Four countries began introducing or enforcing new rules on crypto assets in the first week of September.
Russia and Vietnam began implementing new rules on Tuesday, while Pakistan set a deadline for applications for licenses for crypto companies on Saturday.
Meanwhile, Singapore opened talks on proposed new rules on stablecoins.
The move shows that governments in several countries are getting serious about regulating the crypto industry, including in terms of licenses, investor protection and the use of digital assets.
Russia Allows Crypto Trading, But Payments Still Banned
A new Russian law, Federal Law 282-FZ, came into effect on Tuesday and recognizes crypto as property.
Licensed brokers and exchanges can now offer crypto services to ordinary investors.
However, retail investors must first pass a test before they can buy crypto assets.
They are then limited to a maximum purchase of 300,000 rubles per year through an intermediary, equivalent to about US$3,500.
The use of crypto as a means of payment in stores is still prohibited.
At the same time, Russia is set to expand the use of the digital ruble, with major banks required to offer the digital currency and large retailers required to accept it.
Crypto exchanges have been given until July 2027 to complete the registration process.
Vietnam Limits Industry to Five Exchanges
Vietnam has also begun enforcing Decree 284, which sets stricter requirements for crypto companies.
Companies operating without a license can be fined up to 200 million dong.
However, so far, no crypto exchange has received a license.
Among the main requirements is that the platform must provide an initial capital of almost US$390 million, while foreign ownership is limited to a maximum of 49%.
The Vietnamese government will also only grant licenses to five crypto exchanges.
The move will limit the number of players in the market and give an advantage to companies with strong capital and operating structures.
Pakistan Focuses on Companies, Singapore on Stablecoins
In Pakistan, crypto companies that are already operating and have local customers must apply for a license or cease operations.
The six-month period given under the Virtual Assets Act will end on Saturday.
The regulations focus more on crypto platforms and companies than on ordinary users.
Interestingly, the State Bank of Pakistan in April allowed banks to open accounts for licensed crypto companies.
The move reversed a 2018 ban on banks providing services to the crypto industry.
Meanwhile, Singapore is taking a proposal-based approach.
The Monetary Authority of Singapore (MAS) opened consultations on a proposed stablecoin license on Tuesday.
The proposal stipulates that stablecoins must be fully reserve-backed, redeemable at 1:1 and issuers cannot provide interest to holders.
The period for providing feedback on the proposal is open until October 16.
