From December 1, the Moscow Exchange will begin trading cryptocurrencies

Cryptocurrencies will be available for buying and selling through the apps of existing brokers, while trading itself will take place on the Moscow Exchange’s stock-market platform—an unsurprising choice. The entire digital infrastructure and the principles for organizing Russia’s cryptocurrency market are being developed in line with the regulatory framework for the traditional securities market. Crypto assets and trades conducted on the exchange will be recorded in digital depositories authorized by the Moscow Exchange. Trades will settle on a “today” (TOD) or “tomorrow” (TOM) basis; trading through the order book and swap transactions will also be possible. Crypto-instrument quotes will be denominated in US dollars, as is customary internationally, but trades will settle in rubles. Clearing will be handled by the National Clearing Centre. According to Moscow Exchange representatives, it will not need to obtain separate digital licenses and can use its existing trading-organizer license. With the launch of organized trading on the Moscow Exchange, the integration of Russia’s cryptocurrency market with its traditional exchange-based financial market is entering a new phase.

The first three crypto instruments planned for trading meet the Bank of Russia’s criteria for access by non-qualified investors. These investors will first need to complete the special test required under Federal Law No. 282-FZ of August 4, 2026, “On Digital Currencies and Digital Rights,” which assesses their understanding of the risks of dealing in crypto assets. The test will be administered by licensed intermediaries: brokers, digital depositories and crypto exchanges. However, a passing result will be valid only with the broker that administered the test; investors will have to take it again if they approach other digital intermediaries. This appears to be how the annual limit of 300,000 rubles for non-qualified investors will be monitored. Pass the test with a given broker, and for the next year you can trade through that broker within the prescribed limit. Switch to another broker, and you must take the test again; that broker will then monitor your limit. However, no test is required when an investor transfers crypto assets from a personal wallet to a digital depository, provided ownership of the assets has not changed.

Thus, during the current year and 2027, Russia is building and testing the infrastructure for a domestic cryptocurrency market, creating registers of licensed intermediaries, and clarifying regulatory requirements, procedures for interaction among participants, and documentation for cryptocurrency transactions. At this highly sensitive stage for all participants, it is especially important to put safeguards in place to protect the system and investors from fraud, hacker attacks and breaches of digital infrastructure, so as not to undermine confidence in Russia’s young market.

Author: Doctor of Economic Sciences, Professor, Department of World Economy and International Finance, Financial University under the Government of the Russian Federation Lyubov Vyacheslavovna Krylova.