Global Crypto-Asset Regulation Outlook (May 2025)
Crypto regulation has reached a pivotal moment in 2025, as major jurisdictions tighten oversight. In Europe, the landmark Markets in Crypto-Assets (MiCA) regulation, effective fully from December 2024, sets comprehensive standards for crypto services and stablecoins. Meanwhile, the U.S. is actively shaping its crypto future, advancing two crucial pieces of legislation: the House Financial Services Committee approved the STABLE Act (H.R. 2392) on 3 April 2025, while the Senate Banking Committee voted 18-6 in favor of the bipartisan GENIUS Act on 13 March 2025.
On the global stage, influential bodies are shaping policy: the Bank for International Settlements (BIS) issued an April 2025 study recommending strict stablecoin reserve requirements; the Financial Action Task Force (FATF) launched a key public consultation (February–April 2025) revising its "Travel Rule" to include all crypto payments; and the Basel Committee's stringent capital rules for cryptoassets officially came into effect on 1 January 2025.
In Asia, regulators are keeping pace: Hong Kong's SFC released new crypto staking guidelines in April 2025, building on its 2023 exchange licensing regime, while Singapore has finalized a robust stablecoin licensing framework since August 2023. The Middle East, led by Dubai’s Virtual Assets Regulatory Authority (VARA), introduced updated marketing regulations (October 2024), and Bahrain refreshed its crypto rules in February 2024.
Emerging markets in Africa and Latin America are rapidly catching up: Kenya recently received regulatory guidance from the IMF (January 2025); Brazil plans phased crypto regulations by late 2025; and Argentina launched a regulatory sandbox in early 2025 to pilot tokenized securities.
Global Heat Map
Regulatory maturity spans “Comprehensive” frameworks in leading markets to outright bans elsewhere.
Comprehensive: The EU (MiCA), UK (upcoming crypto law under the FSM Act), Singapore (PSA with stablecoin code), Hong Kong (licensing regime), Switzerland, and Australia have detailed regimes. Japan, Canada, and some Caribbean financial centers likewise have mature crypto rules.
In-Progress: The United States is debating sweeping crypto bills (stablecoin acts, FIT21) but lacks a final law. South Korea has enacted its VAUPA (July 2024) to protect crypto users. Brazil’s 2022 law set the stage for future rules, the Central Bank now targets late 2025 for phase-one rules; Governor Campos Neto confirmed in an Oct 2024 interview that a dedicated stablecoin rulebook and full VASP framework will be tabled next year. India tabled a new Income-Tax Bill in February 2025 that formally defines “virtual digital assets” but retains the 30 % tax and 1 % TDS while tasking the Finance Ministry to report on possible changes by July 2025. South Africa and Israel are crafting regulatory frameworks. Mexico, Colombia, and the Philippines are formalizing crypto exchanges and payments under fintech laws.
Early-Stage: Many countries are in preliminary stages. For instance, Mexico allows crypto under its fintech law but is developing further detail, while Argentina and Ecuador are piloting tokenization sandboxes. African markets such as Kenya and Nigeria are studying crypto laws with IMF and World Bank input. In Latin America, beyond Brazil and Argentina, jurisdictions like Chile and Peru are monitoring crypto growth.
Restrictive: Some governments allow only limited crypto activities. Qatar’s new digital-asset framework explicitly excludes cryptocurrencies and stablecoins. Saudi Arabia has no crypto law and treats crypto with caution. Other Gulf states such as Kuwait and Oman have issued warnings or limited engagement.
Prohibitive: China, Vietnam, and a few others effectively ban crypto trading and mining. (For example, China’s blanket crypto ban has been in place since 2021.)
United States
Takeaway: U.S. policymakers are sharply focused on stablecoins and cross-agency clarity. In early 2025, the House passed the STABLE Act (Stablecoin Transparency and Accountability for a Better Ledger Economy) by bipartisan vote (32–17), and the Senate Banking Committee advanced the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins). Both would establish stringent reserve and disclosure rules for dollar-backed stablecoins. These proposals await floor votes in the new Congress.
Meanwhile, former President Trump has publicly pushed a “national cryptocurrency strategy,” ordering a crypto working group to report on a U.S. bitcoin reserve and digital-asset stockpile. In the regulatory arena, Democrats and Republicans alike are alarmed by SEC enforcement targeting crypto issuers (e.g., charges against token exchanges as unregistered securities). Legislative bills like FIT21 and related efforts aim to finally allocate digital-asset oversight between the SEC and the CFTC to avoid overlapping claims.
