Russian Regulator Sets Nov. 22 for Crypto Exchange Trading Start

On Wednesday, the Bank of Russia stated that exchanges will be permitted to launch organized cryptocurrency trading on Nov. 22, contingent on central bank approval of their trading rules. This development comes just before Moscow Exchange's scheduled Dec. 1 launch for bitcoin trading.

This ordinance updates the Bank of Russia's existing rules for organized trading. It was filed with the Justice Ministry on Nov. 3 and released on the regulator's website on Wednesday. The ordinance becomes active 10 days following its publication, falling on Nov. 22.

Venues must keep records of the brokers, trust managers, and central counterparties involved in crypto transactions, maintain order and deal registers, and oversee the activity. They also have to compute a current price, a weighted-average price, a market price, and a closing price, and report trading data to the central bank using the same methods applied to other asset classes.

The central bank laid out the sequence clearly. While exchanges can open crypto markets starting Nov. 22, it stated, “but first they must agree with the regulator on the rules for conducting such trading.” There has been no indication from the regulator on whether any venue has already passed this review.

Categories of Buyers and Permitted Assets

A distinct ordinance, published Nov. 6 and scheduled to become active on Nov. 17, defines the options for standard investors. The Bank of Russia has allowed bitcoin, ether, and Tether's USDT for acquisition by non-qualified investors, authorizing exchanges to list these assets for public trading starting that date.

Non-qualified investors can make purchases via a broker, a trust manager, or a registered crypto exchange office, either on an exchange or over the counter. Annual purchases through any single intermediary are capped at 300,000 rubles, around $3,600 at the official exchange rate. Qualified investors face no limit on their cryptoasset purchases.

Regardless of their status, all investors must first pass a knowledge assessment and acknowledge a risk statement before trading. The eligible asset list is restricted to highly liquid instruments satisfying the law's benchmarks for market capitalization, average daily trading volume, and a minimum of five years of pricing data on international exchanges.

Moscow Exchange Retains Dec. 1 Target

Russia's primary trading venue, Moscow Exchange, announced on Nov. 2 its plan to offer trades in bitcoin, ether, and USDT starting Dec. 1, beginning as a pilot as participants connect. Operations will use its current stock-market infrastructure from 6:50 a.m. to 11:50 p.m. Moscow time, with the National Clearing Centre acting as the clearer, enabling same-day or next-day client settlement.

Last week, Bitcoin Magazine covered the Dec. 1 plan, noting the U.S. sanctions already applied to the platform and its clearing house. Boris Blokhin, a senior managing director at Moscow Exchange, stated in early October that the exchange would not need extra licenses to proceed and would rely on a partner's digital depository for settlements. The most recent notice from the central bank still requires its explicit approval of the trading rules. The exchange has not made a public statement on whether this sign-off has been secured.

The St. Petersburg-based SPB Exchange has stated its intention to start organized cryptocurrency trading before the year ends and is currently building its own settlement digital depository, as reported in October by the Russian newspaper Vedomosti.

This framework rests on Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights,” whose core elements took effect on Sept. 1. The legislation provides licensing for exchanges, brokers, managers, depositories, and exchangers, classifies crypto as property, and establishes a regulated channel for cross-border trade. It continues to prohibit using cryptocurrency for payments inside Russia. Throughout the fall, officials have been establishing the remaining infrastructure, including a self-regulatory organization for crypto exchanges and digital depositories.

The current question is not if Russia will have a compliant exchange market for bitcoin, but when the first platform will go live and whether a 300,000-ruble retail cap is enough to attract traders away from the overseas desks they already use.