The Russian crypto market is on the verge of a purge: not everyone will survive, expert claims
The Russian crypto industry has reached a turning point: the regulator has no room to retreat, and the only way forward is to introduce clear rules of the game. A ban as a measure is no longer effective or feasible due to the colossal scale of the sector's development. This is a sign of market maturation, but the adaptation process will be painful for many participants.
Clearly, the emergence of a clear legal framework is a positive step. However, the industry faces a serious challenge. Until now, the domestic sector has developed chaotically, creating products before legal norms were established. Now, with the submission of the relevant bill to the State Duma, the game will be played for keeps. Not all companies will be able to adapt to the harsh reality. Some players will simply disappear from the business map — this is an inevitable process of market selection.
Survival Strategy: Three Pillars for Leaders
For major players, such as MTS Fintech, preparation for the new rules began long before their adoption. Success in the new reality will be based on three key tasks:
- Creating a user-friendly interface and a high-quality customer product. User experience is becoming a critical factor.
- Ensuring maximum asset security. Unlike classical banking, the loss of digital coins due to storage issues is irreversible. This places immense responsibility on developers.
- Full compliance with the stringent requirements of the state regulator. The legality of all processes is the top priority.
At the same time, the ecosystem has fundamentally avoided operating in gray or black areas, preferring to observe processes from the sidelines while certain operations remained outside the legal framework. Now, this experience of testing on international platforms will be transferred to Russian soil.
My analysis: The market is indeed entering a phase of maturity, and this is a natural process. The departure of "gray" players unable to meet KYC/AML requirements and ensure security will sanitize the environment. However, the key risk is excessive tightening, which could stifle innovation and push business into an even deeper "underground" mode. The balance between control and freedom of development will be decisive.