Overview
- The Bank of Russia registered a directive that would allow domestic exchanges to run organized cryptocurrency trading from Nov. 22, 2026 provided each exchange agrees operating rules with the regulator.
- Exchanges must register market participants, keep separate order and trade records, calculate pricing indicators such as current and weighted average prices, and report trading activity to the central bank.
- Retail investors can buy only Bitcoin, Ether and Tether’s USDT starting Nov. 17, 2026 and face a 300,000‑ruble annual purchase cap per intermediary plus a mandatory knowledge test before trading.
- Major market players including Moscow Exchange, Sberbank and VTB are testing systems with the exchange targeting a public pilot on Dec. 1, 2026 and plans for same‑day settlement through the National Clearing Centre while final custody, withdrawal and reporting mechanics are still being negotiated.
- The rules implement Federal Law No. 282‑FZ to fold crypto into supervised finance, but unresolved custody models, withdrawal procedures and sanctions exposure could push some activity to gray or offshore venues and shape how investors access these markets.