Cryptocurrency trading on the Moscow Exchange is still planned to launch by the end of 2026: this was announced by Igor Marich, a representative of the Moscow Exchange Group, at the Bank of Russia Financial Congress.
Can You Already Buy Cryptocurrency on the Moscow Exchange
Currently, you cannot buy cryptocurrency on the Moscow Exchange: trading has not yet started. It has not been suspended — the platform is waiting for the law, subordinate acts, and participant admission rules.
A step-by-step procedure for investors will appear after the launch. Until then, it is not possible to make a cryptocurrency transaction through the Moscow Exchange; access will depend on client identification, investor status, and the chosen intermediary.
There is still no legal cryptocurrency trading on regulated exchanges in Russia. In practice, foreign platforms, P2P services, and exchangers remain, but they operate outside the Russian exchange model and are associated with additional risks.
The Moscow Exchange Is Waiting for the Law and Subordinate Rules
According to Igor Marich, the Exchange is preparing to give market participants the opportunity to conduct cryptocurrency transactions immediately after not only the basic law appears but also the necessary subordinate acts. He emphasized that many such documents will be required, since a full launch of the instrument is impossible without them.
We expect to be able to offer cryptocurrency transactions immediately after the law and all the necessary regulatory framework appear. As soon as this opportunity opens, participants will be able to start conducting such transactions on our platform.
Igor Marich added that he is counting on a launch by the end of the year, as market participants are being told about the possible adoption of both the law and subordinate acts during this period. In this case, cryptocurrency may become available on the Moscow Exchange platform already under the new legal model.
What Is Happening With the Digital Currency Bill
Bill No. 1194918-8, which is supposed to create a legal framework for the circulation of digital currencies in Russia, was adopted by the State Duma in the first reading on April 21. It was expected that from July 1, citizens and companies would be able to legally buy cryptocurrency through licensed intermediaries: exchange services from the Bank of Russia’s registry, brokers, and trust managers.
However, by July 1, the document had not yet been finally adopted. It is now expected that the State Duma will consider it in the second and third readings before the end of the spring session, that is, by July 27.
A Full-Fledged Market May Form in 2027
Igor Marich believes that the launch of the first transactions does not mean the immediate formation of a mature market. In his opinion, a full-fledged Russian cryptocurrency market is more likely to become a reality in 2027. Participants will need time to integrate the new product into client scenarios and make transactions convenient for investors.
This is not just about technical access to transactions. Investments in digital assets should be integrated into the usual client service processes, and intermediaries need to prepare infrastructure and rules for working with the new product. Access to trading will be provided by licensed participants: exchange services from the Bank of Russia’s registry, brokers, and trust managers.
What Restrictions Are Being Discussed for Investors
The current regulatory concept provides for different rules for non-qualified and qualified investors.
- Non-qualified investors: limit of up to 300,000 rubles per year through one intermediary.
- Non-qualified investors: access only to a limited list of digital currencies, which will be determined by the Bank of Russia.
- Qualified investors: access to any cryptocurrencies except anonymous assets.
- All investors: settlements in cryptocurrency within the country will still remain prohibited.
It is expected that the list for non-qualified investors will include Bitcoin, Ethereum, USDT, and USDC. The Bank of Russia may expand or change this list.
At the same time, settlements in cryptocurrency within the country will still remain prohibited. In practice, this means that digital assets will be considered as an object for transactions and investments, not as a means of payment in Russia.
The format of instruments is also an important issue for the market. Amid the discussion of regulation, participants are waiting to see how transactions with digital assets will be formalized and whether a separate derivative financial instrument will appear for them within the exchange infrastructure. A cryptocurrency future is a contract for the future price of an asset, not a purchase of the coin itself. If such instruments appear on the Moscow Exchange, they will differ from spot transactions, where the investor buys the digital asset itself.
Alternatives and Risks Before Trading Launches
While trading on the Moscow Exchange has not started, investors are looking at other ways to access cryptocurrency.
- Foreign crypto exchanges: more choice of assets and instruments, but higher risk of access restrictions and more difficult rights protection.
- P2P platforms: you can find a counterparty directly, but there is a higher risk of error, fraud, and payment disputes.
- Exchangers: usually easier for a one-time purchase, but terms and fees can vary greatly.
Launching on a regulated platform can provide investors with clearer rules, transparency, and basic protection. But risks will still remain: high volatility of cryptocurrencies, limits for non-qualified investors, as well as possible technical and legal difficulties.
