Russia could start crypto operations in November 2026, with MOEX ready to launch once the rules are in place

The Bank of Russia expects crypto operations under the new framework to begin in November 2026, after the law and the subordinate regulations are ready. For PSPs, exchanges, brokers, and banks watching the high-risk stack, the important bit is simple: the legal rails are being built before the market opens.

1. First deputy governor Vladimir Chistyukhin said the regulator is aiming for November 2026, with the relevant regulatory acts expected to be ready by then and sent to the Ministry of Justice. In his words, if the process stays on schedule, the documents could be adopted and published in early November, after which operations could begin.
2. MOEX said it expects to launch crypto trading by the end of 2026. Representative Igor Marich said the exchange will be ready as soon as both the law and the subordinate acts are in place, adding that a large number of implementing documents are still needed.
3. The draft law on crypto regulation is still moving through the State Duma. Deputies passed it in the first reading in April, and the second and third readings are expected before the end of the spring session, meaning by 27 July.
4. The proposed amendments would allow Russians to buy crypto legally through licensed intermediaries, including exchange offices and brokers. In other words, the state is not opening a free-for-all; it is building a permissioned market with regulated access points.
5. A separate bill has also been introduced to create criminal liability for illegal crypto turnover in Russia. It provides for fines of up to 1 mln rubles and prison terms of up to seven years.

For the payments industry, the signal here is not just “Russia may legalize crypto trading.” It is that the first viable distribution model is being framed around licensed intermediaries and a regulated exchange venue, which is the sort of setup PSPs and banking partners usually need before they even start the risk meeting.