Russia’s Central Bank Clears Exchange to Open Bitcoin and Crypto Trading on Nov. 22
Russia's central bank has approved organized cryptocurrency trading to begin on November 22, pending approval of trading rules by exchanges.
The Bank of Russia announced Wednesday that exchanges may begin organized cryptocurrency trading on November 22, following approval of their trading rules by the central bank. This development comes just ahead of Moscow Exchange's planned December 1 bitcoin launch.
The ordinance, amending the Bank of Russia's rules for organized trading, was registered by the Justice Ministry on November 3 and published Wednesday on the regulator's website. It takes effect 10 days after publication, on November 22.
Exchanges will be required to register brokers, trust managers, and central counterparties participating in crypto trades, maintain registers of orders and deals, and monitor trading activity. They must also calculate various price metrics and report trading activity to the central bank.
Investor Rules
A separate ordinance, published November 6 and effective November 17, specifies which cryptocurrencies ordinary investors can purchase. The Bank of Russia approved bitcoin, ether, and Tether's USDT for non-qualified investors, allowing exchanges to offer these assets to the public from that date.
Non-qualified investors can purchase through brokers, trust managers, or registered crypto exchange offices, either on exchanges or over-the-counter. However, purchases through a single intermediary may not exceed 300,000 rubles annually (approximately $3,600 at the official exchange rate). Qualified investors can access all cryptoassets without purchase limits.
Both investor groups must pass a knowledge test and read a risk disclosure before trading. The approved assets are limited to the most liquid cryptocurrencies meeting specific tests for market capitalization, average daily volume, and at least five years of pricing history on foreign exchanges.
Exchange Plans
Moscow Exchange, Russia's largest trading venue, announced on November 2 its plans to offer bitcoin, ether, and USDT trades starting December 1. Initially, this will operate as a pilot while participants connect, using the exchange's existing stock-market systems from 6:50 a.m. to 11:50 p.m. Moscow time.
Moscow Exchange would not need additional licenses to start and would use a partner settlement digital depository.
The National Clearing Centre will handle deal clearing, with clients able to settle on the same day or the next. SPB Exchange, the St. Petersburg venue, has also announced its intention to begin organized crypto trading by year-end, building its own settlement digital depository.
Legal Framework
The market operates under Federal Law No. 282-FZ, 'On Digital Currencies and Digital Rights,' whose main provisions took effect on September 1. The law licenses exchanges, brokers, managers, depositories, and exchangers, recognizes crypto as property, and establishes a supervised channel for cross-border trade.
However, the law still prohibits using cryptocurrency to pay for goods and services within Russia. Officials have been implementing additional infrastructure, including a self-regulatory body for crypto exchanges and digital depositories.
The key question now is not whether Russia will have a legal exchange market for cryptocurrencies, but when the first venue will actually open and whether the 300,000-ruble retail cap will be sufficient to attract traders from existing offshore platforms.
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