Industry analysis shows the global cryptocurrency sector has shifted from fragmented “regulation-by-enforcement” to more defined frameworks in major jurisdictions between October 2024 and October 2025. Authorities across North America, Europe and Asia are now issuing comprehensive rules for stablecoins, digital-asset service providers and custody, which is enabling institutional participation. While some national regimes remain patchy, the trend toward regulatory certainty is considered key to the next phase of crypto-asset market development. The move may help support higher-quality projects and scale-up of custodial infrastructure.