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Fragmented Global Regulation: Despite some progress (like the EU’s MiCA regulation), the overall global legal framework for crypto remains inconsistent and incomplete. This creates legal and fiscal risks and is a major concern for financial stability, as activities like lending, borrowing, and margin trading are often excluded from oversight in many jurisdictions.
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Regulatory Uncertainty in Key Markets: Delays in defining market structure rules (e.g., the US “Clarity Act”) can dampen institutional confidence and slow mainstream adoption. The classification of various tokens as securities by regulators (like the SEC) remains a constant risk.
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Taxation and Reporting: Tax authorities worldwide are tightening guidelines and enforcement for reporting crypto income, capital gains, and transactions. Fiscal sanctions or audits for non-compliance are a growing risk for investors.
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Central Bank Digital Currencies (CBDCs): As governments continue to explore or launch their own digital currencies, increased scrutiny and new regulatory frameworks are expected to distinguish between CBDCs and decentralized assets, potentially affecting the latter