全球加密政策回顾与展望 2025/2026

Global Crypto PolicyReview & Outlook Toward clarity for institutional adoption What shaped crypto policyin 2025? QUICK LINKS What shaped cryptopolicy in 2025? Crypto regulationaround the world 2025 in crypto policy: Key highlights •TRM Labs reviewed 2025 crypto policy developments in 30jurisdictions, representing over 70% of global crypto exposure. •Stablecoins were a huge focus for policymakers worldwide,with over 70% of jurisdictions progressing stablecoin •Increasing regulatory clarity also created major tailwinds forinstitutional adoption, with financial institutions in about 80% •The impact of regulation on illicit finance remains clear. TRManalysis found that virtual asset service providers (VASPs),which are the most widely regulated segment of the crypto 2025 was the year regulatory clarity met market momentum. As the US underthe Trump administration reshaped the global policy tone, crypto regulation In this year’sGlobal Crypto Policy Review & Outlook 2025/26 report,TRM Labs reviewed crypto policy developments in 30 jurisdictions,representing over 70% of global crypto exposure — capturing a landscapedefined by stablecoins taking center stage, institutional adoption driven Stablecoins in focus With stablecoins reaching a record high in 2025, it is no surprise thatthey dominated the global policy agenda,with over 70% of jurisdictions Driven by the view that stablecoins could become true mediums ofexchange on public blockchains due to their stability in value, numerousregulators have acknowledged the importance of a bespoke regulatoryframework for stablecoins. From the US’GENIUS Actto the EU’sMiCA QUICK LINKS What shaped cryptopolicy in 2025? Crypto regulationaround the world For industry, stablecoins became the entry point for institutional adoption,with their combination of value stability and blockchain-native efficiency Institutional adoption fueled by regulatory clarity As rules crystallized, financial institutions moved in.In 2025, about 80% ofour reviewed jurisdictions saw financial institutions announce digital assetinitiatives.In particular, markets with clear, innovation-friendly regulation— such as the US, EU, and parts of Asia — became catalysts for globalinstitutional participation. Notably, we saw financial institutions engaging A key signal of the shifting supervisory posture toward institutionaladoption came in November, when the Basel Committee announced areview of its proposed prudential rules for banks’ crypto exposures.The original framework — which would have required full capital With signs pointing toward a softening of regulatory attitudes regardingbanks’ engagement with digital assets, institutional momentumis set to continue into 2026 and beyond. For highly regulated financial Undeniable impact of regulation — and theimportance of global consistency QUICK LINKS What shaped cryptopolicy in 2025? Robust crypto regulation continues to prove its impact on illicit finance.TRM analysis found that virtual asset service providers (VASPs), whichare the most widely regulated segment of the crypto ecosystem, have Crypto regulationaround the world Regulators increasingly view compliant intermediaries as essential partners incombating financial crime and building a safer, more sustainable digital assetecosystem. Responsible actors are responding in kind: the launch of BeaconNetwork, the industry’s first real-time information-sharing platform, has been But with crypto’s global and borderless nature, consistency is criticalto preventing regulatory arbitrage. International bodies reinforced thisthroughout 2025. The Financial Action Task Force (FATF) warned that aslong as gaps in standards implementation persist, “VASPs in jurisdictions This was underscored by North Korea’s record-breaking hack on Bybit in early 2025, which led to the exchange losing over USD 1.5 billion inEthereum tokens. The attackers laundered proceeds through unlicensedover-the-counter (OTC) brokers, cross-chain bridges, and decentralizedexchanges — infrastructure that largely sits outside existing regulatory 2025 saw the US lead an acceleration in crypto policymaking and friendlierregulatory attitudes toward digital assets. This report takes stock of howvarious jurisdictions and standard-setting bodies have navigated a shifting Crypto regulation around In 2025, we saw regulatory clarity accelerateinstitutional adoption, with regulators aroundthe world zooming in on stablecoins. Here’s a look athow institutional adoption and stablecoin regulation 2025 highlights Jurisdictional developments What shaped cryptopolicy in 2025? AMERICAS Argentina 2025 was an eventful year for Argentine crypto policy, with thegovernment tightening regulatory oversight of service providers,introducing a framework for tokenized assets, and confronting market In February, President Javier Milei briefly promoted a little-known memecoin, $LIBRA, on social media. The coin surged and then collapsed,sparking a ju