According to data from TRM Labs, improvements in regulatory clarity for cryptocurrencies have driven a 125% surge in global retail crypto trading for two consecutive years.
Blockchain intelligence company TRM Labs stated in its "Crypto Adoption and Stablecoin Usage Report" released on Tuesday that from January to September 2025, global retail crypto trading grew by over 125%, echoing similar growth in 2024.
Most of the activity is related to practical use cases such as payments, remittances, and preserving value under economic volatility, indicating that individuals are playing an increasingly important role in shaping the industry's development.
TRM Labs noted that in the United States, growth that began in 2023 and continued into 2024 has been strengthened and accelerated by a combination of political, regulatory, and structural factors that have opened the market to new participants.
"The two consecutive years of double-digit expansion in the U.S. market not only reflect enthusiasm but also the compound effect of regulatory clarity and political commitment," the company wrote.
Since the beginning of the year, the U.S. has taken significant steps in crypto regulation, including the GENIUS Act targeting stablecoins, the CLARITY Act, market structure legislation, and a joint working group with the UK.
Meanwhile, TRM Labs stated that Pakistan's crypto scene has also benefited from friendly legislators, with "grassroots adoption surging," further "driven by key policy initiatives" such as the government's establishment of the Pakistan Crypto Committee and the announcement of plans to develop a dedicated crypto regulatory body.
Online data platform Statista estimates that the number of crypto users in Pakistan is expected to reach 28 million by 2026, with a population of 250 million.
"In some jurisdictions, adoption is accelerating due to regulatory clarity and institutional access; in others, adoption continues to expand despite formal restrictions or outright bans," the company stated.
According to TRM Labs, despite crackdowns on exchanges and capital controls in some countries, the adoption of cryptocurrencies continues to increase.
Bangladesh has no platforms with legal operating licenses, and since 2014, the country's central bank, Bangladesh Bank, has been warning against the use of cryptocurrencies.
"However, ongoing capital controls and limited access to foreign exchange make cryptocurrencies an attractive option for individuals seeking alternatives to the traditional financial system," TRM Labs stated.
Similar patterns are unfolding in several North African countries, such as Algeria, Egypt, Morocco, and Tunisia, where cryptocurrencies are either banned or restricted; however, all four countries rank in the top 50 globally for adoption rates.
A report released in September 2023 by the Financial Stability Board (a global financial rules and reform coordination body) and the International Monetary Fund reached similar conclusions: comprehensive bans are ineffective and often increase the incentives for people to use cryptocurrencies.
Related: The Federal Reserve considers launching a "streamlined" payment account to open channels for fintech and cryptocurrency companies.
Original article: “TRM Labs Report: Regulatory Clarity Improvements Drive Retail Crypto Trading Surge for Two Consecutive Years”
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