diff --git a/cmd/tools/vpm/auth_test.v b/cmd/tools/vpm/auth_test.v
index e35dcc02ba..0f29324399 100644
--- a/cmd/tools/vpm/auth_test.v
+++ b/cmd/tools/vpm/auth_test.v
@@ -27,6 +27,14 @@ fn test_unqualified_vpm_token_covers_one_private_registry() {
 	assert registry_token('https://vpm.example.com/a_module') == 'tok-all'
 }
 
+fn test_registry_transport_validates_https_without_a_token() {
+	assert registry_validates_tls(true, 'https://vpm.example.com/module')
+	assert registry_validates_tls(true, 'HTTPS://vpm.example.com/module')
+	assert !registry_validates_tls(true, 'http://vpm.example.com/module')
+	assert !registry_validates_tls(false, 'https://vpm.example.com/module')
+	assert !registry_validates_tls(true, '::::not a url::::')
+}
+
 // A scoped token must win over the unqualified one, because a machine holding
 // tokens for several private registries must not send one registry's token to
 // another.
diff --git a/cmd/tools/vpm/common.v b/cmd/tools/vpm/common.v
index d4190b6a19..451dbab45c 100644
--- a/cmd/tools/vpm/common.v
+++ b/cmd/tools/vpm/common.v
@@ -100,6 +100,18 @@ fn registry_http_get(url string) !http.Response {
 	return vpm_http_request(.get, url, '', true)
 }
 
+// registry_validates_tls reports whether a registry request should validate
+// TLS certificates. Registry records are security-relevant whether or not a
+// token is configured, so HTTPS requests validate them; HTTP and ordinary VPM
+// requests keep the transport's existing behaviour.
+fn registry_validates_tls(registry_request bool, url string) bool {
+	if !registry_request {
+		return false
+	}
+	parsed := urllib.parse(url) or { return false }
+	return parsed.scheme.to_lower() == 'https'
+}
+
 fn vpm_http_request(method http.Method, url string, data string, authenticate bool) !http.Response {
 	mut header := http.Header{}
 	token := if authenticate { registry_token(url) } else { '' }
@@ -111,6 +123,7 @@ fn vpm_http_request(method http.Method, url string, data string, authenticate bo
 		url:                      url
 		data:                     data
 		header:                   header
+		validate:                 registry_validates_tls(authenticate, url)
 		read_timeout:             vpm_http_timeout
 		write_timeout:            vpm_http_timeout
 		max_retries:              1
diff --git a/cmd/tools/vpm/registry.v b/cmd/tools/vpm/registry.v
index 4fdf2b5f31..eedd62ab42 100644
--- a/cmd/tools/vpm/registry.v
+++ b/cmd/tools/vpm/registry.v
@@ -550,10 +550,29 @@ pub fn handle_request(registry Registry, method string, path string, query map[s
 	return not_found_body
 }
 
+// registry_key_is_private reports whether the key file may be loaded. On Unix
+// a key readable by group or others lets any local user forge signatures, so
+// it is refused. Windows has no equivalent mode check, so the file is
+// accepted there.
+fn registry_key_is_private(path string) bool {
+	$if windows {
+		return true
+	}
+	st := os.stat(path) or { return false }
+	mode := st.get_mode()
+	return !mode.group.read && !mode.others.read
+}
+
 // signing_key loads the registry's private key seed, from `VPM_REGISTRY_KEY`
 // when set and from the key file beside the index otherwise. Both hold hex.
 fn (r &Registry) signing_key() ?ed25519.PrivateKey {
-	raw := os.getenv_opt(registry_key_env) or { os.read_file(registry_key_path()) or { return none } }
+	raw := os.getenv_opt(registry_key_env) or {
+		path := registry_key_path()
+		if !registry_key_is_private(path) {
+			return none
+		}
+		os.read_file(path) or { return none }
+	}
 	hex := raw.trim_space()
 	if hex == '' {
 		return none
diff --git a/cmd/tools/vpm/registry_client.v b/cmd/tools/vpm/registry_client.v
index d03e1b1dd0..31653117dd 100644
--- a/cmd/tools/vpm/registry_client.v
+++ b/cmd/tools/vpm/registry_client.v
@@ -59,17 +59,26 @@ fn registry_get(url string, path string) !string {
 	return resp.body
 }
 
