Russia's crypto exchange framework takes effect November 22, 2026

By Tom Whitfield

Russian regulated crypto exchanges could begin trading on November 22, 2026, under a Bank of Russia framework signed on November 6 and registered by the Ministry of Justice.

Launching that day still depends on exchanges reaching agreements with the central bank over reporting, monitoring and pricing. The Bank of Russia has approved the framework, which permits organized trading in selected digital currencies. It takes effect on November 22, pending further regulatory alignment.

Can trading start on November 22?

The framework creates a regulated route for exchanges to organize crypto trades and settle them on the same day through the National Clearing Centre. Routing settlement through that entity brings crypto transactions into Russia's supervised financial system.

Exchanges still have to settle the operating details. Those terms govern how trades are reported, how activity is monitored and how prices are set on participating venues.

What can non-qualified investors buy?

Rules for non-qualified investors take effect on November 17, five days before the exchange framework. Those investors must use registered intermediaries and pass a knowledge assessment before purchasing crypto.

Their annual purchases are capped at 300,000 rubles, approximately $3,700, and limited to:

• Bitcoin
• Ether
• USDT

Russia continues to bar crypto payments for goods and services until further notice. Under that model, digital assets remain supervised investments rather than a means of payment.

Which institutions are preparing?

The Moscow Exchange plans to begin a crypto trading pilot on December 1, 2026. Sberbank expects to launch crypto trading by that date, while VTB is building the operational infrastructure required to participate.

The number of registered crypto exchange service providers rose from four to 17 between October 6 and late October 2026. The increase signals growing appetite to participate.

How did Russia reach this point?

Federal Law No. 282-FZ took effect on September 1, 2026, with the stated aim of bringing clarity and structure to Russia's crypto market. The framework follows a sequence: the September law, a surge in intermediary registrations in October, then retail rules and exchange rules in November.

That October expansion put 17 providers on the register before the November rules take effect.

What could delay the launch?

Reporting, monitoring and pricing agreements remain unfinished. They determine how exchanges surveil trades and establish prices, making November 22 a conditional start rather than a guaranteed first trade.

Retail investors gain access through regulated venues and banks such as Sberbank and VTB, but that access carries a 300,000-ruble annual ceiling, a knowledge assessment and a three-asset menu. Intermediaries have expanded from four to 17 registrations, though operating rules still need to be agreed with the Bank of Russia.

The next checkpoint is December 1, 2026, when MOEX plans its pilot and Sberbank expects to launch, subject to those unresolved operating terms.