Russia sets Nov. 22 start for regulated crypto exchange trading

What happened

The Bank of Russia has cleared domestic exchanges to begin organized cryptocurrency trading from Nov. 22, subject to the regulator's approval of their trading rules. Crypto.news, citing Interfax, reported that the Justice Ministry registered the directive on Nov. 3; it was published on the central bank's site and takes effect ten days later. The Bank of Russia did not say whether any venue has already passed the required review.

Exchanges must register the brokers, trust managers and central counterparties involved, keep separate order and trade records, and monitor activity. They must calculate current, weighted-average, market and closing prices and report trading to the central bank through the same procedures used for other assets. That places crypto activity inside Russia's existing market surveillance and reporting system.

A separate ordinance published Nov. 6 and effective Nov. 17 approves bitcoin, ether and Tether's USDT for purchase by non-qualified investors and allows exchanges to admit those assets to public trading. Retail buyers may use brokers, trust managers or registered crypto exchange offices, on an exchange or over the counter, with a cap of 300,000 rubles a year through each intermediary, roughly $3,600 at the official rate. Qualified investors have no cap and can access all cryptoassets. Both groups must pass a knowledge test and read a risk warning. The list is limited to liquid assets meeting tests on market capitalization, average daily volume and five years of foreign pricing history.

Moscow Exchange announced on Nov. 2 that it plans a Dec. 1 pilot for bitcoin, ether and USDT, using its stock-market systems from 6:50 a.m. to 11:50 p.m. Moscow time, with the National Clearing Centre clearing trades and same-day or next-day settlement. Bitcoin Magazine reported that U.S. sanctions already cover the exchange and its clearing house. SPB Exchange wants to start organized crypto trading by year-end and is building its own settlement depository, Vedomosti reported. The market rests on Federal Law No. 282-FZ, whose main provisions took effect Sept. 1.

Why it matters

The Nov. 22 date moves crypto trading into a licensed onshore framework, but it is not an automatic launch. The central bank has made approval of each exchange's rules a precondition, so the measure creates a legal starting point rather than confirming that trading will begin that day.

It also sets the terms for retail access. The 300,000-ruble annual limit per intermediary is meant to cap non-qualified exposure, while qualified investors can use a broader set of assets. Bitcoin Magazine framed the open question as whether that retail cap will be enough to draw traders away from the offshore desks they already use.

Background

Russia's supervised crypto market opened on Sept. 1 when the digital currencies and digital rights law took effect. The statute licenses exchanges, brokers, managers, depositories and crypto exchange providers, recognizes crypto as property and allows supervised cross-border trade, while continuing to ban crypto payments for goods and services inside Russia.

The central bank issued initial market rules in July. In October it registered four crypto exchange providers and five digital depositories, including Sberbank and VTB; registered firms must fully comply with the law by Sept. 1, 2027. Officials have also been creating a self-regulatory body for exchanges and depositories.

What is still unclear

Two points remain unresolved. The Bank of Russia has not disclosed whether any exchange has secured approval for its trading rules, and Moscow Exchange has not said publicly whether its Dec. 1 plan has that clearance. It is also unclear how much retail demand will use the regulated channel under the per-intermediary cap, a question the reports leave open.

What to watch

Attention now shifts to the approvals that must precede Nov. 22 and to Moscow Exchange's planned Dec. 1 pilot. Also worth watching: whether SPB Exchange meets its year-end target, how the 300,000-ruble retail limit affects participation, and whether registered operators complete their compliance work before the Sept. 1, 2027 deadline.

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