Donald Trump’s victory in the 2024 election marked a major turning point for the crypto industry. Thus far, he has partially fulfilled some of his promises to the crypto industry. As of March 2025, crypto is considered legal in some form under the laws of 106 jurisdictions. That is over half of all UN member states, which number 193. These include: 44 countries in Europe 27 out of 34 countries in Latin America and the Caribbean 20 out of 53 countries in Asia 9 out of 54 countries in Africa 6 out of 14 countries in Oceania. As of March 2025, crypto is considered legal in some form under the laws of 106 jurisdictions. That is over half of all UN member states, which number 193. Trump’s Impact On Crypto Regulation Trump’s Impact On Crypto Regulation Let us take a deep dive into Trump's promises for the crypto industry and what he has fulfilled thus far. Dismiss The SEC Chair Dismiss The SEC Chair As part of his campaign promises, Trump promised to dismiss SEC Chair Gary Gensler once he took office. Trump fulfilled that promise, with Gensler announcing his retirement from the SEC before Trump had a chance to fire him. End Crypto Crackdown End Crypto Crackdown Trump promised to end the crypto crackdown that was being pursued across different levels of the federal government. Thus far, that seems to be working out, with information indicating that the SEC might soon drop its appeal against Ripple (XRP). Establish A Crypto Advisory Council Establish A Crypto Advisory Council On January 23, 2025, Trump established a Working Group on Digital Asset Markets through an executive order. This essentially fulfills his promise to give the crypto industry a voice at the highest office in the US federal government. executive order executive order Full Pardon For Ross Ulbricht Full Pardon For Ross Ulbricht Within a few days of taking office, Donald Trump gave a full pardon to Ross Ulbricht, who was serving consecutive life sentences for running the darknet market Silk Road. Establish A Bitcoin Reserve Establish A Bitcoin Reserve On March 6, 2025, President Trump signed an executive order to establish a national Bitcoin Reserve. The executive order is the biggest signal yet that Trump is going all-in with the crypto industry. While he would still need to overcome hurdles in Congress to get it enacted into law, it signals that he is serious about making the US a global leader in the crypto industry. executive order executive order Launched A Meme Coin Launched A Meme Coin In a show of support for the crypto industry, President Trump, as well as his wife, launched a meme coin on the eve of his inauguration. The meme coins, named Trump and Melania, respectively, were launched on the Solana blockchain. Countries That Created Crypto Laws In 2024 Countries That Created Crypto Laws In 2024 Several countries that had no crypto regulations before launched crypto laws in 2024. Let us take a closer look at these countries: Türkiye Türkiye Turkey's parliament amended the Capital Markets Law in June 2024. Under the new law, crypto asset service providers operating in the country will require authorization from the Capital Markets Board (SPK). Bolivia Bolivia Bolivia’s central bank lifted a four-year ban on crypto transactions in June 2024. Financial institutions can now engage with the crypto sector. Seychelles Seychelles Seychelles passed the Virtual Asset Service Providers Bill 2024, which establishes a framework for virtual asset providers and token issuers operating in the country. Tanzania Tanzania In the Finance Act 2024, Tanzania introduced a 3% tax on non-resident operators of crypto platforms when they make payments to Tanzanians. Kenya Kenya In early 2025, Kenya introduced a draft policy framework for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs). Hungary Hungary Hungary made several regulatory changes in June 2024 to comply with several EU regulations including the Markets in Crypto-Assets (MiCAR), Digital Operational Resilience Act (DORA), and NIS2 Directive (Directive on Security of Network and Information Systems). Following the passing of Act VII of 2024, the Hungarian Central Bank is tasked with crypto regulation in the country. Latvia Latvia On April 30, 2024, Latvia’s Cabinet reviewed the Crypto-Asset Service Law. The next step is for the law to be adopted by Parliament. The law establishes the Bank of Latvia as the main authority under the EU’s Markets in Crypto-Assets (MiCAR). It also introduces a €2,500 fee for authorization and various other fees that include a €5,000+0.6% annual fee under license from gross revenue of crypto asset services. It also introduces various fines and penalties. Armenia Armenia In late February 2025, Armenia’s Finance Minister Vahe Hovhannisyan said the country plans to launch its first crypto regulation. The law will, among other things, establish clear rights and responsibilities for crypto service providers as well as their customers. Uruguay Uruguay In October 2024, Uruguay’s president Luis Lacalle Pou, signed into law a bill regulating the crypto sector. Under the new law, the central will oversee virtual assets service providers (VASPs), including granting permits. Meanwhile, the Superintendence of Financial Service (SSF) has been tasked with identifying miners, wallets, and exchanges that can be classified as VASPs. Azerbaijan Azerbaijan Azerbaijan’s central bank announced in December 2024 that it is working on a bill to regulate crypto assets