Enhanced clarity in crypto regulations has led to a 125% increase in global retail crypto transactions for two consecutive years, according to TRM Labs.
Global retail crypto transactions soared by over 125% from January to September 2025, mirroring the growth seen in 2024, as noted by the blockchain intelligence firm in its Crypto Adoption and Stablecoin Usage Report published on Tuesday.
Most of the activity was linked to practical applications such as payments, remittances, and value preservation in unstable economic conditions, indicating that individuals are increasingly influencing the industry’s development.
“As the ecosystem matures, the landscape of crypto activity has also diversified, influenced by more structured service providers and institutional participants shaping transaction trends.”
Regulatory clarity in crypto providing reassurance
In the US, TRM Labs reported that the growth that started in 2023 has continued into 2024, driven by a mix of political, regulatory, and structural factors that have opened the market to newcomers.
“The two consecutive years of double-digit growth in the US market indicate not just enthusiasm, but the cumulative impact of regulatory clarity and political commitment,” the report stated.
Since the beginning of the year, the US has made significant strides towards crypto regulations, with initiatives like the GENIUS Act targeting stablecoins, the CLARITY Act, a market structure bill, and a joint taskforce with the United Kingdom.
At the same time, Pakistan’s crypto environment has flourished due to supportive lawmakers, TRM Labs noted, with “rising grassroots adoption,” further enhanced by key policy developments, such as the establishment of the Pakistan Crypto Council and plans for a dedicated crypto regulator.
The number of crypto users in Pakistan is projected to reach 28 million by 2026, out of a population of 250 million.
“In some regions, adoption has surged in response to regulatory clarity and increased institutional access; in others, it has grown despite formal restrictions or outright prohibitions,” the firm remarked.
“These contrasting trends indicate a consistent path: crypto is advancing deeper into mainstream finance. A significant trend driving this transition is the growth of stablecoins.”
Restrictions are ineffective and promote adoption
The adoption of crypto has risen despite enforcement actions against exchanges and capital controls in various nations, according to TRM Labs.
Bangladesh lacks legally licensed platforms, and since 2014, the Bangladesh Bank has issued advisories regarding crypto usage.
“Nevertheless, persistent capital controls and limited access to foreign exchange have made crypto an appealing alternative for individuals seeking options outside conventional financial systems,” TRM Labs added.
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A similar situation is developing in various North African countries, including Algeria, Egypt, Morocco, and Tunisia, where crypto is either banned or restricted; nonetheless, all four are positioned among the top 50 for global adoption.
“Interestingly, these regions surpass several nations with liberal or regulated frameworks — indicating that grassroots demand for alternative financial solutions can prevail over formal limitations.”
A report released by the Financial Stability Board, a global coordinator for financial standards and reforms, alongside the International Monetary Fund in September 2023, came to a similar conclusion: that sweeping bans are often counterproductive and may boost interest in using cryptocurrencies.
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