The Moscow Exchange (MOEX), Russia’s largest exchange, is preparing to launch spot trading in Bitcoin (BTC), Ethereum (ETH), and USDT. The target date is December 1, 2026, and testing with professional investors has already begun.
How it will work
Retail investors will only be able to trade BTC, ETH, and USDT
A limit of 300,000 rubles per year (about US$3,600) per intermediary
Investors will need to pass a knowledge test before trading
Qualified investors will have broader access
What’s changing
MOEX already trades crypto derivatives for qualified investors. Now spot trading is being added: buying the actual asset in a regulated environment. The exchange also says its current infrastructure already supports this, with no new licenses required. Sberbank and VTB are also preparing to offer the service.
And what about the price of Bitcoin?
Don't expect an immediate effect. The retail limit is low, there are only three assets, and the Russian market is isolated. Crypto is still prohibited as a means of payment in the country.
The real significance is different: yet another traditional exchange integrating crypto into its infrastructure. Russia is following the path of the U.S., Europe, and Asia, but with much stricter controls.
My take: the short-term impact is small, but the signal is clear. When exchanges and major banks get involved, crypto stops being an exception and becomes part of the system.
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