Elliptic's Global Crypto Regulation Review 2025 Highlights Innovations and Regional Challenges in Crypto Policy
Elliptic's Global Crypto Regulation Review 2025 reports a worldwide shift toward innovation in crypto policy in 2025, driven by changes originating in the Trump era and the introduction of the GENIUS Act.
In the United States, policy shifts include the Department of Justice ending the practice known as 'regulation by prosecution,' the establishment of the SEC Crypto Task Force led by Hester Peirce, and broader federal coordination focused on market structure. These developments have increased optimism about US leadership in the crypto sector.
Stablecoins are seeing growing native use across blockchains, serving as collateral, settlement rails, and yield-bearing instruments within decentralized finance (DeFi), which is altering liquidity dynamics.
Guidance on crypto custody and safekeeping is expanding in the US, while regions like the European Union and Hong Kong plan to introduce stablecoin issuance and custody offerings. Additionally, the Wolfsberg Group has issued guidance aimed at banks that serve stablecoin issuers.
In August, Hong Kong launched a stablecoin regulatory regime emphasizing strong anti-money laundering and combating the financing of terrorism (AML/CFT) standards. The United Kingdom and South Korea are also in the process of developing regulatory frameworks for stablecoins.
Across the Asia-Pacific (APAC) and Middle East regions, hubs have made advances in licensing, custody, tokenization, and stablecoin regimes. However, regional harmonization of these frameworks remains distant due to significant differences and vested interests among APAC countries.
Experts note that while a regional standard in APAC would be beneficial for coordination, it is unlikely to be realized given the current challenges.
