Russia's Crypto Regulation Takes Effect, But Market Infrastructure Still in Development
Russia's crypto regulation has officially taken effect on September 1, 2026, but it does not mean that the market is yet ready for mass operations. According to Kirill Pistsov, Head of Product Development at FG 'Finam,' the law only sets a legal framework, while exchanges, digital depositories, settlement mechanisms, and 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 specific date but rather on how quickly participants assemble a working infrastructure. Digital depositories will require capital ranging from 50 million to 250 million rubles, depending on their functions.
The new model separates asset storage, trading, and settlements among different participants, reducing infrastructure risk for investors but making the launch more expensive and complicated for businesses. Liquidity is also a major challenge, with large participants, market makers, and access to a sufficient volume of assets needed to create a liquid market.