As of September 1, 2026, crypto regulation in Russia has officially come into effect, but this does not mean the new market is already ready for mass operations. According to Kirill Pistsov, Head of Product Development at FG ‘Finam,’ the law has so far only set the legal framework, while exchanges, digital depositories, settlement mechanisms, and ready-made products from financial companies still need to be brought together into a single system.
The full launch of the crypto market in Russia will not depend on a single date in the law, but on how quickly participants assemble a working infrastructure.
- Crypto regulation in Russia came into force on September 1, 2026.
- A transition period for market participants is set until July 1, 2027.
- Digital depositories will need capital from 50 million to 250 million rubles, depending on their functions.
The Rules Are Already in Effect, but the Market Is Still Being Built
Russia has effectively moved from discussing the crypto industry to its phased legalization. The State Duma has formed the legislative foundation, and the Bank of Russia has gained the ability to set practical requirements for market participants. At the same time, the infrastructure will not appear overnight. At the outset, companies will need to prepare several basic elements.
- Asset accounting.
- Settlements.
- Compliance.
- Trading modes.
- Client products.
Kirill Pistsov believes that in the coming months, it is more important to watch not for loud statements from brokers about their readiness to work with digital assets, but for how the market architecture itself will be assembled. The Central Bank has already outlined its approach: cryptocurrency should not circulate in a gray area, but through regulated participants with clear distribution of responsibilities and risks.
In the working model, the main roles will be divided: exchanges are responsible for organized trading, digital depositories — for recording rights to assets, settlement mechanisms — for the movement of money, and financial companies — for client products and compliance. The admission of new participants will depend on meeting the requirements of the Bank of Russia, licensing, capital, and readiness to work under supervision.
What Will Become the Official Channel for the Client
The official channel for cryptocurrency operations should be formed around regulated participants — exchanges, digital depositories, and financial companies. Therefore, converting cryptocurrency to fiat, buying Bitcoin through a bank or broker, and other client scenarios depend on the launch of this bundle: storage, settlements, compliance, trading modes, and ready-made products.
Operations in such a framework will take place with client identification and intermediary control. The new scheme is built not around P2P exchangers and foreign crypto exchanges, but around participants with clear responsibilities, reporting, and supervision.
Cryptocurrency Storage Will Become a Separate Area
The main question at the start is asset storage. The Russian model assumes the emergence of digital depositories. They will record rights to cryptocurrency in much the same way as regular depositories today account for securities. This is not an auxiliary function of a trading platform, but a separate regulated business.
The Bank of Russia proposes to set capital requirements for such organizations from 50 million to 250 million rubles. The amount depends on the set of functions. Such a threshold makes entry into the market noticeably more difficult: a participant will need not only technology, but also a stable balance sheet, a license, control procedures, and readiness to work under supervision.
The key difference of the new model from the classic crypto market is that the exchange should not simultaneously accept the client’s money, execute orders, and store assets. These functions will gradually be separated among different participants.
For the investor, such a scheme can reduce infrastructure risk. If storage, trading, and settlements are separated, a failure in one link does not necessarily threaten the entire system. For business, on the contrary, the launch becomes more expensive and complicated: the product will have to be built not around a single platform, but around a bundle of regulated services.
Liquidity Will Be the Main Challenge
The second major challenge is liquidity. The law allows organized trading of cryptocurrency, and exchanges will be able to independently set trading modes and determine market prices. For the user, access to such trading will go through a regulated intermediary: with identification, verification, and determination of client status. But the trading platform itself does not create a market. Large participants, market makers, and access to a sufficient volume of assets are needed.
If this is lacking, the price in the Russian framework may differ significantly from the global one, and spreads may be too wide for the mass client. In such a situation, even Bitcoin, the most recognizable digital asset, may be less convenient to buy through a regulated intermediary than through a familiar crypto exchange.
External restrictions will also remain an important factor. Sanctions related to Russia’s invasion of Ukraine have increased attention to settlements, cross-border operations, and counterparty risks. Therefore, for financial companies, each transaction with digital assets will be assessed not only in terms of price, but also in terms of control, reporting, and infrastructure resilience.
The Range of Assets Will Be Limited
Another limitation is the set of available coins. For non-qualified investors, the regulator proposes to open access only to the most liquid cryptocurrencies. Before allowing access to such instruments, the intermediary will have to determine the client’s category, because it is the investor’s status that affects the set of available operations.
Such assets must have three basic features:
- Sufficient capitalization.
- Significant trading volume.
- A price history of at least five years.
At the first stage, it will most likely be a small list of large assets, not the hundreds of coins that users of unregulated crypto exchanges are used to.
This approach makes the market more cautious. It limits choice, but at the same time reduces the likelihood that a mass investor will encounter an illiquid or overly volatile asset without a transparent trading history.
The Product’s Economics Will Decide Whether It Is in Demand
Even if technically adding cryptocurrency to an app is not difficult, for a financial company this is not the main issue. It will have to pay for storage, compliance, trade execution, reporting, and compliance with new requirements. The Bank of Russia already proposes to take crypto risks into account in the financial stability standards for market participants. In practice, this will add regular accounting of crypto operations, internal risk control, and reporting to the regulator.
Therefore, competitiveness will depend on the final commission for the client. If the regulated service turns out to be significantly more expensive than a familiar crypto exchange, mass demand may form slowly. For large infrastructure players, including the Moscow Exchange, the key task will not just be access to trading, but the creation of a clear, liquid, and economically justified product.
According to Kirill Pistsov, September 1 should be considered the beginning of the second stage of development of the Russian crypto market. The first stage was legislative: it determined who and under what conditions could work with digital assets. Now a more complex part begins — turning the rules into a working infrastructure.
This period will show exactly what the regulated cryptocurrency market in Russia will become. The law has already allowed it to exist. Now participants must prove that trading on it can be convenient, liquid, and with a clear economy for the client.
