Moscow Exchange plans to open trading in Bitcoin, Ether and Tether's USDT on Dec. 1, 2026, a venue it describes as Russia's first organized digital currency market. The exchange set out the plan in a notice dated Nov. 2.

Retail access comes with a hard ceiling. Non-qualified investors must pass a test before buying and can purchase no more than 300,000 rubles (about $3,700) of digital currency a year through one broker.

Three Assets, Two Settlement Windows

The opening list covers three instruments: BTC, ETH and USDT, traded in both anonymous and addressed modes. Moscow Exchange said the list will later grow to include both international and Russian digital currencies and digital assets. It did not name candidates or give a timeline.

From Dec. 1, clients will be able to trade with TOD settlement (same day) and TOM settlement (next day). Swap transactions will also be available as a liquidity management tool.

Trading runs on the exchange's existing stock market infrastructure, with clearing through the National Clearing Center (NCC). Hours match the stock market schedule: 6:50 am to 11:50 pm Moscow time.

Pilot Trades Before a Full Rollout

The Dec. 1 date marks the start of a phased opening rather than a full market on day one. The exchange expects pilot trades first, with participants connecting to the new market gradually as they become ready.

That makes the number of brokers live at launch the first figure to watch. The notice does not say how many have signed up, what fees will apply or what limits, if any, apply to qualified investors. The Dec. 1 date also matches the launch referenced in our report on Sberbank joining Russia's crypto exchange register.

The Legal Basis: Law No. 282-FZ

The market operates under Law No. 282-FZ, "On digital currencies and digital rights." Its main provisions took effect on Sept. 1, 2026. Some provisions only come into force in July and September 2027, so parts of the framework are still ahead.

What the Retail Cap Means in Practice

For a non-qualified buyer, 300,000 rubles a year through a single broker is a small allocation next to what offshore venues allow. The cap applies to purchases, and the test comes first, so retail activity on day one depends on how quickly brokers onboard and test clients.

The next checkpoints are Dec. 1 itself, the first pilot trades and any announcement adding instruments beyond BTC, ETH and USDT.