#Why are Russian Exchanges Venturing into Cryptocurrency?
Russian exchanges are making significant strides toward crypto trading. The Moscow Exchange and the St. Petersburg Exchange have announced their plans to offer cryptocurrency trading, contingent on the establishment of a new legal framework. This anticipation signals a long-awaited progression for cryptocurrencies in Russia, an intention that these exchanges have expressed for years.
These exchanges are prepared and have developed the necessary systems for trading, clearing, and custody of crypto assets. Brokers have begun testing various crypto-related products, showcasing a readiness to operate in this expanding market.
#What is the Regulatory Framework for Crypto in Russia?
Under the upcoming regulatory framework, retail investors are expected to face limitations, being able to transact only up to 300,000 rubles annually on selected highly liquid tokens using registered intermediaries. Professional investors, however, will not face transaction caps but cannot purchase anonymous cryptocurrencies. This framework classifies crypto assets as high-risk and prohibits their use for domestic payments, reflecting cautious but progressive regulatory intentions.
The proposed legislation aims for completion by July 1, 2026, featuring enforcement mechanisms targeted specifically at addressing illegal activities by intermediaries come July 1, 2027.
#What Preparations Are Being Made by Brokers and Asset Managers?
Brokers and asset managers in Russia are actively testing custody and accounting systems that will support an array of offerings from spot crypto and stablecoins to various investment strategies. This preparation highlights the potential for these exchanges and brokers to transition millions of users from the gray market into legitimate investment channels.
The push towards a regulated crypto market in Russia not only illustrates a maturing financial ecosystem but also opens avenues for strategic investments and growth in the digital asset landscape.