To remember: 2025 marked a turning point in how governments regulated crypto. Instead of relying on coercive measures to shape the sector, jurisdictions around the world have implemented comprehensive frameworks with requirements defined in advance. For compliance teams navigating multiple markets, understanding these changes is essential.
For years, the regulation of cryptoassets has been shaped primarily by enforcement measures and the establishment of restrictive licensing regimes. In the United States in particular, regulators have focused on punishing violations and creating significant barriers to entry for market participants, but have rarely provided clear rules from the outset. Therefore, some regulatory regimes around the world were not considered hostile to crypto-asset innovation.
This changed in 2025. Jurisdictions around the world began implementing comprehensive crypto regulatory frameworks, supported by clearer guidance and new provisions aimed at reducing barriers to innovation.
Each jurisdiction has taken a different path depending on its priorities and its economic and political context. For compliance teams at cryptoasset companies and financial institutions, this has brought both clarity and confidence while introducing new compliance challenges. Regulatory decisions made in 2025 will shape how businesses operate for years to come.
The Elliptic Global Crypto Regulation 2025 report provides an overview of the biggest global crypto regulation movements occurring in 2025, accompanied by insights from our policy experts. Download the report here.
The executives arrive
What sets 2025 apart from previous years is not just the announcement of new regulations. It is their effective implementation, together with a deliberate policy change, that has highlighted the importance of ensuring these new frameworks support innovation.
Major jurisdictions have moved from consultation phases to operational regimes with specific requirements, licensing processes, sandbox agreements and enforcement mechanisms:
- United States made significant progress after years of stalled legislation. The GENIUS Act was passed in July, creating the first federal stablecoin framework. Banking regulators have rolled back policies that blocked banks from offering crypto services. The shift from an enforcement-first approach to a rules-first approach has been dramatic.
- The European UnionThe European Union’s (EU) MiCA regime was rolled out across all 27 member states in 2025. Companies can now obtain authorization in one country and operate across the bloc, although this has created competition between member states to attract crypto companies with faster approvals and clearer guidelines.
- Hong Kong launched a stablecoin framework in August 2025 which quickly became a regional benchmark. Reserve requirements, capital standards and AML/CFT obligations were all clearly defined. The Hong Kong Monetary Authority (HKMA) tested the framework in a regulatory sandbox, refining it before its full rollout.
- United Arab Emirates maintained its lead in the Middle East. Regulators in Dubai and Abu Dhabi have approved the use of major stablecoins and expanded licensing for crypto companies. Multiple regulators have coordinated effectively across different jurisdictions and market segments.
Regulators gave banks the green light
Traditional financial institutions have received regulatory approval to offer crypto services at scale. US banking regulators have issued detailed guidance on custody and custody, while the Wolfsberg Group (representing 12 major global banks) has issued principles for issuers of banking stablecoins.
This created enough certainty that large institutions across multiple jurisdictions could begin planning stablecoin and custody offerings, committing significant resources to crypto engagement for the first time.
Stablecoins took center stage
Stablecoin regulation has progressed rapidly across all jurisdictions. South Korea has moved to allow won-backed stablecoins following its new administration’s push for crypto competitiveness, while the United Kingdom has released a draft law establishing its framework.
The coordinated global focus reflects the growing importance of stablecoins in cross-border payments, with regulators consistently emphasizing reserve requirements, redemption standards and financial crime controls as essential parts of the framework.
International cooperation has developed
The Financial Stability Board (FSB) has prioritized stablecoin oversight under the new leadership. It is October review found significant implementation gaps across jurisdictions. Sixth FATF update shows 99 jurisdictions implementing Travel rule requirements, although he noted that stablecoins now account for most illicit on-chain activity.
Law enforcement coordinated more closely. The US, South Korea and Japan have jointly warned of North Korean cryptocurrency thefts exceeding $600 million in 2024. The US, UK and EU have coordinated sanctions aimed at circumventing Russian sanctions using cryptocurrencies.
What’s in Elliptic’s 2025 Global Crypto Regulation Report?
The regulatory landscape that has emerged in 2025 has created new strategic questions for companies operating in this area. Our report on Global Crypto Regulation 2025 goes beyond documenting what happened to explore what it means.
There you’ll find expert perspectives from Elliptic’s policy team on emerging trends across jurisdictions, analysis of where regulatory approaches converge or diverge, and insights into what issues regulators are likely to address next.
Whether you’re responding to new requirements, evaluating expansion plans, or advising executives on regulatory strategy, this report gives you the information you need to operate with confidence in 2026. Download the Global Crypto Regulation 2025 Report today.
