Russia's Leading Stock Exchanges Set to Launch Crypto Trading by 2026

Moscow Exchange and St. Petersburg Exchange have announced their readiness to initiate regulated cryptocurrency trading, contingent on the establishment of Russia's legislative framework, which is projected to be in place by mid-2026.

Key Takeaways

Russia's top exchanges are set to launch regulated crypto trading by mid-2026.
The Bank of Russia has outlined a deadline for complete cryptocurrency legislation.
Access to the market will vary for qualified and non-qualified investors.
Despite a growing market, cryptocurrencies remain banned for domestic payments.
Russia is now Europe's largest crypto market by transaction volume, with significant mining and investment activity.

Russia's Top Stock Exchanges Ready to Launch Crypto Trading by 2026

Recent local reports indicate that the exchanges' confirmations follow the Bank of Russia’s release of a regulatory concept on December 23. This concept outlines a deadline of July 1, 2026, for the development of comprehensive cryptocurrency legislation.

The Moscow Exchange highlighted that it is “actively working on solutions to service the cryptocurrency market,” while St. Petersburg Exchange noted that it has “the necessary technological infrastructure for trading and settlements.”

The Shift Towards Regulatory Oversight

Russia's journey towards crypto regulation gained traction in mid-2024 after the Ministry of Finance first proposed enabling qualified investors to trade digital currencies on licensed exchanges.

Anatoly Aksakov, who leads the State Duma Financial Market Committee, commented that major exchanges were “already actively involved in developing the cryptocurrency market and organizing the necessary infrastructure.”

The proposed regulatory framework differentiates market access between qualified and non-qualified investors, with distinct conditions for each group.

Non-qualified investors will be permitted to buy liquid cryptocurrencies from a predefined list after passing mandatory knowledge tests, with annual purchase limits set at 300,000 rubles (about $3,800) through a single intermediary. In contrast, qualified investors are subject to no volume restrictions but must show their understanding of crypto risks through testing. However, they are prohibited from purchasing anonymous tokens that hide transaction details.

While trading infrastructure is on the horizon, Russian authorities continue to uphold a ban on using cryptocurrencies for domestic transactions. On December 17, Aksakov reiterated this stance, asserting that cryptocurrencies “will never become money within our country” and can only serve as investment instruments, with all domestic payments mandated in rubles.

Initially, the Bank of Russia proposed a total ban on crypto exchanges and token trading; however, Western sanctions triggered a change in these policies.

Mining Boom and Economic Implications

The cryptocurrency ecosystem in Russia has expanded beyond mere trading speculation, showing extensive growth.

Between July 2024 and June 2025, Russia recorded $376.3 billion in incoming crypto transactions, surpassing the United Kingdom’s $273.2 billion, thus establishing Russia as Europe’s largest crypto market based on transaction volume, according to Chainalysis data.

Russia's Exchanges Crypto Trading - Europe Crypto Adoption Chart

During this period, large transactions exceeding $10 million surged by 86% in Russia, nearly twice the 44% growth witnessed elsewhere in Europe. DeFi activity also saw substantial growth, increasing eightfold in early 2025 before stabilizing at three and a half times the level observed in mid-2023.

A significant contributor to this growth is A7A5, a stablecoin pegged to the ruble, which achieved a market capitalization of $500 million despite the constraints imposed by Western sanctions. This made A7A5 the world’s largest non-dollar stablecoin.

Moreover, the mining sector has gained particular importance within Russia's economy. Senior Kremlin official Maxim Oreshkin recently suggested that crypto mining could be recognized as export activity since mined assets effectively flow overseas, even without physical transport.

Industry estimates indicate that Russia produces tens of thousands of Bitcoins each year, generating approximately 1 billion rubles in daily mining revenue, with the country commanding over 16% of the global hashrate during the summer months.

Central Bank Governor Elvira Nabiullina also acknowledged that crypto mining contributes positively to the ruble's strength. However, she mentioned that assessing its precise impact is challenging since much of the sector operates in gray areas, with illegal mining resulting in losses of billions of dollars annually due to stolen electricity and evaded taxes.

On November 1, 2024, Russia officially legalized crypto mining, requiring businesses to register with the Federal Tax Service.

Banks foray into Digital Assets

Sberbank, Russia's largest bank, has started offering regulated crypto-linked investments, amounting to 1.5 billion rubles, primarily involving structured bonds and digital financial assets associated with Bitcoin, Ethereum, and various crypto portfolios.

Deputy Chairman Anatoly Popov confirmed that the bank is engaged in “active dialogue” with the Bank of Russia to integrate crypto services within regulated frameworks while constructing proprietary blockchain technology.

As it stands, the regulatory timeline anticipates that the legislative framework will be finalized by July 1, 2026, with penalties for illegal crypto intermediary activities taking effect from July 1, 2027.