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Chapters

Trajectory

Chapter 6: Trajectory. The 2026 Outlook: chapter opening figure

6.1 The film after the photograph

Every score in this report is a photograph taken on 31 December 2025. This chapter is the film. The index's final sub-pillar, regulatory trajectory, asks one question of each of the 79 countries: over the next 12 to 18 months, is this rulebook opening or closing? It is the only forward-looking instrument in the index, worth 4 of the 84 raw points. It is scored not on mood but on events: bills passed, decrees signed, licences granted, exchanges blocked, accounts frozen, all of them dated 2024 or 2025 and all of them pointing somewhere.

Where they point is the report's most optimistic finding, and it needs no adjustment to be one:

  • Fifty of the world's 79 crypto rulebooks were opening at the end of 2025. Twelve were closing, and eight of those twelve were already shut. Thirteen countries were actively liberalising (legislation passed, licensing expanding), 37 more were trending that way (bills drafted, consultations open, regulators pivoting), and 17 were stable. Of the twelve moving the other way, eight are states that already ban crypto generally or partially: most of the tightening in the world is the sound of locked doors being bolted.
  • The strongest liberaliser in the dataset is the United States. The GENIUS Act, signed on 18 July 2025, is the first federal crypto law in American history, passed 68 to 30 in the Senate and 308 to 122 in the House,1 with the CLARITY Act through the House behind it.2 The same year produced a sign reversal in Russia3 and a published exit path from prohibition in Morocco.4 Direction is not destiny, but in 2025 it ran one way in some unexpected places.
  • The sharpest tightener is a member state of the European Union. Hungary's Act LXVII of 2025 attached criminal liability to ordinary crypto activity: up to eight years' imprisonment for service providers and five for users transacting above roughly €13,000. The implementing decree took effect on 27 December 2025, four days before this index's photograph.5 Hungary is the only EU country at the bottom of the trajectory scale, and the European Commission has opened infringement proceedings against the regime (INFR(2025)2174).6
The distribution, for the record:7
P2.5 score0 actively tightening1 likely tightening2 stable3 trending liberalising4 actively liberalising
Countries93173713
Method box: how a direction gets a number. Trajectory is scored 0 to 4 on concrete, dated legislative and enforcement events from 2024 and 2025: a 4 requires favourable legislation actually passed or licensing actually expanded; a 3 requires drafts, consultations, or formal regulatory pivots on the record; a 0 requires fresh restrictive action, not merely an old ban still standing. Two disciplines keep the sub-pillar honest. First, direction is scored independently of position. The United States scores 4 on trajectory while sitting in Chapter 5's heaviest identity-friction band, and India's punishing tax regime coexists with a stable trajectory, because the question is where a country is going, not where it is. Second, the cutoff rule runs in reverse here: post-cutoff changes already in statute (a tax cliff legislated for January 2026, a law effective January 2026) are exactly what this sub-pillar exists to price, and they are scored here and nowhere else. The static pillars photograph; this one is allowed to point.

6.2 Fifty doors opening

The thirteen countries in the top band share almost nothing except the year they had. They include the world's richest financial centres (Switzerland, Hong Kong8, the UAE, the United States), but eight of the thirteen are emerging or developing economies, and the band's geography is the finding: active liberalisation in 2025 was not a rich-world project.

Sub-Saharan Africa alone produced three of the thirteen. Kenya's VASP Act was signed by President Ruto on 15 October 2025, creating a dual-regulator licensing regime under the central bank and the capital-markets authority.9 Ghana's Act 1154 followed on 30 December, the law Chapter 5 caught arriving 24 hours before the cutoff.10 South Africa, the continent's incumbent, spent the year operationalising: more than 300 crypto-asset service providers licensed by the FSCA11 and the FATF Travel Rule implemented.12 A region this report's need pillar marks as structurally underbanked is writing crypto law faster than almost anywhere else, and Chapter 1 explained why: where the need is real, the constituency for rails is too.

