How crypto laws changed in 2025 — and how they’ll change in 2026

Digital asset regulation finally shifted into gear in 2025 as the US moved toward a more crypto-friendly legal framework and the EU began fully enforcing the Markets in Crypto-Assets Regulation (MiCA) framework across Europe.

But crypto lawyers enter 2026 facing unresolved questions around prediction markets and super apps, tax, privacy and digital market structure.

To understand how crypto law evolved in 2025 and preview what lies ahead, Magazine spoke with legal experts Catherine Smirnova and Yuriy Brisov of Digital & Analogue Partners in Europe, Joshua Chu of the Hong Kong Web3 Association and Charlyn Ho of Rikka in the US.

The discussion has been edited for clarity and length.

Magazine: What do you think was the most important legal development in crypto in 2025?

Ho: I would say the most important legal developments were the full implementation of MiCA in the EU and the passage of the GENIUS Act and the advancement of the CLARITY Act in the US. The reason I’m saying that is not so much just the specifics of those pieces of legislation, but rather there is legislation now.

The crypto legal landscape has become clearer, and we are moving toward more defined regulatory frameworks.

One additional development would be the Trump administration’s executive order on crypto. While it is not legislation, it has had a real impact. It represents a US-first policy that aggressively promotes and expands crypto domestically. Politics aside, this is a turning point. It is a formal recognition that crypto is here to stay and that it is an important part of the technological landscape. It moves crypto beyond the perception that it is merely a tool for illicit activity or fringe experimentation, and recognizes it as a legitimate technology with broader implications beyond memecoins or speculative trading.

Brisov: Another important development in US policy was Project Crypto announced by Paul Atkins. The US played a key role in the early blockchain revolution, but under prior SEC policies, many crypto startups left the country.

With the new administration under President Trump and Paul Atkins as SEC chair, the situation has changed. We saw a clear reversal in 2025, with startups returning to the US.

Magazine: What broader regulatory forces in 2025 influenced how governments approached digital assets?

Smirnova: The regulation of digital markets has become a geopolitical issue. In the EU, a trend that began several years ago has continued, with the introduction and enforcement of tailor-made regulation for digital markets. This includes investigations into gatekeepers and the application of frameworks like the Digital Markets Act.

The US has taken a different direction under the current administration. In previous years, we saw historic investigations and decisions against companies such as Meta and Google. This year, the new administration signaled that it does not intend to pursue structural remedies. Instead, the US government has actively supported large technology companies.

We saw the same dynamic in AI regulation. At an international conference earlier this year, many expected a coordinated global approach to AI governance. Instead, the US announced it would not participate in international regulation, preferring either its own framework or minimal regulation in order to maintain global leadership and support domestic companies.

As a result, regulation itself has become a competitive tool. The EU has already responded by partially deregulating AI after seeing startups relocate to the US. This dynamic will continue into 2026 and beyond.

Magazine: What were the most important legal developments in Asia in 2025?

By the middle of the year, particularly in Hong Kong, we saw enforcement bodies gaining much more experience in dealing with crypto-related…