ARTICLE
11 February 2026

Virtual Assets 2025 Review And 2026 Outlook

KP
KPMG

Contributor

KPMG in China has offices located in 31 cities with over 14,000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. Working collaboratively across all these offices, KPMG China can deploy experienced professionals efficiently, wherever our client is located.

KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organisation or to one or more member firms collectively.

2025 marked a maturing phase for the virtual asset industry, driven by increased institutional adoption. However, endemic pump-and-dump activity and persistent altcoin underperformance caused retail interest to wane.
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2025 marked a maturing phase for the virtual asset industry, driven by increased institutional adoption. However, endemic pump-and-dump activity and persistent altcoin underperformance caused retail interest to wane. 

2026 signals a new era in which fundamentals eclipse speculation, marking the end of the casino and the beginning of industry.

This report reviews the key developments shaping virtual assets in 2025 and outlines the themes likely to define the year ahead.

To read this article in full, please click here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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