From Outside the System to Inside the System: Russia's True Attitude Toward Cryptocurrency

The Moscow Exchange (MOEX) and the Saint Petersburg Exchange (SPB) have both expressed support for the central bank's cryptocurrency regulatory plan, and explicitly stated that trading can directly commence once the relevant regulations come into effect in 2026.

This is not a test or a slogan, but a very typical case of institutional readiness being in place, with only legal confirmation remaining. Both exchanges have confirmed that their technical infrastructure is already in place, indicating that this step is not a sudden whim but has been incorporated into their established plans.

More importantly, the Russian central bank has defined cryptocurrencies as "monetary assets." This is very significant, as it means that crypto assets are no longer viewed as gray-area speculative products but are officially integrated into the financial asset framework. In the future, the pathways for trading, custody, clearing, and compliance will become clearer.

At the same time, transactions will be carried out through Russia's existing financial infrastructure, which also indicates that the authorities do not intend to create a separate on-chain zone but aim to incorporate crypto assets directly into the traditional financial system.

The layered investor design is also noteworthy. Qualified investors can purchase any cryptocurrencies except privacy coins without limits, while ordinary investors are restricted to an annual quota of about 300,000 rubles.

This arrangement is quite straightforward: high-risk assets are not prohibited, but the risks are mainly borne by those with professional capabilities and financial strength. Ordinary people can participate, but leverage and risk cannot be infinitely amplified.

Looking at this in a broader context, Russia's attitude has actually been very consistent.

It does not want cryptocurrencies to challenge the sovereignty of fiat currencies, nor does it encourage unregulated mass speculation. But at the same time, it clearly recognizes that there is an objective market demand for crypto assets. Rather than blocking it, it is better to incorporate it into a controllable financial system. Allowing a national securities exchange to directly participate essentially acknowledges this reality.

For the crypto community, this is not the kind of immediate bullish news that can instantly pump prices, but its long-term impact is profound.

The participation of a national-level exchange in crypto asset trading will further blur the boundaries between traditional finance and the crypto market. Crypto assets will no longer just exist within native exchanges and wallets but will gradually become part of the mainstream financial system.

At the same time, the explicit exclusion of privacy coins from the tradable range also sends a very clear regulatory signal: anonymity remains a red line that most countries find difficult to accept. Assets that are compliant, auditable, and traceable will have a better chance of survival.

For retail investors, quota restrictions may seem unfriendly, but from an industry perspective, this is actually a sign of maturity. Regulations are no longer debating whether to regulate but are moving into a phase of fine-tuning risk management.

Overall, Russia's move is not about chasing a crypto narrative but about redefining the position of crypto assets — they are no longer opponents outside the financial system but are being integrated as a new type of asset within it. This change may not be very flashy, but it carries significant weight for the entire crypto space.

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