The Bank of Russia stated on Wednesday that regulated exchanges can commence structured cryptocurrency trading on November 22, provided the central bank has endorsed their specific trading guidelines. This development arrives just ahead of the Moscow Exchange’s scheduled December 1 bitcoin rollout.
The regulation, modifying the Bank of Russia’s organized trading framework, received registration from the Justice Ministry on November 3 and was released Wednesday on the regulator’s portal. It becomes active 10 days post-publication, on November 22.
Platforms will need to register the brokers, trust managers, and central counterparties participating in digital asset transactions, maintain ledgers of orders and trades, and supervise the activity. Additionally, they must compute a current price, a weighted-average price, a market price, and a closing price, while reporting transaction volumes to the central bank similarly to how they handle conventional assets.
The regulatory authority emphasized the sequence of events. Exchanges are permitted to open crypto markets starting November 22, it noted, “but first they must agree with the regulator on the rules for conducting such trading.” It did not clarify whether any specific platform has already cleared that evaluation.
Who can buy, and what they can buy
A separate directive, issued November 6 and slated to go into effect November 17, outlines the catalog for retail purchasers. The Bank of Russia sanctioned bitcoin, ether, and Tether’s USDT for acquisition by non-qualified investors, stating that exchanges may list these assets for public trading beginning on that day.
Non-qualified investors are allowed to purchase through a broker, trust manager, or registered crypto exchange office, either on an exchange or via over-the-counter channels. Investments through a single intermediary cannot surpass 300,000 rubles annually, which is roughly equivalent to $3,600 at the official exchange rate. Accredited qualified investors retain access to all cryptocurrencies without any spending limits.
Both demographics are still required to successfully complete an educational assessment and review a risk warning prior to executing trades. The approved roster is restricted to highly liquid coins that satisfy statutory criteria regarding market capitalization, average daily turnover, and a minimum of five years of pricing data on international markets.
Moscow Exchange still aims for Dec. 1
The Moscow Exchange, which is Russia’s primary trading platform, announced on November 2 its intention to provide bitcoin, ether, and USDT transactions starting December 1, initially functioning as a pilot while participants integrate. Sessions would operate via its current equity market infrastructure from 6:50 a.m. to 11:50 p.m. Moscow time, with the National Clearing Centre settling transactions and allowing clients to settle either on the same day or the following day.
Bitcoin Magazine covered the December 1 strategy last week, noting the existing U.S. sanctions already targeting the exchange and its clearing organization. Boris Blokhin, a senior managing director at the exchange, indicated in early October that the Moscow Exchange would not require extra permits to launch and would rely on a partner digital settlement depository. Wednesday’s announcement still mandates that the central bank approve the operational trading policies directly. The marketplace has not disclosed publicly whether that authorization has already been secured.
The SPB Exchange based in St. Petersburg has expressed its goal to launch structured crypto transactions by the conclusion of the year and is constructing a proprietary digital settlement depository, as reported by Russian daily publication Vedomosti in October.
The market operates under Federal Law No. 282-FZ, titled “On Digital Currencies and Digital Rights,” whose primary provisions became active on September 1. The legislation licenses exchanges, brokers, managers, depositories, and exchangers, legally classifies digital assets as property, and establishes a regulated pathway for international trade. It maintains the prohibition on utilizing crypto for purchasing goods and services domestically inside Russia. Authorities have spent the autumn establishing the remaining infrastructure, including a self-regulatory organization for digital asset exchanges and digital depositories.
The remaining question is not whether Russia will establish a lawful exchange market for bitcoin, but rather when the initial venue officially opens, and if a 300,000-ruble retail limit proves sufficient to draw participants away from the offshore platforms they currently utilize.
Originally published at https://bitcoinmagazine.com/news/russia-clears-exchange-crypto-trading.
