Starting December 1, 2026, the Moscow Exchange launches trading in bitcoin (BTC), ether (ETH), and the USDT stablecoin. Investors will gain access to digital assets on the same venue where stocks are traded, and professional participants will be able to cut costs through the new infrastructure.
The first stage will run in pilot mode: legislation permits investments in such assets only with a number of restrictions. For businesses, swaps are provided — an instrument that will allow them to quickly raise and place funds while managing liquidity.
How trading will be structured
Trading will be organized on the basis of the equity market — according to the organizers' assessment, this scheme minimizes participants' costs, primarily for professionals. The venue's clients are already actively testing the system, and their number is sufficient to launch pilot trading in December.
Transactions will go through the exchange order book — an electronic queue of buy and sell orders. Swaps will become available to participants: in essence, they are close to repo operations and currency swaps and serve as a liquidity management tool.
Trading sessions are scheduled from 6:50 to 23:50 Moscow time and will cover the morning and evening sessions of the equity market. The legal framework has already been formed: since September 1, a law on cryptocurrency regulation has been in force in Russia, which sets the rules for their circulation and permits investing in digital assets represented in the country, subject to a number of restrictions.
What the launch means for the market
Until now, private investors traded cryptocurrency futures on Russian venues, but this instrument never became widespread. According to the Bank of Russia, as of October 1, only about 6,500 people held open positions in such contracts on the Moscow Exchange and SPB Exchange — therefore, direct trading in coins could attract a far broader audience.
The example of precious metals shows that an exchange market for alternative assets can grow even without mass participation by retail investors. In September, gold turnover on the venue nearly doubled year-on-year, to 542.2 billion rubles, although the share of individuals in these transactions was only 5.6%. A similar scenario is quite likely for cryptocurrencies as well.
For future cryptocurrency buyers, the question of whose side the trading organizer takes in disputed situations is also important. Central Bank Deputy Chairman Vladimir Chistyukhin indicated that when discussing new requirements for companies, the exchange more often sides with issuers than with holders of shares and bonds.
Cryptalist analysis: The launch of direct trading in BTC, ETH, and USDT on the Moscow Exchange is a significant step toward the institutionalization of the Russian crypto market, lowering barriers for capital accustomed to operating within the regulated perimeter. However, the pilot format, restrictions for retail and the modest base of futures traders indicate that liquidity will be formed primarily by professionals. The key factor for sustainable volume growth will be the balance between regulatory easing and the protection of investors' interests.