BTC $82,041 
ETH $2,463 
USDT $0.9990 
BNB $736.86 
XRP $1.35 
USDC $0.9997 
SOL $106.18 
TRX $0.3292 
FIGR_HELOC $1.06
ZEC $1,195 Russia's Moscow Exchange Pilots Crypto Trading for December Launch
Russia's largest stock exchange is testing crypto trading with professional participants ahead of a planned December 1 launch under new national regulations.
Key takeaways
- Launch set for December 1. The Moscow Exchange plans to open crypto trading to clients on December 1, 2026.
- Unqualified investor limits apply. Unqualified investors can only buy 3 approved cryptocurrencies and are capped at 300,000 rubles ($3,556) per year.
- Most trading may stay off-exchange. Sberbank estimates only 20% of first-year crypto trading volume will go through regulated exchanges.
What happened
Russia's largest stock exchange, the Moscow Exchange, has begun pilot testing cryptocurrency trading with professional market participants, with a full public launch planned for December 1. Boris Blokhin, the exchange's senior managing director for sales and business development, confirmed the testing started in early October, and noted the exchange will not need additional permits or licenses to offer the service under existing regulatory approvals. The launch will operate under Russia's law on digital currencies and digital rights, which took effect in September 2026 and sets comprehensive national rules for crypto activity. Trades will run through existing exchange, broker and trust manager infrastructure, with new crypto exchangers and digital depositories also participating in the ecosystem.
Why it matters
The launch marks the first time Russia's biggest trading platform will offer regulated crypto access to its 40.1 million clients, aligning with new national rules that legalize cryptocurrency trading on Bank of Russia-licensed exchanges. For unqualified investors, access will be limited to three approved cryptocurrencies: Bitcoin, Ethereum, and Tether USDT, with an annual purchase cap of 300,000 rubles ($3,556) per year through a single intermediary. Qualified investors, by contrast, can trade any cryptocurrency on exchange or over-the-counter markets with no limits. Sberbank estimates the first year of regulated crypto trading will reach at least 4 trillion rubles ($46.43 billion), though only 20% of that volume is expected to flow through regulated domestic exchanges, with the rest routed to unregulated channels. Officials also note that Russians hold nearly $44 trillion in crypto assets held offshore, and expect the regulated domestic market to encourage repatriation of those funds.
What is still unclear
- It remains unclear what share of the estimated $44 trillion in offshored Russian crypto holdings will be repatriated to regulated domestic exchanges, despite official expectations of inflows.
Questions readers ask
When will the Moscow Exchange start crypto trading?
The Moscow Exchange plans to launch regulated cryptocurrency trading for all clients on December 1, 2026, after completing pilot testing with professional participants that began in early October 2026.
What are the investment limits for unqualified Russian crypto investors?
Unqualified investors are restricted to three approved cryptocurrencies: Bitcoin, Ethereum, and Tether USDT, with an annual purchase cap of 300,000 rubles ($3,556) through a single intermediary.
Does the Moscow Exchange need extra licenses to offer crypto trading?
No, the exchange has stated its existing licenses are sufficient to offer crypto trading under Russia's new digital currency regulations that took effect in September 2026.
