Russia’s Top Exchanges Back CBR Crypto Rules; Ready to Start Regulated Trading by 2026
Russia’s largest exchanges, the Moscow Exchange (MOEX) and SPB Exchange, have publicly supported the Central Bank of Russia’s (CBR) proposed crypto regulatory framework and say they are prepared to begin regulated crypto trading once the rules take effect (target: July 1, 2026). The draft would classify digital assets as “currency assets,” route crypto flows through licensed domestic infrastructure (exchanges, brokers, trust managers) and impose custody and service requirements for crypto-specific providers. Qualified investors would face no purchase caps after passing a risk-awareness test; non‑qualified (retail) investors could buy up to 300,000 rubles (~$3,800) annually of the most liquid assets after a knowledge test. The proposal also permits residents to buy crypto abroad via licensed intermediaries, mandates tax reporting, and would replace the experimental regime launched in March 2025. MOEX and SPB stress they already have trading, clearing and settlement systems and technological readiness to offer spot crypto trading; both currently offer crypto derivatives. CBR officials urged rapid amendments to multiple laws to operationalize the regime and address international scrutiny. The framework still requires federal government approval and parliamentary passage before implementation. Keywords: Russia crypto regulation, Moscow Exchange, SPB Exchange, licensed crypto trading, retail investor limits.
Neutral
The announcement is likely neutral for the price of the cryptocurrencies mentioned (general crypto like BTC/stablecoins) because it mainly signals regulatory clarity and infrastructure readiness rather than immediate large-scale buying pressure. Short-term: markets may react with mild volatility on headlines—positive sentiment from regulated access could boost demand for spot exposure, but the framework’s retail caps (300,000 rubles/year) and the 2026 implementation timeline limit immediate inflows. Exchanges’ readiness to offer spot trading and allowance for qualified investors to buy without limits is a structural positive, supporting medium-to-long-term institutional and on‑shore liquidity, which could be modestly bullish over time. However, requirements for custodians, stricter authorization for crypto-specific providers, tax reporting and legislative hurdles introduce friction and uncertainty that temper upside. Overall, the net effect should be gradual improvement in market infrastructure and legitimacy (long-term mild bullish), while near-term price impact is likely muted—hence classified as neutral.