Russia's two major exchanges agree: Launching cryptocurrency trading in July 2026!

Moscow Exchange and Saint Petersburg Exchange support the Russian Central Bank’s cryptocurrency regulatory plan, which will go live with trading services in July 2026. Bitcoin is granted the status of “currency asset,” with retail annual limits of $4,000, and no restrictions for institutions. This move is a key step for Russia to break through financial sanctions under Western restrictions.

From Total Ban to Embracing Compliance: Russia’s Policy Shift

Russia’s Central Bank has undergone a 180-degree shift in its stance on cryptocurrencies over the past year. Once a strict regulator cracking down on crypto, it has now become a main driver pushing for the legalization of cryptocurrency trading in Russia. This change is not accidental but driven by the real pressures of Western sanctions. After the outbreak of the Ukraine war in 2022, Russia was excluded from the SWIFT international payment system, and traditional cross-border payment channels were almost completely cut off.

In this context, cryptocurrencies have become an important tool for Russia to maintain international trade. In March 2025, Russia introduced a temporary “experimental legal regime” for crypto operations, allowing limited use of cryptocurrencies in foreign trade under sanctions, and granting a small group of “high-quality” investors access to crypto. In May of this year, the Central Bank further permitted the provision of crypto derivatives to relevant institutions and individuals. Financial institutions like Moscow Exchange (MOEX) and Saint Petersburg Exchange (SPB) have already begun facilitating investment in such instruments.

The announced comprehensive framework aims to replace this temporary arrangement with a more complete and long-term Russian cryptocurrency trading regulatory system. The Central Bank clarified on Tuesday that it hopes to channel crypto-related capital flows through Russia’s existing financial infrastructure rather than creating a parallel financial system. This design reflects a balance between regulatory innovation and maintaining control.

The Significance of Bitcoin’s Recognition as a “Currency Asset”

The new concept outlined by Russia’s Central Bank most notably recognizes Bitcoin and stablecoins as “currency assets.” This classification is relatively rare in global regulatory practice, where most countries regard cryptocurrencies as “commodities” or “securities,” not currencies. Russia’s choice of “currency asset” implies that cryptocurrencies are legally closer to foreign exchange rather than stocks or bonds.

This classification has several key implications. First, traditional exchanges, brokers, and other institutions will be able to handle such transactions under existing licenses without needing to apply for a new license category. This significantly lowers the entry barrier for financial institutions into the Russian crypto trading market. Moscow Exchange and Saint Petersburg Exchange, as Russia’s largest stock markets, already possess mature trading, clearing, and settlement technologies, enabling a quick transition to crypto services.

Moscow Exchange emphasized in a statement: “We believe this regulatory approach leverages the experience accumulated in foreign exchange markets, and the Moscow Exchange Group has unique trading, clearing, and settlement capabilities in an international context.” Saint Petersburg Exchange also stated: “Once the relevant legal framework is amended, we can start trading cryptocurrencies. SPB Exchange has the necessary technical infrastructure for trading and settlement.”

However, not all crypto services will enjoy this convenience. Providers of crypto-specific services such as custodians and trading platforms must meet separate, strict requirements to obtain authorization. This dual-track design reflects a layered risk management approach by regulators.

Investor Tiering System: Different Treatment for Retail and Institutional Investors

The most notable proposal in the new regulatory framework is allowing both qualified and non-qualified investors to purchase digital assets, but with very different rules. Ordinary Russians (non-qualified investors) will have an annual limit of 300,000 rubles for crypto trading, which at current exchange rates is less than $4,000. This restriction is quite strict, meaning most retail investors can only make small, exploratory investments.

In contrast, qualified investors will be permitted to buy any cryptocurrencies except privacy coins, with no purchase limits. This tiered system is not uncommon in global crypto regulation, but Russia’s limits are relatively conservative.

Three Key Features of Russia’s Cryptocurrency Trading Regulatory Framework

Investor Tiering: Non-qualified annual limit of 300,000 rubles; qualified investors have no limit except for privacy coins

Existing Infrastructure Integration: Traditional exchanges and brokers can use existing licenses to handle crypto trading, lowering entry barriers

Strict Regulation of Crypto-specific Services: Custodians and trading platforms must meet additional stringent requirements to be authorized

This design aims to balance market openness with risk control. The Russian Central Bank clearly seeks to prevent retail investors from suffering significant losses due to crypto speculation, while providing enough flexibility for institutional investors and high-net-worth individuals to utilize cryptocurrencies for cross-border payments and asset allocation.

Market Outlook and Challenges Post-2026

These proposals must first be approved by the federal government and passed by Russia’s bicameral parliament before they can take effect by July 1, 2026. Given the current political climate, approval seems quite likely, as cryptocurrencies are already viewed by the Russian government as strategic tools to counter Western sanctions. Once implemented, Moscow Exchange and Saint Petersburg Exchange will become the first mainstream financial institutions in Russia to offer compliant Russian cryptocurrency trading services.

However, challenges remain. First, the $4,000 annual limit may not meet retail investors’ needs, potentially pushing some trading into gray markets. Second, the ban on privacy coins, while aligning with anti-money laundering efforts, may restrict certain legitimate uses. Most importantly, Western sanctions could isolate Russia’s crypto ecosystem from global markets, reducing liquidity and efficiency.