Moscow Exchange Tests Crypto Trading Ahead of Dec. 1 Launch

Moscow Exchange is testing cryptocurrency transactions with professional market participants ahead of a planned Dec. 1 launch, expanding Russia’s regulated digital-asset market under new rules.

Boris Blokhin, a Moscow Exchange senior managing director for sales and business development, said testing began about a week before Oct. 8 and will continue until the planned launch.

“We have already begun active testing of cryptocurrency trading ... We plan to provide this opportunity on Dec. 1 under the new legislation,” Blokhin said.

The exchange plans to use its existing trading infrastructure and license. Blokhin said the new regulation allows Moscow Exchange to operate through its current trading-organizer license without an additional license or separate registry admission.

Russia’s cryptocurrency law took effect Sept. 1. Non-qualified investors must pass a test and face an annual purchase limit of 300,000 rubles per intermediary, while qualified investors may trade without an amount limit after testing.

Bitcoin (BTC), Ether (ETH) and Tether (USDT) have been selected for access by non-qualified investors. The Bank of Russia said four organizations had entered its cryptocurrency-exchange register and five its digital-depository register.

Moscow Exchange already offers derivatives linked to cryptocurrency indexes. The planned December service would extend its role to trading the underlying digital assets.