St. Petersburg Exchange and Moscow Exchange have confirmed they are ready to launch regulated crypto trading once Russia’s legal framework comes into force.
Their confirmation follows a significant policy move by the Bank of Russia, which earlier this week unveiled a new regulatory concept outlining the path toward legal crypto markets.
The roadmap sets July 1, 2026, as the deadline for completing the necessary legislation, giving exchanges a clear timeline for preparation.
Regulatory Timeline Guides Exchange Planning
For both exchanges, the central bank’s framework provides long-awaited regulatory clarity. Specifically, lawmakers have until mid-2026 to finalize crypto rules, allowing trading platforms to align their technology, compliance systems, and operational processes with forthcoming requirements.
Moreover, the roadmap establishes a phased enforcement schedule. Penalties for illegal crypto intermediary activity are set to take effect on July 1, 2027. This timeline gives the market additional time to transition into a fully regulated environment.
Exchanges Prepare Infrastructure and Operations
Against this backdrop, both exchanges have outlined their readiness. Moscow Exchange said it is developing solutions tailored to the crypto market, focusing on trading technology and settlement mechanisms.
Meanwhile, St. Petersburg Exchange said it already possesses the infrastructure for trading and settlement. Although final launch dates depend on legislation, both exchanges indicated that their core systems are either already in place or nearing completion.
Policy Shift Opened the Door to Exchange Trading
The exchanges’ preparations reflect a broader policy shift that began in mid-2024. At that time, the Ministry of Finance proposed allowing qualified investors to trade cryptocurrencies on licensed platforms.
Commenting on the proposal, Anatoly Aksakov, head of the State Duma’s Financial Market Committee, said major exchanges were already participating in the development of crypto market infrastructure.
Investor Rules Shape Market Design
The regulatory framework also defines who will be allowed to trade. Investors are divided into qualified and non-qualified categories, with each subject to different access rules.
Non-qualified investors will be limited to approved liquid cryptocurrencies. Additionally, they must pass knowledge tests and will face an annual purchase cap of 300,000 rubles (about $3,800) through a single intermediary.
By contrast, qualified investors will not face volume limits. However, they must demonstrate an understanding of crypto-related risks and will be prohibited from purchasing anonymous tokens.
Trading Allowed, Payments Still Restricted
Despite the expansion of trading access, exchanges will operate under strict payment restrictions. Russian authorities continue to ban cryptocurrencies from use in domestic payments.
Last week, Aksakov reiterated that digital assets will not function as money inside Russia. He emphasized that cryptocurrencies may only be used as investment instruments, while all domestic payments remain denominated in rubles.
Overall, the exchange-led approach marks a departure from earlier policy. The Bank of Russia had previously supported a complete ban on crypto exchanges and token trading.
However, Western sanctions later prompted regulators to reassess that stance. Instead of outright prohibition, authorities shifted toward supervised market participation, opening the door for regulated crypto trading on licensed exchanges.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
