The PwC Global Crypto Regulation Report 2025 offers a comprehensive overview of the current state of cryptocurrency asset regulation, spotlighting the full implementation of the European Union’s MiCA regulation on 31 December 2024 and a profound transformation in the United States’ regulatory landscape. The report scrutinises the regulatory frameworks of over 50 jurisdictions, documenting the accelerating integration of crypto assets into the financial system and the concerted efforts to bolster investor protection.
In the European Union, the complete rollout of MiCA (Markets in Crypto-Assets Regulation) marks a pivotal milestone, establishing a harmonised regulatory regime for crypto service providers across the EU single market. Dr Michael Huertas, PwC’s Global and European Financial Law Lead, asserts that the introduction of MiCA represents a landmark achievement in the regulation of digital assets within the European Union. It creates a unified framework designed to enhance legal certainty, foster innovation, and safeguard consumer protection and market integrity. The transitional period for the regulation extends until 1 July 2026, though several Member States—including Germany, Ireland, and Italy—have shortened this to 30 December 2025, while Lithuania and Slovenia have opted to forgo any transitional phase entirely.
In the United States, a notable shift is underway, moving away from the previous approach of "regulation by enforcement" towards a more structured framework. Particular emphasis is placed on the regulation of stablecoins and the development of market infrastructure for tokenised securities. Matt Blumenfeld, PwC’s Global and U.S. Digital Assets Lead, observes that the regulatory pendulum is swinging back in key jurisdictions. As critical barriers to entry begin to erode, both traditional firms and those specialising in digital assets find themselves at a critical juncture. Meanwhile, Asian financial hubs such as Hong Kong and Singapore have fortified their crypto frameworks, with a specific focus on licensing exchanges and regulating stablecoins.
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PricewaterhouseCoopers
