Crypto regulation

Rules differ sharply by country, but most regimes address the same questions. Who may offer crypto services, and with what licence? When is a token a security, a commodity or something else? What reserves must stablecoin issuers hold? How must firms apply anti-money laundering checks, and how are users taxed? International bodies such as the FATF, the Financial Stability Board and the Basel Committee set standards that national rules often follow.

In the European Union, MiCA created a single licensing regime for crypto-asset service providers and rules for stablecoin issuers, with CASP rules applying from 30 December 2024, alongside the transfer of funds regulation and the DAC8 tax reporting directive. In the US, oversight is split between the SEC, the CFTC, banking regulators, FinCEN and state licensing, while Congress has legislated on stablecoins and debated a broader market structure law. Other hubs, such as the UK, Singapore, Hong Kong and the UAE, run their own licensing systems.

Because rules change often and apply by jurisdiction, the same activity can be licensed in one country and banned in another.