The enhancement of clarity in cryptocurrency regulations has led to a remarkable 125% increase in global retail crypto transactions for two consecutive years, as reported by TRM Labs.
Between January and September 2025, retail crypto transactions worldwide saw an uptick of over 125%, mirroring similar growth observed in 2024, according to the blockchain intelligence firm’s Crypto Adoption and Stablecoin Usage Report released on Tuesday.
A significant portion of this activity is linked to practical applications like payments, remittances, and hedging against economic instability, indicating an increasing involvement of individuals in the industry’s development.
“As the ecosystem has matured, however, the footprint of crypto activity has diversified, with more structured service providers and institutional participants shaping transaction patterns.”
The Assurance of Crypto Regulatory Clarity
In the United States, TRM Labs noted that the growth trend that started in 2023 and extended through 2024 has been bolstered and accelerated by a mix of political, regulatory, and structural factors that have welcomed new participants into the market.
“The two consecutive years of double-digit growth in the US market reflect not only enthusiasm but also the compounding effects of regulatory clarity and political commitment,” the report stated.
Since the beginning of the year, the US has made significant advances in crypto regulations, with legislation such as the GENIUS Act focusing on stablecoins, the CLARITY Act concerning market structure, and a joint taskforce established with the United Kingdom.
Concurrently, Pakistan’s cryptocurrency sector has also experienced growth due to supportive lawmakers, TRM Labs reported, noting “soaring grassroots adoption,” further enhanced by key policy initiatives like the formation of the Pakistan Crypto Council and plans for a dedicated crypto regulator.
Estimates suggest that the number of crypto users in Pakistan will reach 28 million by 2026, out of a total population of 250 million.
“In some areas, adoption has accelerated due to regulatory clarity and institutional availability; in others, it has flourished despite formal restrictions or outright bans,” the company noted.
“These varying dynamics illustrate a consistent trend: crypto is increasingly integrating into mainstream finance. A significant indicator of this shift is the growing prevalence of stablecoins.”
Restrictions are Counterproductive and Fuel Adoption
Crypto adoption has risen even in the face of regulatory crackdowns on exchanges and capital limitations in certain countries, according to TRM Labs.
In Bangladesh, there are currently no licensed platforms operating legally, and since 2014, the central bank, Bangladesh Bank, has issued warnings regarding cryptocurrency usage.
“Nonetheless, ongoing capital controls and limited access to foreign exchange have made cryptocurrency an appealing alternative for individuals seeking options outside conventional financial systems,” TRM Labs explained.
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A similar trend is observed in various North African nations, including Algeria, Egypt, Morocco, and Tunisia. While all four nations have either banned or restricted crypto, they still rank among the top 50 globally in adoption.
“Notably, these jurisdictions surpass several countries that have more permissive or regulated frameworks, indicating that grassroots demand for alternative financial solutions can prevail over official limitations.”
A report published by the Financial Stability Board, a global coordinator for financial regulations and reforms, along with the International Monetary Fund in September 2023, reached a similar conclusion: blanket prohibitions are largely ineffective and often boost the appeal of cryptocurrencies.
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