On the latter point, the bipartisan FIT21 draft (co-sponsored by Senators Scott, Hagerty, etc.) would create clear SEC vs. CFTC jurisdictions and a new category for “permitted payment stablecoins” under joint supervision. U.S. regulators are also moving: Commissioner Peirce’s SEC Crypto Task Force is soliciting public input on custody, lending, staking, and clearing for crypto securities (potentially easing crypto lending and staking under securities law), while CFTC leadership favors calling most cryptocurrencies “commodities.”
Finally, bank regulators are issuing guidance on fintech and crypto custody (the OCC and FDIC have provided crypto guidance in 2022–2024). Overall, market participants should watch for final votes on stablecoin and exchange bills and prepare for regulatory action by both agencies: the emerging U.S. framework promises clear stablecoin standards and a redefined SEC/CFTC turf, signaling more issuance controls and anti-fraud oversight for crypto markets.
European Union
Takeaway: The EU now has a harmonised crypto law (MiCA), with AML and transfer rules tightening. In May 2023, the EU formally adopted the MiCA regulation, a first-of-its-kind law covering most crypto-asset services. MiCA’s registration/licensing, transparency, stablecoin reserve, and consumer-protection rules took effect on 30 December 2024. EU member states and regulators are implementing MiCA’s Level-2 details, including technical standards for stablecoin backing, trading platforms, and disclosures.
In parallel, the European Banking Authority (EBA) and ESMA are finalising guidance on crypto under AML/CTF rules. Notably, the EU’s new “Travel Rule” regulation (No. 1113/2023) – extending the long-standing Fund Transfer Regulation to crypto – will become effective by the end of 2024. In July 2024, the EBA published its final Travel Rule Guidelines specifying sender/receiver information requirements for crypto transfers. These rules mean that European crypto exchanges and wallets must collect originator/beneficiary data on each transaction, similar to banks.
By early 2025, national regulators will issue supervisory statements on these rules. The EU is also finalising its Transfer of Funds Regulation, which will harmonize wire-transfer AML rules (including crypto) across Europe. On the enforcement side, ESMA is reviewing key markets (e.g., stablecoins) and the EBA has issued criteria for crypto custodianship. The ECB and national central banks are studying how MiCA interacts with payment systems, and the EU has debated a wholesale CBDC pilot.
EU actors now operate under a clear crypto regime: service providers must register with a member-state regulator (or use passporting), meet strict capital and custody rules, and comply with enhanced KYC and travel rule obligations. For market incumbents, this ends the national “Wild West”: cross-border token issuance and trading will be highly regulated and capitalized, and stablecoins must be 100% reserved (as MiCA mandates).
The Level-2 phase has begun: on 29 April 2025 the European Commission adopted the first MiCA delegated regulation (RTS on market-abuse controls). Further RTS packages are scheduled through H2 2025.
United Kingdom
Takeaway: The UK is moving crypto into full regulation after a hiatus. Building on 2023’s Financial Services and Markets Act (FSM Act), the UK government has confirmed that all major crypto activities (including stablecoins) will be legislated simultaneously, abandoning a phased approach.
In late 2024, the new government announced it would expand the FCA’s perimeter to cover crypto trading, custody, exchange, and stablecoin issuance together. The FSM Act already defined “cryptoassets” broadly (from June 2023) and empowered HM Treasury to designate crypto activities for regulation.
Thus, the UK roadmap involves new secondary laws (Regulated Activities Order changes) and FCA rulebooks in 2025 covering: admission and disclosure obligations for crypto-asset trading venues, market-abuse rules extended to crypto (the proposed MARC regime), and stablecoin redemption guarantees. The FCA has floated discussion papers on crypto custody and staking.
In January 2025, the government issued a statutory instrument removing crypto staking from the definition of “collective investment schemes,” enabling regulated staking services. The FCA also plans consultations in 2025 on custodial safeguarding rules for crypto custodians and on how to treat staking and lending under client money regulations.
In practice, authorized crypto firms will soon need full FCA licenses, clear custody arrangements, and new disclosure practices. Banks and other UK firms should prepare for crypto assets to be treated as regulated investments with prudent capital and custody requirements. Crypto-market abuses will also be prosecuted under UK law once these regimes are live.
