According to TRM Labs, improving crypto regulatory clarity has led to a 125% increase in global crypto retail transactions for 2 years in a row.
Global crypto retail transactions increased greater than 125% between January and September 2025, reflecting similar growth in 2024, the blockchain intelligence firm said in its Crypto Adoption and Stablecoin Usage Report on Tuesday.
Most activity was related to practical use cases reminiscent of payments, remittances and preserving value in volatile economic conditions, showing that individuals are playing an increasing role in shaping the industry's development.
“However, because the ecosystem has matured, the footprint of crypto activity has diversified, with more structured service providers and institutional participants shaping transaction patterns.”
The clarity of crypto regulation provides security
In the US, TRM Labs said the expansion, which began in 2023 and continued beyond 2024, was reinforced and accelerated by a mix of policy, regulatory and structural aspects which have opened the market to latest participants.
“The US market’s double-digit growth for 2 consecutive years reflects not only enthusiasm but in addition the amplifying effect of regulatory clarity and political commitment,” it said.
Since the start of the 12 months, the US has taken significant steps towards crypto regulation with draft laws reminiscent of the GENIUS Act for stablecoins, the CLARITY Act, a market structure law and a joint task force with the UK.
At the identical time, the Pakistani crypto scene has also benefited from friendly lawmakers, TRM Labs said, with “rapidly increasing grassroots adoption,” further “buoyed by key policy moves,” reminiscent of the federal government’s launch of the Pakistan Crypto Council and the announcement of plans to develop a dedicated crypto regulator.
Online data platform Statista estimates that the variety of crypto users in Pakistan will reach 28 million in 2026, out of a population of 250 million.
“In some jurisdictions, adoption has accelerated as a result of regulatory clarity and institutional access; in others, it has expanded despite formal restrictions or outright bans,” the corporate said.
“These contrasting dynamics point to a consistent trajectory: crypto is increasingly penetrating the financial mainstream. A key trend underscoring this shift is the rise of stablecoins.”
Bans are ineffective and promote acceptance
According to TRM Labs, cryptocurrency adoption has also increased despite crackdowns on exchanges and capital controls in some countries.
In Bangladesh, there are not any platforms licensed to operate legally within the country and since 2014, the country's central bank, the Bangladesh Bank, has issued warnings against the usage of cryptocurrencies.
The government of Bangladesh has taken a restrictive approach to cryptocurrencies, but continues to be ranked 14th in adoption globally. Source: TRM Labs
“However, ongoing capital controls and limited access to foreign exchange have made crypto a sexy option for people searching for alternatives to traditional financial systems,” TRM Labs said.
An identical pattern is emerging in several North African countries reminiscent of Algeria, Egypt, Morocco and Tunisia, where crypto is either banned or restricted; However, all 4 are in the highest 50 for global adoption.
“Notably, the above jurisdictions outperform several countries with permissive or regulated frameworks – suggesting that grassroots demand for alternative financial instruments may outweigh formal restrictions.”
A report issued in September 2023 by the Financial Stability Board, a world coordinator of monetary rules and reforms, and the International Monetary Fund reached an identical conclusion: blanket bans are ineffective and sometimes increase incentives for people to make use of cryptocurrencies.
