2025-12-25 22:20:15

The involvement of a major sovereign financial power is often not the end of the story, but rather the beginning of a more complex chess game.

A piece of news yesterday stirred quite a ripple in the global crypto market: two top Russian stock exchanges—the Moscow Exchange and the St. Petersburg Exchange—both announced they are ready to launch cryptocurrency trading services and are fully cooperating with the new regulatory framework set by the Russian Central Bank. This means that by around 2026, an economy with a population of 140 million will have built a "compliance channel" led by the state.

The official press release may seem ordinary, but behind it lies years of policy tug-of-war and strategic shifts. From the initial legal confirmation in 2020, to experimental cross-border payment trials in 2024, and now to a clear comprehensive regulatory approach, Russia’s logic is very straightforward: this is not called embracing, but co-opting. The core strategy is to establish a "walled garden"—internally, with licensed exchanges as hubs, setting retail investor annual investment limits around 300,000 rubles, and guiding traffic; externally, seeking to use crypto assets as leverage to break through financial sanctions.

What this reflects is a global trend that has already been set in stone: the era of "barbaric growth" in crypto finance has come to an end, and a new stage of "institutionalization" has arrived. Countries are piling up their own compliance walls, and for the global on-chain protocol and investor groups, the narrative of pure "on-chain primacy" is being proven wrong by reality. The new game rules are in front of us—how to flexibly switch between different "compliance barriers" and extract value is the real challenge that needs to be solved.

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MetaNeighbor

· 6h ago

In simple terms, every country wants to get a piece of the crypto pie but is afraid of losing control, so they are building walls one after another. Russia's move is quite clear; they control retail investors from above and use it to break through financially from below. The true players have long understood this; wild growth is indeed over. Now, they need to learn how to operate within the gaps of various countries' regulations. This game isn't that simple; fragmented regulation will only make cross-chain arbitrage more complicated. The era of fools with lots of money is over, and now it tests true technical skills and political intuition.

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MetaverseVagabond

· 11h ago

The term "absorption" is used perfectly. Russia is openly seizing land, and retail investors are still shackled with a 300,000 ruble burden.

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CryptoPhoenix

· 11h ago

Oh no, this is the new lesson we need to learn: how to switch value between compliance barriers and master this move. The era of wild growth is truly gone; we must acknowledge this to survive longer. The market of 140 million people has been incorporated by the state, in other words, new rules have been established, and we need to adapt. Talking about a "walled garden" sounds like being put on a leash, but opportunities are also inside. Russia's move is aggressive, indicating that major powers are eyeing this area; the crypto world is really maturing. The moment of rebirth has arrived, transforming from barbaric to institutional; although frustrating, this is the price of maturity. The annual investment cap for retail investors is 300,000 rubles, and the path to compliance is getting narrower, but stability has indeed improved. Sanctions break leverage; this is true strategic gameplay. As small retail investors, we just need to watch, and long-term faith is the most important. Opportunities are actually hidden within these barriers; the key is whether you dare to explore. Another wave of market lessons is here, but I believe the phoenix can be reborn from this round of transformation.

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CoffeeOnChain

· 11h ago

The term "absorption" is used perfectly. Russia just wants to fully understand this piece of the cake without losing control. Now I understand that no matter how loudly the decentralized approach is promoted, it can't withstand the intervention of the state machinery. The slap in the face to on-chain nationalism is really painful. Who would have dared to say that in the past? Artificial Intelligence Compliance barriers are getting higher and higher. Small retail investors will probably have an even harder time. Russia has played this game steadily, bypassing sanctions while managing risks. If 2026 really becomes a reality, other countries will definitely follow suit. In essence, it's still a confrontation between power and freedom, betting on who can endure longer. The wall garden sounds very Cthulhu-like. It feels like being locked inside. The era of wild growth is indeed over. Now it's all about institutionalized gameplay.

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GweiTooHigh

· 11h ago

Absorption vs. embrace, these words are used quite harshly. A limit of 300,000 rubles? Is the government planning to trap retail investors inside a cage?

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