Asia supplied the band's two genuine surprises. Vietnam passed the Law on Digital Technology Industry on 14 June 2025 (effective 1 January 2026) and enacted a five-year pilot licensing programme in September,13 enacted law rather than draft, which is what separates its 4 from the 3s around it. Pakistan went from regulatory void to a functioning federal regulator inside one calendar year. The Virtual Assets Ordinance was promulgated on 8 July 2025; the new authority PVARA held its first meeting in August; and by December it had issued no-objection certificates to two global exchanges.14 Kazakhstan's AIFC licensing track completes a Central and South Asian cluster that barely registered in earlier global rulebooks.15 And Argentina, the index's livability #1, closes the band: a VASP registry with deadlines that landed on 31 December 2025, cybersecurity rules, a tax amnesty for declared holdings,16 and the lifting of the currency controls whose two-decade history Chapter 4 told. The country with the most coherent rulebook-to-reality match in the index is also still accelerating.

The 37-country trending band is dominated by one piece of machinery: MiCA, the EU's Markets in Crypto-Assets regulation, whose national implementations rolled through 2025.17 Eleven of the eighteen EU members in the index trend liberalising on the strength of live licensing of CASPs, crypto-asset service providers, the regulation's licensed operator category (Germany's BaFin, France's AMF, and their peers authorising the first pan-European operators). Five sit stable, and the remaining two are findings of the opposite kind, held for the next section. Outside Europe the band collects the year's pivots: Japan's 2026 Tax Reform Outline, released on 19 December 2025, twelve days before the cutoff, with its flat 20% rate and the reclassification of 105 tokens as financial instruments, draft rather than law and scored accordingly;18 Ukraine's MiCA-aligned virtual-assets bill through first reading in a country at war;19 Nigeria's ISA 2025 recognising digital assets as securities;20 Morocco's Bill 42.25;4 the central-bank governors of Uganda and Sri Lanka publicly steering from prohibition toward framework, each with a dated statement on the record. Even Thailand, with a five-year personal capital-gains exemption running to 2029 and two stablecoins approved in March,21 sits here rather than in the top band, which says less about Thailand than about how high 2025 set the bar for a 4.

6.3 Twelve doors closing

The tightening list is short, and most of it is familiar. Algeria, Bangladesh, China, Iraq, and Nepal, five of Chapter 5's seven general-ban states, all generated fresh restrictive action in 2025 rather than merely maintaining old prohibitions. Algeria's Law 25-10 of July 2025 criminalised even possession, the most hostile crypto statute passed anywhere in 2025;22 China reinforced its ban twice, with Beijing convictions of over-the-counter (OTC) trading desks and a November notice extending the perimeter to stablecoins and tokenised assets;23 Bangladesh's central bank threatened licence revocation for any remittance operator touching crypto.24 Iran, Myanmar, and Ethiopia, three of the partial-ban states, tightened in the same register: stablecoin caps and gateway closures in Tehran, two hundred bank accounts closed in Yangon, P2P rails severed in Addis Ababa. Eight of the twelve tighteners, in other words, are doors that were already shut being bolted. Prohibition, the report's recurring lesson, is not a state but a process, and in 2025 the process was active.

The finding is the other four, the open markets that chose to close, because there are only four and each closed differently. Hungary is the starkest: a legal, MiCA-covered market that layered a national criminal regime on top of the EU framework in the closing weeks of 2025,5 drove major exchanges to suspend Hungarian service, and earned infringement proceedings from its own union.6 The Philippines ran the most aggressive enforcement campaign in Asia outside the ban states: a licensing moratorium extended indefinitely in August 2025 and, in December, internet-service-provider blocks against fifty unlicensed platforms including several of the world's largest exchanges.25 The country Chainalysis ranked second in the world for adoption in 2022 had fallen to ninth by 2025,26 the only case in the index where a government measurably reversed an adoption story (and the gap between its world-class spending rails, Chapter 3, and its trajectory is now the widest in the dataset). Lithuania, long Europe's permissive registration hub, chose the EU's shortest MiCA transition window, with roughly 340 of its 370 registered providers expected to lose the right to operate on 1 January 2026.27 And Venezuela is the only top-ten need economy at the very bottom of the trajectory scale, a state dismantling rails its population demonstrably uses. Its mining-ban enforcement has cut residential hashrate (the computing power miners contribute to a blockchain) by 65% since 2024, while the crypto regulator SUNACRIP remains paralysed by a corruption scandal.28

Beyond these twelve, the index records no movement toward closure anywhere. No open market outside the four is drifting shut; the 17 stable countries are stable, not sliding. The world's crypto rulebooks are polarising: the open are opening further, the shut are shutting harder, and the middle is emptying in one direction only.

6.4 The reversals

Three countries moved against their own histories in 2025, and each tests a different assumption a reader might carry into this chapter.

