Moscow Exchange, the country’s largest stock exchange, is testing cryptocurrency trading with professional market participants and says it expects to open the service on Dec. 1. The plan was outlined by Boris Blokhin, managing director of the exchange’s securities market, who said pilot testing started about a week before his Oct. 8 comments.
The move follows the Sept. 1 implementation of Russia’s new crypto law, which allows national exchanges licensed by the Bank of Russia to offer digital asset trading. Moscow Exchange says it can add the service under its current licensing structure and use its existing stock market infrastructure.
Pilot phase underway
Moscow Exchange is preparing to expand beyond traditional securities into cryptocurrency trading, marking a notable shift for a venue tied to an equity market valued at more than $660 billion. Blokhin said the exchange is already running a pilot program as part of the final setup for a broader launch.
According to his remarks, the exchange expects to begin providing access to crypto trading on Dec. 1. He described the operational model as straightforward because the platform plans to route the new business through the same market infrastructure it already uses for stock trading.
No additional permits cited
Blokhin also said the exchange would not need extra permits or licenses to offer the new service under the current rules. That point is significant because it suggests regulated crypto trading can be added through the framework already used by established exchange operators.
The legal basis is Russia’s Bill No. 1194918-8, which took effect on Sept. 1 and legalized crypto trading for Russian citizens on domestic exchanges that hold licenses from the central bank. The law created the opening Moscow Exchange is now trying to use before year-end.
Access will be uneven at launch
The initial rollout of Russia’s regulated crypto market is still expected to be limited in scope. Under the current setup, unqualified investors will face investment caps, and their choices will be restricted to three approved cryptocurrencies: Bitcoin, Ethereum, and Tether USDT.
Qualified investors, described in the report as having a larger risk profile, will not be subject to those same safeguards. Even though the Bank of Russia has recently eased the criteria for becoming a qualified investor, the restrictions on retail participation are still expected to constrain early growth in the domestic regulated market.
Large volumes may remain off-exchange
Sberbank estimates that crypto trading in Russia could reach at least 4 trillion rubles, or about $46.43 billion, in the first year after regulation. But the bank expects only 20% of that volume to pass through exchanges, with the majority still moving outside regulated venues.
Deputy Finance Minister Ivan Chebeskov has said Russians hold nearly $44 trillion in crypto, mostly in speculative allocations and savings products located outside the country. With a domestic legal framework now in place, officials expect at least part of those assets to return to regulated Russian platforms that offer oversight and guarantees unavailable before.
Next confirmed step
For now, the immediate milestone is Moscow Exchange’s planned Dec. 1 production launch, assuming the pilot proceeds as expected. The exchange’s comments indicate it is building the offering within its existing market structure rather than creating a separate venue or waiting for a new licensing process.
What happens after launch will depend on how much trading migrates into the regulated system and how strongly investor limits shape participation. The first phase is expected to show whether Russia’s newly legalized exchange-based crypto market can attract meaningful flow from a market that has long operated largely outside domestic regulated channels.
Source: news.bitcoin.com