Russia opens regulated crypto exchanges on November 22, allowing domestic trading under strict caps, but Washington sanctions on the Moscow Exchange and Tether issuer powers threaten the new market.
Russia Permits Regulated Cryptocurrency Trading from November 22
Russia permits trading in cryptocurrencies through regulated exchanges starting November 22, four years after the central bank proposed a complete ban on these platforms. Approved trading venues may offer Bitcoin, Ethereum, and the stablecoin Tether.
Retail investors face an annual investment limit of 300,000 rubles, equal to roughly 3,630 US dollars. Exchanges must register participants, submit trade histories to the central bank, and follow rules approved by regulators prior to launch.
Eligible cryptocurrencies must maintain an average market capitalization exceeding 5 trillion rubles, or roughly 60 billion US dollars, across the previous two calendar years. Several major financial institutions are preparing their market entry ahead of the launch.
Sanctions and Tether Risks Complicate Regulated Trading
The Moscow Exchange presents a major complication for the regulated market because the US Department of the Treasury placed the exchange and its clearing house on the sanctions list in June 2024. Sberbank has faced comprehensive US sanctions since April 2022.
The planned trading of Tether introduces additional risks because the issuer can block wallet addresses and freeze tokens. This asset freeze capability affects Russian actors, as demonstrated in March 2025 when Tether froze approximately 23 million US dollars connected to the sanctioned crypto exchange Garantex. Tether works closely with US authorities to enforce sanctions.
| Entity or Asset | Regulatory Status / Sanction Date | Key Operational Limit |
|---|---|---|
| Moscow Exchange | US Sanctioned (June 2024) | Primary trading venue faces access hurdles |
| Sberbank | US Sanctioned (April 2022) | Major domestic financial institution |
| Tether (USDT) | Issuer Freezes Active | Subject to token blocks on sanctioned addresses |
| Retail Investors | Cap Enforced (November 2022) | Maximum annual investment of 300,000 rubles |
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
