The Daily: Russia legalizes retail crypto trading, keeps payment ban, plus more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Bitcoin, ether, and XRP whales are continuing to accumulate despite weak prices, signaling the crypto bear market may be entering its final stage, according to CryptoQuant analysts.

In today's newsletter, Putin signs a landmark crypto bill, Coinbase UK launches 24/5 U.S. stock trading, JPYC raises $38 million, and more.

Meanwhile, the U.S. Senate races to salvage the Clarity Act before its August recess as an ethics fight and law enforcement concerns loom.

P.S. Don't forget to check out today's latest reader poll on bitcoin ETFs later in the newsletter.

Reminder: We'll be on the ground at SALT's Blockchain Symposium in Jackson Hole Aug. 17-20, with exclusive interviews and coverage of the biggest stories shaping crypto and global finance.

Putin signs landmark crypto law allowing regulated retail trading in Russia

Russian President Vladimir Putin signed a landmark law establishing a regulatory framework for the country's crypto market, according to state news agency TASS.

• The law lays out rules for exchanges, custodians, brokers, and investors, but retains a ban on using crypto to pay for goods and services inside Russia.
• The framework allows retail investors to buy up to 300,000 rubles ($3,700) worth of the "most liquid cryptocurrencies" a year per intermediary, but TASS did not specify the assets.
• In contrast, qualified investors face no cap, but both must pass "special suitability testing."
• Crypto exchanges are required to join a "special registry," meet a minimum equity requirement of 15 million rubles ($185,200), and join a financial market self-regulatory organization.
• Cross-border crypto settlements are allowed for foreign trade, a carve-out Russia reportedly began using in 2024 to work around Western sanctions.
• The legislation takes effect Sept. 1, with some provisions on issuing and circulating crypto assets delayed to September 2027, and a grace period for existing exchanges running to March 2027.

Coinbase launches 24/5 US stock trading for UK users, advancing 'Everything Exchange' strategy

Coinbase began rolling out 24/5 trading in nearly 4,000 U.S. stocks to eligible UK users, its latest expansion beyond digital assets as it builds out what it calls an "Everything Exchange."

• UK customers will be able to buy and sell U.S. equities alongside their crypto and fiat in the Coinbase app, with zero-commission trades, fractional investing from £1 ($1.35), and funding in either GBP or USDC.
• Coinbase says it's the first crypto-native app to offer U.S. stocks in the UK, building on savings accounts and crypto-backed borrowing products it launched in recent months.
• Coinbase UK CEO Keith Grose said the exchange chose conventional shares over tokenized equities to deliver "immediate value," though it plans to bring tokenized stocks to UK users as local crypto rules develop.

Japanese stablecoin firm JPYC raises $38 million in extended Series B

Japanese stablecoin firm JPYC has raised 6 billion yen ($38 million) in an extended Series B funding round, with plans to use the fresh capital to help expand its financial and Web3 ecosystem and drive adoption of its yen-pegged JPYC token.

• Tokyo-listed logistics company AZ-COM Maruwa invested 1 billion yen ($6.3 million) and plans to use JPYC to pay fees and salaries to about 2,300 business partners and contractors. Metaplanet Ventures is also among the investors.
• The logistics firm sees the speed of stablecoins as a tool to attract business partners and ease driver shortages tied to an aging workforce and tighter overtime rules.
• JPYC, which launched last October as Japan's first registered stablecoin, is also piloting payments at convenience chain Lawson as banks like SBI also push into yen stablecoins.

Cathie Wood's Ark Invest scoops up $17 million in Circle, $20 million in SpaceX shares following Q2 results

Cathie Wood's Ark Invest bought another $17.3 million worth of Circle shares (273,343 shares) on Wednesday across three of its exchange-traded funds, following the stablecoin issuer's Q2 results.

• Circle's stock held steady at $63.28 after the firm posted Q2 revenue and reserve income of $701 million, up 7% year-over-year, with USDC circulation reaching $73.3 billion.
• Ark also scooped up roughly $20 million in SpaceX shares the same day, as the stock plunged 13.6% to $108.27 to fall well below its $135 IPO price.
• SpaceX slid despite a 92% jump in Q2 revenue to $7.8 billion, as investors raised concerns over its $18.4 billion in quarterly capital spending, a sixfold rise the company tied to expanding its AI capabilities.

Violent crypto attacks hit $30M in 2026 as France emerges as hotspot: Chainalysis

Violent "wrench attacks" on crypto holders have netted more than $30 million so far in 2026, with Chainalysis warning the year is on pace to blow past 2025's record $58 million.

• France has become the epicenter, with more than 30 known cases in 2026, a surge Chainalysis traced back to a 2024 breach of French tax records that handed criminals details of wealthy holders.
• Chainalysis said attackers are increasingly targeting victims' families, though they're succeeding less often, with just 26% of attempts leading to payment so far this year, down from 49% in 2025.

Reader poll

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One click records your pick. We'll share the answer in a later edition.

In the next 24 hours

• U.S. nonfarm payrolls data are due at 8:30 a.m ET on Friday.
• U.S. FOMC member Thomas Barkin will speak at 10 a.m.
• Wormhole is among the crypto projects set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.