The third edition of the Crypto-Assets Management Survey reflects the accelerating maturity of the sector. What was once viewed as experimental is increasingly recognised as foundational to the future of asset management and financial infrastructure. The data shows a market in motion: more confident, more coherent, and more integrated.
The Crypto-assets Management Survey, commissioned by the Luxembourg House of Financial Technology and conducted with the active support of the Association des Banques et Banquiers à Luxembourg (ABBL), the Association of the Luxembourg Fund Industry (ALFI), and the Luxembourg Blockchain Lab, aims to provide financial sector professionals with a comprehensive update on the space.
How would you assess the current global crypto-assets market?
Notes: in this edition, the option "Facing increasing growth pressure due to significant headwinds" was not included. In the 2023 survey, the option "About to explore major growth acceleration" was not included. The percentages may not add up to 100% due to rounding.
Compared to the previous survey in 2023, the outlook on the global crypto-assets market has undergone a notable transformation with a more optimistic and confident perspective. In this edition, 50% of industry stakeholders in Luxembourg view the global crypto-assets market as progressing towards broader mainstream adoption, believing that the industry has reached an inflection point. This marks a significant shift compared to the previous edition, where only 33% held this view.
How do you rate the level of maturity* of the crypto-assets market in Luxembourg?
Note: *maturity indicators include the current state of supply and demand, regulatory developments and clarity, depth and breadth of the ecosystem, and overall country strategy. In the 2021 survey, the option "Ahead of peer financial centres" was not included. The percentages may not add up to 100% due to rounding.
The Grand Duchy's crypto-assets market continues to evolve, strengthening its position within the broader European financial market. In this edition, 39% of respondents view the country’s development as aligned with the European average, a result consistent with the 2023 edition. At the same time, 25% consider Luxembourg to be in line with leading financial centres in the region, reflecting a slight decline from 28% in the previous edition.
When do you expect crypto-assets-based products/services to become a strategic priority for your business?
When asked about the timing of crypto-asset-based products and services becoming a strategic priority for their business, 24% of our sample have already identified them as such. This marks an 8% increase compared to the 2023 findings, suggesting a growing recognition of the potential value that crypto-assets can bring to business operations and growth.
Additionally, 38% of respondents believe that crypto-assets will become a strategic priority in the short term, in line with the 2023 findings, indicating that firms are increasingly viewing crypto-assets as an integral part of their future strategy.
In contrast, the percentage of those who do not expect crypto-assets to become a strategic priority has decreased to 39%, aligning with the level recorded in the 2021 survey. While this group still makes up a significant share of respondents, the decline compared to 2023 may reflect the rising importance of crypto-assets in the broader market.
Crypto-assets Management Survey 2025
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Partner, Global AWM Market Research Centre Leader, PwC Luxembourg
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