Moscow Exchange Crypto Trading Launch Set for Dec. 1 - Bitcoin Foundation
Moscow Exchange will begin pilot trading in Bitcoin, Ether and Tether's USDT on Dec. 1, creating Russia's first regulated cryptocurrency market with a 300,000-ruble annual limit for non-qualified investors.
The exchange will utilize its existing stock-market infrastructure for trading scheduled from 6:50 a.m. to 11:50 p.m. Moscow time. The National Clearing Center will process trades through its unified clearing system, offering same-day and next-day settlement options from the launch. Swap transactions will also be available to help participants manage liquidity.
Investor Classification Rules
Retail access depends on investor classification under Federal Law No. 282-FZ, which permits regulated digital-currency trading while continuing to ban cryptocurrency payments for goods and services in Russia. Non-qualified investors must pass a test before purchasing digital currencies and will be limited to 300,000 Russian rubles (about $3,700) in annual purchases through one broker.
The limit is part of Federal Law No. 282-FZ, which permits regulated digital-currency trading while continuing to ban cryptocurrency payments for goods and services in Russia.
Sanctions Concerns
The exchange and the National Clearing Center have been under US sanctions since June 2024, with the UK following suit at the same time and the European Union adding them to its sanctions list in July 2026. These restrictions will be a central factor for institutions assessing access, settlement and counterparties before the pilot begins.
Sergey Mendeleev, founder of cross-border payments platform Exved, questioned whether the new market would attract meaningful demand. He argued that Moscow Exchange's sanctions exposure could discourage both local and international participation.
Trading Structure
Mendeleev warned that ordinary non-qualified investors could face 'absolutely outrageous spreads,' making the offering unattractive if buying and selling prices diverge sharply. He compared the proposed structure with precious-metals accounts at Sberbank, where customers trade account balances without taking possession of physical metal.
The planned spot market follows several earlier steps. Moscow Exchange introduced perpetual-style futures linked to five crypto indices in September, while the Bank of Russia allowed licensed forex dealers to offer Bitcoin and Ether contracts for difference to qualified investors with leverage capped at 1:10.
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