-// decode_registry_module reads one module body. A body that is valid JSON but
-// names no module is refused, because a registry that reports not-found in the
-// body rather than in the status line produces exactly that, and decoding it
-// would hand back a module with an empty name.
-fn decode_registry_module(url string, name string, body string) !RegistryModule {
+// decode_registry_module reads one module body and checks it against the
+// requested route. A body that is valid JSON but names no module is refused,
+// because a registry that reports not-found in the body rather than in the
+// status line produces exactly that, and decoding it would hand back a module
+// with an empty name. A body naming another module or, when a version was
+// requested, another version is refused for the same reason: the caller must
+// be able to trust that the response belongs to the requested route.
+fn decode_registry_module(url string, name string, version string, body string) !RegistryModule {
 	info := json2.decode[RegistryModule](body) or {
 		return error('the registry at `${url}` did not describe `${name}` as JSON: ${err.msg()}')
 	}
 	if info.name == '' {
 		return error('the registry at `${url}` holds no metadata for `${name}`.')
 	}
+	if info.name != name {
+		return error('the registry at `${url}` answered for `${name}` with metadata for `${info.name}`.')
+	}
+	if version != '' && info.version != version {
+		return error('the registry at `${url}` answered `${info.name}@${info.version}` for `${name}@${version}`.')
+	}
 	return info
 }
 
@@ -101,7 +110,7 @@ pub fn fetch_registry_versions(url string, name string) ![]string {
 // returned as a zero-valued RegistryModule, because a caller resolving a module
 // has to be able to go on to the next candidate registry.
 pub fn fetch_registry_latest(url string, name string) !RegistryModule {
-	return decode_registry_module(url, name, registry_get(url, '/${name}/@latest')!)
+	return decode_registry_module(url, name, '', registry_get(url, '/${name}/@latest')!)
 }
 
 // fetch_registry_info returns the metadata for `name` at `version`, as served by
@@ -112,7 +121,7 @@ pub fn fetch_registry_latest(url string, name string) !RegistryModule {
 // version. It is never returned as a zero-valued RegistryModule, so a caller can
 // tell a version that was never published from one whose metadata is empty.
 pub fn fetch_registry_info(url string, name string, version string) !RegistryModule {
-	return decode_registry_module(url, name, registry_get(url, '/${name}/@v/${version}.info')!)
+	return decode_registry_module(url, name, version, registry_get(url, '/${name}/@v/${version}.info')!)
 }
 
 // fetch_registry_config returns the configuration document the registry at `url`
diff --git a/cmd/tools/vpm/registry_client_test.v b/cmd/tools/vpm/registry_client_test.v
index 9d61bfaee5..e758f52fea 100644
--- a/cmd/tools/vpm/registry_client_test.v
+++ b/cmd/tools/vpm/registry_client_test.v
@@ -79,7 +79,7 @@ fn test_the_info_body_is_the_one_the_server_encodes() {
 }
 
 fn test_the_info_body_decodes_field_by_field() {
-	info := decode_registry_module(client_registry_url, 'alpha', client_info_body) or {
+	info := decode_registry_module(client_registry_url, 'alpha', '1.0.0', client_info_body) or {
 		assert false, 'the info body did not decode: ${err.msg()}'
 		return
 	}
@@ -94,6 +94,18 @@ fn test_the_info_body_decodes_field_by_field() {
 	assert info.yanked == false
 }
 
+fn test_registry_metadata_for_another_module_is_rejected() {
+	wrong_name_body := client_info_body.replace('"name":"alpha"', '"name":"beta"')
+	decode_registry_module(client_registry_url, 'alpha', '', wrong_name_body) or { return }
+	assert false, 'metadata for another module was accepted for the requested route'
+}
+
+fn test_registry_metadata_for_another_version_is_rejected() {
+	wrong_version_body := client_info_body.replace('"version":"1.0.0"', '"version":"2.0.0"')
+	decode_registry_module(client_registry_url, 'alpha', '1.0.0', wrong_version_body) or { return }
+	assert false, 'metadata for another version was accepted for the requested route'
+}
+
 // The status line is the contract, and a 404 is the only failure status the
 // router can produce.
 fn test_a_404_answer_is_absent() {
@@ -115,7 +127,7 @@ fn test_a_not_found_body_is_noticed_whatever_the_status() {
 // What the fetches do with an absent answer: an error, so a caller can go on to
 // the next candidate registry, rather than a module that installs nothing.
 fn test_the_not_found_body_is_an_error_not_an_empty_module() {
-	decode_registry_module(client_registry_url, 'alpha', not_found_body) or { return }
+	decode_registry_module(client_registry_url, 'alpha', '', not_found_body) or { return }
 	assert false, 'the not-found body was decoded as a module'
 }
 
