Four nations enact crypto regulations in early September

In the opening days of September, four governments took action on crypto regulation. Russia and Vietnam put new rules into effect on Tuesday. Pakistan set a Saturday deadline for filings. Singapore opened a consultation process.

Russia's legal crypto market has opened, though with a strict cap. Vietnam and Pakistan have reduced the range of permitted activities for companies. Singapore's regulations remain in draft stage.

Russia Allows Crypto Trading, Payments Ban Remains

On Tuesday, Federal Law 282-FZ took effect, classifying crypto as property. Licensed intermediaries and trading platforms are now permitted to serve retail investors.

HUGE: 🇷🇺 President Putin officially signed Russia’s version of the Crypto CLARITY Act into law, with the law taking effect today.

🇺🇸 Pass the U.S. CLARITY Act! pic.twitter.com/198Z6tM0Jp

— Conor Kenny (@conorfkenny) September 1, 2026

Despite this opening, restrictions are tight; retail investors must pass a test first. They are then allowed to purchase up to 300,000 rubles annually via one intermediary.

At the central bank's exchange rate, that amounts to roughly $3,500. Using crypto for payments in Russian stores is still prohibited.

A counterpoint exists: large banks must begin providing digital rubles, and major retailers must accept them. Crypto exchanges have until July 2027 to complete registration. Sberbank's proposal to use crypto as collateral still requires central bank approval.

Vietnam Enacts Crypto Rules in a Market Lacking Exchanges

Vietnam's Decree 284 comes into effect today. Firms operating without a license face fines of up to 200 million VND.

However, no crypto exchange has obtained a license so far, possibly due to high costs. Platforms must demonstrate upfront capital of nearly $390 million, and foreign ownership is capped at 49%.

Oddly, no more than five exchanges will be granted licenses.

Pakistan Goes After Firms, Singapore Has No Targets Yet

Pakistan's Virtual Assets Act has been in force since March. Section 70 gave existing firms six months to either apply or cease operations. That deadline expires Saturday.

Pakistan’s virtual asset licensing regime is now live. 🇵🇰

In under 6 months, Pakistan has moved from primary legislation to notified regulations and an open licensing process.

Under Section 70 of the Virtual Assets Act, 2026, existing virtual asset service providers must submit… pic.twitter.com/B0uH9n2JoA

— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) August 21, 2026

Regulators are not targeting users, but rather platforms that have onboarded Pakistani clients. The deadline is significant because a license now has real value. In April, the State Bank of Pakistan permitted banks to open accounts for licensed crypto companies, reversing a 2018 prohibition.

Singapore took a different approach. The Monetary Authority of Singapore (MAS) launched consultation P015-2026 on Tuesday. The proposal outlines a stablecoin license requiring full reserves, redemption at par, and no interest paid to holders. Comments are due by October 16.

Singapore's MAS opened public consultation (closing Oct 16) on legislative amendments to the Payment Services Act, advancing its 2023 single-currency stablecoin framework toward implementation. The proposals formalize an "MAS-regulated stablecoin" designation requiring 100%…

— unfolded. (@cryptounfolded) September 1, 2026