.png){kind=logo}
Moscow Exchange plans to begin trading Bitcoin, Ether and Tether's USDT on December 1, bringing cryptocurrency transactions onto Russia's largest stock exchange.
The exchange confirmed the plan in a November 2 announcement, saying it would create Russia's first organized digital currency market. Its National Clearing Centre will process transactions, although both institutions remain under U.S. sanctions.
The initial rollout will involve pilot trades as brokers and other market participants connect to the platform.
The exchange will initially support Bitcoin (BTC), Ether (ETH) and the U.S. dollar-pegged stablecoin USDT. It plans to add other Russian and international digital assets later, without specifying a timetable.
Trading will operate between 6:50 a.m. and 11:50 p.m. Moscow time, matching the exchange's stock market schedule. Transactions will use existing market systems and pass through the National Clearing Centre.
Investors will have access to same-day and next-day settlement. The exchange will also offer swap transactions, allowing market participants to manage short-term liquidity. It has not announced expected trading volumes or a firm schedule for connecting every broker.
The launch follows Russia's adoption of Federal Law No. 282-FZ, which largely took effect on September 1. The legislation permits cryptocurrency trading through regulated intermediaries while maintaining restrictions on domestic payments using digital assets.
Ordinary investors must pass a knowledge test before buying cryptocurrency through the new market. They can purchase no more than 300,000 rubles, equivalent to around USD 3,700, annually through one broker.
The Bank of Russia has identified Bitcoin, Ethereum and USDT as assets eligible for public trading. The regulator considered market size, trading activity and price history when selecting eligible cryptocurrencies.
Qualified investors will not face the same annual purchase limit. Nevertheless, the central bank requires them to complete a test and review investment risks before trading.
Russia's framework allows licensed firms to operate exchanges and record customers' ownership of digital assets. Exporters and importers may also use cryptocurrency for cross-border transactions under the law.
Meanwhile, cryptocurrency payments for goods and services within Russia remain prohibited.
The U.S. Treasury sanctioned Moscow Exchange and the National Clearing Centre on June 12, 2024. The measures restrict transactions involving these institutions by U.S. persons unless an authorization applies.
The planned USDT listing raises questions because Tether maintains a policy of freezing wallets linked to sanctioned parties.
In December 2023, Tether introduced a voluntary wallet-freezing policy targeting addresses connected to individuals and organizations on the U.S. Treasury's sanctions list.
The stablecoin issuer has previously restricted token transfers associated with sanctioned addresses. Neither the exchange's announcement nor Tether's published policy establishes whether wallets supporting the proposed Moscow trading market will face similar restrictions.
Moscow Exchange has not disclosed how the sanctions could affect USDT transactions through its clearing infrastructure.
For now, the exchange maintains its December 1 launch target, with trading expected to begin gradually as participating financial institutions complete preparations.
ALSO READ: Google Plans USD 15 Billion Malaysia Investment Over Two Years