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Georgia plans to commence mandatory supervision of virtual asset service providers (VASPs) starting Sept. 1, 2023, to prevent money laundering and comply with sanctions. Alongside VASP supervision, foreign bank account restrictions will be implemented to support Georgia’s economic stability. The country also prepares to approve cryptocurrency regulations, aiming to establish itself as a global crypto hub.

Russian lawmakers abandon plans for a state-owned cryptocurrency exchange, opting to regulate existing private enterprises instead. This shift aims to minimize risks of sanctions, cyber attacks, and market monopolies, potentially signifying a new chapter in Russia’s relationship with cryptocurrencies.

The Russian government plans to establish regulations for multiple cryptocurrency exchanges, focusing on cross-border settlements and bypassing sanctions restrictions. While Russia’s central bank is expected to regulate these exchanges, new limitations and compliance rules may be introduced. This multi-exchange approach balances the potential benefits of cryptocurrencies and mitigates risks to the country’s financial stability.

Russian authorities abandon plans for a national cryptocurrency exchange, focusing instead on establishing regulations for platform development and operations. This move, supported by the Ministry of Finance and Central Bank, aims to reduce risks and encourage crypto adoption in the country, while addressing market dominance and security concerns.

The U.S. Treasury’s OFAC has imposed sanctions on Russian firms and individuals, including an Ethereum wallet, for assisting Russia in evading existing punitive measures amidst the Ukrainian conflict. The case underscores the dual nature of cryptocurrencies as convenient cross-border transaction tools and potential means for illicit activities, emphasizing the need for balancing their benefits with security safeguards.

Estonia’s controversial 2022 law requiring crypto firms to hold substantial capital reserves and maintain genuine connections has led to an 80% reduction in registered companies. While some view this as necessary for market security and transparency, others fear it may hinder industry growth and innovation.

Iran is establishing a specialized platform for local businesses to use cryptocurrencies in cross-border settlements for importing goods. Linked to Iran’s Comprehensive Trade System and the Central Bank of Iran’s Currency Allocation Platform, this development aims to streamline money transfers using digital currencies, potentially ushering in a new era of decentralized finance in international trade.