Moscow Exchange announced that it will start offering trading in Bitcoin (BTC), Ether (ETH) and Tether’s USDT on 1 December, positioning the platform as Russia’s first organized digital‑currency market. The launch follows the activation of Russia’s new crypto legislation on 1 September, which permits regulated trading while continuing to ban crypto payments for goods and services.

ETH / USD
Source: CoinGecko. Prices are indicative.

Trading mechanics and investor limits

The exchange says the pilot will run on its existing stock‑market infrastructure, with clearing handled by the National Clearing Center (NCC). Trading hours are set from 06:50 am to 11:50 pm Moscow time, and the venue will initially support same‑day and next‑day settlement as well as swap transactions. Non‑qualified investors must pass a competency test before they can trade and will be limited to purchases of 300,000 rubles (approximately $3,700) per year per broker, according to the exchange’s statement.

Sanctions and market outlook

Moscow Exchange and the NCC have been subject to U.S. sanctions since June 2024, with the United Kingdom adding them to its sanctions list in the same month and the European Union following in July 2026. Sergey Mendeleev, founder of cross‑border payments platform Exved, told Cointelegraph that the sanctions and the limited investor caps could result in “absolutely outrageous spreads,” making the offering unattractive for ordinary traders. He doubted that either the global or domestic market would notice significant activity on a sanctioned exchange.

Potential role in foreign trade

Despite the criticism, Mendeleev suggested the platform could serve importers and exporters seeking a direct crypto‑based settlement channel, likening it to precious‑metals accounts at Russian lender Sberbank where customers trade balances without taking physical possession. He expressed hope that the exchange might become a “genuine breakthrough for foreign trade,” though he warned that additional intermediaries could erode competitiveness in a market where price differentials can be as narrow as 0.05%.

What to watch next

Key indicators to monitor include the volume of qualified participants, the spread between bid and ask prices, and any regulatory adjustments that could ease or tighten sanctions on the exchange. Observers will also be looking for whether the platform attracts cross‑border trade activity or remains a niche offering limited to a small pool of Russian investors.