Russia's legal crypto market will become a "market for colored cryptocurrency," according to Finam.
Vladislav Kochetkov, President and Chairman of the Board of the investment and financial group FINAM, has suggested that a separate market for "colored cryptocurrency" could develop in Russia, separate from the international market.
Kochetkov is referring to digital assets that have passed through addresses or platforms subject to international sanctions. For foreign counterparties, such assets, the investment expert explained, are considered toxic: their use is associated with high compliance risks. Because of this, the Russian crypto market could become unique, and such assets would have to be traded at a discount to global prices, Kochetkov believes.
The consequences could go beyond simply restricting access to global capital, the top manager is convinced.
"This factor could truly make the Russian market extremely exotic, with a significant discount to international benchmarks." "This isn't just about 'cutting off liquidity'—we're talking about creating a separate, isolated pricing circuit operating by its own rules," the head of Finam explained in an interview with TASS.
The "Russian circuit" will function autonomously, with its own pricing mechanisms and operating rules, different from those adopted on the international market, Kochetkov suggested.
Earlier, Bank of Russia Governor Elvira Nabiullina stated that the Central Bank is considering the use of stablecoins in international settlements, but only as a supplement to the digital ruble. The regulator views these digital assets "with caution." Previously, the official stated that cryptocurrency is an asset subject to international sanctions and can be blocked from Russians' wallets at any time.
Cryptocurrency trading through licensed intermediaries is scheduled to begin in Russia on September 1. The Central Bank will only allow three digital assets to be traded: Bitcoin, Ethereum, and the dollar-backed stablecoin Tether USDT, produced by the American company.