The Russian digital asset market is entering a phase of mature institutionalization. Starting September 1, 2026, brokers and asset management companies will receive the legal right to act as intermediaries in cryptocurrency transactions. This is a landmark event that fundamentally changes the rules of the game for the mass investor.
Previously, buying bitcoin required an individual to independently navigate the entire path: from registering on a crypto exchange to resolving issues with transfers, custody, and tax reporting. Now, a fundamentally different scenario is taking shape: digital assets will be purchasable in the same interface where stocks and bonds are already traded.
Brokers don't need their own exchange
The key point I highlight in this initiative is the lack of need to build proprietary infrastructure like Binance. Brokers already have everything necessary: a client base, cash in accounts, KYC procedures, mobile apps, and a familiar investment ecosystem. Only one link is missing—cryptocurrency liquidity and custodial solutions.
The most logical model looks like this: a client buys BTC in a standard broker app, while a specialized crypto partner handles trade execution, liquidity, and asset custody. This scheme already works successfully at Interactive Brokers, where Paxos and Zero Hash provide that part of the infrastructure.
For a broker, this approach is significantly faster than creating a full-fledged crypto exchange. And for the client, the main advantage is the absence of a need to move to a separate financial ecosystem and independently deal with wallets, networks, and transfers.
A new client on the horizon
At the same time, specialized crypto platforms will not disappear anywhere. Active traders who need perpetual futures, hundreds of tokens, or DeFi products will remain on dedicated exchanges. However, there is another, potentially much larger segment—the investor for whom BTC or ETH constitutes 5–15% of the total portfolio.
For such a client, the broker's value lies not in the number of available coins, but in integrating cryptocurrency into a unified portfolio logic: rebalancing, comprehensive analytics, risk management, and using digital assets as collateral. The Bank of Russia is already working on a regulatory framework that will allow progress in exactly this direction.
I would not frame the question in terms of "who will win: brokers or crypto exchanges." The market will split: active crypto traders will remain on specialized platforms, while the mass investor, who needs a small share of cryptocurrency in their portfolio, may well move to a broker. The main competitive advantage will be not 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 separate infrastructure will matter more to the mass client than anything else.
My view: the arrival of brokers in cryptocurrency could change the market more than it seems. They will bring not a new token, but a new type of client—the conservative investor who previously hesitated to explore digital assets independently. This is a fundamental shift that we will observe in the coming years.