Key Takeaways
- Russia’s two largest exchanges plan to begin offering crypto trading after new rules are approved, reaffirming intentions that had been signaled for years.
- Exchanges say they have the systems needed for trading, clearing, and custody, and brokers are already testing crypto-related products.
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Moscow Exchange (MOEX) and the St. Petersburg Exchange, Russia’s two dominant stock exchanges, plan to start offering crypto trading once the legal framework is in place, according to a recent report from RBC.
While exchanges have long indicated they were prepared, those intentions have been reaffirmed in light of the Bank of Russia’s new proposal to open the crypto market to retail and qualified investors.
MOEX noted that the proposed regulatory approach builds on experience in the foreign exchange market, where they have built strong capabilities in trading, clearing, and settlement technologies.
Both exchanges stated that they have developed infrastructure and tools for the crypto market and signaled their readiness to launch trading once the regulations are finalized.
Under the proposed framework, retail investors would be limited to transactions of up to 300,000 rubles per year on very liquid tokens, using designated intermediaries, while professional investors would have no such transaction caps but cannot buy anonymous crypto.
The framework, which maintains crypto’s classification as a high-risk asset, also prohibits the use of crypto for domestic payments and outlines increased regulations for crypto depositories and exchanges.
The finalized legislative changes are targeted for July 1, 2026, with enforcement provisions, particularly around illegal activities by intermediaries, effective from July 1, 2027.
Major brokers and asset managers, meanwhile, are testing custody and accounting systems and preparing products ranging from spot crypto and stablecoins to trust strategies and funds. Russian exchanges and brokers see an opportunity to bring millions of Russian users out of the gray market and into licensed investment channels.