@@ -127,7 +139,7 @@ fn test_the_not_found_body_is_not_an_empty_version_list() {
 // An answer that is not JSON at all is a proxy's page or a truncated body, and is
 // reported as such rather than as a module.
 fn test_a_body_that_is_not_a_module_is_an_error() {
-	decode_registry_module(client_registry_url, 'alpha', '<html>502 Bad Gateway</html>') or { return }
+	decode_registry_module(client_registry_url, 'alpha', '', '<html>502 Bad Gateway</html>') or { return }
 	assert false, 'an html error page was decoded as a module'
 }
 
diff --git a/cmd/tools/vpm/registry_signing_test.v b/cmd/tools/vpm/registry_signing_test.v
index 82fca38bf7..7bb6168693 100644
--- a/cmd/tools/vpm/registry_signing_test.v
+++ b/cmd/tools/vpm/registry_signing_test.v
@@ -154,3 +154,44 @@ fn test_the_config_route_names_the_vouching_key() {
 	result := handle_request(r, 'GET', '/config.json', map[string]string{})
 	assert result.contains(vouching_public.hex()), result
 }
+
+// A key file readable by group or others lets any local user forge
+// signatures, so it must not be loaded. Unix-only: Windows has no equivalent
+// mode check and accepts the file there.
+fn test_group_readable_signing_key_is_not_loaded() {
+	$if windows {
+		return
+	}
+	os.unsetenv('VPM_REGISTRY_KEY')
+	original := os.getwd()
+	root := os.join_path(os.vtmp_dir(), 'vpm_signing_key_perm')
+	os.mkdir_all(os.join_path(root, '.vpm-registry')) or { panic(err) }
+	os.chdir(root) or { panic(err) }
+	defer {
+		os.chdir(original) or {}
+		os.rmdir_all(root) or {}
+	}
+	public, private := ed25519.generate_key() or {
+		assert false, 'key generation failed: ${err}'
+		return
+	}
+	key_file := os.join_path('.vpm-registry', 'signing.key')
+	os.write_file(key_file, private.seed().hex()) or { panic(err) }
+	r := new_registry()
+	os.chmod(key_file, 0o644) or { panic(err) }
+	assert r.public_key_hex() == '', 'a group-readable signing key was loaded'
+	os.chmod(key_file, 0o600) or { panic(err) }
+	assert r.public_key_hex() == public.hex(), 'a private signing key was refused'
+}
+
+// The permission gate above is Unix-only by design: Windows has no equivalent
+// mode check, so the loader accepts the file there, while a missing file is
+// refused everywhere. This pins that split on every platform, including the
+// ones where the test above returns immediately.
+fn test_key_file_gate_is_platform_split() {
+	$if windows {
+		assert registry_key_is_private('C:\\nonexistent-signing.key')
+	} $else {
+		assert !registry_key_is_private('/nonexistent-signing-key')
+	}
+}
diff --git a/cmd/tools/vpm/sbom.v b/cmd/tools/vpm/sbom.v
index 191cafd599..d81c8e63d3 100644
--- a/cmd/tools/vpm/sbom.v
+++ b/cmd/tools/vpm/sbom.v
@@ -117,7 +117,10 @@ pub fn (r &Registry) spdx_document(namespace string, download_base string) SpdxD
 				spdxid:            spdx_id_for(v.name, v.version)
 				version_info:      v.version
 				download_location: '${artifact_base}/${v.name}/@v/${v.version}.zip'
-				license_concluded: if v.license == '' { 'NOASSERTION' } else { v.license }
+				// A conclusion is a derived result, and nothing here derives one:
+				// the publisher's declaration is recorded as declared, while
+				// concluded stays NOASSERTION even when a license is present.
+				license_concluded: 'NOASSERTION'
 				license_declared:  if v.license == '' { 'NOASSERTION' } else { v.license }
 				copyright_text:    'NOASSERTION'
 				checksums:         checksums
diff --git a/cmd/tools/vpm/sbom_test.v b/cmd/tools/vpm/sbom_test.v
index eb9831f76f..5e99191813 100644
--- a/cmd/tools/vpm/sbom_test.v
+++ b/cmd/tools/vpm/sbom_test.v
@@ -181,3 +181,18 @@ fn test_spdx_json_uses_the_standard_field_names() {
 		}
 	}
 }
+
+// A conclusion is a derived result, and nothing here derives one: the
+// publisher's declaration must be recorded as declared while concluded stays
+// NOASSERTION, or consumers read an unexamined claim as a compliance result.
+fn test_concluded_license_is_never_asserted() {
+	r := new_sbom_demo_registry()
+	doc := r.spdx_document(sbom_namespace, sbom_download_base)
+	assert doc.packages.len == 2
+	for pkg in doc.packages {
+		assert pkg.license_concluded == 'NOASSERTION', 'concluded license for ${pkg.name}: ${pkg.license_concluded}'
+		if pkg.name == 'serde' {
+			assert pkg.license_declared == 'MIT', pkg.license_declared
+		}
+	}
+}
diff --git a/cmd/tools/vpm/settings.v b/cmd/tools/vpm/settings.v
index af17fe7226..65945e29cc 100644
--- a/cmd/tools/vpm/settings.v
+++ b/cmd/tools/vpm/settings.v
@@ -74,13 +74,14 @@ fn init_settings() VpmSettings {
 	is_no_inc := os.getenv('VPM_NO_INCREMENT') != ''
 	is_dbg := os.getenv('VPM_DEBUG') != ''
 	is_ci := os.getenv('CI') != ''
+	skip_client_home_setup := is_registry_command(args)
 