Russia reversed sign. The state that spent 2022 hostile to private crypto legalised mining in 2024, enacted a crypto tax regime in January 2025, permitted crypto in international trade settlement, and in December 2025 saw its central bank put forward a framework to legalise and regulate retail and institutional trading.3 The index scores it 3, trending liberalising, on enacted-plus-proposed evidence. The motive is sanctions arithmetic rather than conviction, and the index does not score motives; Chapter 4 already showed Russian P2P volumes that never waited for permission.

Morocco became the only general-ban state with an exit visa. Bill 42.25, published in November 2025 by the finance ministry, central bank, and markets authority jointly, is a comprehensive VASP licensing framework that would replace the 2017 ban outright.4 It was not yet enacted at the cutoff, so Morocco scores 3 with its ban intact in every static pillar, the cleanest illustration in the index of position and direction disagreeing. Of Chapter 5's seven general-ban states, five are tightening, Egypt is static, and Morocco alone has published the law that would let it out.

India stayed exactly where it was, and that is the correction. A reader of its 30% flat tax, its 1% per-trade deduction,29 and its show-cause notices to nine offshore exchanges might score India as tightening toward a ban; the record will not support it. Courts have recognised crypto as property, a policy discussion paper is pending, and no prohibition is anywhere in draft. India is the index's great stable contradiction: maximal friction, zero direction.

The same discipline sorts the markets whose tightening is maturity rather than hostility. Singapore's 2025 regime change forced offshore-only providers out unless licensed;30 Brazil's November resolutions tightened VASP authorisation while its small-trader tax exemption disappeared;31 both score a deliberate 2, stable, because a market raising its standards is not a market closing. El Salvador sits at 3 for the mirror-image reason: the IMF-conditioned rollback of the legal-tender mandate (Chapter 5) ran alongside an August 2025 Investment Banking Law that opened institutional crypto banking licensing,32 consumer mandate down, institutional rails up, net direction still forward. And Cuba, of all places, authorised ten firms for cross-border crypto settlement in April 2025 and legalised mining:33 a narrow, statist opening, but an opening. It is still scored stable on net (2) against the sanctions overlay and the absence of any retail framework, in the country Chapter 1 scored as having the highest crypto necessity on Earth.

6.5 The 2026 statute book

The most unusual property of this chapter's subject is that much of 2026 is already written down. These changes were in statute or formal draft at the cutoff, with dates attached:

CountryAlready legislated or formally draftedEffectWhat moves
VietnamLaw on Digital Technology Industry1 Jan 2026licensing pilot goes fully live
Italyflat crypto rate 26% to 33%Jan 2026rate up; stays in the heavy tax band
Romaniacrypto rate 10% to 16%Jan 2026exits the light tax band
Nigeriacapital gains tax 10% to circa 25% (Nigeria Tax Act 2025)Jan 2026exits the light tax band
BrazilVASP resolutions 519/520/521Feb 2026full central-bank authorisation regime
LithuaniaMiCA transition expiry1 Jan 2026circa 340 of 370 registered VASPs lose operating rights
HungarySARA Decree 10/2025in force 27 Dec 2025criminal regime's first full year
South Koreacrypto capital-gains taxJan 2027the zero-tax score expires
Japan20% flat reform (bill due early 2026)2028the index's worst tax cell improves
ThailandCGT exemption decreeexpires end 2029the clock on a 4

Three patterns sit in that table. First, the tax cliffs cluster in January 2026: Italy,34 Romania,35 and Nigeria36 all raise rates within weeks of this report's cutoff, and two of the three will change tax bands in the next edition. Second, the cliffs run both ways: Japan, the heaviest taxer in the index at a combined 55%, has the decade's largest improvement on the docket. Third, the expiry dates are doing silent work: South Korea's 4 on tax37 and Thailand's exemption both carry legislated end dates, which is why Chapter 5 flagged them as scores with clocks attached. Behind the statute book stands the bill queue: Australia's digital-assets framework introduced in Parliament in November 2025,38 Poland's MiCA act passed a third time by the Sejm on 22 December against two presidential vetoes,39 Morocco's 42.25,4 Japan's FIEA amendments,18 Ukraine's second reading,19 and Saudi Arabia's first ministerial signal of a regulated stablecoin.40 Each is a 3 that one vote separates from a 4, or a watch item one veto holds at 2.

