Russian exchanges prepare for crypto trading after new law

Russia is taking a major step towards regulated crypto trading. The country’s two largest exchanges, Moscow Exchange (MOEX) and SPB Exchange, are preparing to trade crypto after the Russian parliament passed a new law that gives the sector more room.

In brief:

• MOEX and SPB Exchange are preparing for regulated crypto trading in Russia
• The new law takes effect on 1 September
• The Russian central bank is working on the final rules for exchanges and digital infrastructure

Law takes effect on 1 September

The new Russian legislation, which explicitly makes room for crypto, comes into force on 1 September. Both exchanges are making the necessary preparations to get started from that date. The Russian central bank, the Bank of Russia, is currently drawing up the final rules that exchanges and other parties in the digital asset market must comply with.

This amounts to a formal integration of crypto into the Russian financial system, with government oversight and regulation. That is a clear change of course compared with Russia’s years of reticence towards digital currencies.

MOEX is a dominant force on the Russian market

Moscow Exchange is by far Russia’s largest financial marketplace. The exchange processes an estimated 92% to 95% of all domestic equity trading. MOEX’s entry into the crypto market is therefore no minor addition: it brings crypto trading directly into the heart of the Russian financial system.

SPB Exchange, known for trading foreign equities for Russian investors, is joining in. Together, the two parties represent a significant portion of Russia’s exchange infrastructure. Whether and how foreign investors will gain access to this new crypto market is not yet clear, partly because of the international sanctions applicable to Russia.