Moscow Exchange will begin digital-currency trading on December 1, 2026, marking the first retail-eligible cryptoasset market under Russian regulation. The exchange announced the launch plan on November 2, following the Bank of Russia’s finalization of a retail-eligible asset list on November 6.
The Bank of Russia approved three assets for retail trading: Bitcoin, Ethereum, and USDT. These were selected based on market capitalization, average daily trading volume, and a minimum five-year foreign-market pricing history. The directive takes legal effect on November 17, 2026, enabling exchanges to admit the listed assets to public circulation.
Moscow Exchange plans to deploy its stock-market technology infrastructure for the launch. Transactions will be included in National Clearing Centre clearing, integrating crypto trading with Russia’s existing settlement systems. The exchange will begin with pilot trades and gradual participant onboarding rather than a single-day full launch.
Investor classification and purchase limits
Non-qualified investors face a 300,000-ruble annual purchase cap per intermediary. This limit is calculated as the ruble sum of acquisition costs for digital currencies bought through a single broker during the calendar year; both completed purchases and orders under consideration count toward the ceiling.
Before transacting, all non-qualified investors must undergo testing and familiarize themselves with crypto investment risks. Qualified investors can access any cryptoassets without the asset-list and purchase-limit restrictions, though they must still complete testing and risk familiarization.
Non-qualified investors may purchase through multiple channels: brokers, asset managers, crypto exchangers, on exchanges, or over the counter. The ability to transact through multiple intermediaries allows investors to potentially access more capital for crypto purchases, though each intermediary enforces its own 300,000-ruble annual ceiling.
Regulatory timeline
The intermediary-entry procedure took effect on October 5, 2026, but did not finalize which assets qualified for retail trading. The Bank of Russia’s November 6 finalization of the retail-eligible list and November 17 directive effectiveness mark the completion of that regulatory phase.
Moscow Exchange’s December 1 launch represents the operational start of retail trading under the new framework. The pilot-trade structure will allow the exchange to test market mechanics and participant systems before transitioning to full retail access.
