The Moscow Exchange, Russia's largest stock exchange, will launch spot trading in digital assets for retail investors on December 1, 2026. The move marks a significant shift from the derivatives-based crypto exposure the exchange previously offered, allowing ordinary investors to own the underlying assets rather than trade contracts that track their prices.
Retail investors will have access to three digital assets: Bitcoin, Ether, and Tether's USDT stablecoin. They will face an annual purchase limit of 300,000 rubles, approximately $3,600, and must pass a knowledge test before trading begins.
Qualified investors will operate under different terms, with no purchase limits and access to a broader range of digital assets beyond the three-coin offering available to retail traders.
Regulatory Framework and Infrastructure
The trading framework is based on Federal Law No. 282-FZ, which took effect on September 1, 2026. The Moscow Exchange began testing the system with professional market participants on October 1, 2026, allowing two months of preparation before the retail launch.
Rather than building standalone infrastructure, MOEX will operate digital asset trading through its existing systems and licenses. The exchange requires no new licenses beyond its current authorization as a trading organizer. Settlement operations will be handled by digital depositories that MOEX is partnering with to manage asset transfers between buyers and sellers.
Banking and Market Participation
Major Russian banks are preparing for the launch. Sberbank and VTB, two of Russia's largest banks, are preparing digital asset services for their clients ahead of December.
Market analysts note that approximately 80% of digital asset trading volume among Russian traders is expected to remain in unregulated channels, reflecting the existing prevalence of offshore crypto trading platforms that operate without purchase limits or asset restrictions.
