Russia just switched on a crypto market that doesn’t fully exist yet

Russia’s new crypto law took effect Sept. 1, but investors cannot yet access the full market it promises.Federal Law No. 282-FZ gives cryptocurrency a formal place within Russia’s supervised financial system, allowing regulated investment and cross-border use through brokers, exchanges, management companies, digital depositories and organized trading venues.However, the catch is that many of those channels are not ready.The Bank of Russia is still completing rules that will determine which cryptocurrencies ordinary investors can buy, how trading venues calculate prices, and what capital requirements digital depositories must meet. Firms also have until July 1, 2027, to obtain licenses and bring their operations into compliance.That leaves Russia in an unusual transition: crypto now has a legal framework, but the infrastructure needed to use it broadly is not yet in place.Meanwhile, the new law does not open the door to everyday crypto payments. Instead, Bitcoin, stablecoins and other cryptocurrencies remain prohibited for purchases of goods and services inside Russia.Their permitted role is narrower. Exporters and importers can use crypto for cross-border settlements, while investo...