Moscow Exchange has set December 1 as the target date to launch a digital currency market offering Bitcoin, Ethereum and USDT. Bank of Russia rules cap purchases by non-qualified investors, and US sanctions on the exchange raise open questions.
Moscow Exchange plans to begin offering digital currency transactions from December 1, according to its November 2 announcement. The exchange describes the initiative as Russia's first organized digital currency market.
Bitcoin, Ethereum and USDT on stock-market infrastructure
The initial offering will include Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Trading will use the exchange's existing stock-market technology, and the National Clearing Centre (NCC) will process transactions.
The platform will first support same-day and next-day settlements, known as TOD and TOM, plus swap transactions meant to help participants manage liquidity. Trading hours will run from 6:50 a.m. to 11:50 p.m. Moscow time, mirroring the traditional stock market. The exchange plans to start with pilot transactions and then connect more participants as they become ready.
Retail investors face a 300,000-ruble limit
Access will have limits. Under the Bank of Russia's finalized rules, non-qualified investors can buy Bitcoin, Ethereum and USDT up to a combined annual limit of 300,000 rubles through each individual intermediary. They must also complete testing and familiarize themselves with the risks first.
Qualified investors get broader access without the same asset-list and purchase-limit restrictions, but they must still take the testing and acknowledge the risks. The central bank's rules take effect on November 17, ahead of the exchange's planned rollout.
US sanctions cloud the new market
The United States sanctioned both Moscow Exchange and its clearing subsidiary in June 2024. That raises questions about how international counterparties and digital asset providers will interact with the new infrastructure.
Including USDT adds another complication. Tether maintains a policy of freezing wallets associated with sanctioned entities, which prompts questions about how that policy could apply to stablecoins held through the exchange's clearing system.
Market participants also question whether the venue can compete with offshore exchanges and peer-to-peer markets. Exved founder Sergey Mendeleev expressed doubts about its attractiveness, warning that trading spreads could make the offering uncompetitive for ordinary investors.
The pilot phase will show whether brokers, institutional participants and investors are willing to use the system.
Source: Bitcoinist
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