The cryptocurrency market was not quiet either. Bitcoin and Ethereum hit new all-time highs again, stimulating investor sentiment, while regulation began in the US and Europe, accelerating the trend of the industry being brought into the regulated sector. This year the cryptocurrency market expanded into regulated assets.
There was no Santa rally; after Bitcoin and Ethereum hit new ATH, prices stalled. The major regulatory risk around Ripple was largely resolved this year. Across the US, EU, and Asia, regulatory measures accelerated, with the EU implementing MiCA in 2025 to unify oversight of exchanges, custodians, and stablecoin issuers. Japan advanced insider trading rules through crypto asset reclassification, while the UAE pursued regulation-friendly policy to bolster its global crypto hub strategy.
The rise of stablecoins sparked discussions on financial system alternatives. CB Insights projected a tenfold increase in investments in the stablecoin ecosystem in 2025. In the United States, spot ETFs for Bitcoin and Ethereum were approved, driving rapid institutional inflows and pushing both assets to new ATHs, while XRP gained further prominence after a spot ETF approval. Consumer-protection laws for virtual assets have been in effect for over a year, but progress on further legislation remains slow, and regulatory gaps persist for DeFi and other new formats.
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