Russia's Moscow Exchange is pushing to start cryptocurrency trading in December and has entered a pilot operation with professional investors.

Bitcoin Magazine, a blockchain media outlet, reported on Oct. 12 local time that the exchange is currently checking live operating procedures with professional investors. The exchange presented December as the launch timing.

The trading structure will be built around a separate partner digital depository institution for settlement. Investors will open accounts at the depository institution and then participate in trading. Boris Blokhin (보리스 블로힌), senior managing director for sales and business development at Moscow Exchange, said no separate permits or licences are needed to start trading.

The plan is being pursued under Russia's legal framework on digital currency and digital rights that took effect from September. The system contains comprehensive rules on cryptocurrencies in Russia. It has made it possible to trade using infrastructure such as existing exchanges, brokers and trustees, and has also enabled exchange services handling crypto trading and digital depository institutions responsible for ownership records to newly enter the market.

Moves by Russia's financial sector to bring crypto into the regulated system are also continuing. Sberbank, Russia's largest bank, said last month it received the country's first approval for bitcoin custody. The Bank of Russia allowed Sberbank to manage digital currency record-keeping and support transfers of the assets. The scope includes not only bitcoin but also smaller cryptocurrencies.

Russia's bitcoin policy, however, combines permission and control. President Vladimir Putin (블라디미르 푸틴) said at a forum in 2024, "Who can ban bitcoin? Nobody can." By contrast, Russia has deemed it illegal since 2022 to use cryptocurrencies as a means of payment.

Access also differs by investor category. Non-qualified investors can buy bitcoin and stablecoins within an annual limit of 300,000 roubles through a single brokerage institution. Qualified investors, by contrast, can buy without limit all cryptocurrencies traded on exchange markets and over-the-counter markets.

Against this backdrop, Russia is gradually expanding regulated trading and custody infrastructure. Putin signed a document in October that confirmed as law regulations on digital currency and digital rights. If the Moscow Exchange's December launch proceeds as scheduled, Russia's cryptocurrency market is expected to further concretise its integration into the regulated system centred on existing financial infrastructure.