Crypto-Asset Regulation – Global Overview

Crypto-asset regulation encompasses a broad range of legislative frameworks developed at national, regional and international levels to govern cryptocurrencies, digital assets, stablecoins and decentralised finance instruments.

• EU: MiCA (Markets in Crypto-Assets Regulation) — the world's most comprehensive framework, in force since 2024
• Global (OECD): CARF (Crypto-Asset Reporting Framework) for tax transparency
• FATF: Travel Rule (Recommendation 16) for AML/CFT in crypto transfers
• USA: Fragmented approach via SEC, CFTC, FinCEN and state regulators
• Switzerland: Pioneer with DLT Act (2021) and FINMA guidelines

The regulatory history of crypto-assets began virtually rule-free following the Bitcoin whitepaper (2008) and first Bitcoin transaction (2009). The first regulatory wave came through anti-money laundering measures: FinCEN (US) classified Bitcoin exchanges as Money Service Businesses in 2013.

The ICO boom of 2017–2018 and associated fraud accelerated regulatory responses worldwide. China banned crypto transactions multiple times (2017, 2021). Japan introduced early licensing requirements for exchanges.

The years 2020–2022 brought DeFi, NFTs and stablecoins (Terra/LUNA collapse 2022) into focus. The FTX collapse (November 2022) acted as a catalyst for intensified international regulatory efforts. Since then, global regulation has grown significantly denser.

Crypto regulation concerns a broad range of actors and instruments:

• Cryptocurrencies: Bitcoin, Ether and other proof-of-work/stake coins
• Stablecoins: Fiat-backed (USDT, USDC), algorithmic and asset-backed stablecoins
• Security tokens: Tokenised securities, often falling under existing securities laws
• Utility tokens: Access tokens for platforms and services
• NFTs: Non-fungible tokens, regulated or not depending on design
• DeFi: Decentralised finance protocols, still largely unresolved regulatorily
• CBDCs: Central bank digital currencies as state-issued alternatives

• VASP registration/licence: Crypto service providers must register or obtain licences from national authorities
• AML/CFT: Application of anti-money laundering obligations (KYC, transaction monitoring)
• Travel Rule: Transfer of originator and beneficiary data for transfers ≥ USD/EUR 1,000
• Market abuse: Prohibition on market manipulation and insider trading (in MiCA jurisdictions)
• Reserve requirements: For stablecoin issuers (1:1 backing under MiCA)
• Tax reporting: CARF obligations: EU (via DAC 8) from 2026, global from 2027 in participating countries

2 corrections:
- FATF date and description inaccurate
- Official URL returns 301 redirect
1 update:
- Missing important milestones in key_dates
2 clarifications.