Russia's two major exchanges prepare for compliant crypto trading, regulatory framework to take effect soon

The Moscow Exchange and the St. Petersburg Exchange have expressed support to the Central Bank of Russia and are preparing to promote compliant trading in accordance with the new crypto asset regulatory plan. These two exchanges are getting ready for the upcoming era of regulation, planning to officially launch crypto asset trading services once the regulatory framework is formally implemented.

Exchange Compliance Launch Plans

As the two major exchanges in the Russian market, the Moscow Exchange and the St. Petersburg Exchange’s move marks the institutionalization of crypto asset trading in Russia. According to the Central Bank’s plan, all crypto asset trading must be conducted through licensed exchanges and brokerages, and crypto asset custody and trading platforms must meet stricter regulatory requirements. This means these exchanges need to adjust their business models under the compliance framework to align with the new standards.

It is noteworthy that both exchanges already offer crypto derivatives trading services, which provides them with a certain technical and risk management foundation that will help facilitate a smoother transition to spot trading.

Investor Protection Mechanisms in the Central Bank’s Regulatory Framework

Russia’s Central Bank’s new regulatory plan introduces differentiated protection measures for various types of investors. According to the plan, Bitcoin and stablecoins are classified as “monetary assets” and will enjoy the same regulatory treatment. Non-qualified investors (i.e., retail investors) will be limited to an annual purchase cap of 300,000 rubles when participating in crypto asset trading, serving as an important risk management measure. In contrast, qualified investors will have greater trading freedom, with no purchase limits except for privacy coins.

This tiered management system protects retail investors while providing institutional investors with ample operational flexibility.

Timeline and Pilot System

The Central Bank’s regulatory framework is scheduled to come into effect in the first half of this year, with implementation expected by July 1 at the latest. Prior to this, a pilot system was launched last spring, giving market participants ample time to adapt. The two exchanges can utilize this transition period to further improve their systems and train their teams, ensuring full compliance readiness.

With the regulatory framework approaching enforcement and these two major exchanges actively preparing, Russia’s crypto asset market is set to enter a new phase of development, and the standardized operation of exchanges will lay a stronger foundation for the entire ecosystem.