The Russian digital asset market is entering a new phase of institutionalization. Starting September 1, 2026, brokers and asset management companies will gain the legal right to act as intermediaries in cryptocurrency transactions. This is not just another regulatory tweak, but a paradigm shift: digital assets are ceasing to be the "Wild West" and are being integrated into classical financial infrastructure.
Previously, a retail investor had to go on a real quest: register on a separate crypto exchange, deal with transfers, custody, and tax reporting. Now the scenario is radically different — you will be able to buy Bitcoin in the same app where you trade stocks and bonds.
Brokers don't need their own crypto exchange
The key point I highlight in the new model: brokers don't necessarily need to build their own Binance-level infrastructure. They already have the main things — a client base, funds in accounts, KYC procedures, apps, and reporting. All that's missing is the final link: crypto liquidity and secure custody. Specialized crypto partners will take on this function.
The most logical scheme looks like this: a client buys BTC in the familiar broker interface, while a specialized crypto provider handles trade execution, liquidity, and asset custody. This approach already works successfully at Interactive Brokers, where Paxos and Zero Hash provide that part of the infrastructure. For a broker, such integration is significantly faster and cheaper 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.
At the same time, specialized crypto exchanges won't disappear anywhere. They are objectively stronger in terms of assortment, liquidity, derivatives, and complex products. An active trader who needs perpetual futures, hundreds of tokens, or DeFi will remain on specialized platforms.
Brokers will bring a new client to the market
Here I see a much more interesting segment that could turn out to be significantly larger — this is 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 sit.
With an asset integrated into a brokerage account, we're no longer talking about just 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 would allow movement in 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 investment client, who needs a small share of cryptocurrency in their portfolio, may well move to a broker. Then 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 switching to a separate infrastructure will matter more to the mass client than anything else.
That's precisely why the arrival of brokers can change the market more than it seems. They will bring not a new token, but a new type of client.
My expert assessment: this is a long-overdue step that will increase trust in the crypto market among conservative investors. However, the key success factor will be not the speed of launch, but the quality of custodial solutions and the transparency of taxation. Without this, even the most convenient interface won't ensure a massive inflow of funds.