Shadow upgrade: how Russian exchangers and "money changers" adapt to the crypto law that is being postponed
Russia's crypto market is frozen in anticipation. The bill "On Digital Currency and Digital Rights," which was supposed to come into force on July 1, 2026, has not been adopted. After passing its first reading in April, the document stalled at the revision stage. Authorities claim it is ready for the second reading, with a new deadline of September 1. However, judging by the sentiments of market participants, this date is hard to believe.
While lawmakers drag out the process, key players — exchanges and so-called private "money changers" — have already begun restructuring their business processes. And this is not just preparation for new rules, but a forced reaction to the current uncertainty.
Who doesn't take risks, doesn't... wait
In April 2026, when the July 1 date still seemed realistic, I conducted a survey among market representatives. The results showed that none of them were seriously preparing to work under the new rules — everyone took a wait-and-see position. Three months later, the picture has hardly changed.
A representative of the exchange The Hermes Exchange reported that no practical changes have occurred in their operations. Deadlines are constantly being postponed, so there is no point in rushing with registration and obtaining a license. The company emphasized that obtaining a license would not be difficult if necessary, and foreign economic activity operations are proceeding as usual.
The head of the Satoshkin project, Dmitry Stepanin, continues to work using old methods, focusing on cash transactions and licensed services in "friendly" countries.
But an anonymous "money changer" from Sochi deliberately refused legalization. He sees no advantages in it, and most importantly, fears ending up on the regulators' "hit lists." His clients are frozen in anticipation of the consequences, although he himself continues to work, but cautiously.
What has actually changed
The Hermes Exchange still does not impose restrictions. The platform operates normally, and no drastic changes are expected in the near future.
Private "money changers," however, have become noticeably more cautious. The main trigger is the EU sanctions that have targeted the Russian crypto sector. Even one of the largest exchanges, HTX, has come under pressure, and a new sanctions package looms on the horizon. The combination of these actions makes cryptocurrency that comes into contact with the Russian circuit toxic. No one wants to work with "dirty" crypto.
As a result, "money changers" have started to:
- Screen clients more carefully, giving preference to verified ones;
- Actively use AML services to exclude potentially "dirty" addresses;
- Refuse to split transactions.
My interlocutor also noted that he prefers to work with TRC-20 standard tokens, bypassing Ethereum. The choice is explained by the desire to maintain anonymity and avoid attracting unnecessary attention. Although technically TRC-20 is no more anonymous than ERC-20, the bulk of "gray" USDT turnover passes through Tron, allowing an individual transaction to get lost in the general mass. Plus, Tron is cheaper, faster, and less densely covered by Western AML tools.
Analyst's conclusions
While the authorities haven't gotten around to formalizing the regulatory environment, market participants are changing the rules of the game on their own. The changes are driven by a single principle — maintaining security in conditions of complete uncertainty.
Due to the chaos, the "inhabitants of the crypto seas" are trying to protect themselves by any available means. The result is a dive deeper into the shadows of an already extremely gray market. In a country where the vast majority of crypto enthusiasts prefer to "keep a low profile," the tactics chosen by the authorities could cause serious damage. As an expert, I predict that delaying the adoption of the law will only worsen the situation, ultimately driving the market into the illegal sphere.