Crypto regulation in Russia formally began on September 1, 2026, but the start of the new rules does not mean the immediate emergence of a full-fledged market. According to Kirill Pistsov, head of product development at FG “Finam,” the law has so far set the legal framework, but participants still need to create exchanges, digital depositories, a settlement system, and clear products for clients within it.
The transition period for market participants will last until July 1, 2027. Therefore, in the coming months, the main indicator will not be the number of broker statements about readiness to work with cryptocurrency, but how quickly a sustainable infrastructure appears. It is this that will show whether the new legal regime for cryptocurrencies can become a working model, rather than remaining just a set of rules on paper.
This is an important stage for Russia: the State Duma has established the rules of the game, the Bank of Russia has outlined requirements for key participants, and now the financial sector needs to figure out how to make the product legal, convenient, and economically justified at the same time.
Asset Custody Will Become a Separate Business
One of the most sensitive issues, according to Kirill Pistsov, is the custody of crypto assets. The Russian model involves the creation of digital depositories. They will record rights to cryptocurrency in a way similar to how ordinary depositories now keep records of securities.
This is not an additional function of the trading platform, but an independent, regulated direction. The Central Bank sets separate requirements for such organizations:
- Type of organization: digital depository.
- Capital requirements: from 50 million to 250 million rubles.
- Functions: depend on the set of operations performed.
Such an entry threshold significantly complicates the launch of the business, but separates custody from trading and reduces risks for clients.
In the classic crypto industry, a single exchange often accepts client money, executes the trade, and simultaneously stores the assets. The Russian model gradually separates these roles among different participants.
For investors, this structure may be safer in terms of infrastructure risks. But for companies, it means a more expensive and complex launch: a license, capital, compliance, a technological base, and readiness to meet regulatory requirements will be needed.
Liquidity Will Not Appear Automatically
The second key issue is liquidity. The law allows organized cryptocurrency trading, and exchanges will be able to determine the trading mode and calculate market prices themselves. But the presence of a platform does not guarantee that a deep market will immediately appear on it.
To keep the price in line with global benchmarks, large participants, market makers, and a sufficient volume of cryptocurrency are needed. Otherwise, the Russian settlement currency may face wide spreads, and the final transaction price may be less attractive for the mass client.
For non-qualified investors, the regulator proposes to allow only the most liquid cryptocurrencies. The guidelines are as follows:
- Sufficient capitalization.
- Stable trading volumes.
- At least five years of pricing history.
At the first stage, the regulated market will most likely be built around a small set of large assets, not around the hundreds of coins that crypto exchange users are used to.
The Main Test Is Product Economics
Even if the infrastructure is ready, market participants will have to solve another problem: making the product economically viable. Financial companies will have to include several costs in the product’s economics at once:
- Custody fees.
- Compliance.
- Trade execution.
- Compliance with new requirements.
In addition, the Bank of Russia already proposes taking cryptocurrency risks into account in the financial stability standards for market participants.
Therefore, the main question for intermediaries will not be whether it is technically possible to add cryptocurrency to the app. What matters is whether it is possible to offer the client a commission that can compete with familiar crypto exchanges. If infrastructure costs turn out to be too high, mass demand may develop more slowly.
The first stage was legislative: it determined who and under what conditions can work with cryptocurrency. Now begins a more difficult period, when these rules need to be turned into real market infrastructure.
This stage will show what the regulated crypto market in Russia will become. The law has already allowed it to exist, but participants still have to prove that it is possible to trade on it conveniently, with liquidity, and at a reasonable price.
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