Regulation in 2026: what changed and what to expect
Crypto regulation has moved from "is this allowed?" to "how do we comply?" Here is the global landscape as of mid-2026 and what's coming.
26/04/2026 · 11 min de leitura · Regulation · Compliance · Global
The 2024-2025 inflection
Until 2023, crypto regulation in the US was "regulation by enforcement." The SEC sued exchanges, the CFTC pursued unregistered futures markets, and rules were unclear. Operators took risks based on guesses.
In 2024-2025, the legal landscape clarified. The 2024 elections shifted US policy. Multiple SEC enforcement cases were dropped. Spot ETFs were approved. The EU finalized MiCA. Brazil passed Lei 14.478. Japan and Singapore tightened their existing frameworks.
In 2026, crypto operators have actual rulebooks in major jurisdictions. The compliance burden is high but the rules are clear. This is structurally bullish for serious operators and bearish for grey-zone projects.
United States
SEC under the post-2024 administration has shifted from enforcement to rulemaking. Spot BTC and ETH ETFs trade freely. SOL ETF approval pending. Stablecoin legislation (the GENIUS Act) passed Senate; House version under negotiation.
Custody clarity: the SAB 121 reversal (March 2024) allowed banks to custody crypto without onerous balance sheet treatment. This unlocked institutional custody flows.
Open questions: staking-as-a-service classification, DeFi enforcement perimeter, securities classification of altcoins. Each will produce headlines in 2026.
European Union
MiCA (Markets in Crypto-Assets) is fully in force as of 2025. Crypto-Asset Service Providers (CASPs) must register, follow capital rules, segregate customer funds, and meet ongoing reporting requirements.
Major exchanges have CASP licenses or are operating under transitional rules. Smaller players are exiting the EU or limiting service.
Stablecoin issuers face the strictest rules: 1:1 backing, daily reporting, no algorithmic stables. This is one reason USDC has dominated EU growth while USDT has retreated.
Brazil
Lei 14.478 (December 2022) is the legal foundation. Provisions on Virtual Asset Service Providers (PSAVs), CVM oversight for tokenized securities, Receita Federal reporting (IN 1.888 expanded).
BCB (central bank) takes lead role in licensing exchanges. As of 2026, license applications are open; some major exchanges have applied, processing times are 12-18 months.
PIX integration is mandatory for any exchange operating in the local market. KYC requirements are aligned with the FATF Travel Rule for transactions above thresholds.
Asia
Japan: long-established framework. FSA-licensed exchanges only. High consumer protection, low new-token velocity. Stable but not a growth market.
Singapore: MAS licensing tightened after 2022 collapses. Higher capital requirements. Still a hub for OTC and institutional, less for retail.
Hong Kong: 2023 reopening for retail crypto trading. Spot BTC ETFs approved 2024. Growing as an alternative to Singapore for institutional flows.
South Korea: strict KYC enforcement. Only registered won-pair exchanges (Upbit, Bithumb, Coinone, Korbit). Cross-border crypto is restricted.
What this means for traders
Pick exchanges with real licenses. The cost of "cheaper" unregulated venues is geometric: legal exposure, withdrawal freezes, exit scams. The discount isn't worth it.
Track tax reporting requirements in your jurisdiction. Many users discovered in 2024-2025 that they owed back taxes on trades they thought were private. Exchanges now report.
Watch the stablecoin issuer space. MiCA-compliant stables (USDC, EURC) are gaining ground. Tether's strategy is to diversify globally rather than comply with EU specifically.
What to expect in 2026-2027
US comprehensive crypto market structure legislation (the FIT-21 framework or successor). This would clarify which agency regulates what (SEC vs CFTC), legitimate retail products, etc.
Stablecoin legislation in the US. The path to passage is more concrete than ever. Once signed, US-issued stables become the dominant institutional rail.
Increased CBDC pilots. Most major economies are testing or deploying central bank digital currencies in some form. They compete with private stables but the market structure is different.
Bottom line
Crypto regulation in 2026 is real, enforceable, and largely consistent across major jurisdictions. The era of unlicensed exchanges and unclear rules is closing.
For users, this is good news: clearer protections, more institutional infrastructure, less catastrophic counterparty failure. For operators, it's expensive: compliance burden, legal staff, regulatory fees. The market is becoming professional, finally.