Moscow Exchange Advocates for Lifting Retail Bitcoin Trading Ban

The Event in Detail

The Moscow Exchange, Russia's largest stock exchange, has publicly urged the nation's regulators to lift the existing ban on Bitcoin trading for retail investors. This call for regulatory change comes amidst broader initiatives to develop Russia's own cryptocurrency infrastructure.

Russia has been actively building a comprehensive infrastructure for cryptocurrency operations, involving key financial entities such as the country's largest bank, Sber, the Moscow Exchange, and Finam, a prominent Russian brokerage. The Finance Ministry has also advocated for expanding access to the regulated crypto assets market by relaxing requirements for "highly qualified" investors. While the Central Bank of Russia (CBR) has maintained a cautious stance on the free circulation of decentralized cryptocurrencies, it has indicated plans to permit investment funds to include crypto in their portfolios by 2026.

In June 2025, the Moscow Exchange launched Bitcoin futures contracts for qualified investors, providing exposure to Bitcoin prices without direct ownership. These cash-settled derivatives are denominated in Russian Rubles and are tied to the iShares Bitcoin Trust ETF (IBIT), which trades on U.S. exchanges. Despite these developments, a comprehensive regulatory framework enacted in 2025 prohibits the use of cryptocurrencies for everyday transactions by retail participants, reserving direct crypto investments for qualified institutional investors.

Market Implications

The Moscow Exchange's advocacy for lifting the retail Bitcoin trading ban could significantly impact the domestic cryptocurrency market. If approved, such a move would open up a substantial new market for Bitcoin trading, potentially increasing liquidity and adoption within Russia, and could set a precedent for other nations contemplating similar regulatory shifts.

This development parallels regulatory movements in other jurisdictions, such as the United Kingdom. The Financial Conduct Authority (FCA) recently reversed a five-year ban, allowing retail traders to once again purchase exchange-traded notes (ETNs) linked to cryptocurrencies like Bitcoin and Ethereum, effective October 8. Unlike ETFs, which are backed by physical holdings, ETNs are debt instruments tracking an underlying asset or index. The FCA cited market evolution and improved understanding of these products as reasons for the change, though its ban on crypto derivatives for retail investors remains in place.

Earlier in May 2025, the Russian Central Bank lifted restrictions on financial instruments tied to Bitcoin and other cryptocurrencies. This regulatory change was met with immediate market optimism, as Bitcoin's price surged by 4.2% to $68,500, with trading volume spiking 18% within the first hour of the announcement, according to market data. This suggests that further relaxation of retail restrictions could lead to additional capital inflows and a boost in overall market sentiment.

Regulatory Landscape and Broader Context

While the Moscow Exchange pushes for greater retail access, the CBR continues to navigate a complex regulatory path. The CBR has proposed a special framework, the Experimental Legal Regime (ELR), to enable specific companies to utilize cryptocurrencies in cross-border transactions. This framework aims to provide regulated access for selected investors, including a limited group of Russian exporters, importers, and high-income investors, without recognizing cryptocurrencies as legal tender outside this controlled environment. In May, the CBR authorized offering crypto derivatives to high-net-worth individuals, defined as those with assets exceeding 100 million rubles or an annual income of 50 million rubles.

The Finance Ministry has consistently called for a unified strategy to integrate private cryptocurrencies with the nation's digital ruble initiative. Deputy Finance Minister Ivan Chebeskov stated at the Crypto Summit 2025 that Russia needs a strategic understanding of the digital asset market, emphasizing the importance of integrating these digital platforms to enhance the financial system. The 2025 regulatory framework also enables financial institutions to freeze accounts linked to crypto activities and increases scrutiny on the mining industry. Regarding retail access, CBR Governor Elvira Nabiullina has been quoted stating, "The Bank of Russia is ready to allow investments in cryptocurrencies within the Russian Federation, but only for individual market participants." These efforts align with Russia's long-term goal of launching a digital ruble by 2026 and reconfiguring the nation's financial landscape.

Despite regulatory limitations, Russian crypto wallets are estimated to hold $25 billion in cryptocurrencies, indicating significant underlying interest and demand within the country for digital assets.

source:

[1] Russia's Largest Stock Exchange Calls on Regulators to Lift Bitcoin Trading Ban for Retail Investors - TechFlow (https://www.techflowpost.com/newsletter/detai ...)[2] Russia building own crypto infrastructure to meet market demand - Cryptopolitan (https://vertexaisearch.cloud.google.com/groun ...)[3] UK lifts ban on crypto-linked notes for retail investors after 5 years - DL News (https://vertexaisearch.cloud.google.com/groun ...)

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