Here’s what happened in crypto today
Today in crypto, Vladimir Putin signed a law establishing a regulated cryptocurrency market in Russia, Mysten Labs’ co-founder departed for Anthropic to focus on AI security research and Western Union expanded into stablecoin payments with a Visa-backed wallet.
Russian president signs crypto law, core rules take effect in 2026
Russian President Vladimir Putin has signed a law creating a regulated framework for cryptocurrency markets in the country.
Putin signed bill No. 1194918-8, titled “On Digital Currencies and Digital Rights,” into law on Tuesday, according to official records from the State Duma, Russia’s lower house of parliament. The legislation establishes rules for crypto market participants, including exchanges, brokers, custodians and other crypto service providers.
The law requires crypto exchange operators to meet regulatory requirements and join a financial market self-regulatory organization. It limits retail investors to buying approved crypto assets through intermediaries, with an annual cap of 300,000 rubles ($3,700) per intermediary. Qualified investors will be allowed to purchase any cryptocurrency without such restrictions.
The core provisions of the law take effect on Sept. 1, 2026, while some measures, including rules for non-resident digital depositories, will take effect on July 1, 2027. The law also maintains a ban on using crypto assets to pay for goods and services inside Russia.
The State Duma approved the legislation after final readings in late July. Under the law, the Bank of Russia will oversee the regulated crypto market, issue related rules and determine which crypto assets licensed intermediaries can offer.
Mysten Labs tech chief joins Anthropic to work on AI security
Sam Blackshear, the co-founder and chief technology officer of Mysten Labs, has announced he will be stepping down to join Anthropic to work on defensive security research.
Blackshear, along with four former Meta executives, founded Mysten Labs — the creator of the Sui blockchain — in September 2021. Blackshear said Mysten Labs co-founder and CEO Evan Cheng will step in to set the “technical vision” for Mysten going forward.
“When I reflect on my career, I have been happiest doing hands-on technical work while exploring new problem domains,” said Blackshear. “This is an opportunity to do both, and I’m motivated to work on security at a time when the balance of power between attackers and defenders is shifting.”
His departure comes as AI is increasingly being used to identify software vulnerabilities, automate phishing campaigns and accelerate attacks on blockchain infrastructure.
Western Union expands into stablecoin payments with Visa-backed wallet
Western Union has rolled out Stablecard, a digital wallet and Visa payment card built around its dollar-backed stablecoin USDPT, expanding the remittance company’s push into blockchain-based payments.
The service is initially available in 37 countries and lets customers receive Western Union transfers as stablecoins instead of cash or bank deposits. Users can also send USDPT to supported crypto platforms and make purchases through Visa’s global payments network. The stablecoin is issued by Anchorage Digital Bank on Solana, with Western Union planning to extend the service to more than 60 markets later this year.
The launch comes as traditional payment providers increasingly explore stablecoins as a way to modernize cross-border transfers and offer an alternative to local currencies in high-inflation economies. Western Union’s rival MoneyGram has also entered the market with its own dollar-pegged token, while banks and payment companies continue to build stablecoin products following the passage of US stablecoin legislation.
Despite the momentum, the technology has yet to consistently outperform conventional remittance services. Researchers at the Bank of Italy recently found that converting between traditional currencies and digital assets remains a major source of cost and settlement delays, reducing many of the efficiency gains promised by stablecoin-based transfers.
