1、PwC Global Crypto Regulation Report 2025Navigating the Global LandscapeMarch 2025Updated on 3 April 20252PwC|PwC Global Crypto Regulation Report 2025Contents1Report Overview032Crypto regulation at a glance043Global crypto regulatory trends064The United States regulatory landscape085Views from global

2、 standard-setting bodies116The European Union MiCAR implementation167Regulatory developments in selected jurisdictions378PwC services and capabilities842PwC|PwC Global Crypto Regulation Report 20253PwC|PwC Global Crypto Regulation Report 2025Regulatory progress in the past year reflects a turning po

3、int for the digital asset industry.In the US,we are witnessing a shift toward regulatory clarity that supports institutional engagement,paving the way for broader market participation and innovation.As the industry matures,collaboration between regulators and market participants remains key to foste

4、ring a secure and dynamic digital asset ecosystem.Matt BlumenfeldGlobal/US Digital Assets Lead,PwC US Some local authorities and standard-setting bodies have adopted a catch-all regulatory definition to include all digital assets as a new form of financial instrument.Others have implemented more det

5、ailed regulatory definitions,in accordance with the digital assets economic function emphasising substance over form.The terminology adopted includes,but is not limited to digital assets,crypto assets,virtual assets,digital settlement assets,virtual currencies and cryptocurrencies.In this report,the

6、 terminology and spelling follows the one adopted by the relevant authority.For further digital assets research,please alsosee PwCs other recent global reports:Global Crypto Tax Report 2024(the 2025 edition will be published in Q1 2025),6thAnnual Crypto Hedge Fund Report,Tokenization in financial se