Russia is preparing to open regulated exchange-based crypto trading from November 22, marking a sharp change from the central bank’s earlier push to ban crypto exchanges outright. Under the new framework, approved platforms will be able to offer a narrow list of tokens, while retail participation will be tightly capped and monitored.

The rollout, however, begins under unusual constraints. Some of the biggest Russian financial groups planning to enter the market, including the Moscow Exchange and Sberbank, are already under US sanctions. At the same time, one of the three permitted assets for retail buyers is USDT, a dollar-linked token whose issuer has previously frozen Russian-linked funds and follows sanctions-related restrictions on wallets.

Central bank shifts from ban proposal to controlled market

According to the reported rules, the Bank of Russia will allow crypto exchanges to offer trading in Bitcoin starting November 22, roughly four years after it had proposed prohibiting such venues. Instead of an outright ban, the regulator is moving to a supervised model that requires approval of exchange trading rules and reporting on every trade.

The list of assets available to the public is limited. Retail buyers will be allowed to trade Bitcoin, Ethereum, and USDT. The permitted coins must also meet an average market value threshold of about $60 billion over a two-year period, which narrows the field well beyond the broader crypto market.

Retail access comes with testing and annual limits

Ordinary buyers will not get open-ended access. The reported framework sets a yearly limit of 300,000 rubles, or about $3,630, for retail purchases, and only after the buyer passes a test. That structure suggests the central bank is trying to keep crypto exposure small for non-professional investors while still allowing a legal path into the market.

Exchanges themselves will also face compliance obligations from the start. Beyond obtaining approval for their rulebooks, they are expected to report each transaction, reinforcing that the new regime is designed as a closely watched pilot rather than a fully liberalized market.

Major Russian platforms plan launches despite sanctions

Several large Russian financial institutions are preparing to enter the market on different timetables. VTB plans to open this month, while Sberbank and the Moscow Exchange are aiming for December 1 launches, shortly after the Bank of Russia’s November 22 start date.

That creates an immediate tension between domestic authorization and foreign restrictions. The US Treasury sanctioned the Moscow Exchange and its clearing house in June 2024, while Sberbank has been under full US sanctions since April 2022. For the Moscow Exchange in particular, crypto trading is expected to clear through the same clearing house that has already been blacklisted by the US.

USDT inclusion adds another layer of risk

The inclusion of USDT in the permitted retail menu stands out because it offers Russian users a digital dollar while also exposing them to an issuer that has enforced sanctions-related controls. Tether has previously frozen Russian-linked funds, and there have been warnings that tokens can be blocked at specific addresses.

That leaves buyers and market participants navigating a product that is legally available under Russia’s new exchange framework but still dependent on an issuer that may act in line with US sanctions. The same broader concern applies to exchange infrastructure: market participants have warned that sanctions labeling could push prices in Moscow below global levels.

What comes next

The next confirmed step is the November 22 opening of exchange crypto trading under the Bank of Russia’s new rules, followed by expected launches from major financial groups including Sberbank and the Moscow Exchange on December 1. How smoothly that market functions may depend not only on domestic regulation, but also on how sanctions affect clearing, liquidity, and access to foreign-linked crypto infrastructure.

The backdrop remains challenging. Foreign exits from the Russian market are continuing, and KuCoin has already restricted users from Russia and Belarus. That means Russia’s new exchange-based crypto market is beginning with formal approval at home, but under significant external constraints that could shape pricing, participation, and settlement from the outset.

Source: beincrypto.com