Policy desk
Regulatory Tracker
Crypto regulation intelligence across 14+ jurisdictions — legislation, CBDCs, enforcement and market structure.
26
Initiatives
20
Enacted
6
In progress
14
Jurisdictions
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Region
Type
Status
26 initiatives
EnactedLegislation
MiCA – Markets in Crypto-Assets Regulation
European Union
The world's first comprehensive crypto regulatory framework, covering issuers of crypto-assets and service providers (CASPs) across all 27 EU member states.
EnactedLegislation
Transfer of Funds Regulation (TFR)
European Union
Extends AML "travel rule" to crypto — CASPs must collect and transmit originator and beneficiary data on all transfers, including unhosted wallets.
EnactedLegislation
DAC8 – Crypto Tax Reporting
European Union
Requires EU-based crypto service providers to report customer transactions to tax authorities, enabling automatic cross-border exchange of data.
In ProgressCBDC
Digital Euro (ECB CBDC)
European Union
A potential retail CBDC from the European Central Bank. The ECB moved from investigation to preparation phase in 2023, with a legislative proposal from the Commission.
EnactedMarket Infrastructure
Spot Bitcoin ETF Approvals
United States
The SEC simultaneously approved 11 spot Bitcoin ETF applications, opening direct BTC exposure to US retail and institutional investors through regulated stock exchanges.
EnactedMarket Infrastructure
Spot Ethereum ETF Approvals
United States
Following the Bitcoin ETF precedent, the SEC approved spot Ethereum ETFs from 8 issuers, implicitly recognising ETH as a commodity rather than a security.
In ProgressLegislation
FIT21 – Financial Innovation and Technology for the 21st Century Act
United States
Would establish a clear framework dividing jurisdiction between the SEC (securities) and CFTC (commodities/digital assets), providing the first comprehensive US crypto market structure law.
EnactedGuidance
SAB 122 – SEC Accounting Guidance Reversal
United States
The SEC reversed SAB 121 (which required banks to record customer crypto as liabilities on their own balance sheets), removing a key barrier to institutional custody.
EnactedPolicy
US Strategic Bitcoin Reserve
United States
Executive Order establishing a Strategic Bitcoin Reserve using BTC seized through federal forfeitures, and a broader Digital Asset Stockpile for other cryptocurrencies.
In ProgressLegislation
UK Cryptoasset Regulation (FCA)
United Kingdom
The Financial Services and Markets Act 2023 gave HM Treasury powers to regulate crypto. The FCA is phasing in a full licensing regime covering exchanges, custody, and stablecoins.
EnactedRegulation
Digital Securities Sandbox (DSS)
United Kingdom
A joint FCA/Bank of England sandbox allowing firms to issue, trade, and settle digital securities (bonds, equities) under modified existing law, testing DLT-based market infrastructure.
EnactedRegulation
MAS Stablecoin Regulatory Framework
Singapore
MAS published finalised rules for single-currency stablecoins (SCS) pegged to SGD or G10 currencies, covering reserve requirements, redemption rights, and capital requirements.
In ProgressMarket Infrastructure
Project Guardian – Institutional DeFi
Singapore
MAS-led initiative exploring asset tokenisation and DeFi in wholesale financial markets, with 17 global financial institutions testing tokenised bonds, FX, and fund management.
EnactedRegulation
VASP Mandatory Licensing Regime
Hong Kong SAR
The SFC introduced a mandatory licensing regime for all crypto exchanges serving Hong Kong retail investors, under the Anti-Money Laundering Ordinance.
EnactedMarket Infrastructure
Spot BTC and ETH ETF Approvals
Hong Kong SAR
The SFC approved six spot crypto ETFs — the first in Asia — including both Bitcoin and Ethereum products, allowing in-kind creation/redemption.
EnactedLegislation
Japan Stablecoin Framework
Japan
Japan became the first G7 nation to regulate stablecoins, restricting issuance to licensed banks, registered money transfer agents, and trust companies.
EnactedRegulation
FSA Web3 Policy Package
Japan
Japan's FSA eased investment restrictions for corporates holding tokens, reduced crypto fund taxation, and published a Web3 white paper encouraging domestic tokenisation.
EnactedLegislation
DLT Act – Distributed Ledger Technology Framework
Switzerland
Introduced a new 'DLT securities' category, enabling legally recognised tokenised securities, regulated DLT trading facilities, and bankruptcy-remote crypto segregation.
EnactedRegulation
VARA – Virtual Assets Regulatory Authority (Dubai)
United Arab Emirates
Dubai established the world's first standalone virtual asset regulator (VARA) via Law No. 4 of 2022, with a full licensing framework covering exchanges, brokers, and asset managers.
EnactedRegulation
ADGM Digital Assets Framework
United Arab Emirates
The Abu Dhabi Global Market (ADGM) has one of the world's longest-running crypto regulatory frameworks, updated in 2023 to expand to DeFi and NFTs.
EnactedLegislation
Virtual Asset Users Protection Act
South Korea
South Korea's first comprehensive crypto legislation, protecting users via mandatory reserve requirements, insurance, and deposit separation for exchanges.
In ProgressLegislation
Digital Asset Platform Licensing Regime
Australia
Treasury is developing a licensing framework for digital asset platforms under existing Australian Financial Services Licence (AFSL) law, with a token mapping exercise completed.
EnactedLegislation
Bitcoin Legal Tender Law
El Salvador
El Salvador became the first country to adopt Bitcoin as legal tender, requiring all businesses to accept it. A 2025 deal with the IMF scaled back the mandatory acceptance requirement.
EnactedEnforcement
Comprehensive Crypto Ban
China
The PBOC declared all cryptocurrency transactions illegal, followed by a complete ban on crypto mining. China remains one of the world's most restrictive crypto jurisdictions.
EnactedLegislation
Crypto Tax Framework
India
India introduced a punitive 30% capital gains tax on crypto profits and 1% TDS on transfers — one of the world's highest crypto tax rates — without a full licensing framework.
In ProgressCBDC
Project mBridge – Multi-CBDC Platform
BIS / Multiple
A BIS Innovation Hub project building a multi-CBDC platform for cross-border wholesale payments between central banks of China, Hong Kong, UAE, Thailand, and Saudi Arabia.