6.6 Where the index moves next

Read the trajectory column against the rankings this report has built and the 2026 edition begins to sketch itself. At the top of the rails table, every member of the top five is liberalising or better (Switzerland and the United States actively so), which means the rails-saturated rich world will keep separating on the rulebook, exactly the tiebreaker Chapter 5 identified. In the livability top ten, the Lifelines tier, five countries are opening (Argentina actively; El Salvador, Ukraine, Nigeria, and Turkey trending), three are holding, and two are closing, the Philippines by enforcement and Venezuela by attrition. For the populations Chapter 1 argued need crypto most, the rulebooks are more often meeting the need than fighting it, five to two. The two are the watch items: both are top-ten need economies whose governments are working against their own populations' demonstrated usage, and nothing in this index moves a ranking faster than a state deciding to enforce.

The honest caveat is the one the method box planted: trajectory is 4 points of 84, a pointer rather than an engine, and 2025 was an unusually legislative year whose momentum may not survive contact with 2026's politics. A Polish veto, an Australian election, a stalled Diet bill, any of these turns a 3 into a stranded signal. The index's answer is cadence rather than prophecy: the Crypto Livability Index rescoring runs continuously, movements are published as they land, and the 2026 edition will measure this chapter against what actually happened, country by country, with the same cutoff discipline this edition applied to 31 December 2025. Fifty doors were opening when the photograph was taken. The film will show how many stayed open.

The appendices hold the machinery: the full methodology, a one-page profile of every country in the index, and all 79 by 22 scores this report is built on.

