According to Finam, after the rules are updated, the Russian crypto market may become more visible to foreign regulators and compliance departments: wallets of Russian exchangers, exchanges, brokers, and digital depositories will be easier to track, and assets passing through them may be classified as higher risk.
This assessment was given by Kirill Pistov, Head of Product Development at the Finam financial group. According to him, the new regulation makes the market more transparent: participants are required to legalize, and the addresses of liquidity providers and the movement of assets become more understandable for external observation.
Why Cryptocurrency From Russian Platforms May Become Risky
The main risk is not tied to any single rule, but to the combination of regulation and the sanctions environment. For Russian users, this may result in additional checks, account or transfer blocks, temporary loss of access to funds, and legal questions about the origin of assets.
If an owner transfers such cryptocurrency to a foreign exchange, custodial service, or international online digital currency exchange, they may be asked to confirm the origin of the funds. In a stricter scenario, the transfer may simply be rejected or the account restricted during verification.
Because of this, arbitrage between Russian and international platforms may become less accessible. Kirill Pistov suggests that a separate pricing circuit may form within the country, where assets will trade at a discount compared to the global market. For investors, this means not only new risks but also a different logic for evaluating deals.
Which Assets Are Allowed and Where the Risk Is Higher
By decision of the Bank of Russia, only three assets can legally circulate in the Russian market. There are limits for non-qualified investors, and market participants must operate within a legal framework with more transparent accounting of transactions.
Briefly on the permitted assets:
- Bitcoin — allowed for circulation in the Russian market; established limits apply to non-qualified investors.
- Ether — allowed under the same conditions; the depth of the domestic market may decrease due to the limited list of assets.
- USDT — a permitted stablecoin; in addition to limits, the risk of control by the issuer Tether is important for it.
According to Kirill Pistov, these restrictions themselves do not make the coins risky, but they can reduce the depth of the domestic market.
Bitcoin and ether purchased on a Russian platform can be stored in a hardware wallet. However, difficulties may arise later — when trying to transfer assets to an international exchange, use a foreign custodial service, or withdraw funds through foreign exchangers.
The risk is higher for USDT. The stablecoin issuer, Tether, can technically freeze tokens at holders’ addresses. Therefore, assets that have passed through Russian infrastructure may, in some cases, raise more questions from foreign counterparties.
«Limits for non-qualified investors and a limited list of available assets do not color the cryptocurrency itself, but may further reduce the depth of the domestic market,» says Kirill Pistov.
Demand Will Remain, but the Market Should Not Close Off
Despite the risks, the legal segment in Russia will remain in demand. For the mass investor, convenience consists of several things:
- buying for rubles;
- working through a familiar broker;
- legal protection;
- transparent tax accounting and reporting.
For such clients, investing in digital assets through regulated infrastructure may seem more convenient than working with foreign platforms.
More experienced participants will monitor the price difference inside and outside the country. If Russian assets are cheaper and international quotes are higher, the ability to withdraw coins to their own wallet and manage storage independently will become especially important for them.
At the same time, the key question is whether Russian participants will be able to maintain channels of access to external liquidity. If the connection with the global market weakens, the legal segment risks turning into a closed system.
«Real demand largely depends on whether Russian participants can maintain working channels with external liquidity and prevent the legal market from turning into a completely closed system,» said Kirill Pistov.
Concerns about the emergence of a separate ‘colored cryptocurrency’ market were previously expressed by Vladislav Kochetkov, Chairman of the Board of Finam Group. In his view, Russia may face isolation from the international crypto market and a significant discount to global benchmarks.
The context for these risks was changes in legislation: after discussion in the State Duma, the law was signed by Vladimir Putin. In practice, the new rules mean the legalization of participants, a limited list of permitted assets, limits for non-qualified investors, and stricter traceability of transactions. They do not affect the Moscow Exchange as a classic stock infrastructure, but specifically crypto operations and digital asset market participants. For those involved not only in trading but also in related areas such as mining, transparency of asset origin is also becoming increasingly important.
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