The global crypto policy landscape in 2025 is undergoing major changes:
UNITED STATES: In July 2025, the U.S. took decisive steps toward regulatory clarity by passing the GENIUS Act, which tightly regulates stablecoins, requiring full reserve backing, audits, and anti–money laundering measures. Only approved issuers can issue dollar-pegged stablecoins. The CLARITY Act, which clarifies digital asset treatment under securities and commodities law and aims to reduce overlapping regulations, passed the House and is pending in the Senate. Congress is also considering bills to prohibit the issuance of a central bank digital currency (CBDC) without specific legislative approval, signaling a preference for a market-driven stablecoin ecosystem rather than a government-issued digital dollar.
EUROPE: The EU’s Markets in Crypto-Assets Regulation (MiCAR) is coming into effect, standardizing crypto laws, including strict rules for stablecoins and stronger requirements for exchanges, across member states. MiCAR’s transitional period may cause some short-term regulatory uncertainty.
ASIA: Key Asian markets (Hong Kong, Singapore) are introducing new licensing regimes for exchanges and custody services, and finalizing or enforcing stablecoin frameworks, aiming to balance innovation with risk management.
Other Global Developments:
The Basel Committee on Banking Supervision is setting new prudential standards for banks handling crypto, to be implemented by January 2026, with most jurisdictions aligning their local laws to these standards.
Many countries are tightening anti-money laundering regulations and focusing on data security and auditability of crypto transactions.
INDIA: Cryptocurrencies are not legal tender, but trading and investing are allowed within specific regulatory guidelines. Regulation aims to ensure oversight while avoiding outright bans.
These developments collectively mark a shift from patchwork, enforcement-based oversight to clearer, innovation-encouraging but stricter frameworks—especially for stablecoins, data security, and anti-money laundering. The U.S. regulatory stance, in particular, is expected to shape global standards and accelerate institutional adoption worldwide.