The Moscow Exchange, Russia's largest stock exchange, is preparing to launch regulated cryptocurrency trading services on December 1, according to Boris Blokhin, Managing Director of Securities Market at the exchange.
The exchange is currently conducting pilot testing with professional participants to prepare for the full production launch. Blokhin stated that testing began in early October and that the exchange's existing licenses allow it to offer these services without requiring additional regulatory approval from the Bank of Russia.
Market Access and Investor Restrictions
The initial rollout will have limited scope based on investor qualification levels. Unqualified investors will face investment caps and can only trade three approved cryptocurrencies: Bitcoin, Ethereum, and Tether USDT. Qualified investors with larger risk profiles will not be subject to these restrictions.
Regulatory Framework
The Moscow Exchange's crypto trading launch follows the effective date of Bill No. 1194918-8 on September 1, which legalized cryptocurrency trading on national exchanges licensed by the Bank of Russia. This legislation enables Russian citizens to participate in regulated digital asset markets for the first time.
Expected Market Impact
Sberbank estimates suggest that crypto trading in Russia could reach at least 4 trillion rubles (approximately $46.43 billion) in the first year, though analysts expect only 20 percent of volume to flow through regulated exchanges, with the remainder remaining in unregulated channels.
Russian officials view the regulated market as an opportunity to repatriate cryptocurrency holdings currently held offshore, offering investors access to formal venues and protections previously unavailable through unregulated trading.
