Why no incumbent has built this. Why now is the only window.
Five regulatory regimes, one convergence point, and a structural gap that every class of vendor has a reason not to fill.
Five frameworks. One enforcement date.
July 1, 2026.
The 60-day DAC8 customer-block deadline. The first enforcement convergence point where all five frameworks are simultaneously applicable to every licensed EU CASP.
Every active vendor. Every framework. One table.
Pressure-tested against every active EU compliance vendor as of May 2026.
| Vendor | DORA | DAC8 | AMLR | Travel Rule | MiCA Art. 67 | ACV (USD) |
|---|---|---|---|---|---|---|
| Vanta | Partial | — | — | — | — | $10–75k+ |
| Drata | Partial | — | — | — | — | $13.5k avg |
| Sumsub | — | — | — | Ships | — | $40–200k+ |
| Notabene | — | — | — | Ships | — | $5–60k |
| Scorechain | Partial | Partial | Partial | Partial | Partial | $20–60k |
| Hacken (Extractor) | Partial | Partial | Partial | Partial | Partial | $50–150k svc |
| Solidus Labs | — | — | — | — | Ships | $100k+ |
| Taxbit | — | Ships | — | — | — | $80–200k+ |
| Regnology | — | Ships | — | — | — | Bank-channel |
| Eunice | — | — | Partial | — | — | Undisclosed |
| Spektr | — | — | Partial | — | — | Undisclosed |
| Condukt | — | — | Partial | — | — | Undisclosed |
| Vendorica | Ships | — | — | — | — | €6–30k |
| MetricStream / ServiceNow | Ships | — | — | — | — | $50–500k+ |
| REGIUM | Ships | Ships | Ships | Ships | Ships | $25–65k+ |
Every class of incumbent has a structural reason not to build it.
KYT / Blockchain analytics
Chainalysis, TRM, Elliptic, Scorechain
Economics anchored to KYT volume sold to governments and banks at $100k–$1M ACV. A $30k operational compliance product for a 30-employee CASP requires a different go-to-market that would dilute the core model.
KYC / IDV vendors
Sumsub, Persona, Veriff, iDenfy
Verification volume across iGaming, fintech, and marketplaces is the unit of value. Adding DORA ICT registers, IVMS101 wire formats, DAC8 XSD schemas, and MiCA Article 67 prudential controls is structurally off-thesis.
Generic GRC platforms
Vanta, Drata, Secureframe, Sprinto
Scaling to multi-billion-dollar valuations on horizontal SOC 2 / ISO 27001. Crypto-vertical domain depth — Fireblocks, BitGo, Anchorage connectors; member-state DAC8 schemas — doesn't justify the engineering investment for a horizontal player.
Tax / regulatory reporting
Taxbit, Regnology, Wolters Kluwer
DAC8 is a CRS/FATCA extension in their architecture. They sell into bank treasury and tax functions, not crypto compliance teams. Mid-tier CASPs are below their pricing floors.
Three unglamorous investments that produce the moat.
Member-state DAC8 XSD schema coverage
Germany BZSt, France DGFIP, Lithuania STI, Estonia EMTA, Malta CFR, Cyprus CySEC — each has distinct XML formats and validation rules. Building and maintaining all six is the kind of work that separates a credible product from a marketing claim. No horizontal player will invest in it.
DORA ICT register with EBA-template export
A register that an examiner accepts on first submission requires correctly modelling concentration risk, classifying critical-or-important functions, and integrating with crypto-specific custodians — Fireblocks, BitGo, Anchorage, MPC providers — that no GRC vendor will build connectors for.
AMLR perpetual KYC with versioned CDD
The regulation requires demonstrating that customer due diligence is continuous, not periodic — a versioned, append-only data model that proves what was known at any point in time. Most KYC vendors today operate on overwrite semantics. This is an architectural rethink, not a feature add.
The window closes in 18 months.
Eunice ($8M seed, Moonfire + Speedinvest, March 2026) is the single most direct competitor — AI agents for due diligence, MiCA-aligned, customers include Coinbase and Crypto.com. Their current scope is investigative; the gap closes in 12 months if they broaden.
Spektr ($20M Series A, NEA, April 2026) and Condukt ($10M seed, Lightspeed, Nov 2025) are adjacent in perpetual KYC — directly in the AMLR lane. Both are fintech-focused today. A vertical pivot to CASPs is plausible.
The window is mid-2026 to mid-2027. Regium's defence is shipping the integrated multi-framework surface before any of them broadens scope.
Moonfire, Speedinvest · Mar 2026
Highest — AI due diligence → compliance OS pivot
NEA · Apr 2026
High — perpetual KYB + AMLR lane
Lightspeed, MMC · Nov 2025
Medium — real-time KYB, fintech-focused
Book a call to discuss timing.
If you're an investor evaluating the window or a CASP scoping your compliance stack for 2026, let's talk.