October concluded with significant developments in the cryptocurrency sphere, potentially reshaping the regulatory landscape for banking. Recent reports indicate that banking industry regulators are considering incorporating cryptocurrency regulations into their existing frameworks. These new rules are expected to signal a shift in how banks approach digital assets.
The implementation of these new regulations is reportedly planned for 2026. This development marks a notable departure from previous directives that discouraged banks from engaging with cryptocurrencies. The introduction of crypto regulations for the banking industry is anticipated to facilitate greater adoption and streamline operations. This move represents a significant pivot from earlier banking rules that were seen as detrimental to cryptocurrencies.
Key Regulatory Developments in October
Beyond the banking sector's potential regulatory shifts, October saw several countries embracing more pro-crypto stances. In the United States, President Trump announced his intention to pass market structure legislation before the end of the year. This commitment was accompanied by active negotiations in the Senate concerning the GENIUS Act and the CLARITY Act, underscoring the U.S.'s ambition to lead in cryptocurrency adoption globally.
In the United Kingdom, regulators reiterated their dedication to achieving regulatory clarity, particularly regarding stablecoins. The Financial Conduct Authority is expected to implement these rules in 2026.
The United Arab Emirates also made swift changes to accommodate the crypto industry, aligning with its goal to become a prominent Eastern crypto hub. The Ras Al-Khaimah (RAK) Digital Assets Oasis Authority granted legal status to decentralized autonomous organizations (DAOs) in Dubai and Abu Dhabi. Furthermore, the UAE opened its doors to crypto service providers, with ByBit becoming the first global exchange to secure a license for crypto services in the region. Crypto.com also obtained a Stored Value Facilities license, enabling UAE citizens to use CRO for government services.
Pro-Crypto Initiatives in the Southern Hemisphere
Australia also experienced regulatory activity in October, with measures aimed at ensuring compliance within the crypto sector. These include requirements for crypto companies to obtain licenses before operating domestically. Australia has begun recognizing wrapped tokens and stablecoins as financial products.
Several African nations also advanced pro-crypto regulations in October. Ghana announced plans to roll out crypto regulations by the end of 2025, marking it as the ninth African country to embrace cryptocurrencies. Kenya, a leader in digital technology adoption on the continent, has already taken steps forward. The country introduced its Virtual Asset Service Providers (VASP) Act 2025, providing licensing and regulatory guidance for crypto companies seeking legal entry and operations. Kenya is also set to introduce further licensing rules in 2026 to offer enhanced guidance on crypto operations.
These regulatory updates from various countries demonstrate a growing global trend towards embracing digital assets through pro-crypto legislation. This shift contrasts sharply with the more restrictive stances previously adopted by many nations towards digital assets, highlighting a rapidly evolving landscape.