Moscow Exchange Begins Bitcoin Trading Tests Ahead of December Launch

The Moscow Exchange announced it will enable cryptocurrency trading for clients beginning in December, noting that testing with professional market participants commenced last week, according to a senior executive.

“We are actively testing; we began a week ago,” said Boris Blokhin, senior managing director for sales and business development at the exchange, speaking to reporters at the Sber Investments forum, as reported by Interfax on Thursday.

As Russia’s largest exchange, it will partner with a digital depository for settlement, allowing market participants to open accounts there. No extra permits or licenses will be required to launch trading, Blokhin noted.

The initiative aligns with Russia’s digital currencies and digital rights law, which entered force in September and establishes a comprehensive regulatory framework for crypto assets.

Trading will be possible via existing infrastructure—including exchanges, brokers, and trust managers—while new entrants such as crypto exchanges and digital depositories will also participate, handling asset trade and ownership recording.

Last month, Sberbank, Russia’s largest bank, announced it had received approval to become the country’s first custodian of bitcoin. The Bank of Russia authorized it for digital currency record‑keeping and to facilitate transfers of bitcoin and other cryptocurrencies.

Russia’s stance on Bitcoin is nuanced. President Vladimir Putin voiced support for the cryptocurrency in 2024, remarking at a forum that “no one can ban Bitcoin.”

Nevertheless, the Kremlin maintains strict controls. Using crypto for payments has been illegal in Russia since 2022, and retail investors are limited to purchasing bitcoin and stablecoins up to 300,000 rubles (about $3,556) annually via a single intermediary.

Qualified investors face no such restrictions and may purchase any cryptocurrency traded on exchanges or over‑the‑counter without limits.

In October, President Putin signed legislation that codifies the regulation of digital currencies and digital rights in Russia.

Source link