Russia Clears Crypto Exchange Trading From November 22 Pending Central Bank Rule Approval
Russian regulated exchanges may begin crypto trading from November 22, 2026, once trading rules are agreed with the Bank of Russia, according to a directive registered by the Ministry of Justice. Retail investors face separate rules from November 17, including a 300,000-ruble annual purchase cap and a three-asset menu.
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Framework Approved, Operating Rules Still Pending
Russia's regulated exchanges can begin offering crypto trading from November 22, 2026, but only after their operating rules are agreed with the Bank of Russia. The central bank's directive was signed November 6 and registered by the Ministry of Justice, according to Interfax reporting cited by Crypto.news on November 11.
The directive allows organized trading in select digital currencies and digital rights through the country's existing financial market infrastructure. Trades are expected to settle the same day through the National Clearing Centre, which places crypto transactions inside the supervised financial system.
Recordkeeping and Pricing Requirements
Before launching, exchanges must set up procedures for registering market participants, keeping transaction records and monitoring trading activity. Trading organizers must maintain separate registers of orders and completed trades, and they are responsible for calculating current, weighted average, market and closing prices. Brokers, trust managers and central counterparties are also covered by the requirements.
Reporting on ongoing trading and completed transactions will follow the same procedures used for other financial instruments. The Bank of Russia first outlined similar requirements in July, when it published its initial crypto market rules.
Retail Access Rules
Retail investors face a separate and tighter rulebook, with rules scheduled to take effect November 17, five days before the exchange framework. Non-qualified investors may buy only through registered intermediaries and must pass a knowledge assessment. Annual purchases are capped at 300,000 rubles, roughly $3,700, per intermediary.
The approved list for retail buyers is Bitcoin, Ether and USDT. The central bank selected these assets using market capitalization, average daily trading volume and at least five years of pricing records from foreign exchanges. Qualified investors face no equivalent purchase cap and may access other cryptocurrencies, though they must also pass the knowledge test. Paying for goods and services with crypto remains prohibited until further notice.
Timing of Institutional Launches
Moscow Exchange plans a pilot program and trading launch on December 1, 2026, after the November 22 date. It expects to operate under its existing permissions without additional crypto-specific licenses, and it has said it will use a partner settlement digital depository, with trading hours expected to run from 6:50 a.m. to 11:50 p.m. Sberbank and VTB are also building infrastructure, and Sberbank expects to launch crypto trading by the same December 1 date.
The number of registered crypto exchange service providers rose from four to 17 between October 6 and late October 2026. The sequence follows Federal Law No. 282-FZ, which took effect September 1, 2026.
Source Discrepancies
The two reports differ on the date the retail asset list takes effect. Crypto Briefing says the retail rules begin November 17, while Crypto.news states the Bank of Russia confirmed the approved asset list would take effect on that date, in line with the November 6 decision. Both sources agree on the November 17 date; they differ mainly in how they frame the November 6 decision, with Crypto.news tying it directly to the asset approval.
The sources also differ on emphasis around the November 22 launch. Crypto Briefing describes that date as contingent on settling reporting, monitoring and pricing details, while Crypto.news frames it as cleared subject to rule approval. Neither source reports that exchanges have completed those negotiations.
Why It Matters
For Traders
Retail buying in Russia is limited to Bitcoin, Ether and USDT from November 17, and exchange-level trading depends on rule approvals still pending with the central bank.
For Investors
Routing crypto trades through a national clearing centre and regulated intermediaries signals Russia is folding digital assets into its supervised financial system rather than treating them as spendable money.
For Builders
Exchanges and custodians must build order registers, trade records, and standardized price calculations, so infrastructure serving Russian venues will need to meet these reporting requirements.
This article is for information only and is not financial advice. Read the full disclaimer.
