2025年普华永道全球加密货币监管报告

Contents1Report Overview2Crypto regulation at a glance3Global crypto regulatory trends4The United States regulatory landscape5Views from global standard-setting bodies6The European Union–MiCAR implementation7Regulatory developments in selected jurisdictions8PwC services and capabilitiesPwC | PwC Global Crypto Regulation Report 2025 2PwC | PwC Global Crypto Regulation Report 202503040608111637842 Some local authorities and standard-setting bodieshave adopted a catch-all regulatory definition toinclude all ‘digital assets’ as a new form of financialinstrument. Others have implemented more detailedregulatory definitions, in accordance with the digitalasset’s economic function emphasising substanceover form.The terminology adopted includes, but is not limitedto digital assets, crypto assets, virtual assets, digitalsettlement assets, virtual currencies andcryptocurrencies. In this report, the terminology andspelling follows the one adopted by the relevantauthority.For further digital assets research, please alsosee PwC’s other recent global reports:GlobalCrypto Tax Report 2024(the 2025 edition will bepublished in Q1 2025),6thAnnual Crypto HedgeFund Report,Tokenization in financial services, andGlobal AWM Revolution 2024.Purpose and objectivesThis is PwC’s third annual Global Crypto RegulationReport. The report provides an overview of the globalregulatory landscape, how the regulatory frameworksare developing across the world, and the impact oncrypto and traditional financial services firms.Global regulatory trendsThe section provides a high-level snapshot of globalcryptocurrency regulation, key regulatory trendsshaping the industry, and the latest developments inthe U.S. The U.S. remains a key player in shaping thefuture of digital assets and their integration into thewider financial system.Views from global standard-settersThe section summarises recent developments by thekey global standard-setting institutions.Global regulatory summariesThe section provides an overview of the latestadvancements in digital asset regulation across keyjurisdictions, including a comprehensive update on theEU’s Markets in Crypto-Assets Regulation (MiCAR).Policymakers worldwide are striving to balanceinnovation with investor protection, financial stability,and market integrity. With greater regulatory clarityemerging, businesses must adapt to evolvingcompliance requirements and capitalise onopportunities in a maturing digital asset ecosystem.Report OverviewTerminology usedin the report Regulatory progress in the past yearreflects a turning point for the digital assetindustry.In the US, we are witnessing a shift towardregulatory clarity that supports institutionalengagement, paving the way for broadermarket participation and innovation. As theindustry matures, collaboration betweenregulators and market participants remainskey to fostering a secure and dynamicdigital asset ecosystem.Matt BlumenfeldGlobal / US Digital Assets Lead,PwC USmatthew.blumenfeld@pwc.com Crypto regulation at a glanceThe table provides a summary of digital asset legislative, regulatory, and licensing status as of January 2025.It factors in the implications of the EU's Markets in Crypto-Assets Regulation (MiCAR), which entered into force inJune 2023 becoming fully operational in December 2024. For more information, see jurisdiction specific pages.United StatesEuropean UnionUnited KingdomArgentinaAustraliaBahamasBahrainBrazilCanadaCayman IslandsGibraltarGuernseyHong Kong SARIndiaIsle of ManJapanKenyaLiechtensteinMauritiusNorwayQatarSaudi ArabiaLegislation/regulation in placeSignifies that extensive crypto legislation/regulations have been established.Active legislative/regulatory engagementIndicates that there is ongoing activity, such as regulatory discussions, consultations,or pending implementation of crypto-related laws and regulatory frameworks.Legislative/regulatory process not initiatedImplies that the jurisdiction has not yet started formulating or considering specificcrypto asset legislation or regulatory frameworks.RegulatoryFrameworkLicensing /Registration StablecoinsTravel Rule Crypto regulation at a glance (continued)The table provides a summary of digital asset legislative, regulatory, and licensing status as of January 2025.It factors in the implications of the EU's Markets in Crypto-Assets Regulation (MiCAR), which entered into force inJune 2023 becoming fully operational in December 2024. For more information, see jurisdiction specific pages.SingaporeSouth AfricaSwitzerlandTaiwanTurkeyUAEUkraineLegislation/regulation in placeSignifies that extensive crypto legislations/regulations have been established.Active legislative/regulatory engagementIndicates that there is ongoing activity, such as regulatory discussions, consultations,or pending implementation of crypto-related laws and regulatory frameworks.Legislative/regulatory process not initiatedImplies that the jurisdiction has not yet started formulating or considering specificcrypto asset