Moscow Exchange, Russia’s largest trading venue, will launch a pilot market for bitcoin, ether and Tether’s USDT on Dec. 1. Trades will be cleared by the National Clearing Centre, which has been sanctioned by the U.S. Treasury since June 2024, while custody will be handled by partner digital depositaries. Non-qualified investors will have to pass a test and will be limited to buying 300,000 rubles of digital currencies annually, roughly $3,700, through a single broker, while qualified investors will face no cap. The initiative aims to bring trading currently conducted on offshore platforms and peer-to-peer desks back to domestic, supervised infrastructure. Its success depends on whether retail restrictions keep activity offshore and whether foreign investors and liquidity will use a sanctioned venue.
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