The law has given legal status to the crypto exchanger and the crypto depository; according to Bank of Russia representative Mikhail Iontsev, the latter has all the features of a bank. Regulation now covers centralised exchanges, wallets, custodial services, DeFi interfaces, stablecoin issuers and technology infrastructure providers.
Iontsev outlined the key question the market has to resolve: whether to isolate the crypto market from the traditional financial sector or integrate it as fully as possible. Market participants, he said, should be prepared for fundamentally new risks related to the specifics of the new infrastructure.
Cryptocurrency is protected in court only if the legality of its acquisition is confirmed. This is the position of the Constitutional Court, highlighted by Marat Amanliev, managing partner of Right Side. The owner will have to prove the purchase was legal in the event of a dispute. Crypto exchangers may also be held liable in disputes over crypto sold through them, which Amanliev considers unfair.
Kirill Veselov of Sber, executive director of the settlements and international finance department, described the current depth of crypto transaction checks as matching the real needs of the market: transactions with obviously “dirty” wallets are already excluded. The start will be conservative, but certain verification approaches will be revised as the market develops.
Alexander Brazhnikov, executive director of RACIB, raised the issue of crypto business liquidity. He called the minimum capital of 15 million rubles set by law for crypto exchangers detached from reality, given their turnover of billions. He considers further tightening of capital requirements likely.
For companies that use cryptocurrency in settlements with foreign counterparties, the new market architecture creates specific tasks right now: documenting each transaction with confirmation of the source of funds, checking the wallets used against current compliance standards and assessing which type of licensed entity their business model falls under. The transition period ends on 1 July 2027.
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