21)",
        "tier": "SB",
        "cadence": "Annual + DORA milestone",
        "rationale": "Live legislative track; complex enough to require explanation; high compliance demand"
      },
      {
        "topic": "Prudential requirements (bank CRR vs EMI own-funds)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Two parallel frameworks; structurally stable; needed for bank/non-bank comparison"
      },
      {
        "topic": "Jurisdiction comparison table (UK/GIB/IE/LT/MT/NL)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "High-value SEO asset; periodic update as regimes evolve; drives Solutions Finder traffic"
      }
    ],
    "W1b": [
      {
        "topic": "FCA Consumer Duty — payments application",
        "tier": "SB",
        "cadence": "Annual + FCA review cycle",
        "rationale": "Stable framework (PS22/9 final); periodic update for FCA reviews/Dear CEO letters"
      },
      {
        "topic": "Safeguarding — non-bank PSPs (May 2026 rules)",
        "tier": "SB",
        "cadence": "Annual + rule change",
        "rationale": "Live rule change; structurally important; high compliance demand; bank/non-bank split essential"
      },
      {
        "topic": "Financial promotions & approver regime",
        "tier": "SB",
        "cadence": "Annual + FCA update",
        "rationale": "Discrete legal framework; s.21 perimeter complex; crypto promos added new layer"
      },
      {
        "topic": "Vulnerable customers — payment context",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "FCA FG21/1 stable; payment-specific application less covered; good SEO"
      },
      {
        "topic": "Complaints & FOS jurisdiction",
        "tier": "D",
        "cadence": "Per decision/change",
        "rationale": "Event-driven — FOS decisions, compensation award changes; better as dashboard/news item"
      },
      {
        "topic": "Prepaid-specific conduct (expiry, dormancy, redemption)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable EMR 2011 framework; prepaid-specific; under-covered; direct Ramparts relevance"
      }
    ],
    "W2": [
      {
        "topic": "MiCA stablecoin regime (EMT/ART)",
        "tier": "SB",
        "cadence": "Bi-annual + MiCA milestone",
        "rationale": "Live regime; complex; structurally important for 2024-2026; high demand"
      },
      {
        "topic": "UK stablecoin & digital assets framework",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Parallel UK regime; diverging from EU; structurally important"
      },
      {
        "topic": "US stablecoin legislation",
        "tier": "SB",
        "cadence": "Quarterly",
        "rationale": "Federal framework developing; Genius Act / STABLE Act; high search demand"
      },
      {
        "topic": "CBDC developments (retail & wholesale)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural overview; slow-moving; good for periodic update"
      },
      {
        "topic": "Stablecoin reserve & redemption requirements",
        "tier": "SB",
        "cadence": "Annual + rule change",
        "rationale": "Highly technical; evergreen explainer; drives compliance queries"
      }
    ],
    "W3": [
      {
        "topic": "DORA — payments sector application",
        "tier": "SB",
        "cadence": "Annual + EBA RTS",
        "rationale": "Live EU legislation; complex; high compliance demand; Jan 2025 in-force"
      },
      {
        "topic": "FCA/PRA operational resilience rules (PS21/3)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable framework; March 2025 deadline passed; review cycle expected"
      },
      {
        "topic": "Critical third-party (CTP) regime",
        "tier": "SB",
        "cadence": "Annual + designation events",
        "rationale": "New FCA/PRA/BoE regime; structurally novel; high interest from PSPs"
      },
      {
        "topic": "Incident reporting & classification",
        "tier": "D",
        "cadence": "Per update",
        "rationale": "Event-driven; better as dashboard tracker per incident classification change"
      }
    ],
    "W4": [
      {
        "topic": "Visa VAMP programme",
        "tier": "SB",
        "cadence": "Bi-annual + scheme update",
        "rationale": "Stable programme framework; periodic threshold changes; high acquirer demand"
      },
      {
        "topic": "Mastercard ECP/BRAM programmes",
        "tier": "SB",
        "cadence": "Bi-annual + scheme update",
        "rationale": "Same as VAMP — parallel brief needed; different thresholds and mechanics"
      },
      {
        "topic": "PCI-DSS v4.0 compliance",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Live migration (v3.3.1 retired Mar 2024); complex technical framework"
      },
      {
        "topic": "3DS mandate & SCA implementation",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable post-mandate but ongoing exemption/friction issues; good evergreen explainer"
      },
      {
        "topic": "Scheme rule changes (bulletin tracker)",
        "tier": "D",
        "cadence": "Per bulletin",
        "rationale": "Event-driven per bulletin; dashboard item not a standing brief"
      }
    ],
    "W5": [
      {
        "topic": "Per-corridor risk briefs (EU-UAE, UK-Crown Deps, etc.)",
        "tier": "SB",
