From the name to the substance of regulation: why old rules do not work for new companies
Photo: Максим Платонов
Offline retailers have supported major banks in their dispute with marketplaces, but the discussion about discounts for using a “proprietary” card has gone far beyond marketing. In fact, this is a clash of two paradigms: outdated regulation based on formal criteria and the need to regulate market participants according to the substance of their activities. The Bank of Russia faces a choice: to try to fit new hybrid ecosystems into old frameworks or to create modern rules focusing on the financial function these players actually perform. A key vector for putting these rules into practice may be the development of open financial infrastructure, whose core is the digital rouble and the Faster Payments System — more in the opinion column by digital economist Ravil Akhtyamov.
Why the formal approach fails
Classical regulation clearly separated market participants: here is a bank, here is a payment aggregator, here is a trading platform. Today, a marketplace with an affiliated bank offering unique payment conditions is simultaneously both a seller and an organiser of a financial service. Attempting to regulate it only as a “shop” ignores the substance of its work and creates systemic risks:
for the market — small banks cannot compete with ecosystems that subsidise financial services through profits from commerce;
for the consumer — their choice is distorted by the need to select the “right” payment instrument for the best price;
for stability — financial risks may accumulate in the invisible part of complex holdings.
Максим Платонов / realnoevremya.ruThe activity-based regulation principle: international practice
A number of foreign jurisdictions, such as the United States, have already moved to activity-based regulation. Analysis of their experience provides clear guidelines.
Aspect of regulation
Reality in the US (2025)
Key conclusion for the Bank of Russia
General approach
Regulation depends on the specific financial activity, not on the company’s label (“bank”, “marketplace”)
Build regulation not around form (“ecosystem”), but around the substance of financial services provided
Supervisory tools
A multi-level supervisory system (CFPB, SEC, FTC) with tough action against unfair practices (UDAAP)
A direct ban is only one tool. It is more effective to create a regulatory environment where each financial niche requires a separate permit
Response to integration
Fintechs either obtain banking licences or work through licensed partner banks under a BaaS model
Technological integration does not cancel rules. Supervision must cover partner models, placing responsibility on licensed institutions
Their experience shows that effective oversight is built not around the question “Who are you?” (a bank or a marketplace), but “What do you do?” If an ecosystem issues loans, it must comply with lending norms; if it aggregates payments, it must follow rules for payment systems.
Open infrastructure as a technological catalyst for new regulation
The digital rouble and the Faster Payments System (FPS) are elements of strategic infrastructure for implementing the principle of activity-based regulation. They change payment architecture, creating a neutral and transparent environment.
Comparative Analysis of Payment Instruments and Infrastructures
Criterion
Closed ecosystem (marketplace card)
Faster Payments System (FPS)
Digital rouble
Operator and oversight
Private ecosystem, opaque cross-subsidisation
Bank of Russia. Neutral infrastructure
Bank of Russia. Infrastructure platform for direct accounting
Accessibility for banks
Limited, barriers for small and medium banks
Open to all participating banks
Open to all accredited banks (equal conditions)
Impact on price
Distorted: price depends on the chosen card
Transparent: product price is unified
Technically supports the “single price” principle through a mandatory unified QR code
Technological potential
Closed solutions aimed at customer retention
Fast transfers
Programmability, smart contracts — foundation for innovative services
As the comparison shows, the development of infrastructures such as the digital rouble and FPS makes it technically possible to embed principles of transparency and openness directly into the payment system, creating a technological foundation for new regulation.
A Constructive roadmap: from theory to practice
Implementing activity-based regulation requires specific steps from the Bank of Russia. The main measures can be summarised as follows:
Regulatory objective
Specific proposal
Expected effect and the role of new infrastructure (FPS/digital rouble)
Transparency and consumer protection
Introduction of mandatory display of a “single base price”. Any discount is shown separately
Open infrastructures technically support this principle: unified standards (QR code) prevent hidden price manipulation
Prevention of unfair competition
Disclosure of the financing structure of promotions linked to a “proprietary” card
Neutral platforms (FPS, digital rouble) as open infrastructures create equal conditions, reducing the value of exclusive partnerships
Systemic risk management
Special norms for banks within non-financial holdings (higher capital buffers)
Central Bank infrastructures (especially the digital rouble) eliminate several traditional risks and provide new tools for macroprudential monitoring
Stimulating open competition
Active promotion of FPS and the digital rouble as a neutral basis for bonus programmes
A field is formed for competition through service quality based on common standards, not exclusivity of access
On this basis, four concrete steps can be identified:
Introduce the “activity trigger” principle. Legally define which financial operations (lending, payment aggregation) require a Central Bank licence, regardless of the company’s core business.
Strengthen oversight of partnerships (the BaaS model). Develop strict standards for banks providing infrastructure to ecosystems, placing primary responsibility on them.
Create a technological basis for transparency through open infrastructures. Actively use and develop FPS and the digital rouble platform as an environment with high auditability and embedded regulatory standards.
Develop stress tests for hybrid models. Require ecosystems to test the resilience of their financial services, taking into account operation within new infrastructure solutions.
Реальное время / realnoevremya.ru
New Central Bank regulation: from a keeper of form to an architect of substance
The task of the Central Bank is evolving: from monitoring formal compliance of specific organisations to designing general rules for financial activity in all its manifestations.
This means a shift towards regulation that:
looks at function, not signage;
uses the development of open technological standards and infrastructures (FPS, digital rouble, APIs) as a basis for ensuring transparency and neutrality “from within”;
creates risk-proportionate requirements, allowing innovation to develop within safe and fair boundaries.
The digital rouble and the Faster Payments System in this agenda are elements of a new infrastructure layer enabling the regulator to build a more complex and resilient architecture of the financial market. Only such a comprehensive approach will make it possible to realise the potential of ecosystems while ensuring long-term stability and fair competition.
