Russia Clears Crypto Exchanges for Nov. 22 Trading Start

Russia will allow domestic crypto exchanges to begin cryptocurrency trading on Nov. 22, 2026, according to a Nov. 11 Interfax report on a Bank of Russia directive registered by the Russian Ministry of Justice.

The clearance is conditional. Each exchange must secure central bank approval of its operating rules before offering the service. The directive allows crypto trading through the country’s existing financial-market infrastructure.

What changes on Nov. 22?

Russia has moved from legislation to operating rules. Its September law on digital currencies and digital rights created separate roles for existing financial institutions, cryptocurrency exchange providers and digital depositories responsible for recording ownership and transfers. The regulated cryptocurrency market opened on Sept. 1 as the law took effect.

Before launch, exchanges must meet several recordkeeping and reporting duties:

• Establish procedures for registering market participants, retaining transaction records and monitoring trading activity.
• Keep separate registers of orders and completed trades, giving regulators access to market records.
• Calculate current prices, weighted average prices, market prices and closing prices.
• Submit information on ongoing trading and completed transactions through the same procedures used for other financial instruments.

The requirements also cover brokers, trust managers and central counterparties involved in cryptocurrency transactions. Russia places crypto trading within the reporting and market-supervision arrangements already used for regulated Russian exchanges.

The central bank outlined similar requirements in July, when it published initial crypto-market rules covering organized trading, price calculations and digital-depository operations. The November directive sets requirements for organized trading in cryptocurrencies and digital rights.

Who can buy the approved assets?

On Nov. 6, the central bank approved Bitcoin, Ether and Tether’s USDT for purchase by nonqualified investors. The approved list took effect on Nov. 17, allowing exchanges to admit those assets for public trading from that date.

Retail investors without qualified status can purchase up to 300,000 rubles in cryptocurrencies annually through each intermediary. Transactions can run through brokers, trust managers and registered cryptocurrency exchange providers. Qualified investors face no equivalent purchase limit and can access other cryptocurrencies.

Both investor categories must pass a knowledge test and review the associated investment risks before trading. The central bank selected eligible retail cryptocurrencies using market capitalization, average daily trading volume and pricing records from foreign exchanges spanning at least five years.

How will Moscow Exchange launch?

Moscow Exchange, the country’s largest securities trading platform, plans to launch cryptocurrency trading on Dec. 1. It has been testing transactions with professional market participants ahead of the rollout.

The planned service will support Bitcoin, Ether and USDT. Trading hours are expected to run from 6:50 a.m. to 11:50 p.m. Moscow time. Brokers will provide investor access, while a partner digital depository will handle custody and settlement arrangements.

Boris Blokhin, senior managing director for sales and business development at Moscow Exchange, said in October that the platform would use a partner settlement digital depository where participating firms would open accounts. The exchange expects to operate under its existing regulatory permissions without seeking additional licenses specifically for cryptocurrency trading.

Russia has begun registering the institutions needed to support the new market. In October, the central bank approved its first operators: four cryptocurrency exchange providers and five digital depositories. Sberbank and VTB were among them, alongside companies specializing in digital-asset infrastructure.

According to the central bank’s October announcement, registered digital depositories can record and transfer cryptocurrencies and digital rights. Cryptocurrency exchange providers can buy and sell digital currencies on their own behalf outside organized trading.

Registered institutions must comply with applicable transaction and recordkeeping requirements and bring their operations fully into line with the legislation by Sept. 1, 2027.

What does this change for market participants?

Exchanges need approved rules, participant registration, price calculation and transaction reporting before opening crypto trading. For brokers and trust managers, the central bank’s asset list and annual limits define the retail business they can serve.

The scheduled Dec. 1 Moscow Exchange launch is the first operational checkpoint, and registered institutions must complete full alignment with the legislation by Sept. 1, 2027.