TL;DR : The Moscow Exchange wants Russian regulators to allow regular people to trade Bitcoin. The ban has been in place since 2021, but the exchange says it’s time to open up the market safely and legally.
What Happened
- On October 3, 2025, the Moscow Exchange (MOEX) publicly called on Russian regulators to lift the ban on retail Bitcoin trading.
- MOEX CEO Yuri Denisov said allowing retail access to Bitcoin would “enhance financial inclusion, mitigate risks through oversight, and position Russia as a leader in digital assets.”
- The proposal includes strict regulation, including KYC (Know Your Customer), AML (Anti-Money Laundering) rules, and limits on how much retail investors can trade (e.g., 10% of their portfolio).
Current Crypto Rules in Russia
- Retail crypto trading and payments have been banned since 2021.
- Businesses can use crypto for cross-border trade (e.g., with China or India) since 2024.
- Crypto mining is legal and taxed, generating up to 200 billion RUB per year.
- Peer-to-peer (P2P) crypto activity is not banned, but many platforms faced blocks until compliance was met in August 2025.
Market Reaction
- Bitcoin prices rose ~3% to $123,000 after the announcement.
- Analysts estimate the retail crypto market in Russia could reach $10-20 billion if legalized.
Reactions
- Regulators (CBR): No official response yet, but Governor Elvira Nabiullina recently hinted at new “experimental infrastructure” by late 2025.
- Finance Minister Anton Siluanov: “No one can regulate Bitcoin.”
- Sberbank supports crypto custody services.
- Chainalysis and Western watchdogs warn of potential sanctions risks if crypto is used to bypass financial restrictions.
Current Status (as of October 4, 2025)
- The Central Bank of Russia is reviewing the proposal.
- A decision on retail crypto pilot programs is expected by November 2025.
- Bitcoin remains stable around $122,000.