Enhanced regulatory clarity in the cryptocurrency sector has led to a remarkable 125% increase in global retail crypto transactions for the second consecutive year, as reported by TRM Labs.
Between January and September 2025, global retail crypto transactions experienced a surge exceeding 125%, mirroring the substantial growth observed in 2024, according to the blockchain intelligence firm’s recently released Crypto Adoption and Stablecoin Usage Report.
The majority of transaction activity is linked to practical applications like payments, remittances, and value preservation amid economic volatility, indicating that individuals increasingly influence 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.”
Crypto regulatory clarity giving peace of mind
TRM Labs noted that in the US, the growth that commenced in 2023 and continued through 2024 has been bolstered by a combination of political, regulatory, and structural factors, creating opportunities for new entrants into the market.
“The US market’s two consecutive years of double-digit growth not only showcase enthusiasm but also the cumulative effect of regulatory clarity and political commitment,” it stated.
This year, the US has made significant strides towards establishing crypto regulations, including the introduction of the GENIUS Act focusing on stablecoins, the CLARITY Act on market structure, and a collaborative task force with the UK.
Simultaneously, Pakistan’s cryptocurrency landscape has thrived due to supportive legislation, with TRM Labs reporting “soaring grassroots adoption” spurred by pivotal policy initiatives, such as the formation of the Pakistan Crypto Council and plans for a dedicated crypto regulatory body.
The number of crypto users in Pakistan is estimated to reach 28 million by 2026 from a population of 250 million.
“In some areas, adoption has surged as a reaction to regulatory clarity and institutional access; in others, it has flourished despite formal restrictions or outright bans,” the firm stated.
“These contrasting dynamics indicate a consistent trend: crypto is becoming more integrated into the financial mainstream. A key development underscoring this transition is the rise of stablecoins.”
Bans are ineffective and helping adoption
According to TRM Labs, the increase in cryptocurrency use has persisted even amid crackdowns on exchanges and capital limitations in certain nations.
Bangladesh has no licensed platforms for legal operation and has issued warnings regarding cryptocurrency use since 2014.
TRM Labs explained that ongoing capital controls and limited foreign exchange access have made cryptocurrencies appealing for those seeking alternatives to conventional financial systems.
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A similar trend is observed in various North African nations, including Algeria, Egypt, Morocco, and Tunisia, where cryptocurrency usage is either banned or restricted; nonetheless, all four are ranked in the top 50 globally for adoption.
“Interestingly, these jurisdictions exceed several countries with more permissive or regulated frameworks—indicating that grassroots demand for alternative financial solutions can surpass official restrictions.”
A report released by the Financial Stability Board and the International Monetary Fund in September 2023 arrived at a similar conclusion: that blanket prohibitions are ineffective and frequently boost the desirability of using cryptocurrencies.
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