Russia Legalizes Crypto Trading, but with Stringent Conditions

Russia has officially legalized trading in cryptocurrencies, but with strict limits and conditions. The Federal Law 282-FZ, also known as the Crypto CLARITY Act, came into force on Tuesday, treating crypto as property. Licensed brokers and exchanges can now serve ordinary buyers, but there are several caveats.

Firstly, small investors must pass a test before buying cryptocurrencies, with a limit of up to 300,000 rubles per year through a single intermediary. This is equivalent to around $3,500 at the central bank's rate. Additionally, spending crypto in Russian shops remains banned, despite the new law.

On the other hand, big banks have been required to start offering digital rubles, and large retailers must accept them. Exchanges have until July 2027 to finish registering with the authorities. Sberbank's crypto collateral plan still needs central bank approval before it can be implemented.

In Vietnam, the Decree 284 takes effect today, allowing companies to pay up to 200 million in local currency for operating without a license. However, not a single cryptocurrency exchange has received a license yet due to the high upfront capital requirement and restrictions on foreign ownership.