Russia’s central bank has completed its regulatory framework allowing regulated brokers, asset managers and crypto exchange providers to offer select cryptocurrencies to retail investors beginning November 17. The rules open formal access to Bitcoin, Ethereum and Tether’s USDT under strict conditions that distinguish between investor categories and impose knowledge checks before any trading can occur.

Non-qualified investors may purchase up to 300,000 rubles, equivalent to roughly $3,700, in cryptocurrency each year through each individual intermediary. Qualified investors face no annual purchase limit. Every participant, regardless of status, must complete a mandatory test that covers the risks of crypto assets before placing trades.

Regulatory Path to the November Start Date

The finalized rules follow legislation signed by President Vladimir Putin on August 4 that created a regulated cryptocurrency market under central-bank supervision. The law took effect on September 1. Draft regulations published by the Bank of Russia on August 11 set the eligibility criteria for publicly tradable assets, focusing on market capitalization, average daily trading volume and at least five years of price history on foreign exchanges. Those criteria confirmed Bitcoin, Ethereum and USDT as the initial assets available for retail sale.

In October the central bank authorized Sberbank, the country’s largest bank, to provide crypto-exchange services, expanding the network of intermediaries that can serve customers once the November 17 start date arrives.

Moscow Exchange Prepares December Launch

Parallel to the retail-access rules, Moscow Exchange, Russia’s largest securities venue, has scheduled the start of cryptocurrency trading for December 1. The exchange plans to begin with pilot transactions in Bitcoin, Ethereum and USDT, using its existing stock-market technology and clearing through the National Clearing Centre.

Trading sessions will run from 6:50 a.m. to 11:50 p.m. Moscow time and will initially support same-day and next-day settlements along with swap transactions designed to manage liquidity. Additional participants are expected to join gradually after the pilot phase.

Tightening Controls Outside Regulated Channels

While regulated platforms gain the ability to serve retail clients, authorities are simultaneously narrowing activity outside those channels. Direct peer-to-peer cryptocurrency trading is scheduled to become prohibited on July 1, 2027. Transfers from regulated digital accounts to self-custody wallets are already banned, and the use of cryptocurrency to pay for goods and services remains forbidden.

These measures concentrate crypto activity within supervised intermediaries and exchanges while limiting private custody and off-platform transfers.

Sanctions and Competitive Questions

Moscow Exchange and its clearing subsidiary were placed under United States sanctions in June 2024. The presence of those sanctions raises practical questions about how international counterparties and digital-asset providers will interact with the new trading infrastructure. Tether’s policy of freezing wallets linked to sanctioned entities adds a further layer of complexity for any USDT held through the exchange’s clearing system.

Market participants have also noted that trading spreads on the new venue could prove wider than those available on offshore platforms, potentially limiting its appeal to ordinary investors relative to existing peer-to-peer and foreign-exchange channels.

The combination of the November 17 retail rules and the December 1 exchange launch marks the formal opening of a supervised crypto market in Russia. Implementation details—how intermediaries administer the investor test, how quickly liquidity develops on the exchange, and how the 2027 peer-to-peer ban alters existing trading patterns—will determine the practical reach of the new framework.