        "cadence": "Quarterly per corridor",
        "rationale": "High-value; each corridor is a 2000-word structural brief; updated when Corridor Risk Score changes materially"
      },
      {
        "topic": "FATF grey-list impact on corridors",
        "tier": "SB",
        "cadence": "Per FATF plenary",
        "rationale": "Structural overview brief + per-plenary update; high compliance demand"
      },
      {
        "topic": "Correspondent banking de-risking",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural; slow-moving but consequential; evergreen explainer with periodic refresh"
      },
      {
        "topic": "Corridor alert/score changes",
        "tier": "D",
        "cadence": "Per score change",
        "rationale": "Event-driven scoring update; dashboard item"
      }
    ],
    "W6": [
      {
        "topic": "M&A and market-entry tracker",
        "tier": "D",
        "cadence": "Per deal",
        "rationale": "Event-driven; news/dashboard item"
      },
      {
        "topic": "Competitive landscape overviews (by segment)",
        "tier": "SB",
        "cadence": "Quarterly",
        "rationale": "Structural; slow-moving; good SEO ('who are the main EMIs in UK'); quarterly refresh"
      },
      {
        "topic": "Market-entry analysis by jurisdiction",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural; links to W1a jurisdiction comparison; high Solutions Finder value"
      }
    ],
    "W7": [
      {
        "topic": "Enforcement action tracker",
        "tier": "D",
        "cadence": "Per action",
        "rationale": "Event-driven; dashboard item with severity badge"
      },
      {
        "topic": "AML enforcement — thematic briefs (by jurisdiction)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Structural pattern analysis across enforcement actions; high value for law firms"
      },
      {
        "topic": "Asset recovery & freezing orders in payments context",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Niche but high-value for Ramparts audience; stable framework"
      },
      {
        "topic": "Significant litigation — structural impact briefs",
        "tier": "SB",
        "cadence": "Per significant case",
        "rationale": "Case-by-case: only brief when structural consequences; e.g. Mastercard interchange ruling"
      }
    ],
    "W8": [
      {
        "topic": "High-risk MCC guide",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Evergreen; high SEO; slow-changing; direct Solutions Finder link"
      },
      {
        "topic": "Chargeback mechanics & dispute framework",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Stable Visa/MC framework; complex; high demand from merchants"
      },
      {
        "topic": "Acquirer stress signals",
        "tier": "D",
        "cadence": "Per signal",
        "rationale": "Event-driven; dashboard item"
      },
      {
        "topic": "MCC risk score changes",
        "tier": "D",
        "cadence": "Per change",
        "rationale": "Event-driven scoring; dashboard item"
      }
    ],
    "W9": [
      {
        "topic": "Open banking / PSD3 account access",
        "tier": "SB",
        "cadence": "Bi-annual + PSD3 milestone",
        "rationale": "Live legislative track; high demand; drives embedded finance discussion"
      },
      {
        "topic": "BaaS & embedded finance landscape",
        "tier": "SB",
        "cadence": "Quarterly",
        "rationale": "Structural overview; fast-moving but stable enough for periodic brief"
      },
      {
        "topic": "BNPL regulation (UK, EU, US)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Live multi-jurisdiction regulatory track; high SEO demand"
      },
      {
        "topic": "Prepaid product types (GPR, corporate, travel)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Evergreen; directly relevant to Ramparts; under-covered"
      },
      {
        "topic": "Innovation/product news",
        "tier": "D",
        "cadence": "Per launch",
        "rationale": "Event-driven; news item"
      }
    ],
    "W10": [
      {
        "topic": "APP fraud reimbursement regime (PSR)",
        "tier": "SB",
        "cadence": "Bi-annual + PSR review",
        "rationale": "Live regime (Oct 2024); complex; high compliance demand; direct consumer impact"
      },
      {
        "topic": "Consumer Duty — operational requirements",
        "tier": "D",
        "cadence": "Per FCA output",
        "rationale": "Covered in W1b SB; ongoing monitoring = dashboard"
      },
      {
        "topic": "Account closure / de-banking",
        "tier": "SB",
        "cadence": "Annual + event-triggered",
        "rationale": "Live political/regulatory issue; Payment Accounts Regs; PAR rights; high public interest"
      },
      {
        "topic": "Complaint trend analysis",
        "tier": "D",
        "cadence": "Quarterly FOS data",
        "rationale": "Event-driven; FOS data releases; dashboard/news item"
      }
    ],
    "W11": [
      {
        "topic": "UK AML framework for PSPs (MLR 2017, JMLSG)",
        "tier": "SB",
        "cadence": "Annual + MLR update",
        "rationale": "Foundational; structurally stable; essential primer; high SEO"
      },
      {
        "topic": "EU AML framework (AMLA, 6AMLD, TFR)",
