Countries have begun to regulate crypto more clearly
The crypto industry has operated in a rather vague regulatory environment for years. In some countries, cryptocurrencies were completely banned, in others openly accepted, while in many cases the situation was somewhere in between. Such uneven rules created a lot of uncertainty for companies and projects that wanted to work legally.
During 2025, the situation began to change. Several major states have decided to reduce regulatory uncertainty and introduce clearer frameworks for crypto assets. The goal was to set rules that allow the industry to grow, but at the same time protect users and the financial system.
Five countries in particular stood out in this process. They have recognised that clear conditions for licences and operations can coexist with supervision and consumer protection. The result is simpler and more transparent regulatory frameworks that make it easier for crypto projects to launch and companies to operate.
Such clarity is becoming increasingly important for long-term planning. When entrepreneurs know what the rules are, how much they will cost and how long the process of obtaining a license takes, it is easier for them to plan the development of projects. At the same time, it is easier for regulators to monitor the market because there are clear standards.
Examples of this are the adoption of the GENIUS Act in the USA and the full implementation of the MiCA regulation in the European Union. Due to such changes, 2025 marked a visible reduction in regulatory uncertainty in the crypto industry. We analyzed the global situation to single out the five countries that simplified and clarified the rules for crypto licenses the most during the year.
Izvor: cointelegraph
GENIUS Act in the USA
The United States has been one of the toughest regulatory environments for crypto companies for years. Rules were often interpreted through litigation rather than through clearly defined laws. Such an approach has often been described as regulation through law enforcement. Because of this, many projects and startups have decided to develop their business outside the US.
The change came in July 2025 with the passage of the GENIUS Act, which enacted the first comprehensive federal framework for stablecoins. It resolved some of the long-standing ambiguity about how stablecoins are treated in relation to securities law and commodity law.
The law also marked a change in the attitude of banks towards crypto companies. Previously, many crypto firms had limited access to the banking system. The new regulatory approach seeks to reduce these barriers and facilitate the integration of the crypto industry with the traditional financial sector.
How the GENIUS Act simplifies licenses
The GENIUS Act introduces a clear federal framework for stablecoin issuers. This reduces the need for a complex system of government money transfer licenses that has so far been required for US-wide operations.
Prior to this law, stablecoin issuers often had to obtain licenses in a large number of states in order to operate nationally. The new framework introduces a uniform system of rules at the federal level.
This means that crypto companies can now follow one set of ground rules to understand what it takes to do business legally in the US. This reduces administrative costs, legal uncertainty and the time it takes to get the project up and running.
Izvor: cointelegraph
European Union and MiCA
The MiCA regulation in the European Union was adopted earlier, but 2025 is the year when its implementation really started. Since January, the licensing and authorization phase of crypto companies has begun. Then the main advantages of the so-called passport mechanism became visible.
MiCA introduces the concept of a single license. A company that obtains a license as a crypto service provider, or CASP, in one member state can provide services in all 27 EU countries without additional national licenses.
In practice, this means that a company that obtains a license, for example in the Netherlands, can expand its business to Germany or other countries within the EU. All this within the same regulatory framework.
Germany has particularly distinguished itself in the first phase of implementation. Already in the first half of the year, 21 CASP licenses were approved. This has positioned Germany as one of the main entry markets for institutional crypto companies in Europe.
Izvor: cointelegraph
Dubai with clearer rules
Dubai has been trying to position itself as one of the major global hubs for the crypto industry for years. However, in the earlier stages of regulation, the rules changed frequently. Such frequent changes created a certain uncertainty for companies that wanted to start or expand their business in the region.
In May 2025, the Virtual Assets Regulatory Authority, known as VARA, released a new version of its rules called Version 2.0. This upgrade marked the transition from an experimental approach to regulation to a more stable and clearly defined framework that is more aligned with global financial standards.
How does VARA simplify licenses?
The new version of the policy replaced the previous system of fragmented guidelines with a single licensing model based on the type of activity. The rules now clearly define terms that were previously imprecise.
This includes definitions such as qualified custodian and standards for collateral and asset management. The regulator has also set a clear deadline for compliance with the rules, 19 June 2025.
The new framework also provides a clear list of regulatory requirements that companies must meet when applying for a license. This reduces the need to interpret unclear rules and facilitates the entire licensing process.
Izvor: cointelegraph
New laws in Hong Kong
Hong Kong had already announced a stronger focus on the development of the digital asset market in 2024, and in 2025 this plan began to be concretely implemented. One of the main steps was the introduction of a new regulatory framework for stablecoins in August. This framework was developed after a test phase in a regulatory sandbox run by the Hong Kong Monetary Authority, or HKMA.
How does the framework simplify licenses?
Hong Kong has recognized the growing role of stablecoins in the crypto ecosystem and has therefore introduced a special licensing system for issuers of stablecoins pegged to fiat currencies.
This reduced the legal uncertainty that arose when stablecoins tried to fit into existing securities laws or electronic money systems.
The new framework clearly defines the capital requirements and reserve rules that stablecoin issuers must hold. The rules are set up to enable regulatory oversight, but also predictability for companies that want to operate in that market.
Because of this approach, Hong Kong has positioned itself as a regulated market for issuing stablecoins according to the principles of the English legal system. This opens up a structured entry into the digital asset market in Asia for international companies.
Izvor: cointelegraph
Crypto in the United Kingdom
The UK initially planned to introduce crypto regulation gradually. The first phase was supposed to include stablecoins, while other crypto activities would be regulated later. In the course of 2025, this plan was simplified.
In April, HM Treasury released a draft law proposing a single regulatory framework for crypto within the existing Financial Services and Markets Act, known as FSMA. In December, the Financial Conduct Authority, or FCA, published additional consultation documents that elaborate on how this system should work.
How does this approach simplify licenses?
By incorporating cryptos into the existing FSMA framework, the UK has decided to regulate crypto through pre-existing financial rules. With this, crypto is no longer treated as a completely separate asset category.
Document DP25/1 describes a regulatory model that relies on the rules that already exist for exchanges and financial intermediaries.
For banks, brokers and other financial institutions that already operate under FCA supervision, this means a simpler process. Instead of learning a brand-new regulatory system, they can extend existing compliance processes to crypto activities as well.
Izvor: cointelegraph
Crypto regulation globally
If 2024 was the year of Bitcoin ETFs, then 2025 can be described as the year of crypto licensing.
The changes we saw during the year do not mean weaker regulation. On the contrary. The standards for AML, asset custody and user protection are higher today than before. What has changed is the way countries set the rules.
More and more governments are realizing that capital and companies naturally go to areas where the rules are clear and predictable. In this context, the ‘best’ market no longer means a market without regulation. It means a market with clear and understandable rules.
For crypto project founders and companies, the regulatory map is no longer empty today. There are clear ways to do business legally.
The European Union offers market access through MiCA and passport systems. The U.S. is gradually introducing clearer federal rules. The United Arab Emirates and Hong Kong are developing specialized regulatory frameworks for digital assets.
Therefore, the question is no longer whether a crypto company can get a license. The question is where they will decide to build their project.
