Cryptocurrency is ceasing to be a "rogue territory" and is rapidly integrating into traditional financial institutions. In Russia, this process has received legislative formalization: starting September 1, 2026, brokers and asset management companies will be able to act as intermediaries in transactions with digital assets. This is not just another piece of news, but a tectonic shift that will reshape the entire market.
Previously, an investor had to open a separate account on a crypto exchange, independently handle transfers, custody, and taxes. The new scheme radically simplifies life: you will be able to buy Bitcoin in the same place you buy stocks and bonds — in your familiar broker's app. Essentially, the entry barrier that scared off many conservative investors disappears.
Brokers Don't Need Their Own Crypto Exchange
The key point I highlight in this initiative: brokers do not necessarily need to build their own infrastructure on the level of Binance. They already have a client base, funds in accounts, KYC procedures, mobile apps, and reporting. All that's missing is the final link — crypto liquidity and secure custody.
The most logical model looks like this: a client buys BTC in a regular brokerage app, while a specialized crypto partner handles trade execution, liquidity, and custody. This scheme already works successfully in the West — for example, at Interactive Brokers, where Paxos and Zero Hash perform these functions. For a broker, this is significantly faster and cheaper than building a full-fledged exchange.
At the same time, specialized crypto exchanges are not going anywhere. Active traders who need perpetual futures, hundreds of altcoins, or access to DeFi will remain on specialized platforms. However, the mass investor who needs a small crypto allocation in their portfolio will most likely move to a broker.
A New Client — A New Era
In my estimation, it is this second segment that could turn out to be significantly larger. We're talking about investors for whom BTC or ETH represents 5–15% of their total portfolio. For them, the value of a broker lies not in the number of tokens, but in the fact that cryptocurrency becomes part of a unified investment logic: rebalancing, consolidated analytics, risk management, and using digital assets as collateral.
The central bank is already working on rules that will allow movement in exactly this direction. I wouldn't frame the question as "who will win — brokers or crypto exchanges." The market will split: active crypto traders will remain on specialized platforms, while the mass client who needs simplicity of access will move to a broker.
The main competitive advantage will not be the fee or the number of coins, but the ability to open a familiar app, sell some bonds, and buy BTC without switching to separate infrastructure. That is precisely why the arrival of brokers in cryptocurrency has the potential to change the market more than it seems: they will bring not a new token, but a new type of client.
My conclusion: this is a historic moment for the Russian market. The integration of cryptocurrency into the regulated brokerage environment is a sign of the industry's maturation. For investors, this means reduced risks and increased trust in digital assets. The only question is how quickly brokers can establish partnerships and offer a truly convenient product. I believe the first pioneers will appear within months of the law taking effect.