Asia
Takeaway: Key Asian hubs are establishing or upgrading regulatory regimes.
Japan
Japan now has one of the world’s most advanced digital-asset frameworks. All exchanges and custodians must register under the Payment Services Act, and since June 2023, all transfers must meet FATF “Travel Rule” data requirements—giving regulators full visibility into sender and receiver details. Stablecoins are classified as “electronic payment instruments.” In March 2025, the FSA proposed a bill allowing trust-based stablecoins to hold up to 50% of reserves in JGBs or term deposits. Around the same time, SBI VC Trade became the first licensed distributor of USDC under this system. Consumer protection rules are tightening. Draft notices from March 2025 would require stablecoin issuers to undergo annual CPA audits to verify asset segregation, while updated guidelines expand oversight of crypto-asset sales.
Hong Kong
In 2023, the Securities and Futures Commission (SFC) rolled out its new licensing regime for virtual-asset exchanges, with Visa-like licenses effective from June 2023. By early 2025, the SFC extended the rules to include staking services. In April 2025, the SFC issued guidance allowing licensed platforms to offer crypto staking (e.g., Ether staking), but only under strict conditions: platforms must retain full control of staked assets, maintain robust disclosure and risk controls, and obtain explicit regulatory approvals. This reflects a broader Hong Kong policy—dubbed “ASPIRe”—which recognizes staking’s network-security benefits while demanding strong investor protection. The SFC is also expected to finalize regulations on stablecoin issuance in 2025, following a consultation process that began in 2024.
Singapore
The Monetary Authority of Singapore (MAS) operates a mature regulatory regime under the Payment Services Act (2020). In August 2023, MAS published a new stablecoin regulatory framework requiring issuers of any pegged crypto (e.g., USDS-like coins) to ensure full reserve backing and hold those reserves with regulated institutions. By 2025, Singapore is expected to finalize any remaining rules under this stablecoin framework.
South Korea
South Korea’s “Act on Protection of Virtual Asset Users” (VAUPA) was passed in mid-2023 and took effect on July 19, 2024. This law imposes wide-ranging protections: crypto exchanges must segregate client assets, maintain insurance and operational oversight, and report suspicious activity. The Financial Services Commission (FSC) announced that exchanges enhanced their compliance systems in anticipation of VAUPA. Additional rules—such as on stablecoin backing and custodial responsibilities—are expected to follow later in 2025.
Other Asia
Singapore and Hong Kong continue to lead in regulatory framework development. India is actively re-evaluating its crypto stance in response to global shifts. Mainland China maintains a prohibitive position. Meanwhile, emerging markets such as the Philippines and Malaysia are modestly regulating exchanges and service providers, and Indonesia’s central bank is drafting a crypto licensing regime.
Middle East
Takeaway: GCC jurisdictions are rapidly building dedicated crypto frameworks.
Dubai (UAE)
Dubai’s Virtual Assets Regulatory Authority (VARA), established by Law No. 4/2022, now oversees a comprehensive crypto rulebook. In October 2024, VARA issued new Marketing Regulations to govern all advertising and promotion of crypto services targeting UAE residents, replacing earlier administrative orders. VARA’s 2023 rulebook covers licensing and governance for exchanges, brokerages, and other crypto entities. Between 2023 and 2025, VARA has continued to expand its guidance—particularly on marketing and custody. Additionally, Dubai’s financial hubs—the DIFC and ADGM—have developed their own DLT frameworks, further positioning the UAE as a regional crypto hub.
Bahrain
The Central Bank of Bahrain (CBB) created its own Virtual Asset Regulatory Authority in 2022. In February 2024, the CBB updated its digital assets rulebook to align with evolving global standards. Bahrain now permits licensed crypto exchanges and custody providers and enforces AML/CFT rules for virtual asset service providers (VASPs). The national stock exchange, Boursa Bahrain, is also exploring the use of tokenized securities.
Saudi Arabia
Saudi Arabia currently lacks a dedicated crypto legal framework. Cryptocurrency trading remains technically unregulated and unrecognized. Regulatory bodies such as the Saudi Central Bank (SAMA) and the Capital Market Authority (CMA) have issued warnings about crypto speculation. However, the kingdom has expressed interest in blockchain technology, as evidenced by its participation in the mBridge central bank digital currency (CBDC) initiative. No comprehensive crypto law is expected before the late 2020s.
