Moscow Exchange to Launch Bitcoin, Ethereum and USDT Trading on December 1
Moscow Exchange plans to introduce trading in Bitcoin, Ethereum and Tether’s USDT on December 1, marking a major step toward establishing an organized cryptocurrency market in Russia.
The exchange announced on Monday that it would begin pilot trading as market participants connect to the platform. The new service will operate through Moscow Exchange’s existing stock market infrastructure, with clearing handled by the National Clearing Center (NCC).
Trading is scheduled to run from 6:50 am to 11:50 pm Moscow time. Initially, investors will have access to same-day and next-day settlements, alongside swap transactions.
Retail investors classified as non-qualified participants will face additional restrictions. They must pass a knowledge test before buying cryptocurrencies and will be limited to annual purchases worth 300,000 rubles, or approximately $3,700, through each broker.
The planned launch follows Russia's new cryptocurrency legislation, with its main provisions taking effect on September 1. The framework allows regulated crypto trading while continuing to prohibit the use of cryptocurrencies to pay for goods and services within the country.
However, international sanctions could create challenges for the new market. Moscow Exchange and the NCC have been under US sanctions since June 2024, while the UK also imposed restrictions on the exchange that year. The European Union added Moscow Exchange to its sanctions list in July 2026.
Questions Remain Over Market Demand
Despite the planned launch, doubts remain over whether the platform can attract meaningful trading activity.
Concerns include the impact of international sanctions, limited access for foreign participants and potentially high trading costs. Critics have also questioned whether investors will find the exchange's pricing competitive compared with existing crypto platforms.
One comparison involves precious metals accounts offered by Russian banks, where customers trade account balances without receiving the underlying physical assets. A similar structure in crypto markets could leave investors with exposure to price movements without the benefits of directly holding digital assets.
Trading spreads could become another obstacle. Wide gaps between buying and selling prices would make transactions more expensive, particularly for smaller retail investors operating under the new annual purchase restrictions.
Cross-Border Payments Could Offer Another Opportunity
Beyond domestic investment, the exchange could potentially support cryptocurrency transactions between Russian importers and exporters.
A platform allowing businesses to buy and sell digital assets directly with one another could provide another route for cross-border settlements. However, introducing an additional intermediary may make transactions less attractive in a market where businesses compete over very small pricing differences.
Moscow Exchange's December launch will therefore test whether a regulated crypto market can attract participants despite sanctions, trading restrictions and concerns over costs.