        "tier": "SB",
        "cadence": "Bi-annual + AMLA milestone",
        "rationale": "Live legislative track; AMLA supervisor from 2026; complex"
      },
      {
        "topic": "Travel rule implementation (FATF R.16, TFR)",
        "tier": "SB",
        "cadence": "Annual + implementation milestone",
        "rationale": "Live; complex; crypto + wire transfer application; high compliance demand"
      },
      {
        "topic": "Sanctions regimes — payments application",
        "tier": "SB",
        "cadence": "Bi-annual + designation events",
        "rationale": "Structural overview; OFAC/OFSI/EU; payments-specific application; high demand"
      },
      {
        "topic": "FATF mutual evaluation impact tracker",
        "tier": "SB",
        "cadence": "Per FATF plenary",
        "rationale": "Per-plenary structural brief; feeds W5 corridor scores; high value"
      },
      {
        "topic": "Bank vs non-bank PSP AML supervision gap",
        "tier": "SB",
        "cadence": "Annual + consultation",
        "rationale": "Structural analysis; Treasury consultation pending; high policy interest"
      },
      {
        "topic": "Enforcement actions / SAR data",
        "tier": "D",
        "cadence": "Per action/data release",
        "rationale": "Event-driven; dashboard item"
      }
    ],
    "W12": [
      {
        "topic": "USD clearing architecture (CHIPS, FedWire, correspondents)",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Structural; rarely covered; high strategic value; evergreen explainer"
      },
      {
        "topic": "GBP settlement (CHAPS, RTGS, New Payments Architecture)",
        "tier": "SB",
        "cadence": "Annual + BoE milestone",
        "rationale": "Structural; BoE RTGS renewal live; ISO 20022 migration; high interest"
      },
      {
        "topic": "Non-bank PSP access to payment systems",
        "tier": "SB",
        "cadence": "Bi-annual + PSR output",
        "rationale": "Live PSR/FCA review; structural gap; high strategic importance"
      },
      {
        "topic": "Correspondent banking de-risking (structural brief)",
        "tier": "SB",
        "cadence": "Bi-annual",
        "rationale": "Cross-reference W5; but settlement-layer focus here is distinct; evergreen"
      },
      {
        "topic": "Fed master account debate (US non-banks)",
        "tier": "SB",
        "cadence": "Annual + case/rule update",
        "rationale": "Structural; Fourth Corner/Custodia case law; high US market interest"
      },
      {
        "topic": "ISO 20022 migration — data implications",
        "tier": "SB",
        "cadence": "Annual + milestone",
        "rationale": "Live migration (CHAPS/CHIPS/SWIFT); AML/sanctions data-richness implications"
      },
      {
        "topic": "Settlement finality & intraday liquidity",
        "tier": "SB",
        "cadence": "Annual",
        "rationale": "Technical but structurally important for PSPs; UK SFR/EU SFD; evergreen"
      },
      {
        "topic": "Real-time correspondent/access alerts",
        "tier": "D",
        "cadence": "Per event",
        "rationale": "Event-driven de-risking events; dashboard item"
      }
    ]
  },
  "_signals_provenance": {
    "regenerated_by": "build_wpm_signals_rollup.py --enrich-report",
    "regenerated_at": "2026-09-09T23:56:54Z",
    "signal_count": 238,
    "source_jids": [
      "AG",
      "AU",
      "BE",
      "BZ",
      "CL",
      "GG-ALD",
      "HU",
      "KM",
      "KM-M",
      "LA",
      "LI",
      "LU",
      "MH",
      "MZ",
      "PL",
      "PW",
      "US-AL",
      "US-AR",
      "US-GA",
      "US-ND"
    ],
    "watchlist_size": 6,
    "note": "Replaces the hand-seeded risk[] + signals[] stub with per-JID harvest from structured_claims[]. Every row now carries jid + link (funnel-contract §3.2). Data honesty: verbatim carry, closed-enum lookup for change label, presence-gated."
  },
  "_jurisdictions_rollup_provenance": {
    "regenerated_by": "build_wpm_jurisdictions_rollup.py --enrich-report",
    "regenerated_at": "2026-09-09T23:56:54Z",
    "jurisdiction_count": 170,
    "impact_non_null_count": 20,
    "impact_coverage_pct": 11.8,
    "note": "Replaces the 14-tile hand-curated heat[] + bare jurisdictions[] with a full tracked-set rollup; impact coverage is measured, not guaranteed — see meta.data_honesty."
  },
  "_cycle_freshness_provenance": {
    "derived_by": "build_wpm_jurisdictions_rollup.py::apply_cycle_freshness",
    "derived_at": "2026-09-09T23:56:54Z",
    "derived_from": "persistent-state/<JID>.json :: _meta.synthesised_at | last_pipeline_run | last_updated",
    "freshest_jid_data_at": "2026-09-08T14:18:28.350160Z",
    "median_jid_data_at": "2026-09-08T07:18:35Z",
    "oldest_jid_data_at": "2026-07-04T19:33:32.757835Z",
    "dated_jid_count": 170,
    "undated_jid_count": 0,
    "superseded_week_ending": "2026-09-08",
    "superseded_cycle": "37/2026",
    "note": "week_ending/cycle are the ISO week of the FRESHEST per-JID data, not a claim that every jurisdiction is that current — read median_jid_data_at and oldest_jid_data_at beside them. Before 2026-09-08 meta had no producer at all and carried a hand-seeded pre-baseline date the footer published estate-wide."
  }
}