Russia sets Nov. 22 start for regulated crypto exchange trading

Before launching, exchanges must register market participants, keep separate records of orders and completed trades, and monitor trading activity. The rules apply to brokers, trust managers and central counterparties involved in crypto transactions. Platforms must also calculate current, weighted average, market and closing prices, and report trading activity and completed transactions to the central bank under procedures used for other financial instruments.

The directive follows legislation that took effect on Sept. 1 and established a regulated framework for exchanges, brokers, cryptocurrency exchange providers and digital depositories. Similar requirements were outlined in regulations published in July.

A separate Bank of Russia decision, announced Nov. 6 and effective Nov. 17, approved Bitcoin, Ether and Tether’s USDT for purchase by nonqualified investors. They may buy up to 300,000 rubles in cryptocurrencies per year through each intermediary. Qualified investors face no equivalent purchase cap and may access other cryptocurrencies. Both groups must pass a knowledge test and review the risks. The central bank selected eligible retail assets using market capitalization, average daily trading volume and at least five years of foreign-exchange pricing records.

Moscow Exchange plans to start trading on Dec. 1, after testing transactions with professional participants. The platform expects to offer Bitcoin, Ether and USDT from 6:50 a.m. to 11:50 p.m. Moscow time. Brokers will provide investor access, while a partner digital depository will handle custody and settlement. Senior managing director Boris Blokhin said in October that participating firms would open accounts with that depository. The exchange expects to use its existing regulatory permissions.

In October, the central bank approved four cryptocurrency exchange providers and five digital depositories, including Sberbank and VTB. The institutions must bring their operations into line with the new legislation by Sept. 1, 2027.