The Skynet State of Digital Asset Regulations Report reveals a fundamental shift in the global regulatory landscape for digital assets. The primary risk for crypto firms is no longer securities classification but Anti-Money Laundering (AML) enforcement.
AML-related fines and settlements soared to over $900 million in the first half of 2025 alone. In contrast, SEC crypto enforcement penalties dropped by 97% year-over-year. Major actions included $504 million against OKX and $297.4 million against KuCoin. In Europe, AML penalties rose by 767%.
Regulatory frameworks are now active and enforceable in key markets including the United States, the European Union, Hong Kong, Singapore, the UAE, Japan, Turkey, and Brazil. These frameworks are increasingly aligned with traditional financial regulation.
Multi-jurisdictional licensing is now a prerequisite for international operations. Smart contract security audits have become mandatory or quasi-statutory in most jurisdictions. Prudential norms for capital adequacy, asset segregation, and liquidity management now mirror those in traditional finance.
Stablecoin regulation has entered the implementation phase, with binding rules on reserves, redemption rights, and transparency. The Basel cryptoasset framework, effective January 1, 2026, structurally divides asset classes, imposing higher capital requirements on unbacked tokens like Bitcoin and Ethereum.
Tokenization is expanding under existing securities laws, with institutional adoption including Franklin Templeton’s on-chain fund, Singapore’s Project Guardian, and Brazil’s Piloto Drex.