Notes

  1. United States Congress, *GENIUS Act (federal stablecoin framework)* (2025), https://www.govinfo.gov/app/details/PLAW-119publ27. Archived at http://web.archive.org/web/20260606172002/https://www.govinfo.gov/app/details/PLAW-119publ27.
  2. United States Congress, *CLARITY Act (market-structure bill, House-passed)* (2025), https://www.congress.gov/bill/119th-congress/house-bill/3633/text. Archived at http://web.archive.org/web/20260609054904/https://www.congress.gov/bill/119th-congress/house-bill/3633/text.
  3. Russia (Bank of Russia; Law 418-FZ), *Crypto tax regime (Jan 2025), trade-settlement permission, Dec 2025 CB retail framework* (2024), https://cbr.ru/eng/press/event/?id=28215. Archived at http://web.archive.org/web/20260616140457/https://cbr.ru/eng/press/event/?id=28215.
  4. Morocco (MEF / Bank Al-Maghrib / AMMC), *Bill 42.25 (VASP licensing framework to replace 2017 ban)* (2025), official locator not yet published.
  5. Hungary, *Act LXVII of 2025 + SARA implementing Decree 10/2025* (2025), https://njt.hu/jogszabaly/2025-67-00-00.0. Archived at http://web.archive.org/web/20260106233643/https://njt.hu/jogszabaly/2025-67-00-00.0.
  6. European Commission, *Infringement proceedings INFR(2025)2174 (Hungary crypto regime)* (2025), https://ec.europa.eu/commission/presscorner/detail/en/inf_25_1628. Archived at http://web.archive.org/web/20260604235441/https://ec.europa.eu/commission/presscorner/detail/en/inf_25_1628.
  7. Genghis Research, *The CLI dataset (79×22 scores, CNI inputs, both rankings, sensitivity scenario)* (2025), https://genghis.pro/crypto-livability-index.
  8. Hong Kong, *Stablecoins Ordinance* (2025), https://www.elegislation.gov.hk/hk/cap656.
  9. Kenya, *Virtual Asset Service Providers Act* (2025), https://new.kenyalaw.org/akn/ke/act/2025/20/eng@2025-11-04. Archived at http://web.archive.org/web/20260211130459/https://new.kenyalaw.org/akn/ke/act/2025/20/eng@2025-11-04.
  10. Ghana, *Virtual Asset Service Providers Act, Act 1154* (2025), https://www.bog.gov.gh/news/press-release-passage-of-the-virtual-asset-service-providers-bill/. Archived at http://web.archive.org/web/20260616161824/https://www.bog.gov.gh/news/press-release-passage-of-the-virtual-asset-service-providers-bill/.
  11. South Africa (FSCA), *FSCA CASP licensing + FATF Travel Rule implementation* (2025), https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20FSCA%20confirms%20list%20of%20currently%20approved%20crypto%20asset%20service%20providers.pdf. Archived at http://web.archive.org/web/20250330054800/https://www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20FSCA%20confirms%20list%20of%20currently%20approved%20crypto%20asset%20service%20providers.pdf.
  12. Financial Action Task Force (FATF), *FATF Recommendations / Travel Rule (R.16) guidance on VASPs* (2012), https://www.fatf-gafi.org/. Archived at http://web.archive.org/web/20260609110416/https://www.fatf-gafi.org/.
  13. Vietnam (National Assembly), *Law on Digital Technology Industry + Resolution 05/2025/NQ-CP pilot* (2025), https://vbpl.vn/TW/Pages/vbpq-van-ban-goc.aspx?ItemID=179989. Archived at http://web.archive.org/web/20260416042427/https://vbpl.vn/TW/Pages/vbpq-van-ban-goc.aspx?ItemID=179989.
  14. Pakistan (PVARA), *Virtual Assets Ordinance (PVARA)* (2025), https://pakistancode.gov.pk/english/UY2FqaJw1-apaUY2Fqa-apaUY2Npa5tlbA==-sg-jjjjjjjjjjjjj. Archived at http://web.archive.org/web/20260227175238/https://pakistancode.gov.pk/english/UY2FqaJw1-apaUY2Fqa-apaUY2Npa5tlbA%3D%3D-sg-jjjjjjjjjjjjj.
  15. Kazakhstan (AIFC), *AIFC virtual-asset licensing track (Law No. 231-VIII context)* (2025), https://afsa.aifc.kz/afsa-announces-new-rulebook-on-digital-asset-activities-3/. Archived at http://web.archive.org/web/20260118083135/https://afsa.aifc.kz/afsa-announces-new-rulebook-on-digital-asset-activities-3/.
  16. Argentina (CNV), *CNV VASP registration regime* (2025), https://www.boletinoficial.gob.ar/detalleAviso/primera/322539/20250314. Archived at http://web.archive.org/web/20260610160231/https://www.boletinoficial.gob.ar/detalleAviso/primera/322539/20250314.
  17. European Union, *Markets in Crypto-Assets Regulation (MiCA), Regulation (EU) 2023/1114* (2023), https://eur-lex.europa.eu/eli/reg/2023/1114/oj. Archived at http://web.archive.org/web/20260605121143/https://eur-lex.europa.eu/eli/reg/2023/1114/oj.
  18. Japan (ruling parties / FSA), *2026 Tax Reform Outline + FIEA reclassification (105 tokens)* (2025), https://www.fsa.go.jp/news/r7/sonota/20251226-2.html. Archived at http://web.archive.org/web/20260227144411/https://www.fsa.go.jp/news/r7/sonota/20251226-2.html.
  19. Ukraine (Verkhovna Rada), *MiCA-aligned virtual-assets bill (Bill 10225-d, first reading)* (2025), https://itd.rada.gov.ua/billinfo/Bills/Card/56271. Archived at http://web.archive.org/web/20260610081339/https://itd.rada.gov.ua/billinfo/Bills/Card/56271.
