Major Countries Unleash Crypto Regulations Amid Global Uncertainty

Four major countries have started their cryptocurrency regulations this week, with significant changes for users and businesses alike. In Russia, President Putin signed the Crypto CLARITY Act into law on September 1st, treating cryptocurrencies as property and allowing licensed brokers and exchanges to serve ordinary buyers.

The law has a hard limit, however, requiring small investors to first pass a test before buying up to 300,000 rubles per year through a single intermediary. Spending crypto in Russian shops remains banned, but big banks have to start offering digital rubles, and large retailers must accept them.

In Vietnam, the Decree 284 takes effect today, allowing companies to pay up to 200 million local currency for operating without a license. However, not a single crypto exchange has received a license yet due to high capital requirements, with only five exchanges granted permission in the future.

Pakistan's Virtual Assets Act has been law since March, and Section 70 gave firms six months to apply or stop serving customers. The deadline bites Saturday as users are not the target, but platforms that signed up Pakistani customers must obtain a license by then.