Russia's crypto regulation has taken another step forward. Starting next year, the Moscow Exchange and the Saint Petersburg Exchange will officially launch crypto asset trading services. This is not just a matter for Russia—it's another signal that the traditional global financial system is opening its doors to crypto.

A closer look at the compliance thresholds reveals the key points. Retail investors have a ceiling: an annual trading volume limit of 300,000 rubles (about 30,000 RMB), which is a standard risk control measure. But the truly interesting part is—qualified investors have no limit, except for privacy coins.

This statement carries significant weight. Institutional investors and high-net-worth individuals are essentially unrestricted, meaning large sums from traditional finance can enter the market freely. The stance of the Russian Central Bank is clearly softening, shifting from a wait-and-see attitude to a more structured system design.

On a global scale, the significance of this development is even greater. Once Russia's "traditional exchange + layered limits" model is operational, other countries are likely to follow suit. What we are witnessing is the acceleration of the crypto market moving from the fringes to the mainstream—no longer wild growth, but integration into the formal financial system.

Incremental capital will follow. Stability will also improve. Although retail investors face limits, the unlimited channels for institutional funds are already open, which will undoubtedly support market depth and liquidity.

Continue to monitor the developments of these major traditional financial powers. The next wave may be hidden in these compliance details.