- Russian exchanges plan to launch regulated crypto trading by mid 2026 under new laws.
- Retail investors will face strict limits while professionals get wider crypto access.
- Russia’s crypto market grew rapidly with high mining output and rising transaction volumes.
Moscow Exchange and St. Petersburg Exchange have confirmed readiness to launch regulated cryptocurrency trading. This will follow Russia’s new legislative framework, scheduled for mid-2026. The announcement aligns with the Bank of Russia’s December 23 release of a regulatory concept. The framework provides July 1, 2026, as the deadline in comprehensive cryptocurrency legislation.
Both exchanges emphasized that they were ready to deal with trading and settlements. Moscow Exchange is developing solutions to service the crypto market. St. Petersburg Exchange noted it already has the required technological infrastructure. The regulatory approach divides market access between qualified and non-qualified investors under strict rules.
Regulatory Framework and Investor Access
Non-qualified investors can only buy liquid cryptocurrencies from an approved list. They must pass knowledge tests, and annual purchases are capped at 300,000 rubles, approximately $3,800. Qualified investors face no volume limits but must pass risk-assessment tests.
However, they cannot buy anonymous tokens that hide transaction details. The framework continues to ban the use of cryptocurrencies for domestic payments. Authorities maintain that rubles remain the sole legal tender for all payments.
Growth of Russia’s Crypto Market
The cryptocurrency ecosystem in Russia developed quickly even with its early limitations. The country also registered $376.3 billion of crypto transactions between July 2024 and June 2025. This surpassed the United Kingdom’s $273.2 billion, making Russia Europe’s largest crypto market by volume. Large transfers above $10 million increased 86%, nearly double the growth in other European countries. DeFi activity also surged eightfold in early 2025 before stabilizing at over three times the mid-2023 baseline.
Rubble-pegged stablecoin A7A5 has a market capitalization of $500 million. Cryptocurrency mining has a substantial impact on the economy of Russia, with tens of thousands of Bitcoins being mined every year. Mining generates about 1 billion rubles in daily revenue. Russia accounted for over 16% of the global hashrate during summer months. Authorities recognize mining as an export-oriented activity since mined assets flow abroad.
Exchange Preparations and Market Integration
Sberbank has begun to provide regulated crypto investments, such as structured bitcoin and Ethereum bond investments and digital assets. Sberbank earlier announced plans to offer crypto custody services to support rising demand for secure digital asset storage. Large brokers are experimenting with crypto products custody and accounting systems.
The framework allows retail investors limited market access and provides professional traders with wider opportunities. Exchanges aim to integrate crypto services within regulated frameworks while building blockchain infrastructure. Enforcement for illegal intermediary activities will begin from July 1, 2027.
Moscow and St. Petersburg Exchanges intend on opening trading after legislation has been passed. The structure will keep crypto a high-risk asset but have less risky, licensed investment avenues. It is likely that investors will switch to the gray market into regulated trading platforms.
