TLDR: Crypto Loyalty Regulation: A Global 2025 Guide

This report examines the complex regulatory landscape for crypto-based loyalty programs as of 2025, highlighting the varying approaches across global regions. It details how the European Union's MiCAR framework categorizes crypto-assets and imposes licensing requirements, while the United States grapples with federal deregulation alongside fragmented state laws. The text also outlines Asia's diverse strategies, from Japan's progressive exemptions to Hong Kong's licensing regime and Singapore's risk-based approach, and touches upon Latin America's high adoption amid regulatory gaps. Finally, it offers strategic compliance recommendations for businesses operating these programs.