For years, cryptocurrency activity in Russia has existed in a legal grey zone. Trading happened abroad, mining expanded quietly, and regulators largely focused on what not to allow rather than how the market could function safely. That stance is now shifting. Russian authorities are moving toward a model where digital assets remain tightly controlled but formally integrated into the country’s financial system. At the center of this transition is the Moscow Exchange, which is positioning itself for a regulated role once the law catches up with market reality.
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Moscow Exchange signals readiness for regulated crypto trading
The Moscow Exchange has confirmed that it is preparing to launch regulated cryptocurrency trading once Russia’s comprehensive digital asset legislation comes into force. The timeline follows a regulatory concept released by the Bank of Russia in late December, which sets July 1, 2026, as the deadline for finalizing the legal framework governing crypto markets.
In a public statement, the Moscow Exchange said it is actively developing solutions to serve the cryptocurrency market under a regulated model. The St. Petersburg Exchange echoed this position, stating that it already has the necessary technological infrastructure in place for crypto trading and settlements.
These confirmations came after the central bank outlined how crypto trading would be permitted within strict boundaries. Rather than opening access broadly, the framework draws a clear line between different categories of investors and limits how digital assets can be used inside the country.
How Russia’s crypto access rules are structured
Russia’s current approach divides crypto investors into qualified and non-qualified groups, each facing different conditions.
Non-qualified investors will be allowed to buy only a limited list of liquid cryptocurrencies. Access will depend on passing mandatory knowledge tests, and annual purchases will be capped at 300,000 rubles, roughly $3,800, through a single intermediary.
Qualified investors will face fewer restrictions on volume, but they must still demonstrate an understanding of crypto-related risks through testing. Even then, they will be barred from buying privacy-focused tokens that obscure transaction data.
Despite these steps toward regulated trading, authorities have drawn a firm boundary around payments. Cryptocurrencies will not be allowed for domestic transactions. State Duma Financial Market Committee chairman Anatoly Aksakov has reiterated that all payments inside Russia must be conducted in rubles, with crypto permitted only as an investment instrument.
Why this matters
The involvement of the Moscow Exchange marks a turning point for Russia’s digital asset policy. Instead of pushing crypto activity offshore or underground, regulators are creating a controlled environment within the country’s largest financial institutions. For retail and institutional investors, this reduces legal uncertainty. For the state, it brings visibility, oversight, and tax control to an already large market.
The bigger picture behind the policy shift
Russia’s evolving stance is closely linked to how crypto is already being used across the economy.
Between July 2024 and June 2025, Russia recorded $376.3 billion in received crypto transactions, overtaking the United Kingdom to become Europe’s largest crypto market by transaction volume, based on Chainalysis data. Large transfers above $10 million grew sharply, and decentralized finance activity surged before settling at levels well above earlier years.
Stablecoins and mining have played a major role in this expansion. A7A5, a ruble-pegged stablecoin, reached a market capitalization of $500 million, making it the largest non-dollar stablecoin globally. Mining has also become economically significant. Industry estimates suggest Russia produces tens of thousands of Bitcoins each year and accounted for more than 16 percent of global hashrate during peak summer months.
Senior officials, including Central Bank Governor Elvira Nabiullina, have acknowledged that crypto mining contributes to the ruble’s strength, even as they warn that illegal mining continues to cause losses through unpaid taxes and stolen electricity. Crypto mining was formally legalized in November 2024, with mandatory registration for legal entities.
Banks are also stepping in. Sberbank has launched regulated crypto-linked investment products worth about 1.5 billion rubles, tied to Bitcoin, Ethereum, and broader crypto portfolios. The bank says it is working closely with regulators while developing its own blockchain infrastructure.
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