The Legal Russian Crypto Market Will Become a 'Market of Tainted Cryptocurrency' – 'Finam'

cryptonews.ruPublicado em 2026-08-27Última atualização em 2026-08-27

Resumo

A legal Russian cryptocurrency market could become a "market for tainted crypto," according to Dmitry Kochetkov, an investment expert at Finam. He explains that digital assets passing through addresses or platforms under international sanctions are considered toxic by foreign counterparties, carrying high compliance risks. Consequently, these assets may trade at a significant discount compared to global benchmarks. Kochetkov warns this could lead to the formation of a separate, isolated pricing circuit for Russia, operating autonomously with its own rules and pricing mechanisms, rather than just a loss of liquidity. Previously, Bank of Russia Governor Elvira Nabiullina stated the central bank is cautiously exploring the use of stablecoins for international settlements, but only as a supplement to the digital ruble, and highlighted crypto's susceptibility to sanctions. Starting September 1, licensed intermediaries in Russia will be allowed to trade cryptocurrencies, with the central bank initially permitting only Bitcoin, Ether, and the USDT stablecoin.

Kochetkov is referring to digital assets that have passed through addresses or platforms that have fallen under international sanctions. For foreign counterparties, such assets are considered toxic, explained the investment expert: their use is associated with high compliance risks. Because of this, the Russian crypto market may become specific – and trading such assets will likely have to be done at a discount compared to global prices, believes Kochetkov.

The consequences could extend beyond simply limiting access to global capital, the top manager is convinced.

"This factor could indeed make the Russian market extremely exotic – with a substantial discount to international benchmarks. This is no longer just 'cutting off liquidity' – it's about forming a separate, isolated price circuit, living by its own rules," explained the head of "Finam" in an interview with TASS.

The "Russian circuit" will function autonomously, with its own pricing mechanisms and operating rules, differing from those accepted on the international market, Kochetkov suggested.

Earlier, Bank of Russia Governor Elvira Nabiullina stated that the Central Bank is considering the possibility of using stablecoins in international settlements, but only as a supplement to the digital ruble. The regulator views these digital assets "with apprehension." Before that, the official said that cryptocurrency is an asset subject to international sanctions, which could be blocked in Russians' wallets at any moment.

Starting September 1, cryptocurrency trading is set to begin in Russia through licensed intermediaries. The Central Bank will only allow trading of three digital assets – these are Bitcoin, Ether, and the US dollar stablecoin USDT from the American company Tether.

Perguntas relacionadas

QAccording to 'Finam', what could the Russian cryptocurrency market become, and why?

AAccording to 'Finam', the legal Russian crypto market could become a 'market for painted cryptocurrency' (tainted crypto). This is because digital assets that have passed through addresses or platforms under international sanctions are considered toxic for foreign counterparties, leading to high compliance risks and necessitating trading at a discount to global prices.

QWhat potential consequence for the Russian crypto market did Konchekov describe as more severe than just losing access to global capital?

AKonchekov described that the consequence could be the formation of a separate, isolated pricing circuit for the Russian market, functioning with its own pricing mechanisms and rules. This goes beyond simply losing liquidity and creates an 'exotic' market with a significant discount to international benchmarks.

QWhat is the Bank of Russia's stance on using stablecoins in international settlements?

AThe Bank of Russia, as stated by Elvira Nabiullina, is considering the possibility of using stablecoins in international settlements, but only as a supplement to the digital ruble. The regulator views these digital assets with 'apprehension' and has previously warned that cryptocurrency is an asset subject to international sanctions and could be blocked in Russians' wallets at any time.

QWhich three digital assets has the Central Bank of Russia approved for trading starting September 1st?

AThe Central Bank of Russia has approved only three digital assets for trading through licensed intermediaries starting September 1st: Bitcoin (BTC), Ether (ETH), and the US dollar stablecoin USDT from the American company Tether.

QHow does the expert explain the term 'toxic assets' in the context of the Russian crypto market?

AThe expert explains that 'toxic assets' refer to digital assets that have passed through addresses or platforms that have come under international sanctions. For foreign counterparties, using these assets is associated with high compliance risks, making them undesirable and likely to be traded at a discount.

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