and service providers as part of a 2024-2026 strategy for the development of the financial market. Cambodia Cambodia Cambodia’s National Bank published digital asset rules in early 2025 targeted at banks and payment service providers. Banks can now have exposure to approved stablecoins and tokenized assets. However, they may not have first-party exposure to cryptocurrencies. However, the country’s ban on crypto persists. Kosovo Kosovo Following the energy crisis of 2022, Kosovo outlawed all crypto mining. In September 2024, Kosovo’s Financial Intelligence Unit (FIU) attended the Cyberkop Action of the Octopus Project, an initiative by the Council of Europe for a workshop on crypto. It could lay the groundwork for the establishment of crypto regulation in the country. Crypto Regulation In Europe Crypto Regulation In Europe 2024 was a major year for crypto regulation in Europe. Following the publishing of Markets in Crypto-Assets (MiCAR) on June 9, 2023, it became applicable to issuers of Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs) on 30 June 2024 and applicable to Crypto-Asset Service Providers (CASPs) on 30 December 2024. While the new rules could make it harder for small platforms to operate in the EU, major exchanges did not face any significant hurdles in obtaining licenses. The new rules for EU countries that had no crypto regulation, namely Hungary and Latvia, to adopt crypto regulation. It also affected non-EU countries in Europe, such as Armenia, Azerbaijan, and Kosovo, to begin work on crypto regulation. Thus far, there are no European nations with a gray status when it comes to crypto regulation, except for Moldova, Bosnia, and Montenegro. Crypto Regulation In Latin America and the Caribbean Crypto Regulation In Latin America and the Caribbean The region saw a major increase in regulation. However, 7 out of 34 countries still have no regulation. Despite this, there were some notable improvements, including the lift of a crypto ban by Bolivia, which plans to adopt AML regulation in 2025. Argentina remains a leader in crypto regulation in the region, with over 100 licensed crypto companies. Meanwhile, El Salvador has quietly concealed the status of Bitcoin as legal tender and tightened conditions for obtaining a crypto license after pressure from the IMF. Uruguay adopted a law on cryptocurrencies, while Peru's financial intelligence service approved the procedure for registering cryptocurrency companies. In Venezuela, following a pause on the National Superintendency of Crypto Assets (Sunacrip) due to corruption, the government introduced new regulations for the sector in November 2024. However, as of March 2025, there is no current update on the enforcement of these new rules. In Paraguay, attempts to ban crypto and crypto mining suffered setbacks. Paraguay remains home to major mining operations as of March 2025. Crypto Regulation In Asia Crypto Regulation In Asia The Asian region accounts for the biggest crypto market globally. However, the adoption of crypto regulation has been slow, with only 20 out of 53 countries adopting laws for the sector. With the US stepping up the adoption of federal regulation, it is expected to spur the adoption of crypto laws in the region. The lack of clear rules for the crypto sector in the region has led to most crypto companies opting to operate from local offshore zones such as Dubai, Singapore, and Hong Kong, which have friendly crypto rules for international companies. In the Philippines and Indonesia, crypto regulation has been streamlined, making it easier for companies to understand how the process of obtaining a license works. In Thailand and Kazakhstan, attitudes towards crypto have softened, and there are plans to liberalize the process for crypto exchanges to operate in the country. There is also hope that these countries might allow crypto payments. In Cambodia, crypto regulation has been introduced, while in Vietnam, authorities are working on a crypto sandbox. One of the biggest shifts has happened in India, where most of the major crypto exchanges have now legally set up offices. Additionally, others are working with the financial regulators to acquire a license. Crypto Regulation In Africa Crypto Regulation In Africa Due to various geopolitical challenges on the continent, Africa has lagged behind when it comes to the adoption of crypto regulation. In regions where crypto laws have been adopted on the continent, it has been to ban the entire industry, especially in North Africa. Only 9 out of 54 countries in Africa have some form of crypto regulation. In Seychelles, Kenya, and Tanzania, laws on the crypto industry have been adopted. Rwanda and Morocco plan to launch crypto regulations in 2025. Conclusion Conclusion Overall, the global landscape of crypto regulation is fast evolving. The main catalyst for worldwide crypto adoption in 2025 and beyond would be the adoption of crypto laws at the US federal level. Due to the size of the US economy, as well as the dollar being the global reserve currency, the adoption of a law there would cause countries to pay closer attention to crypto regulation. In this fast-evolving landscape, businesses and individuals may stay informed to successfully navigate emerging challenges and seize opportunities. If you are interested in getting more crypto insights, you can watch the global crypto regulation rating here and get updates on my X account. here here X account X account
