Founders of SkyCapital outlined how regulators are shifting from prohibition to rulemaking for cryptocurrency activity in Russia.

Why the regulator changed approach

Participants explained that a complete ban proved impractical, and policymakers prefer to define operational standards similar to many European jurisdictions.

Speakers noted that annual trading volumes near 6 trillion rubles and sustained sanctions pressure pushed authorities to begin formal negotiations with market builders.

Evidence of retroactive scrutiny

One founder demonstrated a 4 year-old personal wallet on camera and described it being flagged under retrospective compliance reviews.

They described how firms now trace counterparty exposure across multiple address generations and monitor risk up to the tenth degree of transactional chains.

As a result, custodial patterns that concentrate large balances without periodic rotation are becoming materially more exposed to regulatory action.

Anticipated market model and consumer limits

Discussants sketched a likely domestic framework that includes customer segmentation, investment limits for nonprofessional investors, and certified infrastructure providers.

They also covered the adoption of white-label solutions for influencers and exchange operators as a way to comply with identity and reporting requirements.

• Limits for nonqualified investors aimed at reducing retail concentration and systemic risk.
• White-label offerings enabling third parties to operate within certified technical and compliance envelopes.
• Expectations for the sector’s evolution over the next 5–10 years, including tighter operational standards and supervisory engagement.

Overall, founders characterized the current phase as a transition from informal tolerance to structured oversight, with market participants adapting infrastructure and practices accordingly.