Russia Bitcoin trading: exchanges may open from November 22

What happened. The Bank of Russia has set which cryptocurrencies can be offered to non-qualified investors: Bitcoin, Ether and USDT (the Tether stablecoin). The ordinance takes effect on November 17, 2026, and from that date exchanges may admit these assets to public trading. A separate ordinance on organised trading was registered by the Justice Ministry and published on the regulator's site. Under it, exchanges may start crypto trading from November 22, but first they must agree the trading rules with the Bank of Russia.

Who, and how much. A non-qualified investor can buy through a broker, a trust manager or a crypto exchange office, on an exchange or over the counter. The cap is 300,000 rubles a year through one intermediary. Bitcoin Magazine puts that at about $3,600 at the official exchange rate. Qualified investors can access any cryptoassets without limits. Before a deal, every investor must pass a test and read about the risks. The list is short on purpose: only the most liquid assets made it, judged by market capitalisation, average daily trading volume and a pricing history on foreign exchanges of at least five years.

What exchanges must do. Exchanges have to register the participants in trading (brokers, trust managers, central counterparties), keep registers of orders and deals, and monitor activity. They calculate a current price, a weighted-average price, a market price and a closing price, and report trading to the Bank of Russia the same way they do for other assets. The base for all of this is the law "On Digital Currencies and Digital Rights", in force since September 1. Paying for goods and services with crypto inside Russia is still banned (Bitcoin Magazine).

Moscow Exchange and sanctions. In early October, Boris Blokhin, a senior managing director at Moscow Exchange, said the venue plans to open crypto deals from December 1 and is already testing operations with professional participants. Bitcoin Magazine reports that US sanctions already cover the exchange and its clearing house. It also says the regulator did not say whether any venue's rules have been approved. For a reader outside Russia, that is the key question: a regulated venue with three assets and a tight retail cap is coming, but its launch depends on a central bank decision.

Hechos confirmados

• The Bank of Russia set the list of cryptocurrencies that may be available to non-qualified investors: Bitcoin, Ether and USD Tether (press release of November 6, 2026).^[1]
• The ordinance with the asset list takes effect on November 17, 2026, and from that date exchanges may admit these assets to public trading.^[1]
• Non-qualified investors will be able to buy cryptocurrencies through a broker, a trust manager or a crypto exchange office, in the exchange and over-the-counter markets.^[1]
• Purchases through a single intermediary may not exceed 300,000 rubles per year.^[1]
• Qualified investors will have access to all cryptoassets without restrictions.^[1]
• Before a deal, an investor, whatever the status, must pass a test and read about the risks of crypto investment.^[1]
• The selection considered market capitalisation, average daily trading volume and pricing history on foreign exchanges, which must be at least five years.^[1]
• Russian exchanges may start crypto trading from November 22, 2026, but first they must agree the trading rules with the Bank of Russia.^[2][3]
• The ordinance on organised trading in digital currencies was registered by the Justice Ministry and published on the Bank of Russia's site.^[2]
• Exchanges must register trading participants (brokers, trust managers, central counterparties), keep registers of orders and deals, monitor operations, and calculate a current, weighted-average, market and closing price.^[2]
• The law "On Digital Currencies and Digital Rights" has been in force since September 1; it adds new participants: crypto exchange offices and digital depositories.^[2]
• In early October, Boris Blokhin of Moscow Exchange said the exchange plans to open crypto deals from December 1 and is testing operations with professional participants; it will need no extra licences.^[2]
• Moscow Exchange announced on November 2 that it plans to offer Bitcoin, Ether and USDT from December 1, initially as a pilot.^[3]
• US sanctions already cover Moscow Exchange and its clearing house.^[3]
• Using crypto to pay for goods and services inside Russia is still banned.^[3]
• 300,000 rubles is roughly $3,600 at the official exchange rate.^[3]

Implicaciones

• ConfirmadoThere are two separate dates: November 17 for the asset list and November 22 for exchanges to open trading, and the second depends on the central bank approving the rules.
• ConfirmadoRetail access is limited by design: three assets, a test and a cap per intermediary.
• Nuestra lecturaWith a cap this size, retail volumes on these venues will be small, so a direct effect on the world market is unlikely to be large.
• Nuestra lecturaUS sanctions on Moscow Exchange remain a risk for any foreign party that thinks about dealing with this market.

Todavía no se sabe

• Whether the Bank of Russia has approved the trading rules of any exchange: Bitcoin Magazine says the regulator did not say.
• Whether Moscow Exchange starts on December 1, as it planned.
• How sanctions rules affect people who use USDT: the pages we opened do not cover it.
• When an ordinary buyer can place a first order: we did not find a date for testing and for intermediaries going live.
• The ordinance number: some outlets give 7441-U and mix up the dates of November 17 and 22, and the central bank release we opened has no number, so we do not rely on it.

A quién afecta

Russia, Global. People who follow the crypto market and sanctions, and people in Russia who want to buy Bitcoin legally

Fuentes

1. Банк России: Криптовалюта для неквалов: указание Банка России 6 de noviembre de 2026 · oficial
2. Интерфакс: Биржам разрешили запускать торги криптовалютами с 22 ноября 11 de noviembre de 2026 · medios
3. Bitcoin Magazine: Russia's Central Bank Clears Exchange to Open Bitcoin and Crypto Trading on Nov. 22 11 de noviembre de 2026 · medios