TRM Global Crypto Policy Review Outlook 2025

Keypoints

• Typical report structure — Title and executive summary: top-line findings, bold statistics, and primary recommendations for policymakers and industry.
• Typical report structure — Table of contents and methodology: scope (30 jurisdictions), data sources, definitions (VASPs, stablecoins), and criteria for measuring exposure and regulatory progress.
• Typical report structure — Global and regional overviews: synthesis of trends across Americas, EMEA, and APAC, with maps/heatmaps showing regulatory status and institutional engagement.
• Typical report structure — Jurisdictional developments: per-country summaries that describe enacted laws, proposed bills, regulatory guidance, and key domestic events impacting markets.
• Typical report structure — Thematic deep dives: focused chapters on stablecoins, institutional adoption, illicit finance, cross-border coordination, and technology-specific risks (bridges, OTC markets, DEXs).
• Typical report structure — International organizations and standards: coverage of FATF, FSB, Basel Committee actions and their influence on national implementations.
• Typical report structure — Case studies and incident analysis: detailed breakdowns of major breaches or enforcement actions (e.g., exchange hacks, laundering chains) to illustrate systemic vulnerabilities.
• Typical report structure — Outlook and key dates: anticipated regulatory milestones, upcoming consultations, and a timeline for expected policy shifts into the next year.
• Typical report structure — Appendices and About section: data tables, methodology notes, and information about the publishing organization (TRM Labs).
• Key statistic — Jurisdiction coverage: the report reviews 30 jurisdictions representing over 70% of global crypto exposure, providing broad geographical relevance.
• Key statistic — Stablecoin focus: more than 70% of jurisdictions progressed stablecoin regulation in 2025, making stablecoins the dominant policy priority.
• Key statistic — Institutional engagement: roughly 80% of reviewed jurisdictions saw financial institutions announce new digital asset initiatives as regulatory clarity increased.
• Key statistic — VASP impact: regulated VASPs show significantly lower rates of illicit activity than the broader crypto ecosystem, reinforcing the effectiveness of compliance frameworks.
• Key statistic — Information sharing adoption: Beacon Network participation includes VASPs representing over 75% of crypto volume and support from more than 60 law enforcement agencies across 15 countries.
• Notable incident — Bybit hack: North Korea-linked attackers stole over USD 1.5 billion in Ethereum from Bybit and laundered proceeds via unlicensed OTC brokers, cross-chain bridges, and DEXs, illustrating how unregulated infrastructure is exploited.
• Regulatory dynamics — Standards and pushback: the Basel Committee’s proposed prudential rules (including severe capital treatments) faced resistance from major jurisdictions like the US and UK, prompting a reassessment and signaling softer supervisory postures toward bank engagement with crypto.
• Jurisdictional momentum — Leaders and frameworks: major moves included the US GENIUS Act initiatives, EU MiCA implementation, and accelerating frameworks in Hong Kong, Japan, Singapore, and the UAE, all emphasizing issuance, reserves, and redemption standards for stablecoins.
• Emerging attack techniques and laundering pathways: greater use of cross-chain bridges, OTC brokers, and decentralized exchanges to obfuscate flows—requiring enhanced tracing, cross-chain analytics, and regulatory coverage of intermediaries beyond traditional VASPs.
• Recurring themes — Regulatory clarity drives institutional adoption: clear, innovation-friendly rules correlate strongly with market participation by banks and other financial institutions.
• Recurring themes — Need for global consistency: inconsistent implementation creates arbitrage opportunities; international bodies (FATF, FSB) warn that gaps threaten detection, disruption, and financial stability.
• Impactful takeaways — Enforcement and coordination matter: real-time information sharing (e.g., Beacon Network) and cooperation between compliant intermediaries and law enforcement are critical to limit large-scale thefts and laundering.
• Impactful takeaways — Watch stablecoins and cross-border rules in 2026: regulatory decisions on stablecoin frameworks, bank prudential treatments, and standard adoption by major jurisdictions will shape institutional adoption and market structure.
• Practical implications for industry: prioritize strong compliance and risk-management, engage proactively in standard-setting, adopt cross-chain tracing tools, and prepare for heightened regulatory scrutiny around stablecoin issuance and custody.