CoinDesk
Moscow Exchange plans to begin trading Bitcoin, Ether and USDT on Dec. 1, with trades cleared by the National Clearing Centre. Trading is scheduled from 06:50 to 23:50 Moscow time, with same-day or next-day settlement and swaps for liquidity management.
Retail investors must pass a test and can buy up to 300,000 rubles of crypto a year, about $3,700, through a single broker. Qualified investors face no annual cap.
Why it matters
The launch would bring crypto trading to Russia’s largest stock exchange, targeting activity that Russians currently conduct through offshore platforms and peer-to-peer desks. But both Moscow Exchange and the National Clearing Centre are under U.S. sanctions. The U.S. Treasury blocked them in June 2024 and issued wind-down licenses for dealings with the entities.
USDT adds a specific compliance question. Tether issues the dollar stablecoin and freezes wallets that appear on the U.S. Treasury’s sanctions list. How that policy would apply to USDT held through the sanctioned clearing house is a key issue for the proposed market.
Market impact
The launch gives investors a regulated domestic venue with defined access rules, while the retail cap limits individual purchases. The distinction between retail and qualified investors could shape how much activity moves onto the exchange.
Russian officials have cited much larger potential market volumes. Deputy Chairman Anatoly Popov said in late August that trading under Russia’s new crypto rules could reach 4 trillion rubles, about $49 billion, in the first year. Deputy Finance Minister Ivan Chebeskov put Russia’s crypto turnover at 50 billion rubles a day in February. Those figures point to a market much broader than this exchange launch alone.
Frequently asked questions
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When does Moscow Exchange plan to start crypto trading?
The exchange plans to begin trading Bitcoin, Ether and USDT on Dec. 1.
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What limits apply to ordinary investors?
Retail investors must pass a test and can buy up to 300,000 rubles of crypto a year, about $3,700, through a single broker.
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Are qualified investors subject to the annual purchase cap?
No. Qualified investors face no annual cap under the stated access rules.
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Why does USDT raise a sanctions question for the exchange?
Moscow Exchange and its clearing house are under U.S. sanctions, while Tether freezes wallets on the U.S. Treasury’s sanctions list. The treatment of USDT held through the clearing house is a key question.
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How large have Russian officials said crypto trading could become?
Deputy Chairman Anatoly Popov said trading under Russia’s new crypto rules could reach 4 trillion rubles, about $49 billion, in the first year.
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