PwC’s Global Crypto Regulation Report 2026
Navigating the Global Crypto Landscape with PwC
The PwC Global Crypto Regulation Report 2026 explores the rapidly evolving regulatory landscape for digital assets, with a particular focus this year on stablecoins – their issuance models, reserve and redemption requirements, and supervisory frameworks – alongside key policy shifts and emerging trends in over 50 jurisdictions. This latest edition examines how policymakers are refining approaches to mitigate risks while enabling responsible innovation across the digital asset ecosystem.
In the United States (US), policy discussions and supervisory activity increasingly centre on payment stablecoins, including proposals for federal frameworks, interaction with state regimes, and prudential guardrails for issuers and key intermediaries. Agencies continue to clarify expectations around reserves, disclosures, redemption rights, and operational resilience, signalling a maturing approach that seeks to integrate stablecoins into the broader financial system under clear standards.
In the European Union (EU), the implementation of the Markets in Crypto-Assets Regulation (MiCAR) is progressing, with particular attention on the regimes for asset-referenced tokens and e-money tokens. As the first phases take effect, market participants are adapting to authorisation requirements, reserve composition and segregation rules, governance and disclosure obligations, and constraints applicable to significant tokens. Operational readiness and compliance roadmaps remain front of mind as firms align to the MiCAR timetable.
Across the globe, jurisdictions are advancing tailored frameworks that prioritise stablecoin risk management – from issuance and custody through to payments use cases – while continuing to develop comprehensive approaches to other digital assets. Authorities are also increasing cross border coordination on prudential expectations, market integrity, and financial crime controls, aiming to support safe innovation and interoperability in digital finance.
“During 2026, Europe’s digital asset debate will shift decisively from drafting to delivering supervisory outcomes. In the EU, MiCAR for stablecoins will move from initial authorisations to assertive, convergent supervision led by the EBA and ESMA, with a premium on reserve quality, redemption at par and robust governance – especially for 'significant' tokens. Tokenised money market funds will grow where managers treat tokenisation as market plumbing modernisation: UCITS/AIFMD and the MMFR will continue to define liquidity, valuation and depositary controls, while issuance, transfer and record keeping migrate on chain – typically on permissioned rails – to safeguard settlement finality and client asset protections.
In parallel, the UK will finalise a payments use regime for fiat backed stablecoins pairing FCA conduct oversight with Bank of England prudential reach and expand the Digital Securities Sandbox to support on chain issuance and settlement of MMFs without diluting substantive fund rules. Switzerland will sustain legal certainty with pragmatic supervision: FINMA will apply bank like standards where redemption or deposit taking risk arises and permit tokenised fund units within existing law anchored by strong AML/KYC and custody segregation. Across all three, Basel’s crypto prudential standards, tougher financial promotion controls and market abuse expectations will lift the bar. In short: the winners in 2026 will be those that build compliance by design – proof of reserves, operational resilience and transparent disclosures—into code, contracts and controls.”
Dr. Michael Huertas, Partner, Global & European FS Legal Leader - PwC Legal
“As the EU operationalizes its crypto agenda, its harmonized framework will also be instrumental in bringing DeFi and DAOs into clearer regulatory focus, pairing legal certainty with innovation-friendly guardrails. By setting baseline requirements for transparency, governance, and consumer protection - alongside principles that can be adapted to decentralized architectures – European regulation needs to position supervisors to address systemic risks from protocols and token-based governance without stifling experimentation. While global divergences will persist and create arbitrage pressures, the EU’s playbook can catalyze international alignment on issues such as smart contract auditability, disclosure standards for protocol risks and tokenomics, liability and accountability in DAO structures, and cross-border supervisory cooperation. In this way, Euope’s approach can evolve from a foundational rulebook for centralized actors into a forward-looking framework capable of responsibly integrating DeFi and DAOs into the single market.”
Dr. Hagen Weiss, Digital Assets Lead - PwC Legal
“We’re crossing a critical threshold for digital assets. Regulation is no longer a constraint it’s actively reshaping markets and enabling digital assets to become the architecture that allows them to scale responsibly. Regulatory momentum is accelerating, and with it, the pace of institutional adoption. What’s emerging now is not just clarity, but confidence: confidence for institutions to innovate, scale, and integrate digital assets into the core of the global financial system.”
Matt Blumenfeld, Global and US Digital Assets Lead - PwC United States
