A quick overview of global crypto and mining regulatory geopolitics in September: new regulations take effect in multiple countries, accelerating the differentiation of the global compliance landscape.

Entering September 2026, the global crypto asset and mining industry is experiencing a concentrated policy window. Russia’s comprehensive crypto law has officially come into effect; the US core crypto bill is nearing a Senate vote; the UK has opened its application channel for crypto service provider licenses; and the US Office of the Comptroller of the Currency has opened national bank licenses to crypto-native institutions. Countries are no longer simply adopting a binary model of “total prohibition or unconditional encouragement,” but are instead issuing differentiated regulatory rules based on their own energy security, cross-border settlement, and financial stability goals, further clarifying the geopolitical landscape of global crypto governance.

1. Russia’s new version of the “Law on Digital Currency and Digital Rights” officially came into effect on September 1, establishing a controlled and compliant crypto framework.

On September 1, Russia’s “Law on Digital Currency and Digital Rights” officially came into effect, marking the establishment of a unified national licensed crypto regulatory system in Russia. The new law explicitly prohibits cryptocurrencies from being used as a means of payment for goods and services within the country, while the ruble retains its status as the sole legal tender. Ordinary individual investors or retail investors need to pass a professional knowledge test, and each licensed institution has an annual transaction limit of 300,000 rubles (approximately $3,500). Qualified investors have no trading restrictions, and corporate entities can conduct cross-border trade settlement business within a compliant framework for cross-border trade. Related exchanges and custody institutions have a transition period and must complete all registration and licensing by July 1, 2027. Regarding mining, Russia continues its strategy of “nationwide legality with power grid overload restrictions in some areas,” with hash rate continuing to migrate to energy-rich regions such as the Far East, balancing the development of crypto hash rate with the stability of the domestic power grid through quota control.

2. The US Clarity Act for Digital Asset Markets is scheduled for a procedural vote in the Senate.

In the US, the Clarity Act for Digital Asset Markets is scheduled for a procedural vote in the Senate on September 15, marking a key watershed moment in US crypto legislation during this congressional cycle. The bill aims to clarify the jurisdictional boundaries between the SEC and CFTC, and to define the distinction between digital asset products and securities. It has already been passed by the House of Representatives. Industry observers point out that if it passes the Senate, legislation is expected to be completed by 2026; if it fails, the window for comprehensive federal-level crypto regulatory legislation in the United States may be delayed for several years, and compliance expectations of global institutions will fluctuate significantly. Meanwhile, the Office of the Comptroller of the Currency (OCC) recently issued preliminary national banking licenses to two crypto-background institutions. After completing FDIC insurance, these institutions can conduct crypto custody, tokenized deposits, and stablecoin-related banking businesses, representing a further opening of the traditional licensed banking system in the United States to crypto-native entities. At the state level, New York State and other regions maintain the policy of freezing electricity permits for large-scale hash rate projects. Mining companies and AI hash rate park upgrades continue to face energy approval constraints, creating a synergistic effect between hash rate infrastructure regulation and crypto industry regulation.

3. The UK FCA’s crypto regulatory authorization window officially opened on September 30th.

In Europe, the UK’s FCA has officially confirmed that it will open the application window for regulatory licenses for crypto service providers on September 30th, with the new regulations set to be fully implemented in October 2027. The UK is including stablecoins within the scope of national payment infrastructure regulation, hoping to leverage this system to create a major hub for crypto businesses outside the EU and attract global crypto institutions. Within the EU, the MiCA legislation continues to progress, but implementation pace varies among member states, and attitudes towards high-energy-consuming Proof-of-Work (PoW) mining remain divergent. Several Nordic countries are tightening approvals for new crypto mining projects, prioritizing hydropower resources for the real economy and discouraging the disorderly expansion of crypto mining.

From a macro-geopolitical perspective, global crypto regulation has moved beyond simple “ban or allow” debates and entered a new phase of instrumental governance. Russia uses crypto as a supplementary tool for cross-border settlements, setting strict entry barriers for retail investors; the US is striving for unified federal legislation while its banking system embraces crypto businesses; the UK is vying for regional compliance centers; and Europe is focusing more on energy consumption control and consumer protection. The mining industry is no longer merely a supporting sector to the crypto industry. More and more countries are linking large-scale hash rate projects with power grid load, energy distribution, and national infrastructure security, with regulatory policies simultaneously covering both crypto trading and hash rate infrastructure.

Industry analysts believe that in the coming period, differentiated rules across countries will continue to drive the redistribution of capital, hash rate, and institutions globally. The policy directions of economies such as the US, Europe, Russia, and the UK will directly determine the development path of global crypto assets and the mining industry over the next 2-3 years.