Russia is preparing to launch organized cryptocurrency trading on domestic exchanges starting November 22, 2026, subject to approval from the Bank of Russia. The move creates a formal path for local platforms to offer digital asset services under rules modeled on traditional financial market oversight.
The central bank’s directive, reportedly registered with the Ministry of Justice, requires trading venues to obtain prior approval of operating rules, register participants, monitor transactions, maintain separate records of orders and completed trades, calculate current and weighted average prices, and report trading information to the regulator. The framework covers brokers, asset managers and central counterparties involved in cryptocurrency transactions.
Moscow Exchange plans to launch its own crypto trading service on December 1, using the National Clearing Centre, existing exchange technology and a partner digital depository. MOEX intends to support same-day and next-day settlement, swap transactions for liquidity management, anonymous order-book trading and negotiated deals. The exchange will begin with pilot transactions and expand access as participants complete technical preparations.
The Bank of Russia’s parallel investor rules, effective November 17, allow non-qualified retail investors to buy Bitcoin, Ether and Tether’s USDT through authorized intermediaries, with an annual limit of ₽300,000 per intermediary. Qualified investors face no equivalent cap and may access a broader selection of assets. Both categories must pass a knowledge assessment and acknowledge risk disclosures.
Russia’s largest financial institutions are already positioning for the new market. On October 6, the central bank announced initial registrations of digital depositories and crypto exchange operators, including Sberbank, VTB, Atomize and entities linked to T-Technologies. Proposed minimum capital requirements range from ₽50 million to ₽250 million for digital depositories depending on their activities. However, registration does not automatically establish a custody partnership with MOEX, which has not publicly identified its partner depository.
At an illustrative trading commission of 0.20%, a maximum ₽300,000 retail purchase would generate only ₽600 in gross purchase-side fees. This underscores why institutional turnover, market making and recurring professional order flow may be more important for MOEX than the number of newly registered retail investors.
The framework carries longer-term competitive implications. Beginning July 1, 2027, Russian residents will generally be required to conduct cryptocurrency transactions through authorized operators, and direct peer-to-peer transactions between individuals will no longer be permitted. That could redirect activity toward licensed brokers, exchange operators and digital depositories that build infrastructure early.
USDT presents a distinct risk despite its inclusion in the approved retail list. Tether is issued by an offshore entity and can freeze supported token balances on certain blockchains through compliance actions or law-enforcement requests. Russian regulators can approve trading, but they cannot eliminate issuer-level controls or guarantee access to offshore dollar liquidity. Foreign counterparties may also impose sanctions-related restrictions on transactions involving Russian financial institutions, leaving MOEX with a well-regulated venue but a commercial need to attract sufficient institutional and OTC liquidity.
