Cryptocurrency is ceasing to be an exotic asset and is organically integrating into Russia's traditional financial system. Starting September 1, 2026, legislative changes will take effect that will allow brokers and asset management companies to act as official intermediaries in digital asset transactions.
This is a landmark event for the entire market. Previously, an investor had to independently open an account on a crypto exchange, deal with transfers, custody, and taxes. Now the scenario is changing dramatically: you will be able to buy Bitcoin in the same place where you are used to buying stocks and bonds.
Brokers don't need their own crypto exchange
The key point of the new model is that brokers don't necessarily have to build their own infrastructure like Binance. They already have a client base, funds in accounts, KYC procedures, apps, and reporting. All that's missing is the final link—cryptocurrency liquidity and custody.
The most logical scheme looks like this: a client buys BTC in their familiar broker app, while a specialized crypto partner handles trade execution, liquidity, and asset custody. This approach already works successfully with international giants, such as Interactive Brokers, where Paxos and Zero Hash provide this part of the infrastructure.
For a broker, this is significantly faster than building a full-fledged crypto exchange. And for the client, the main advantage is that there's no need to move to a separate financial ecosystem or independently deal with wallets, networks, and transfers.
A new client and market segmentation
At the same time, specialized crypto exchanges won't disappear. They are objectively stronger in terms of product range, liquidity, and complex products. An active trader who needs perpetual futures, hundreds of tokens, or DeFi will remain on specialized platforms.
However, the arrival of brokers could change the market more than it seems. This is about a completely different segment—an investor 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 the same portfolio that already holds stocks, bonds, and gold.
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, and risk management. The Bank of Russia is already working on rules that will allow movement in this direction.
For non-qualified investors, after testing, a limit of 300,000 rubles per year through a single intermediary will be introduced, while qualified investors will have no amount restrictions. The transition period will last until July 1, 2027.
My view: The market will split, but this isn't a fight for survival. The main competitive advantage won't be the commission, but the ease of access. The ability to open a familiar app, sell some bonds, and buy BTC without switching to another infrastructure will matter most to the mass client. Brokers will bring not a new token to cryptocurrency, but a new type of investor—and that is perhaps the most significant shift in recent years.