The Central Bank of Russia will allow cryptocurrency trading. Are brokers and exchanges ready for this?

The Central Bank published a concept for regulating cryptocurrencies on the Russian market and allowed “non-professionals” to buy them under certain conditions. The Moscow Exchange, SPB Exchange, and a number of brokers announced their readiness to launch trading.

On December 23, the Bank of Russia announced that it had prepared a concept for regulating cryptocurrencies on the Russian market, according to which both qualified and unqualified investors will be able to purchase crypto assets, but different rules will be established for each category.

Unqualified investors will be able to purchase the most liquid cryptocurrencies, but only after passing a test and within a limit of no more than ₽300,000 (Approximately 4,000 US dollars at P2P exchange rates) per year through a single intermediary.

Qualified investors will be able to purchase any cryptocurrencies, except anonymous ones, without restrictions, but also only after passing a risk awareness test.

The Central Bank also emphasized that cryptocurrency transactions will be possible through the current infrastructure: exchanges, brokers, and trust managers will be able to operate on the basis of existing licenses. Separate requirements will be established only for special depositories and exchangers that will work with cryptocurrencies.

The concept provides for the preparation of a legislative framework by July 1, 2026, the Central Bank noted.

Alexander Kretov, head of the blockchain technology development department at T-Bank, said that there are between 9 million and 12 million active cryptocurrency users in Russia, and now this significant part of the economy will be able to come out of the shadows and operate within the legal framework.

RBC Investments surveyed exchanges and major professional participants in the Russian market to find out what place they plan to occupy in the developing cryptocurrency ecosystem.

How professional participants and exchanges intend to use the Central Bank's concept

Exchanges

The Moscow Exchange press service told RBC Investments that the platform supports the Bank of Russia's proposals regarding the regulation of cryptocurrencies on the Russian market and plans to launch their circulation as soon as the relevant regulations are in place.

"In our opinion, the regulatory concept draws on the accumulated experience of conducting operations in the currency market, where the Moscow Exchange Group has gathered expertise in trading, clearing, and settlement technologies that is unique in the international context. The Moscow Exchange is actively working on solutions to serve the cryptocurrency market and plans to launch their circulation as soon as the relevant regulations are in place," the press service noted.

The SPB Exchange press service also reported that it is ready to start trading cryptocurrencies after the relevant changes are made to the legal regulations. “The SPB Exchange has the appropriate technological infrastructure for trading and settlements,” they added.

The SPB Exchange supports the Bank of Russia's initiatives aimed at creating transparent and secure conditions for cryptocurrency trading and is ready to participate in joint efforts to develop the relevant infrastructure within the regulated market, the trading platform's press service noted.

Brokers and management companies

Dmitry Tselishchev, managing director of the investment company Ricom Trust, noted that as a boutique broker, they are primarily focused on creating a comprehensive infrastructure for qualified investors with large checks. "It is in this segment that we see the greatest demand. It is possible that in the future we will launch trust management for relatively small checks (up to $1 million). But for this, there must be stable demand," he added.

Tselishchev noted that Ricom Trust is currently studying the practice of accounting for crypto assets and international infrastructure, as well as actively participating in working groups at self-regulatory organizations (SROs) and the Central Bank. He also added that the broker is creating a prototype for depository and back-office accounting of crypto assets in test mode.

Among the cryptocurrencies that Ricom Trust can offer its clients in the first stage, Tselishchev named USDT, Bitcoin, and Ethereum. “We will continue to develop access to other currencies and derivatives,” he concluded.

Igor Laukhin, head of the brokerage services department at Sovcombank, said that clients will be able to trade cryptocurrencies after they are legalized. Lauhin sees interest primarily in stablecoins such as USDT. “There is also demand for classic cryptocurrencies, but it depends heavily on their trend,” he noted.

Andrey Bershadsky, CEO of 1 Management Company, finds the Central Bank's concept interesting. The expert points out that Russia lacks full-fledged collective investment products focused on investing directly in crypto assets rather than derivatives based on them (PFI). Therefore, his management company will study the practical aspects of the regulatory changes in order to launch such products for investors, Bershadsky said.

Irina Krivosheeva, CEO of Alfa Capital Management, said that the company is considering launching trust management strategies involving investments in crypto assets and CFAs, and is analyzing potential formats. However, it is premature to talk about specific implementation dates and product solutions at this stage, as the key condition remains the adoption of the necessary regulatory changes, Krivosheeva stressed.

Dmitry Lesnov, Deputy CEO for Brokerage Business at Finam Group, noted that the company already provides investors with access to derivatives on the ten most popular cryptocurrencies, as well as foreign stocks that have so-called exposure to cryptocurrency assets (crypto ETFs, miner stocks, and public companies that form crypto reserves on their balance sheets). 

At the same time, if the current legislation expands the available investment instruments, including for unqualified investors, then Finam plans to add new assets for its clients, Lesnov added. “But since this is only a concept, we still have to participate in the formation of the final draft of this initiative together with other industry participants,” the Finam representative noted.

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