Russia to Allow Organized Crypto Trading From November 22 Under New Rules
Russia is moving closer to establishing a regulated cryptocurrency trading market, with exchanges set to begin organized crypto trading as early as Nov. 22, provided they receive approval from the Bank of Russia.
The central bank announced the new timeline on Wednesday following the publication of an ordinance that updates the rules governing organized trading. The regulation was registered by Russia’s Justice Ministry on Nov. 3 and will take effect 10 days after publication.
Under the new framework, exchanges must obtain approval from the central bank for their cryptocurrency trading rules before launching markets. They will also need to register participating brokers, asset managers and clearing organizations, maintain records of orders and completed transactions, and monitor trading activity.
The requirements also cover price reporting. Exchanges must calculate current, weighted-average, market and closing prices for cryptocurrencies and submit trading information to the central bank under the same reporting standards used for traditional financial assets.
The approval process remains an important step before trading can begin. The Bank of Russia has not confirmed whether any exchange has already received permission to launch.
Bitcoin, Ethereum and USDT Approved for Retail Investors
A separate regulation published on Nov. 6 will take effect on Nov. 17 and determines which cryptocurrencies can initially be offered to ordinary investors.
The Bank of Russia has approved Bitcoin (BTC), Ethereum (ETH) and Tether's USDT for non-qualified investors. Exchanges will be able to make these assets available for public trading once the new rules become effective.
Retail investors can access the approved cryptocurrencies through brokers, trust managers and registered crypto exchange offices, both on exchanges and through over-the-counter transactions.
However, purchases through a single intermediary will be limited to 300,000 rubles annually, worth approximately $3,600. Qualified investors will have broader access to cryptocurrencies, with no purchase limits.
Both investor groups must complete a knowledge assessment and review a risk disclosure before entering the market.
The initial selection of cryptocurrencies is based on liquidity and market history. Eligible assets must meet requirements covering market capitalization, average daily trading volume and at least five years of price data from foreign exchanges.
Moscow Exchange Targets December 1 Launch
Russia's largest trading venue, Moscow Exchange, is preparing to introduce Bitcoin, Ethereum and USDT trading on Dec. 1.
The exchange plans to begin with a pilot phase while market participants complete the necessary technical connections. Trading will use its existing stock market infrastructure, with operating hours scheduled from 6:50 a.m. to 11:50 p.m. Moscow time.
The National Clearing Centre will handle clearing, while customers will have the option to settle transactions on the same day or the following day.
Moscow Exchange has previously indicated that it does not expect to need additional licenses to introduce the service. However, the latest central bank requirements make regulatory approval of its trading rules a necessary condition.
The exchange has not confirmed whether it has already secured that approval.
Meanwhile, SPB Exchange, based in St. Petersburg, is also preparing to enter the market. The trading venue reportedly aims to introduce organized cryptocurrency trading before the end of the year and is developing its own digital settlement depository.
Russia Builds Its Regulated Crypto Market
The developments follow the implementation of Federal Law No. 282-FZ, known as the Law on Digital Currencies and Digital Rights. Most of its provisions became effective on Sept. 1.
The legislation establishes a regulatory framework for cryptocurrency exchanges, brokers, asset managers, depositories and exchange services. It also recognizes cryptocurrencies as property and provides a supervised framework for cross-border transactions.
However, the law continues to prohibit the use of cryptocurrencies as payment for goods and services within Russia.
Authorities have spent recent months preparing the infrastructure needed to support the new market, including arrangements for self-regulatory organizations overseeing crypto exchanges and digital asset depositories.
The upcoming launches could give Russian investors a regulated way to access Bitcoin and other major cryptocurrencies without relying entirely on offshore trading platforms.
The main question now is how quickly exchanges can secure central bank approval and whether the annual 300,000-ruble purchase limit will attract enough retail demand to make the domestic market competitive.