Moscow Exchange (MOEX), Russia’s largest stock exchange, will launch its first organized crypto market on December 1, allowing trading in bitcoin (BTC), ether (ETH), and Tether (USDT). The platform will initially offer same-day (TOD) and next-day (TOM) settlement options and provide liquidity management through swaps, according to an official announcement released on November 2.
Central clearing and market structure
Crypto trades will be routed through the National Clearing Centre (NCC), MOEX’s clearing arm that handles settlement for securities. Existing brokers connected to the exchange will be able to access crypto markets via the same infrastructure they use for traditional financial instruments, eliminating the need for a separate venue. MOEX reported that crypto trading on the new platform will operate on the same technology as its equity market, integrating directly with unified clearing for enhanced transparency and risk control.
Trading hours for the crypto market will align with MOEX’s regular stock market schedule, running from 6:50 a.m. to 11:50 p.m. Moscow time.
Mini dictionary: National Clearing Centre (NCC): The NCC is a subsidiary of Moscow Exchange, responsible for clearing and settling transactions to ensure smooth operation and minimize counterparty risk in Russia’s financial markets.
The initial phase will consist of pilot deals, with participants joining in stages as they complete onboarding. Details regarding the first pilot institutions have not yet been disclosed.
Limited retail access and regulatory framework
MOEX described the new venue as Russia’s first comprehensive digital asset trading platform. However, retail investor access remains tightly controlled under Russian law. Non-qualified investors must pass a test to participate and face an annual purchase cap of 300,000 rubles through a single broker. The opening lineup will feature BTC, ETH, and USDT, with both anonymous and addressed trading modes. MOEX indicated an intention to expand its offerings to more digital currencies and assets in the future, including both domestic and international instruments.
| Asset | Trading Modes |
|---|---|
| BTC | Anonymous & Addressed |
| ETH | Anonymous & Addressed |
| USDT | Anonymous & Addressed |
The market’s regulatory foundation is established by Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights.” The law’s principal provisions will take effect on September 1, 2026, with further rules phased in during July and September 2027.
Industry collaboration and parallel launches
Boris Blokhin, MOEX’s senior managing director for sales and business development, said on October 8 that pilot testing had started recently with professional market participants. He stated, “We are actively testing. We started a week ago,” according to Interfax.
“We are actively testing. We started a week ago,” reported Boris Blokhin, MOEX’s senior managing director for sales and business development, when discussing the progress of professional pilot trading.
Meanwhile, the Bank of Russia has begun admitting firms to its official crypto registers. Sberbank, one of Russia’s largest banks, confirmed on October 5 that it plans to introduce its initial crypto offerings on December 1, 2026, contingent upon central bank approval and regulatory clarity. VTB, another major Russian bank, aims to begin crypto trading through its VTB My Investments app in November and intends to launch its own exchange in December. These moves coincide with the government’s ongoing efforts to formalize the regulation of cryptocurrencies and stablecoins in the country.
The MOEX announcement did not provide a list of participating firms for the first round of pilot trades.