Qatar
In 2024, the Qatar Financial Centre (QFC) introduced a Digital Assets Framework for QFC-registered entities. This framework allows tokenization of real assets and supports distributed ledger technology (DLT) applications but explicitly excludes cryptocurrencies and stablecoins. In effect, Qatar remains cautious—discouraging direct crypto trading while encouraging regulated uses of tokenized finance.
Africa & LATAM Snapshot
Takeaway: Emerging markets are actively testing and evolving their crypto regulation.
Most African nations remain in the exploratory phase of crypto regulation. In January 2025, the IMF published a technical assistance report for Kenya, recommending the classification of crypto assets, inter-agency coordination, and strengthened AML/CFT oversight. Kenya’s Capital Markets Authority is currently drafting crypto legislation. Nigeria, which was added to the FATF greylist, is re-evaluating how to regulate crypto exchanges, following past restrictions on banking support. South Africa’s licensing regime is already live: since 1 June 2023 the FSCA has processed 420 CASP applications and by 10 December 2024 had approved 248 licences; Travel-Rule enforcement and on-site inspections began in Q1 2025. Other countries, such as Rwanda and Nigeria, are focusing primarily on AML compliance for VASPs.
Latin America presents a wide regulatory spectrum. Brazil passed a national crypto law in 2023, and its Central Bank has divided implementation into phases, with draft rules expected by end-2024. Mexico continues to operate under its 2018 Fintech Law, having recently tightened anti-money laundering checks for crypto exchanges. In Argentina, after years of minimal oversight, Law No. 27,739 was enacted in March 2024 to bring VASPs under securities regulation. Argentina also launched a tokenization sandbox in April 2025 to pilot on-chain securities. Chile and Colombia have issued regulatory guidance on crypto but still lack comprehensive legal frameworks.
Cross-Cutting Themes
Stablecoins
Regulators worldwide are converging on strict stablecoin standards. Following major fiat-pegged coins like USDC, the BIS and central banks emphasize 100% reserve backing and ready redemption. BIS Paper 156 (April 2025) specifically called for “targeted stablecoin regulation” focused on reserve assets and stress-resistant design. The EU’s MiCA and several national laws mandate full asset backing and capital buffers for fiat-linked coins. In the United States, multiple congressional bills (such as the STABLE Act, GENIUS Act, and proposed Federal Reserve rules) aim to require issuers to hold secure reserves in regulated banks. Globally, regulators are expected to enforce proof-of-reserves and audits—indeed, some exchanges in jurisdictions like Japan and parts of Europe are already required to publish proof-of-reserves disclosures. Stablecoin oversight is becoming a central theme in both Basel prudential regulations and global AML regimes.
FATF AML/CFT (February 2025)
FATF’s ongoing updates are reshaping crypto’s compliance landscape. In February 2025, FATF held a plenary session launching a public consultation on Recommendation 16 (the “Travel Rule”), aiming to ensure consistent originator/beneficiary data for all transfers. These revisions, expected to be finalized by mid-2025, will likely include requirements for structured messaging (such as ISO 20022), lower de minimis thresholds, and broader coverage of domestic and cross-border crypto payments. Separately, FATF’s 2023–2024 annual report (published January 2025) reaffirmed the obligation for jurisdictions to enforce licensing or prohibitions for VASPs under its standards. In practice, this means that licensed crypto exchanges worldwide must implement strict KYC/AML controls. Many jurisdictions, including the EU, UK, and Canada, are already applying FATF’s 2019 guidance for virtual assets. The result is that any global crypto payment provider must adhere to bank-like AML requirements or risk countermeasures.
DeFi & Staking (BIS Paper 156)
DeFi tokens and crypto-staking activities are attracting increased supervisory attention. BIS Paper 156 (April 2025) analyzed the role of DeFi in financial markets and warned of its potential to propagate financial risks without appropriate guardrails. Regulators are now considering how to bring decentralized finance into the regulatory perimeter. For example, Hong Kong’s April 2025 guidance treats staking-as-a-service providers as regulated under existing exchange licenses. Likewise, some central banks, through initiatives like Project Mariana, are researching how to supervise lending and staking involving stablecoins. In 2025–2026, new guidance is expected covering stablecoin staking pools, liquidity provision, and lending platforms—effectively applying the “same activity, same risk” principle to DeFi. For traditional financial institutions, this implies a need to monitor on-chain financial contracts closely, and for custodians to disclose any staking services offered to clients.
