Bank of Russia Sets Nov. 22 Start for Crypto Exchange Trading

Bank of Russia Directive Sets Nov. 22 Start

The Ministry of Justice has registered a central bank directive that lets Russian venues open cryptocurrency trading from Nov. 22, 2026, provided their operating rules are first agreed with the Bank of Russia. The directive, published by the regulator on Nov. 11, sets out how organized trading in cryptocurrencies and digital rights must run, and it allows each crypto exchange to operate through the country's existing financial market infrastructure. Preparation is not optional. Before launch, a platform must establish procedures for registering market participants, including brokers, trust managers and central counterparties, and maintain separate registers of orders and completed trades that regulators can inspect. It must also monitor trading activity on an ongoing basis and calculate several pricing benchmarks: current prices, weighted average prices, market prices and closing prices, alongside records of order types placed and filled. Information about ongoing and completed transactions goes to the central bank through the same reporting procedures already used for other financial instruments. The text turns requirements the Bank of Russia first outlined in July into binding form and gives operational depth to the law on digital currencies and digital rights, which took effect on Sept. 1 and assigned distinct roles to exchanges, crypto exchange providers and digital depositories.

Retail Cap of 300,000 Rubles Per Intermediary

A parallel decision on Nov. 6 fixed what nonqualified investors can actually buy. The Bank of Russia approved Bitcoin (BTC), Ether (ETH) and Tether's USDT for purchase by retail investors, with the asset list taking effect on Nov. 17. Without qualified status, a buyer can spend up to 300,000 rubles a year, roughly $3,630, through each intermediary, whether that is a broker, a trust manager or a registered crypto exchange provider, and transactions can run through both organized venues and over-the-counter channels. Qualified investors face no equivalent cap and can reach other cryptocurrencies. Both categories must pass a knowledge test and review the associated investment risks before trading. The selection criteria are explicit. The central bank screened candidate assets by market capitalization, average daily trading volume and at least five years of pricing records on foreign exchanges, with an average market value of roughly $60 billion over two years. The regulator said the filters are designed to keep only the most liquid assets in front of nonqualified investors and to reduce the risk of retail losses in a market it has only just legalized.

US Sanctions Still Reach the Settlement Chain

Washington's sanctions profile sits over the whole rollout. The US Treasury blacklisted Moscow Exchange and its National Clearing Centre in June 2024, and crypto trades on the venue are due to be settled through that same clearing chamber. Sberbank, another registered participant, has been under comprehensive US sanctions since April 2022. Custody risk has a precedent. In March 2025, Tether froze $23 million in USDT tied to the sanctioned Russian exchange Garantex while assisting the US Secret Service, and the company's chief executive described the ability to track transactions and freeze tokens tied to illicit activity in that announcement. Pyotr Fradkov, chairman of the state-controlled lender PSB, warned in August that Tether can block tokens at any address. Traders also worry the sanctions designation could push local prices below global levels, a concern that goes beyond routine FUD as offshore access narrows: Coinbase became the third major platform in two weeks to restrict users in Russia and Belarus.

Moscow Exchange Targets Dec. 1

The infrastructure around the market is already being registered. In October, the central bank admitted its first operators: four crypto exchange providers and five digital depositories, including Sberbank and VTB, all of which must be fully aligned with the legislation by Sept. 1, 2027. VTB plans to open this month, while Sberbank and Moscow Exchange aim for Dec. 1, with trading in Bitcoin, Ether and USDT expected to run from 6:50 a.m. to 11:50 p.m. Moscow time through a partner settlement depository, under the venue's existing permissions rather than new licenses. COINOTAG's reading: the staggered dates give institutions almost no slack to build compliance, and the flagship venue concentrates execution risk in a single sanctioned clearing house rather than spreading it across the market.