  20. Nigeria (SEC), *Investments and Securities Act (ISA) 2025 (digital assets as securities)* (2025), https://sec.gov.ng/documents/1326/INVESTMENT-AND-SECURITIES-ACT-NIGERIA-2025_1.pdf. Archived at https://web.archive.org/web/20260616140633/https://sec.gov.ng/documents/1326/INVESTMENT-AND-SECURITIES-ACT-NIGERIA-2025_1.pdf.
  21. Thailand (Royal Decree), *Personal CGT exemption decree (expires end 2029); 2 stablecoins approved Mar 2025* (2025), https://www.rd.go.th/21221.html. Archived at http://web.archive.org/web/20260204030511/https://www.rd.go.th/21221.html.
  22. Algeria, *Law 25-10 (criminalises crypto possession)* (2025), official locator not yet published.
  23. China (PBoC / authorities), *November 2025 notice extending ban to stablecoins/tokenised assets; OTC convictions* (2025), https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5916794/index.html. Archived at http://web.archive.org/web/20260604123137/https://www.pbc.gov.cn/goutongjiaoliu/113456/113469/5916794/index.html.
  24. Bangladesh Bank, *Notice BB/CC/2025/17 (licence-revocation threat for crypto-touching remittance operators)* (2025), official locator not yet published.
  25. Philippines (SEC), *2025 licensing moratorium + Dec 2025 ISP blocks on 50 platforms* (2025), https://www.sec.gov.ph/advisories-2025/unregistered-crypto-platforms-continue-to-target-filipinos-sec-to-enforce-sanctions-against-violatorsthe-securities-and-exchange-commission-sec-warns-the-public-against-engaging-with/.
  26. Chainalysis, *The 2025 Geography of Cryptocurrency Report / Global Adoption Index* (2025), https://www.chainalysis.com/reports/2025-geo-crypto-report/. Archived at http://web.archive.org/web/20260509225024/https://www.chainalysis.com/reports/2025-geo-crypto-report/.
  27. Lithuania (Bank of Lithuania), *Shortest EU MiCA transition window* (2025), https://www.lb.lt/en/news/lithuanian-authorities-requirements-for-crypto-asset-companies-must-be-tightened-immediately. Archived at http://web.archive.org/web/20250719020821/https://www.lb.lt/en/news/lithuanian-authorities-requirements-for-crypto-asset-companies-must-be-tightened-immediately.
  28. Venezuela (SUNACRIP), *Mining-ban enforcement (residential hashrate down 65% since 2024); SUNACRIP paralysed* (2024), official locator not yet published.
  29. India (Finance Act 2022), *Virtual Digital Asset definition; 30% tax + 1% TDS* (2022), https://incometaxindia.gov.in/pages/indiacode/finance-indiacode.aspx. Archived at http://web.archive.org/web/20251214015817/https://incometaxindia.gov.in/pages/indiacode/finance-indiacode.aspx.
  30. Singapore (MAS), *2025 DTSP regime change (offshore-only providers forced out unless licensed)* (2025), https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers. Archived at http://web.archive.org/web/20260609231437/https://www.mas.gov.sg/news/media-releases/2025/mas-clarifies-regulatory-regime-for-digital-token-service-providers.
  31. Brazil (Banco Central do Brasil), *VASP Resolutions 519/520/521* (2025), official locator not yet published.
  32. El Salvador (Asamblea Legislativa), *2025 amendment ending mandatory Bitcoin acceptance (IMF-conditioned)* (2025), https://www.asamblea.gob.sv/sites/default/files/documents/decretos/FC2C7E66-490B-4420-B8B5-221C2F2A4C28.pdf. Archived at http://web.archive.org/web/20250422030548/https://www.asamblea.gob.sv/sites/default/files/documents/decretos/FC2C7E66-490B-4420-B8B5-221C2F2A4C28.pdf.
  33. Cuba (Banco Central de Cuba), *2025 authorisation of 10 firms for cross-border crypto settlement; mining legalised* (2025), https://www.bc.gob.cu/noticia/banco-central-de-cuba-regula-el-uso-de-criptomonedas-en-el-territorio-nacional/1273. Archived at http://web.archive.org/web/20251215105258/https://www.bc.gob.cu/noticia/banco-central-de-cuba-regula-el-uso-de-criptomonedas-en-el-territorio-nacional/1273.
  34. Italy (Legge di Bilancio), *Crypto flat rate 26% to 33%* (2025), https://www.gazzettaufficiale.it/eli/id/2024/12/31/24G00229/sg. Archived at http://web.archive.org/web/20260514161315/https://www.gazzettaufficiale.it/eli/id/2024/12/31/24G00229/sg.
  35. Romania, *Crypto rate 10% to 16%* (2025), official locator not yet published.
  36. Nigeria, *Nigeria Tax Act 2025 (capital-gains rate 10% to ~25%)* (2025), official locator not yet published.
  37. South Korea, *Crypto capital-gains tax (legislated, postponed to Jan 2027)* (2025), https://www.moef.go.kr/2024/taxlaw.do. Archived at http://web.archive.org/web/20250514011707/https://www.moef.go.kr/2024/taxlaw.do.
  38. Australia (Parliament), *Digital Assets (Market) framework bill* (2025), https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2526/26bd040. Archived at http://web.archive.org/web/20260521110444/https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd2526/26bd040.
  39. Poland (Sejm), *MiCA implementing act (passed third time 22 Dec 2025, over two vetoes)* (2025), https://orka.sejm.gov.pl/proc10.nsf/ustawy/2064_u.htm. Archived at http://web.archive.org/web/20260604121807/https://orka.sejm.gov.pl/proc10.nsf/ustawy/2064_u.htm.
  40. Saudi Arabia (SAMA), *First ministerial signal of a regulated stablecoin* (2025), official locator not yet published.