Moscow Exchange plans to begin trading bitcoin, ether and Tether's USDT on December 1, 2026, according to its November 2 announcement. The U.S.-sanctioned exchange will start with pilot transactions, connecting participants as they become ready.
The exchange calls the project Russia's first organized digital currency market. Its design puts crypto transactions through existing securities-market infrastructure, including central clearing and scheduled trading sessions. Access is expected to expand gradually as participants join the rollout.
Crypto Joins the Securities Trading Schedule
The initial lineup includes BTC, ETH and USDT. Moscow Exchange says transactions will enter the National Clearing Center's unified clearing system, while trading will follow the stock market's hours: 6:50 a.m. to 11:50 p.m. Moscow time.
Clients will have same-day settlement, known as TOD, and next-day settlement, known as TOM. Swap transactions will also be available for liquidity management. These arrangements give participants settlement choices within the exchange's established trading and clearing processes.
According to the exchange, non-qualified investors must pass a test and can purchase no more than 300,000 rubles of digital currency annually through one broker. The ceiling applies to purchases, rather than the value an investor's holdings can reach. Retail participation in the planned December launch will therefore be subject to both the test and the annual purchase allowance.
A Domestic Market Inside Sanctioned Infrastructure
The National Clearing Center's role places the planned crypto transactions within sanctioned financial infrastructure. The U.S. Treasury's Office of Foreign Assets Control confirms that it designated both Moscow Exchange and the National Clearing Center on June 12, 2024, under Executive Order 14024.
Cointelegraph reported that Sergey Mendeleev, founder of cross-border payments company Exved, doubted the exchange would attract much demand and warned of wide trading spreads. His assessment concerns a market that has yet to launch.
Mendeleev saw more potential in matching importers and exporters seeking to buy and sell crypto, although he questioned whether another intermediary could compete on price. For those businesses, the exchange's appeal would depend partly on the cost of executing purchases and sales through it.
USDT's inclusion gives participants a planned venue for trading the stablecoin, not permission to spend it at domestic merchants. Cointelegraph reports that Russia's new framework permits regulated trading while retaining the ban on cryptocurrency payments for goods and services.
Overview
Moscow Exchange plans to launch pilot trading in BTC, ETH and USDT on December 1, using central clearing. Non-qualified investors must pass a test and face a 300,000-ruble annual purchase cap per broker. Both the exchange and its clearing organization are under U.S. sanctions.
