Cryptocurrency Regulation in Russia Has Started, but the Market Needs More Time

Cryptocurrency regulation in Russia formally began on September 1, 2026, but the start of new rules does not mean an immediate emergence of a fully-fledged market. According to Kirill Pitsov, head of product development at Finam, the law has set the legal framework, but participants still need to establish exchanges, digital depositories, a settlement system, and clear products for clients within that framework.

The transitional 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 their readiness to work with cryptocurrency, but how quickly a stable infrastructure will emerge. It is this infrastructure that will determine whether the new legal regime for cryptocurrencies can turn into a working model rather than remain a set of norms on paper.

For Russia, this is an important stage: the State Duma has established the rules of the game, the Bank of Russia has outlined the requirements for key participants, and the financial sector now needs to understand how to make a product that is both legal, convenient, and economically justified.

Asset Storage Will Become a Separate Business

One of the most sensitive issues, according to Kirill Pitsov, is the storage of crypto assets. The Russian model involves the creation of digital depositories. These will account for rights to cryptocurrency in a manner similar to how traditional depositories currently account for securities.

This is not an additional function of the trading platform, but a separate 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 a threshold complicates the launch of a business significantly, but it separates storage from trading and reduces risks for clients.

In the classic crypto industry, one exchange often accepts client funds, conducts transactions, and simultaneously stores assets. The Russian model gradually separates these roles among different participants.

For investors, such a structure may be safer in terms of infrastructural risks. However, for companies, it means a more expensive and complex launch: a license, capital, compliance, 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 trading of cryptocurrency, and exchanges will be able to determine their trading modes and calculate market prices themselves. However, the presence of a platform does not guarantee that a deep market will immediately emerge.

To prevent prices from deviating from global benchmarks, large participants, market makers, and a sufficient volume of cryptocurrency are needed. Otherwise, the Russian currency for settlements may face wide spreads, and the final transaction price may be less attractive to the mass client.

For unqualified investors, the regulator proposes to allow only the most liquid cryptocurrencies. The benchmarks are as follows:

• Sufficient capitalization.
• Stable trading volumes.
• A price formation history of at least five years.

At the initial stage, the regulated market will likely be built around a small set of large assets rather than hundreds of coins that crypto exchange users are accustomed to.

The Main Test Is the Product's Economics

Even if the infrastructure is ready, market participants will have to solve another task: to make the product economically viable. Financial companies will need to factor in several costs into the product's economics:

• Storage fees.
• Compliance.
• Transaction execution.
• Adherence to new requirements.

Moreover, the Bank of Russia is already proposing to account for cryptocurrency risks in the financial stability regulations for market participants.

Therefore, the main question for intermediaries will not be whether it is technically possible to add cryptocurrency to an application. The important thing is whether it will be possible to offer clients a commission that can compete with traditional crypto exchanges. If infrastructure costs are too high, mass demand may develop more slowly.

The first stage was legislative: it defined who and under what conditions can work with cryptocurrency. Now begins a more complex period when these norms need to be transformed into real market infrastructure.

This stage will show what the regulated crypto market in Russia will look like. The law has already allowed it to exist, but participants still need to prove that trading on it can be convenient, liquid, and at a reasonable price.

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