The Russian digital asset market is entering a new era of institutional intermediation. Starting September 1, 2026, brokers and asset management companies will receive the official right to act as intermediaries in cryptocurrency transactions. This decision, thoroughly developed at the regulatory level, fundamentally changes the landscape for retail investors, who until now have been forced to operate outside traditional financial infrastructure.
The key shift lies in the disappearance of the barrier between the classic stock market and digital assets. Previously, an investor had to open a separate account on a crypto exchange, independently handle transfers, custody, and tax reporting. Now, the scenario is fundamentally different: bitcoin can be purchased in the same app where stocks and bonds already sit.
Brokers don't need their own exchange
The new regime is already enshrined at the regulatory level. For non-qualified investors, after testing, a limit of 300,000 rubles per year through a single intermediary is introduced, while for qualified investors there are no amount restrictions. The transition period will last until July 1, 2027, giving the market time to adapt.
Notably, brokers do not necessarily have to build their own crypto exchange. They already have a client base, funds in accounts, KYC procedures, apps, and reporting. Only the final link is missing—cryptocurrency liquidity and custody. The most logical model: a client buys BTC in the familiar broker app, while a specialized crypto partner handles trade execution, liquidity, and asset custody. This approach already works successfully in the West—for example, at Interactive Brokers, where Paxos and Zero Hash perform this function.
For a broker, such a scheme is significantly faster than building a full-fledged exchange. For the client, the main thing is the absence of the need to move to a separate financial ecosystem and independently deal with wallets, networks, and transfers.
Brokers will bring a new client to the market
This is not about competing with crypto exchanges, but about dividing the market. Active traders who need perpetual futures, hundreds of tokens, or DeFi instruments will remain on specialized platforms. However, there is a much larger segment—the investor who needs BTC or ETH as 5–15% of their overall portfolio. For them, the broker's value is not in the number of tokens, but in the fact that cryptocurrency becomes part of the same portfolio where stocks, bonds, and gold already reside.
With an asset integrated into a brokerage account, it's no longer just about buying a coin, but about full-fledged portfolio logic: rebalancing, unified analytics, risk management, and using crypto assets as collateral. The Bank of Russia is already working on rules that will allow movement in exactly this direction.
The main competitive advantage will not be the fee or the number of coins, but the simplicity of access. The ability to open a familiar app, sell some bonds, and buy BTC without moving to a separate infrastructure will matter more to the mass client than anything else. Therefore, the entry of brokers into cryptocurrency could change the market more than it seems: they will bring not a new token, but a new type of client.
My assessment: this is a historic step for the Russian industry. The legalization of broker intermediation will not only increase trust in digital assets but also create a powerful channel for capital inflow from conservative investors who previously avoided the crypto market due to complexity and regulatory uncertainty. We are watching how quickly brokers begin announcing partnerships with crypto providers.