Four Countries Advance Crypto Regulations in Early September

In the first week of September, four governments took distinct steps toward regulating crypto assets, ranging from full legalisation to draft consultations.

Russia legalises retail crypto trading with strict limits

Federal Law 282‑FZ entered force on Tuesday, classifying crypto as property. Licensed brokers and exchanges may now serve retail investors, but investors must pass a qualification test and are capped at purchases of 300,000 rubles (about $3,500) per year through a single intermediary. Spending crypto in physical stores remains prohibited. Large banks are required to offer digital rubles, and major retailers must accept them. Exchanges have until July 2027 to complete registration.

Vietnam issues a new decree for crypto service providers

Decree 284 took effect today, imposing a fine of up to 200 million Vietnamese dong for operating without a licence. Prospective platforms must demonstrate upfront capital of roughly $390 million, and foreign ownership is limited to 49 %. Only five licences will be granted, and no crypto exchange has yet secured one.

Pakistan enforces a licensing deadline for virtual‑asset service providers

Under Section 70 of the Virtual Assets Act, existing service providers had six months to apply for a licence; the deadline expires on Saturday. The licensing regime is now active, and banks may open accounts for licensed crypto firms following a reversal of the 2018 ban.

Singapore opens public consultation on stablecoin framework

The Monetary Authority of Singapore launched consultation P015‑2026, proposing a licence for stablecoins that requires 100 % reserve backing, redemption at par value, and no interest for holders. Comments are accepted until 16 October.