Moscow Exchange will begin trading Bitcoin, Ethereum and Tether’s USDT on December 1, opening what the exchange describes as Russia’s first organized cryptocurrency market. The platform will use existing securities infrastructure and support same-day and next-day settlement, as well as swap transactions, with clearing through the National Clearing Center. Non-qualified investors must pass a digital-assets test and will face an annual purchase limit of 300,000 rubles, or about $3,700, per broker; the limit does not apply to qualified investors. Trading is scheduled from 6:50 a.m. to 11:50 p.m. Moscow time. The launch follows Russia’s crypto law, whose main provisions took effect September 1, allowing regulated trading while continuing to prohibit cryptocurrency payments for goods and services. Moscow Exchange and the NCC face U.S. sanctions imposed in June 2024, UK sanctions and an EU sanctions listing added in July 2026. Experts warn that sanctions could constrain liquidity and widen trading spreads. Sergey Mendeleev, founder of Russian cross-border payments platform Exved, previously questioned whether the sanctioned venue could attract meaningful demand, while saying a platform enabling direct crypto trading between importers and exporters could support foreign trade.