Under Russian legislation, the Bank of Russia is empowered to create experimental legal regimes (ELRs) for organized trading in digital currency. In March 2025 it submitted to the Government a draft three-year ELR permitting crypto transactions on an exchange accessible to a new class of “specially qualified” investors.

Candidate exchanges, including the Moscow Exchange, are already test-running the infrastructure, yet the licensing framework for trading venues remains under development.

The market will resolve to YES if, by 23:59 UTC on September 30, 2025, the Central Bank of the Russian Federation enters a centralized cryptocurrency exchange in its official register or otherwise issues a licence for such activity, and that exchange commences trading before the stated deadline.

Data source: official “Licences and Registers” pages and documents on the Bank of Russia’s website (cbr.ru), supplemented by the licensed exchange’s formal announcement of the start of trading.