Russia’s Top Stock Exchanges Ready to Launch Crypto Trading by 2026

Core Viewpoint - The Moscow Exchange and St. Petersburg Exchange are prepared to launch regulated cryptocurrency trading by mid-2026, contingent on the establishment of a legislative framework in Russia [1][2]. Group 1: Regulatory Framework - The Bank of Russia has set July 1, 2026, as the deadline for comprehensive cryptocurrency legislation development [1]. - The regulatory framework will differentiate access for qualified and non-qualified investors, with non-qualified investors facing stricter conditions [3]. - Non-qualified investors can only purchase liquid cryptocurrencies from a specified list, with annual purchases capped at 300,000 rubles (approximately $3,800) through a single intermediary [4]. Group 2: Investor Classification - Qualified investors will not have volume restrictions but must demonstrate an understanding of crypto risks through testing [4]. - Qualified investors are prohibited from purchasing anonymous tokens that conceal transaction data [4]. Group 3: Market Infrastructure - The Moscow Exchange is actively developing solutions to service the cryptocurrency market, while the St. Petersburg Exchange has the necessary technological infrastructure for trading and settlements [2]. - Major exchanges are involved in developing the cryptocurrency market and organizing the required infrastructure [3]. Group 4: Market Dynamics - Despite the development of trading infrastructure, Russian authorities maintain a ban on using cryptocurrencies for domestic payments, insisting that all payments must be made in rubles [5]. - The Bank of Russia initially advocated for a total ban on crypto exchanges and token trading, but this stance has shifted due to Western sanctions [6]. Group 5: Market Growth - Russia's crypto ecosystem has significantly expanded, with $376.3 billion in received crypto transactions from July 2024 to June 2025, making it Europe's largest crypto market by transaction volume, surpassing the UK's $273.2 billion [7].