Improving crypto regulatory clarity has triggered a 125% surge in global retail crypto transactions for two years in a row, according to TRM Labs.
Worldwide retail crypto transactions rose by more than 125% between January and September 2025, echoing similar growth seen in 2024, according to the blockchain intelligence firm in its Crypto Adoption and Stablecoin Usage Report on Tuesday.
Most activity was tied to practical use cases such as payments, remittances, and preserving value in volatile economic conditions, showing individuals are playing an increasing role in shaping the industry’s evolution.
“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 gives peace of mind
In the US, TRM Labs said the growth that began in 2023 and extended past 2024 has been reinforced and accelerated by a combination of political, regulatory and structural factors, which have opened the market to new participants.
“The US market’s two consecutive years of double-digit expansion reflect not just enthusiasm, but the compounding effect of regulatory clarity and political commitment,” it wrote.
Since the start of the year, the US has taken significant steps toward crypto regulations, with bills like the GENIUS Act aimed at stablecoins, the CLARITY Act, a market structure bill and its joint taskforce with the United Kingdom.
At the same time, Pakistan’s crypto scene has also benefited from friendly lawmakers, TRM Labs said, with “soaring grassroots adoption,” further “buoyed by key policy moves,” such as the government establishing the Pakistan Crypto Council and announcing plans to develop a dedicated crypto regulator.
The number of crypto users in Pakistan is estimated to hit 28 million in 2026 by online data platform Statista, out of a population of 250 million.
“In some jurisdictions, adoption has accelerated in response to regulatory clarity and institutional access; in others, it has expanded despite formal restrictions or outright bans,” the firm said.
“These contrasting dynamics point to a consistent trajectory: crypto is moving further into the financial mainstream. A key trend underscoring this shift is the rise of stablecoins.”
Bans are ineffective and help adoption
The crypto uptake has also increased despite crackdowns on exchanges and capital controls in some countries, according to TRM Labs.
Bangladesh has no platforms licensed to operate legally in the country and since 2014 the country’s central bank, Bangladesh Bank, has issued warnings about crypto use.
“However, ongoing capital controls and limited access to foreign exchange have made crypto an attractive option for individuals seeking alternatives to traditional financial systems,” TRM Labs said.
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A similar pattern is unfolding in several North African countries, such as Algeria, Egypt, Morocco, and Tunisia, where crypto is either banned or restricted; however, all four are ranked in the top 50 for worldwide adoption.
“Notably, the above jurisdictions outrank several countries with permissive or regulated frameworks — suggesting that grassroots demand for alternative financial tools can outweigh formal restrictions.”
A report issued by the Financial Stability Board, a global coordinator for financial rules and reforms, and the International Monetary Fund in September 2023, reached a similar conclusion: that blanket bans are ineffective and often increase incentives for people to use cryptocurrencies.
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