Basel Crypto Prudential Rules
In June 2023, the Basel Committee finalized capital standards for cryptoassets, which took effect on January 1, 2025. Under these standards, banks must classify crypto exposures into two categories:
Group 1: Tokenized traditional assets and algorithmic stablecoins that meet strict criteria
Group 2: All other assets, such as Bitcoin and Ether
Group 2 cryptoassets that fail the hedging tests (Group 2b) now carry a 1 250 % risk-weight; any bank whose total Group 2 exposure tops 1 % of Tier 1 capital must apply that 1 250 % charge to the excess, and a breach of 2 % triggers the 1 250 % weight on all Group 2 holdings. Algorithmic or non-redeemable stablecoins are expressly excluded from Group 1 eligibility. These measures effectively discourage major bank involvement in pure crypto. Additionally, the rules introduce a short-term “infrastructure add-on” risk weight for any crypto-related loans. Banking regulators in the U.S. and Europe have confirmed their intent to enforce these standards. The practical impact is that any traditional financial institution intending to hold or lend crypto must set aside substantial capital, reducing yield potential and requiring robust collateral management.
Tax Transparency (OECD CARF)
To combat crypto-related tax evasion, the OECD’s Crypto-Asset Reporting Framework (CARF), adopted in 2023, is being implemented globally. As of February 2025, 66 jurisdictions have committed to start CARF exchanges—54 from 2027 and a further 12 from 2028—according to the OECD Secretary-General’s report to G20 finance ministers. CARF mandates that crypto exchanges and custodians report user transaction data to tax authorities, similar to FATCA and CRS frameworks. In practical terms, major crypto firms will need to ensure that their AML/KYC systems are capable of collecting and storing this data. By 2025, a wave of domestic regulations and international agreements is expected to operationalize CARF. Firms that fail to comply may face penalties and enforcement actions, as tax authorities begin demanding detailed reports on customer balances and transactions.
Strategic Implications & Risk Checklist
Regulatory Arbitrage
Divergent global regimes create both opportunities and risks. Crypto-friendly markets like Dubai, Singapore, and Switzerland may attract issuance and development activity, while stricter jurisdictions such as China, Qatar, and certain U.S. states are likely to see capital outflows. Firms must map where their products can be legally offered and where key gatekeepers (banks, exchanges, custodians) operate. However, coordinated global oversight—driven by frameworks like FATF and Basel—is steadily reducing true regulatory havens. Compliance strategies must now address all operational regions holistically.
Capital-Charge Impact
Under the Basel 2025 rules, banks face substantial capital charges for crypto exposures. Asset managers with indirect crypto exposure—particularly via banking conduits—will also face increased risk-weighted capital burdens. This raises the cost of leverage and reduces yields. For example, a bank-backed crypto fund might require 20–30% more capital per dollar invested. Institutions should model these impacts now and evaluate whether to shift certain crypto operations to non-bank entities to optimize capital efficiency.
Custody & Cybersecurity
With rising regulatory scrutiny, custody has become a critical risk point. Jurisdictions increasingly require custodians to use cold storage, undergo regular audits, and maintain asset segregation. Recent high-profile cyber breaches have underscored the need for robust custody infrastructure—multi-signature wallets, insured vaults, and operational transparency. Regulators such as ESMA and the FCA are actively reviewing custody standards. Under MiCA, European custodians must segregate user assets. Traditional finance (TradFi) institutions entering crypto custody must invest in resilience, regulatory compliance, and customer assurance—failure could result in enforcement for fraud or breach of fiduciary duty.
Tokenization of Assets
Many jurisdictions are preparing legal frameworks for real-world asset (RWA) tokenization. The EU and UK are exploring listing security tokens; Japan’s pilot DLT programs include government securities; and stock exchanges in the Middle East are testing digital bonds. TradFi firms should prepare for the tokenization of bonds, equities, and potentially loans. This could expand custody and market-making services but also introduces new risks tied to smart contracts and interoperability. Firms should begin assessing platform partnerships and compliance procedures around asset provenance and transfer restrictions.
Market-Making & Liquidity
Regulators are turning their attention to crypto market-making, especially automated liquidity pools. Capital and AML obligations will reshape how banks and broker-dealers engage. Transparency standards such as “proof-of-reserves” may become mandatory for exchanges. TradFi trading desks should anticipate needing fully KYC-verified counterparties and may face limitations on proprietary crypto trading due to volatility-related capital charges. Risk teams should update stress scenarios to reflect crypto volatility and contagion, especially as correlations with traditional assets can spike in crises.
