Russia Finalizes Crypto Trading Rules Ahead of Nov. 17 Rollout

The significance here is less the rulebook itself than the architecture: crypto exposure is being routed through regulated intermediaries rather than direct custody, which puts banks and brokers, not exchanges, at the center of the retail on-ramp. That model tends to favor established financial institutions over crypto-native venues, and the Moscow Exchange's planned December launch suggests the infrastructure is being built in parallel with the rules. The open question is whether intermediary-mediated access draws genuine retail participation or remains a narrow, compliance-heavy channel.