Russia’s Moscow Exchange intends to open trading in selected digital currencies starting December 1, 2026, establishing what it characterizes as the country’s first organized market for these assets.
The initiative rests on Federal Law No. 282-FZ, titled “On Digital Currencies and Digital Rights,” whose principal provisions entered into force on September 1, 2026, with certain additional rules scheduled to take effect in July and September 2027.
At the outset, activity is expected to take the form of pilot transactions.
Participants will connect to the new venue gradually as their own systems and procedures become ready.
The exchange has noted interest from both conventional securities market firms and their clients, as well as from entities already active in digital-currency operations for investment or settlement purposes.
Transactions will run on the technological foundation of the exchange’s existing equity market and will be included in the unified clearing processes of the National Clearing Center.
Trading hours will match those of the stock market, running from 06:50 to 23:50 Moscow time.
The initial roster of instruments comprises Bitcoin (BTC), Ether (ETH), and Tether’s USDT, available in both non-addressed (anonymous order-book) and addressed (counterparty-specified) modes.
The exchange has indicated that the set of digital currencies and related digital assets may later grow to encompass additional international and Russian instruments.
From the December 1 start date, clients will be able to conclude deals with same-day (TOD) or next-day (TOM) settlement.
Swap operations will also be offered as a tool for managing liquidity.
Under the governing legislation, non-qualified investors may purchase digital currency only after completing a knowledge test and are limited to a maximum of 300,000 rubles in purchases per year through any single broker.
Qualified investors face no equivalent annual ceiling.
The framework permits regulated trading while continuing to prohibit the use of cryptocurrency for domestic payments for goods and services; cross-border use by exporters and importers remains separately addressed.
By routing digital currency trades through the same infrastructure and central counterparty employed for equities and bonds, the exchange aims to integrate the new market with its established systems rather than operating a fully separate crypto venue.
Earlier public remarks by exchange executives, including statements at the Smartlab conference in late October, had already pointed toward a December pilot involving the same three assets and the reuse of stock-market technology to contain costs for professional participants.
The announcement marks a concrete step in the implementation of Russia’s 2026 digital-currency legislation and expands the Moscow Exchange’s existing offering of crypto-linked derivatives into direct trading of the underlying instruments. Actual volumes and participation levels will depend on the pace at which brokers and clients complete technical and compliance onboarding after the pilot window opens.
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