The landscape of cryptocurrency trading in Russia is on the verge of transformation as the major exchanges, Moscow Exchange (MOEX) and St. Petersburg Exchange (SPB), gear up to introduce crypto trading. This development hinges on the completion of a comprehensive legal framework, which is anticipated to be finalized by July 2026.
The Bank of Russia has outlined a regulatory structure that paves the way for both retail and professional investors to participate in the crypto markets. The proposed rules aim to shift crypto transactions from the unregulated gray market to a more secure and monitored environment.
For retail investors, the regulations stipulate an annual transaction limit of 300,000 rubles. This measure is intended to mitigate the risks associated with cryptocurrency investments, categorizing crypto as a high-risk asset. Additionally, retail investors will only be able to trade highly liquid tokens such as Bitcoin and Ethereum, and they will be required to utilize licensed intermediaries for their transactions.
In contrast, professional investors will enjoy greater freedom, with no transaction limits imposed on their activities. However, they will be prohibited from trading anonymous cryptocurrencies, a move aimed at curbing potential illegal activities, including money laundering.
The readiness of both MOEX and SPB to embark on crypto trading reflects their commitment to adapting to market innovations. A representative from MOEX stated, “The infrastructure and technology we have developed for foreign exchange markets are directly applicable to the crypto market.” This indicates that these exchanges are well-prepared to handle the complexities associated with cryptocurrency trading.
As the regulatory framework progresses, the Russian government has laid out a timeline for implementation. The final regulatory changes are expected to take effect by July 1, 2026, with enforcement measures targeting illegal activities by intermediaries to commence by July 1, 2027. This timeline allows brokers and asset managers ample time to establish the necessary systems for new crypto products and services.
With millions of Russian crypto users currently engaged in the gray market, these regulatory changes present an opportunity for exchanges to facilitate a shift towards compliant trading practices. By providing a legal and secure platform for cryptocurrency transactions, these exchanges aim to enhance transparency and mitigate the risks associated with unregulated trading.