 	mut logger := &log.Log{}
 	logger.set_output_stream(os.stderr())
 	if is_dbg {
 		logger.set_level(.debug)
 	}
-	if !is_ci && !is_dbg {
+	if !is_ci && !is_dbg && !skip_client_home_setup {
 		// Log by default, but only in the global location, no matter if --local was passed:
 		cache_path := os.join_path(global_vmodules_path, '.cache')
 		os.mkdir_all(cache_path, mode: 0o700) or { panic(err) }
diff --git a/cmd/tools/vpm/settings_test.v b/cmd/tools/vpm/settings_test.v
index 7974426b54..25c2b93b43 100644
--- a/cmd/tools/vpm/settings_test.v
+++ b/cmd/tools/vpm/settings_test.v
@@ -17,6 +17,13 @@ fn test_get_mirror_urls_from_args_supports_short_and_long_flags() {
 	assert mirror_urls == ['https://mirror1.example', 'https://mirror2.example']
 }
 
+fn test_registry_command_skips_client_home_setup() {
+	assert is_registry_command(['registry', 'serve'])
+	assert is_registry_command(['--local', 'registry', 'serve'])
+	assert !is_registry_command(['install', 'registry'])
+	assert !is_registry_command(['install', '-m', 'https://mirror.example', 'registry'])
+}
+
 fn test_build_install_server_urls_prioritizes_default_servers() {
 	server_urls := build_install_server_urls(['https://official1.example', 'https://official2.example'], [
 		'https://mirror1.example',
diff --git a/cmd/tools/vpm/vpm.v b/cmd/tools/vpm/vpm.v
index 56dcc11a8a..377a7c33c3 100644
--- a/cmd/tools/vpm/vpm.v
+++ b/cmd/tools/vpm/vpm.v
@@ -43,6 +43,10 @@ fn main() {
 	}
 	mut query := parse_query_args(args, vpm_command)
 	vpm_log(@FILE_LINE, @FN, 'query: ${query}')
+	if is_registry_command(args) {
+		vpm_registry(query)
+		return
+	}
 	ensure_vmodules_dir_exist()
 	match vpm_command {
 		'help' {
@@ -117,6 +121,13 @@ fn parse_vpm_command(args []string) string {
 	return ''
 }
 
+// is_registry_command reports whether the requested command is the registry
+// server. It is checked before client-only home and cache setup, so serving a
+// registry does not require a writable VModules directory.
+fn is_registry_command(args []string) bool {
+	return parse_vpm_command(args) == 'registry'
+}
+
 fn parse_query_args(args []string, vpm_command string) []string {
 	mut query := []string{}
 	mut skip_next := false
diff --git a/docs/registry-protocol.md b/docs/registry-protocol.md
index 949a21f592..b9b8e10860 100644
--- a/docs/registry-protocol.md
+++ b/docs/registry-protocol.md
@@ -158,6 +158,7 @@ its own registry requests. The registry server in this repository reads no crede
 authenticates nothing.
 
 - `Authorization: Bearer <token>` is set by the VPM client only.
+- Registry requests over HTTPS validate TLS certificates, whether or not they carry a token.
 - The token comes from `VPM_TOKEN_<HOST>`, where `<HOST>` is the registry's hostname with `.` and
   `-` folded to `_` and uppercased, so `https://vpm.example.com/` reads
   `VPM_TOKEN_VPM_EXAMPLE_COM`. `VPM_TOKEN` is the fallback when no scoped variable is set, and