Improving crypto regulatory clarity has triggered a 125% increase in global retail crypto transactions for two years in a row, according to TRM Labs.
Global retail crypto transactions grew by more than 125% between January and September 2025, echoing similar growth seen in 2024, according to the blockchain intelligence firm in its report on crypto adoption and stablecoin usage released Tuesday.
Most activities were related to practical use cases such as payments, remittances and preserving value in volatile economic conditions, demonstrating that people play a growing role in the evolution of the industry.
“As the ecosystem has matured, the footprint of crypto activity has diversified, with more structured service providers and institutional participants shaping transaction models.”
Clarity in Crypto Regulation Brings Peace of Mind
In the United States, TRM Labs said the growth that began in 2023 and extended beyond 2024 was enhanced and accelerated by a combination of political, regulatory and structural factors, which opened the market to new players.
“The two consecutive years of double-digit expansion in the U.S. market reflect not only enthusiasm, but also the combined effect of regulatory clarity and political commitment,” he writes.
Since the start of the year, the United States has taken significant steps in crypto regulation, with bills such as the GENIUS Act targeting stablecoins, the CLARITY Act, a market structure bill and its joint working group with the United Kingdom.
At the same time, Pakistan’s crypto scene has also benefited from friendly lawmakers, TRM Labs said, with “growing adoption from the grassroots”, further “supported by key policy measures”, such as the government’s establishment of the Pakistan Crypto Council and announcement of plans to develop a dedicated crypto regulator.
The number of crypto users in Pakistan is estimated at 28 million in 2026 by online data platform Statista, out of a population of 250 million.
“In some jurisdictions, adoption has accelerated in response to regulatory clarity and institutional access; in others, it has grown despite formal restrictions or outright bans,” the company said.
“These contrasting dynamics indicate a consistent trajectory: crypto is increasingly integrating into the financial mainstream. A key trend highlighting this shift is the rise of stablecoins.”
Bans are ineffective and facilitate adoption
Crypto adoption has also increased despite exchange crackdowns and capital controls in some countries, according to TRM Labs.
Bangladesh does not have any platforms authorized to operate legally in the country and since 2014, the country’s central bank, Bangladesh Bank, has issued warnings regarding the use of crypto.
“However, ongoing capital controls and limited access to currencies have made crypto an attractive option for people seeking alternatives to traditional financial systems,” TRM Labs said.
A similar trend is developing in several North African countries, such as Algeria, Egypt, Morocco and Tunisia, where cryptography is either banned or restricted; however, all four are ranked in the top 50 in global adoptions.
“Notably, the above jurisdictions outperform several countries with permissive or regulated frameworks, suggesting that popular demand for alternative financial tools may exceed formal restrictions. »
A report released by the Financial Stability Board, a global coordinator of financial rules and reforms, and the International Monetary Fund in September 2023, reached a similar conclusion: blanket bans are ineffective and often incentivize people to use cryptocurrencies.
