Regulated exchanges in Russia could start offering crypto trading as early as November 22. But first, they need to agree on the rules with the Bank of Russia.
That requirement is significant. The central bank has approved the framework, but negotiations over how it will operate are ongoing.
What the framework actually allows
The Bank of Russia signed its new trading framework on November 6, and the Ministry of Justice has registered it. It is due to take effect on November 22, 2026, subject to alignment with regulators.
The directive allows exchanges to conduct organized trading in selected digital currencies. Whether trading starts on day one depends on agreements still under discussion about reporting, monitoring and pricing mechanisms.
Trades are expected to be settled the same day through the National Clearing Centre. Processing crypto trades through a formal clearing entity brings them into the supervised financial system, which seems to be the exercise’s central purpose.
Retail gets a shorter leash
Everyday investors will face a separate, stricter set of rules. The rules for non-qualified investors are scheduled to take effect on November 17, five days before the exchange framework begins.
Those investors may buy crypto only through registered intermediaries, and must pass a knowledge assessment first.
Their annual purchases are limited to 300,000 rubles, or approximately $3,700. They can choose from just three assets: Bitcoin, Ether and USDT.
One use remains completely prohibited: paying for goods and services with crypto is still banned until further notice.
The big banks are lining up
Russia’s largest financial institutions are already preparing to take part. The Moscow Exchange (MOEX), Sberbank and VTB are all developing the operational infrastructure required.
MOEX plans to launch a pilot program on December 1, 2026. Sberbank expects to begin crypto trading by the same date.
The intermediary sector is also growing quickly. Registered crypto exchange service providers increased in number from four to 17 between October 6 and late October 2026.
How Russia got here
The latest rules build on Federal Law No. 282-FZ, which took effect on September 1, 2026. The law was intended to bring clarity and structure to Russia’s nascent crypto market.
The steps have followed a methodical sequence: a law in September, a rise in intermediary registrations in October, and retail rules and an exchange framework in November.
What this means
For Russian retail investors, the trade-off is clear. They get access through regulated venues and well-known banks, but face a spending cap, an exam and a choice of only three assets.
The 300,000-ruble limit is designed to keep individual exposure modest.
For exchanges, November 22 is only a starting point if they complete negotiations with the central bank. Reporting, monitoring and pricing are not minor details; they determine how trades are monitored and how prices are set on these venues.
The number of intermediaries is worth tracking. The increase from four to 17 providers points to interest in participating.
The payments ban is the third factor. While crypto cannot be used for everyday purchases, Russia’s model treats digital assets as supervised investments rather than spendable money.
Source: cryptobriefing.com. Adapted by NBTC.
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