As 2025 draws to a close, we can take stock of a year that has reshaped the crypto landscape. Significant regulatory developments have made the industry more mature and secure. Governments provided clearer frameworks, stablecoins took center stage, and major financial institutions finally made open moves into the space. This is according to a global crypto policy review by TMR Labs, which examined thirty key jurisdictions.
Stablecoins at the Core of Crypto Policy #
One of the most striking developments in 2025 is the immense focus on stablecoins. In over seventy percent of the countries studied, new rules have been introduced or further developed. This is no coincidence. Stablecoins are increasingly seen as a practical bridge between traditional finance and crypto networks. Where there was hesitation about stablecoin legislation a few years ago, there is now a complete framework and momentum to further address market structure.
Both the United States and the European Union have taken major steps. The U.S. passed the GENIUS Act, setting clear requirements for issuance, reserves, and oversight. In Europe, MiCA was fully implemented this year, giving stablecoin issuers and crypto service providers certainty. Countries like Japan, Singapore, and the UAE also joined with their own frameworks.
For the market, this has an immediate effect. Stablecoins have become the starting point for institutional parties looking to work with crypto, for example for payments and settlement. This clarity means banks and asset managers no longer have to guess what is allowed.
Regulation Opens the Door for Institutional Adoption #
This new clarity did not come without consequences. In about eighty percent of the countries studied, financial institutions announced new digital asset initiatives in 2025. Especially in regions with relatively flexible and consistent rules, such as the U.S., the EU, and parts of Asia, the movement gained momentum quickly. Notably, institutions are increasingly using public crypto networks instead of private ones.
Regulators also struck a different tone. For instance, the Basel Committee decided to revisit earlier, very strict capital requirements for crypto. This was seen as a signal that banks are getting more room to work with digital assets. At the same time, enforcement remains important. Data shows that strictly regulated crypto service providers are much less involved in illegal activities than the broader ecosystem.