Global Crypto Policy Review Outlook 2025/26 Report

§ 01 Executive Snapshot

• What: The Global Crypto Policy Review & Outlook for 2025/26 highlights significant regulatory shifts impacting institutional adoption of cryptocurrencies, particularly stablecoins.
• Who: TRM Labs, Basel Committee, various global regulatory bodies, financial institutions.
• Why it matters: The report underscores the critical role of regulatory clarity in fostering institutional adoption and mitigating illicit activities within the crypto ecosystem.

§ 02 Key Developments

• In 2025, 70% of jurisdictions reviewed advanced new stablecoin regulatory frameworks, reflecting the growing importance of stablecoins in the market.
• Approximately 80% of reviewed jurisdictions saw financial institutions announce digital asset initiatives, indicating a shift towards institutional engagement with cryptocurrencies.
• The Basel Committee agreed to fast-track a reassessment of proposed prudential rules for banks' crypto exposures, responding to the rapid growth of the stablecoin market.

§ 03 Strategic Context

• 2025 marked a pivotal year where regulatory clarity led to increased institutional adoption, showcasing a maturation in global crypto policy.
• The global push for consistent regulation across jurisdictions reflects the need to prevent regulatory arbitrage and ensure a secure digital asset ecosystem.

§ 04 Strategic Implications

• Immediate market consequences include a significant uptick in institutional participation in crypto markets, driven by favorable regulatory environments in key jurisdictions.
• Long-term implications suggest that enhanced compliance measures will further integrate cryptocurrencies into mainstream financial systems, fostering innovation and stability.

§ 05 Risks & Constraints

• Potential risks include the challenge of achieving consistent regulatory standards across jurisdictions, which could lead to exploitation by illicit actors.
• Regulatory uncertainty or restrictive policies in certain jurisdictions may hinder the full potential of institutional engagement with digital assets.

§ 06 Watchlist / Forward Signals

• Key upcoming milestones include the February 2, 2026, launch of Brazil's VASP authorization regime, which will impact local crypto operations.
• Continued monitoring of the Basel Committee's revised prudential rules for banks and their implications for institutional crypto investments will be essential for assessing market dynamics.