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Pilot access runs through existing systems
Moscow Exchange plans to begin digital currency trading on December 1, 2026, with Bitcoin, Ethereum and Tether available at launch. The exchange describes the project as Russia's first organised market for digital currencies.
The opening phase will use pilot transactions, with participants brought on as they are ready. Interest has come from current exchange members, their clients and businesses that already use digital currencies for investment or settlement. Trades will run on the exchange's existing stock market infrastructure and pass through the National Settlement Centre clearing system. The market will keep the exchange's current stock market schedule.
Assets and investor rules set the scope
The three initial assets will be available in addressable and addressless formats, terms for which the exchange has not supplied further detail. Its planned expansion includes instruments from Russia and international markets, as well as more digital currencies and other digital assets. From launch, clients can settle on the trade date or the following day, and use swaps to manage liquidity.
Investor classification will determine retail access. Unqualified investors must pass a test before purchasing digital currencies, and their annual buying limit is 300,000 Russian rubles through a single broker. Qualified investors are not subject to that same annual cap. The launch follows September's introduction by Moscow Exchange of perpetual-style futures linked to five crypto indices.
New legislation set licensing requirements and retail investment limits; the Bank of Russia also permitted licensed forex dealers to offer Bitcoin and Ether CFDs to qualified investors, with use capped at 1:10. The plan was first reported by Finance Magnates.
| Measure | Figure |
|---|---|
| Trading start | December 1, 2026 |
| Initial digital currencies | Bitcoin, Ethereum and Tether |
| Earlier crypto futures coverage | Five crypto indices |
| CFD use ceiling | 1:10 |
| Unqualified investor annual limit | 300,000 Russian rubles through a single broker |
What this changes for operators
Using existing stock market infrastructure gives operations teams a defined starting point, but the source does not specify how digital currency orders, positions or settlement records will map into current workflows. Teams should establish how the National Settlement Centre clearing process will reconcile with broker and client records, and whether the existing market schedule creates any operational cut-offs for the new instruments.
The addressable and addressless formats also need clarification before firms can determine what changes to make to account handling and settlement controls. Operators should ask how the two formats differ, how same-day and next-day settlement choices are represented, and how swap transactions are reflected in liquidity and reporting processes. Firms serving unqualified investors will also need to confirm how the test and single-broker annual limit are applied and monitored.
The exchange has not specified how participants will connect, or what implementation requirements apply to firms joining the pilot. Before committing systems or staff, operations teams should seek details on onboarding, transaction processing and the records needed to support reconciliation. The source also gives no operational detail on expansion to further assets, so teams should establish whether that would require changes to instrument setup, settlement handling or existing controls.
