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Global retail cryptocurrency transactions have seen a remarkable surge, doubling for two consecutive years, according to a new report by blockchain intelligence firm TRM Labs. This significant growth, observed between January and September 2025 and mirroring 2024's trend, is largely attributed to increasing regulatory clarity across various jurisdictions.
Key Takeaways
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Global retail crypto transactions surged by over 125% in the first nine months of 2025, following similar growth in 2024.
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Regulatory clarity is a significant driver, providing "peace of mind" and encouraging market participation.
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Practical use cases like payments, remittances, and value preservation are fueling adoption.
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Even in countries with restrictions or bans, grassroots adoption is thriving, suggesting demand for alternative financial tools.
Regulatory Clarity Fuels Growth
TRM Labs' "Crypto Adoption and Stablecoin Usage Report" highlights that improved regulatory landscapes have provided a crucial boost to the crypto market. In the United States, growth that began in 2023 has been accelerated by a combination of political, regulatory, and structural factors, opening the market to new participants. The report notes that the US market's expansion reflects not only enthusiasm but also the compounding effect of regulatory clarity and political commitment, citing legislative efforts like the GENIUS Act and the CLARITY Act.
Global Adoption Trends
Beyond the US, other regions are also experiencing significant crypto adoption. Pakistan, for instance, has seen its crypto scene benefit from supportive lawmakers and key policy moves, such as the establishment of the Pakistan Crypto Council. TRM Labs indicates that in some jurisdictions, adoption has accelerated due to regulatory clarity and institutional access, while in others, it has expanded despite formal restrictions or outright bans.
The Ineffectiveness of Bans
Interestingly, the report points out that crypto uptake has increased even in countries with crackdowns on exchanges and capital controls. Bangladesh, despite warnings from its central bank and a lack of licensed operating platforms, ranks high in global adoption. This is attributed to ongoing capital controls and limited access to foreign exchange, making crypto an attractive alternative. A similar pattern is observed in North African countries like Algeria, Egypt, Morocco, and Tunisia, where crypto is banned or restricted but still ranks within the top 50 for worldwide adoption. This suggests that grassroots demand for alternative financial tools can outweigh formal restrictions, a conclusion echoed by a September 2023 report from the Financial Stability Board and the International Monetary Fund.
Sources
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Retail crypto TXs have doubled on regulatory clarity: TRM Labs — TradingView News, TradingView.
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Crypto Growth Accelerates Driven by Multiple Global Trends, Cointelegraph.
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