The Moscow Exchange plans to launch cryptocurrency trading in December and has started testing operations with professional market participants, according to a senior exchange executive.
Boris Blokhin, senior managing director for sales and business development at the exchange, said testing began a week prior to his recent comments at the Sber Investments forum. The exchange will partner with a digital depository for settlement, where market participants will open accounts. Blokhin noted that no additional permits or licenses are required to begin trading.
The planned launch follows Russia's law on digital currencies and digital rights, which took effect in September. The regulation establishes comprehensive rules governing cryptocurrency activity in the country and allows trades to operate through existing infrastructure including exchanges, brokers, and trust managers. New participants such as crypto exchangers and digital depositories are also permitted.
Sberbank, Russia's largest bank, announced last month that it received approval from the Bank of Russia to custody bitcoin, marking the first such authorization in the country. The central bank's approval covers digital currency record-keeping and asset transfer services for bitcoin and other cryptocurrencies.
Russia's regulatory framework for cryptocurrency reflects strict controls on citizen participation. Using cryptocurrency as payment has been illegal since 2022. Unqualified investors are capped at purchasing 300,000 rubles ($3,556) annually in bitcoin and stablecoins through a single intermediary, while qualified investors face no purchase limits on cryptocurrencies traded through exchanges and over-the-counter markets.
President Putin signed legislation in October to formalize digital currency and digital rights regulation in the country.
