2024/2025年全球加密货币政策回顾与展望

Navigating the winds and waves of change TRMLABS.COM QUICK LINKS What shaped crypto policyin 2024? What shaped cryptopolicy in 2024? Key highlights •TRM Labs reviewed 2024 crypto policy developmentsin24jurisdictions, representing approximately70%of globalcrypto exposure Jurisdictionaldevelopments •Over60%introduced new policies or positions for digital assets,and about70%made progress implementing regulations •Just under half made moves to support digital asset innovation Key dates for 2025 2024 was a big year for crypto policy. For the first ten months, crypto policywas shaped by two forces: 1.The growingwavesof regulatory implementation, institutional adoption,and innovation 2.Strongheadwindscaused by elections, the geopolitical climate, and theincreasingly stretched resources of regulators The last two months were dominated by the US election, and an all-timevaluation high for Bitcoin. In this year’sGlobal Crypto Policy Review & Outlook 2024/25 report, TRMreviewed crypto policy developments in 24 jurisdictions, representingapproximately 70% of global crypto exposure — covering the major policy,enforcement, and innovation developments in each jurisdiction. For the first time, we’ve also included data from the TRM Crypto Adoptionand Illicit Exposure Report aims to capture the penetration of cryptocurrencyusage in different jurisdictions, taking into account each jurisdiction’s overalleconomic conditions. We found that there is not necessarily a direct linkbetween crypto adoption and regulatory maturity. Interestingly, cryptohubs like Singapore, Hong Kong, the UAE, and Switzerland have lowerdomestic adoption, which may reflect the global nature of their digital assetecosystem, as well as already sophisticated digital payment landscapes. So what macro themes shaped the global crypto policy landscape in 2024? Waves of adoption QUICK LINKS Implementation of regulatory frameworks What shaped cryptopolicy in 2024? If 2023 was about writing frameworks, 2024 was about implementing them.Across Europe, the Middle East, and Asia, significant regulatory frameworkscame into force this year. Out of the 24 jurisdictions we reviewed — representing about 70% of globalcrypto exposure —about 70% made progress implementing regulations.At the same time, policymaking continues apace, withover 60% of thesejurisdictions introducing new policiesor positions for digital assets. Jurisdictionaldevelopments ETFs and institutional adoption The approval of Bitcoin ETFs in January and the market reaction to the USelection were perhaps the biggest market events of 2024. ETF approvaland the continued move toward tokenization made 2024 the year in whichinstitutions leaned further into crypto assets. Internationalorganizations Continued innovation 2024 also saw a proliferation of pilots, sandboxes, and calls for informationon digital asset topics. Combined with a growing acceptance for SupervisoryTechnology (SupTech), we saw regulators across the globe look to technologyto solve their challenges. Out of the 24 jurisdictions we reviewed,just underhalf made moves to support digital asset innovation. Winds of change Elections In 2024, two billion people across 50 nations participated in elections, withvarying impacts from cryptocurrency issues on voting behavior. Out of the 24jurisdictions we reviewed,almost 60% went to the polls this year. While early predictions suggested digital assets could be a significantinfluence, crypto largely remained a secondary concern. Notably, in majorelections across the UK, France, India, and South Africa, crypto receivedlimited attention, with few mentions during campaigns. Even post-election,newly formed administrations in these countries took minimal steps to activelysupport or regulate cryptocurrency, indicating that broader economic andsocial issues continued to dominate political priorities. The outlier was the US election — where although crypto was a secondaryissue, the outcome previews potential movement on crypto legislation andchanges in policy and enforcement in 2025 and beyond. QUICK LINKS Geopolitical climate 2024 was an increasingly tense year geopolitically, with conflictsintensifying across the Middle East, Africa, and within Europe. Sanctionswere used to constrain malign actors who increasingly turned to cryptoassets to evade sanctions. As of November 2024, 82 crypto addresseswere sanctioned by the US, compared to 60 addresses in 2023. What shaped cryptopolicy in 2024? And, unlike 2023, which saw a downturn in crypto hacks and ransomware,2024 saw a proliferation of attacks. As of early November,the number ofhacks that occurred in 2024 was nearly 25% higher than the same periodin 2023. Jurisdictionaldevelopments Regulatory capacity Regulators around the world began feeling their limits as artificialintelligence, digital assets, and tokenization all competed for tightresources amidst the cost of living crisis, the need to remain competitive,and a flagging