The Moscow Exchange plans to introduce direct cryptocurrency trading on December 1, 2026, potentially opening a regulated domestic market for Bitcoin, Ethereum and Tether’s USDT stablecoin. Boris Blokhin, the exchange’s senior managing director for sales and business development, announced the target date on October 8 during the Sber Investments forum in Moscow. Blokhin said the exchange had already begun testing cryptocurrency transactions with professional market participants approximately one week earlier. Testing will continue until the planned launch, which follows the introduction of Russia’s new digital-currency regulatory framework on September 1.The legislation allows existing financial-market institutions, including exchanges, brokers and asset managers, to facilitate cryptocurrency transactions through regulated infrastructure. Blokhin said Moscow Exchange would not require an additional trading licence to introduce the service. The development marks a significant expansion beyond the exchange’s existing cryptocurrency derivatives, which provide price exposure without transferring ownership of underlying digital assets.
Retail Investors Face Asset Restrictions and Annual Limits
Under Russia’s new framework, non-qualified investors will be permitted to purchase only a restricted selection of cryptocurrencies. Bitcoin, Ethereum and USDT have been identified as the three assets meeting the eligibility requirements for ordinary retail participants. These requirements include market capitalization, liquidity and an established pricing history. Non-qualified investors will face an annual purchase limit of 300,000 rubles through each intermediary, equivalent to approximately $3,600 at indicative exchange rates. They must also complete mandatory testing designed to assess their understanding of cryptocurrency investment risks.Qualified investors will have access to a broader selection of eligible digital assets without the same annual purchase ceiling. The distinction reflects Russia’s attempt to introduce regulated cryptocurrency trading while limiting exposure among less experienced investors. Moscow Exchange will use a partner digital depository to support settlement and record customers’ digital-asset holdings. Market participants will open accounts through that infrastructure rather than relying solely on the exchange’s conventional securities settlement arrangements. Specific trading pairs, transaction fees and the complete initial asset lineup have not yet been publicly confirmed.
Moscow Exchange Builds on Existing Crypto Derivatives
The planned launch follows Moscow Exchange’s expansion into cryptocurrency-linked derivatives during 2025 and 2026. In September, the exchange introduced perpetual futures tied to five cryptocurrency indexes: Bitcoin, Ethereum, Solana, XRP and Tron. Those contracts are available exclusively to qualified investors and settle in Russian rubles rather than delivering cryptocurrency. Moscow Exchange reported that more than 72,000 qualified investors had traded its cryptocurrency derivatives by September 2026, generating cumulative turnover exceeding 600 billion rubles. Its subsequently published figures indicated approximately 74,000 participating clients and average daily trading volume of 2.9 billion rubles. Direct cryptocurrency trading would represent a different service, allowing eligible investors to acquire the underlying digital assets through regulated intermediaries.The initiative forms part of Russia’s broader effort to bring cryptocurrency activity into a supervised domestic market. The country’s September legislation establishes roles for digital depositories, exchanges and other intermediaries, creating a framework for recording ownership and processing transactions. However, allowing cryptocurrency investment does not automatically authorize its use for ordinary domestic payments. The distinction remains important as Russian regulators seek to accommodate digital-asset investment without replacing the ruble’s role in domestic commerce. For Moscow Exchange, the December launch could provide an additional revenue source while expanding its digital-asset offerings. For investors, the principal change would be access to cryptocurrency ownership through familiar domestic financial institutions. December 1 remains a target rather than a completed launch, with final availability dependent on testing, settlement readiness and implementation of the new regulatory requirements.