Russia to Launch Regulated Crypto Trading on MOEX and St. Petersburg Exchange by July 2026
Russia’s central bank and major exchanges are preparing a regulated crypto market with a legislative deadline of July 1, 2026. The Bank of Russia published a regulatory concept that mandates custody rules, AML/surveillance, and investor classification; penalties for unlicensed intermediaries are slated to begin July 1, 2027. Moscow Exchange (MOEX) is developing trading and settlement infrastructure while the St. Petersburg Exchange says its systems are already in place to list and settle approved digital assets. The proposal creates a two-tier investor system: non‑qualified (retail) investors face a 300,000‑ruble (~$3,800) annual purchase cap per intermediary, must pass knowledge checks, and are limited to an approved list of liquid tokens; qualified investors (institutions and high‑net‑worth individuals) will have no volume limits but cannot buy anonymous tokens and must meet risk‑awareness criteria. Crypto remains banned as a means of payment in Russia; digital assets are to be treated as investment instruments only. For traders, the roadmap signals likely increases in on‑exchange liquidity, formal tax and surveillance channels for previously informal flows, and higher custody/AML compliance costs for service providers. Key hurdles remain: finalizing complex legislation, implementing custody and AML frameworks, and restoring market confidence after prolonged regulatory uncertainty. Primary keywords: regulated crypto trading, Moscow Exchange, St. Petersburg Exchange, Bank of Russia, July 2026.
Neutral
The news is broadly neutral for crypto price direction. Establishing regulated trading on MOEX and the St. Petersburg Exchange should, over time, be constructive by increasing on‑exchange liquidity, formalizing previously informal market flows, and attracting qualified capital — factors that can support higher prices. However, near‑term effects on crypto prices are muted because the plan preserves a payments ban, restricts retail access via a low annual cap and approved token lists, and leaves significant legal and implementation risks (legislation, custody/AML rules) ahead. Those constraints limit immediate demand expansion. Market reaction may be positive for exchange‑listed approved tokens and institutional trading instruments, but uncertainty over which tokens will be approved and timing risks tempers upside. Overall, expect gradual beneficial effects on liquidity and institutional participation long term, but limited short‑term price impact and continued volatility until rules and approved token lists are finalized.