Chapter One
Navigating the Evolving Regulatory Landscape for Digital Assets
The digital assets sector is entering a period of unprecedented regulatory transformation. As 2025 unfolds, industry leaders face a rapidly shifting compliance environment shaped by new laws, expanded oversight, and evolving expectations across major jurisdictions.
Our survey revealed that the most significant regulatory challenge hindering the adoption of digital assets is the lack of international cooperation. Almost half (49%) of respondents agreed, highlighting that fragmentation across jurisdictions creates operational complexity and uncertainty, making it difficult for firms to scale digital asset initiatives globally. High compliance costs are the next most pressing concern, noted by 29% of respondents, reflecting the resource-intensive nature of meeting divergent regulatory requirements in multiple markets.
Organisations are responding to these challenges with a range of adaptive strategies. The most common approach, adopted by 43% of respondents, are expanding their compliance teams to better navigate jurisdictional differences. Additionally, 35% of organisations are partnering with local entities to secure regulatory guidance and support implementation, leveraging local knowledge to ensure compliance and operational resilience.
Survey responses reveal major regulatory shifts shaping digital asset strategies. The UK’s new crypto regime and FCA rules are driving firms to revise business models and licensing. Switzerland’s DLT Act encourages optimised services with legal safeguards. In the US, agencies are advancing clearer, unified frameworks. Together, these changes reflect a fast-evolving landscape focused on global alignment and balanced oversight.
Industry leaders must remain agile as regulatory frameworks for digital assets continue to evolve. The lack of international harmonisation and high compliance costs remain major obstacles, but organisations are proactively expanding compliance capabilities and forging local partnerships to stay ahead. As regulatory clarity improves in 2025, firms that anticipate and adapt to these changes will be best positioned to
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Question 1: Which recent or upcoming regulatory change do you anticipate having the greatest impact on your digital asset strategy, and how are you preparing for it? (open ended)
Question 2: What is the biggest regulatory hurdle affecting your organisation's adoption of digital assets?
Question 3: How is your organisation adapting its digital asset strategy to align with evolving regulations across Europe, the US, and Asia?
Question 2: What is the biggest regulatory hurdle affecting your organisation's adoption of digital assets?
Lack of International Cooperation
High Compliance Costs
Limited Guidance on Taxation
Unclear Jurisdictional Framework
Question 3: How is your organisation adapting its digital asset strategy to align with evolving regulations across Europe, the US, and Asia?
Expanding compliance teams to navigate jurisdictional differences
Partnering with local entities for regulatory guidance and implementation
Developing region-specific products to comply with local regulations
Limiting exposure to certain regions due to regulatory uncertainty
As the chart highlights, most institutions are expanding compliance teams or partnering locally to address evolving digital asset regulations across regions. At our bank, we’ve been live for trading and custody of digital assets for nearly three years.
One of the key enablers has been the clear and pragmatic regulatory framework provided by Swiss authorities, which allowed us to build a compliant and robust operating model early on. Success in digital assets isn’t just about tech readiness, it’s about regulatory fluency, operational resilience, and the confidence to serve clients across jurisdictions.
Valérie Noël, Head of Trading at Syz Group
