Regulatory Moves in Russia and Thailand Shape Global Crypto Landscape

Russia and Thailand are moving to regulate their digital asset markets in distinct but complementary ways.

Russia's new framework, which took effect on September 1, brings a range of obligations and protections for market participants, including a licensing regime and rules for exchanges and custodians. The law maintains the ban on using digital currencies as payment within Russia, with exceptions for cross-border transactions and settlements.

The framework was established by the 'On Digital Currencies and Digital Rights' bill, which was adopted by the State Duma on July 21 and signed into law by President Vladimir Putin on August 4. The law requires exchanges, brokers, custodians, and digital depositories to operate under the supervision of the Bank of Russia.

In Thailand, the Securities and Exchange Commission is seeking public comments on proposed amendments that would allow intermediaries to facilitate investments in overseas digital asset derivatives. The proposals aim to broaden investment opportunities while calibrating access and protections according to product risk.