Shorter reads from the Association's fellows.
Editorial commentary, working-hypothesis pieces, and synthesis of long-form research. Positions are the author's own and do not represent an institutional view of the Association.
- Stablecoins2026-04-12
MiCA, one year in — a working hypothesis
The framework is more operationally tractable than its critics predicted and less transformative than its advocates claimed. Both camps should update.
The Boli Association7 min readRead → - AI verification2026-04-05
Agentic compliance — the quiet shift
KYC refresh used to be a quarterly project. At three regulated institutions we interviewed, it is now a continuous agent-driven process — and nobody wrote a press release.
The Boli Association5 min readRead → - Market structure2026-03-28
Why order books keep failing for private tokens
Order books work when the underlying produces continuous information. Private funds don't. The fix isn't a better order book.
The Boli Association4 min readRead → - Stablecoins2026-03-20
What Zurich quietly got right
The Swiss DLT Act isn't glamorous. That's exactly why it has aged into the most operationally mature framework of its kind.
The Boli Association6 min readRead → - Tokenization2026-03-10
Standards are boring, and that is the point
The best token standards do one narrow thing well. Every attempt to make a 'complete' standard has collapsed under its own weight.
The Boli Association5 min readRead → - Market structure2026-02-28
The 12(g) ceiling, in practice
Every tokenized private issuance we've studied treats 2,000 holders as a hard ceiling. The policy was never meant to be one.
The Boli Association4 min readRead →