Qualified investors get unlimited access. Retail traders hit the $3,600 wall. Intermediaries lose revenue. Offshore platforms and peer-to-peer networks gain traction as traders look for workarounds.
Russia's move mirrors emerging market playbooks: India tightens rules, Vietnam bans crypto outright. These restrictions drive users toward decentralized solutions and borderless assets instead of killing adoption.
The real impact unfolds over months. Retail exodus to offshore platforms increases, making crypto harder to track. Pressure on regulated intermediaries rises. Bitcoin's role as a borderless hedge becomes clearer.
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