PwC's Global Crypto Regulation Report 2025 examines the rapidly evolving digital asset regulatory landscape, analyzing policy shifts and emerging trends across 50+ jurisdictions. Key focus areas include the U.S. regulatory pivot, the EU’s Markets in Crypto-Assets Regulation (MiCAR) implementation, and nascent frameworks worldwide.
1. U.S. Regulatory Clarity
The U.S. is poised to adopt more crypto-friendly policies in 2025, resolving jurisdictional conflicts between the SEC and CFTC to provide clear industry guidance.
2. Asia’s Proactive Regulatory Push
Financial hubs like Hong Kong (OTC/custody licensing) and Singapore (stablecoin frameworks) are tightening crypto oversight while fostering innovation.
3. EU MiCAR Transition Challenges
Despite MiCAR’s enactment, crypto firms can operate under national rules until mid-2026, risking fragmented enforcement across member states.
4. Middle East & Emerging Markets Framework Growth
The UAE (via Dubai VARA and Abu Dhabi FSRA) leads comprehensive crypto regulations, with Bahrain and South Africa introducing exchange licensing.
5. UK’s Crypto Asset Framework Advances
The FCA is consulting on rules for crypto assets and stable币 (post-2024 Treasury inclusion), aiming for full implementation by 2026.
6. Global Stable币 Scrutiny Intensifies
MiCAR now regulates stablecoins comprehensively, while the UK and Asia explore支付型 stable币 oversight to ensure reserve adequacy.
7. Enhanced Data Governance
Blockchain adoption demands stricter data accuracy/access controls to mitigate fraud, cyber threats, and operational risks.
8. Tighter AML & Transparency Standards
FATF’s Travel Rule adoption expands, requiring crypto exchanges to meet bank-level转账 reporting.
9. DeFi & Innovation Under the Lens
IOSCO/FATF policy drafts signal upcoming "same risk, same rules" application for DeFi, with U.S./EU exploring securities/fraud/AML laws.
10. Crypto-Financial System Integration
Securities-backed tokens gain traction via regulatory sandboxes. EU/UK试点 blockchain-based government bonds, signaling institutional adoption.
Key Takeaways for 2025
Industry Adaptation
- Regulatory certainty may accelerate fintech-traditional finance convergence,成熟化 stablecoins and asset tokenization.
- Firms must prioritize compliance and internal controls.
Accounting & Tax Challenges
- IFRS lacks crypto-specific standards, leaving valuation/reporting ambiguities.
- Taiwan taxes crypto via existing laws but needs clarity on跨境 transactions to prevent arbitrage.
👉 Explore how global regulations impact your crypto strategy
FAQ
Q: How does MiCAR affect non-EU crypto firms?
A: MiCAR applies extraterritorially if serving EU customers, requiring compliance with licensing/operational rules.
Q: What’s the U.S. stance on stablecoins?
A: 2025 proposals aim to classify payment stablecoins under federal oversight, separating them from securities.
Q: Are DeFi platforms exempt from AML laws?
A: FATF guidelines suggest DeFi must implement AML controls if facilitating asset transfers—regardless of decentralization.
Authored by:
- Position: Editor-in-Chief, North American Intellectual Property News
- Education: MA in Journalism, National Chengchi University
- Experience: Senior Editor (IP news), Corporate Strategist (tech/e-commerce), Financial Reporter