Russia's Crypto Market Still in Development Despite New Regulation

Crypto regulation in Russia has officially begun, but it's still unclear when a robust market will emerge.

According to Kirill Pistsov, head of product development at FG 'Finam,' the new law sets the legal framework, but participants need time to create exchanges, digital depositories, and settlement systems that meet regulatory requirements.

The transition period for market participants lasts until July 1, 2027. During this time, infrastructure will be built around a small set of large assets, not hundreds of coins like on traditional crypto exchanges.