Global Crypto Regulation Shifts as Banks and Stablecoins Lead
- Elliptic’s report highlights a shift in government focus from enforcement to innovation in stablecoin regulation, driven by U.S. policy changes.
- The U.S. introduced the GENIUS Act, establishing the first federal stablecoin framework under President Trump.
- Major financial institutions in the EU and Hong Kong are planning stablecoin issuance and custody services following regulatory easing.
- Hong Kong launched a stablecoin regulatory regime with AML/CFT standards in August, while the UK and South Korea continue to develop their frameworks.
- APAC countries like Singapore, Japan, UAE, and Australia advanced new licensing and tokenization frameworks but face regional coordination challenges.
Elliptic’s review indicates a global shift towards innovation-driven crypto regulation, with banks and stablecoins at the forefront of this transformation. The GENIUS Act marks a significant policy change in the U.S., encouraging traditional financial institutions to engage more confidently with cryptoassets.
The introduction of comprehensive stablecoin frameworks across multiple jurisdictions signifies growing institutional participation in the crypto ecosystem, despite regional harmonization challenges in APAC regions like Singapore and Japan. Source