Actionable Recommendations
Holistic Crypto Strategy: Develop a board-level policy encompassing compliance, IT, treasury, and risk. Assign a cross-functional team to monitor MiCA, Basel, and FATF developments.
Strengthen AML/CFT & Tax Processes: Upgrade KYC and transaction monitoring systems to meet crypto-specific standards. Ensure systems are ready for OECD CARF reporting—this includes capturing customer identity and tax residency in digital, auditable formats.
Reassess Capital & Treasury Limits: Integrate Basel 2025 crypto capital rules into internal models. Update treasury exposure limits and consider using special-purpose vehicles for capital optimization.
Secure Custody Infrastructure: Partner only with regulated custodians or develop institutional-grade in-house solutions. Use multi-sig cold storage, obtain insurance, conduct audits, and provide clear client disclosures.
Educate & Train Personnel: Conduct ongoing training for legal, compliance, and front-office teams. Appoint a dedicated crypto compliance officer to mitigate regulatory risks.
Future Prospects (2025–2027)
Pipeline of Laws
The EU may pursue a “MiCA-2” initiative to refine stablecoin and ESG rules. The UK will publish detailed crypto secondary legislation under the FSM Act from 2025 onward. In the U.S., a comprehensive digital asset framework is expected—potentially under the FIT21 or Digital Commodities Market Reform (DCMR) Act. A bipartisan stablecoin bill (introduced in February 2025) aims to codify issuer obligations.
Supervisory Trends
Regulators are transitioning to activity-based oversight. The Basel Committee and IOSCO are expected to issue joint guidance on custody and lending. BIS Innovation Hub’s Project Mariana and related CBDC efforts (e.g., mBridge and Project Dunbar) are influencing how central banks approach crypto interoperability. “Proof-of-reserves” attestations may soon be mandatory—regulators like Singapore’s MAS and Japan’s FSA are exploring these disclosures.
Market Structure Evolution
Tokenized trading of government securities is gaining traction. By 2027, several markets are expected to pilot tokenized government bonds (“on-chain T-bills”), repo markets, and collateralized lending via blockchain. These developments, along with programmable regulation, may transform fixed-income markets. Regulated crypto ETFs will likely expand, bridging traditional and decentralized markets.
CBDC Interplay
Wholesale CBDC initiatives will grow. BIS’s mBridge project is progressing toward Phase III with multi-CBDC pilots. ASEAN+3 initiatives, China’s e-CNY, and U.S. Fed research on retail CBDCs will influence central bank approaches. Increasingly, central banks are exploring interoperability between CBDCs and regulated stablecoins, as seen in Singapore’s Project Dunbar.
Tech & Compliance Advances
AI and machine learning will enhance transaction monitoring and anomaly detection, with vendors like Chainalysis and TRM expanding capabilities. Privacy-preserving KYC (e.g., zero-knowledge proofs and digital identity wallets) will be tested for regulatory compliance. Institutions are also preparing for quantum-resistant cryptography and distributed identity standards to meet the demands of next-generation crypto ecosystems.
Watch-List Calendar (2025–Q4 2027)
2025-Q2: FATF finalizes Travel Rule revisions; Hong Kong finalizes stablecoin licensing; U.S. Senate votes on STABLE Act; EU issues MiCA Level-2 standards.
2025-Q3: BIS releases crypto policy papers; Singapore provides security token guidance; South Africa finalizes crypto rules; OECD publishes first CARF report; India reviews crypto-tax rules.
2025-Q4: Basel Committee issues FAQs on crypto capital; U.S. Comptroller releases stablecoin guidance; UK FCA finalizes custody rules; EU updates AMLR with crypto provisions; Bermuda and El Salvador announce CBDC developments.
2026-Q1: MiCA and UK regimes enter enforcement phase; OECD CARF reporting begins; U.S. publishes stablecoin frameworks; Brazil finalizes crypto exchange rules (Phase I).
2026-Q2: BIS-IOSCO release digital asset risk report; Japan expands crypto rulebook; Australia enforces Travel Rule; G20 Finance Ministers assess crypto/CBDC progress; Basel begins climate risk monitoring for crypto.
Sources
Risk Disclaimer:
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