The legalization of cryptocurrency in Russia is taking another significant step forward. Starting September 1, 2026, legislative norms come into effect that allow brokers and asset management companies to act as intermediaries in transactions with digital assets. Essentially, this means you will be able to buy Bitcoin in the same app where you trade stocks and bonds. The investor no longer needs to open a separate account on a crypto exchange, independently handle transfers, custody, and taxes — the entire familiar infrastructure becomes unified.
New model: broker as a storefront, crypto partner as the engine
The key point I highlight in this reform is that brokers do not necessarily need to build their own exchange. They already have a client base, funds in accounts, KYC, apps, and reporting. Only one link is missing — cryptocurrency liquidity and secure custody. A logical model looks like this: the client buys BTC in a familiar interface, while a specialized crypto partner handles trade execution, liquidity, and custody. This approach already works successfully, for example, at Interactive Brokers, where Paxos and Zero Hash provide this part of the infrastructure.
For a broker, this scheme is significantly faster than building a full-fledged crypto exchange. And for the client, the main thing is not having to move to a separate financial ecosystem or deal with wallets and networks independently. It is precisely this ease of access that will become the decisive factor for the mass investor.
Limits and transition period: what you need to know
The regulator has also provided protective mechanisms. For non-qualified investors, after testing, a limit of 300,000 rubles per year through a single intermediary will be introduced. For qualified investors, there will be no amount restrictions. The transition period will last until July 1, 2027, giving the market time to adapt.
It is important to understand: crypto exchanges are not going anywhere. They are objectively stronger in terms of assortment, liquidity, derivatives, and complex products. An active trader who needs perpetual futures or hundreds of tokens will remain on specialized platforms. However, the mass investor who needs a small share of cryptocurrency in their portfolio may well switch to a broker.
My view on the market
The entry of brokers into cryptocurrency will change the market more than it seems. They will bring not a new token, but a new type of client — one who views BTC or ETH as 5–15% of a portfolio rather than a separate speculative story. This is the path to full-fledged portfolio logic: rebalancing, unified analytics, and risk management. Ultimately, the main competitive advantage will not be the fee, but the ability to open a familiar app, sell some bonds, and buy Bitcoin without moving to another infrastructure. The market will split: active crypto traders will remain on exchanges, while conservative investors will gain access to digital assets through familiar channels.