Moscow Exchange (MOEX) is preparing to launch a digital custody platform for cryptocurrency trading, RBC reported. The project is still in development, with sources pointing to a launch window between late 2026 and early 2027. The platform is designed to operate as an independent structure rather than being built on MOEX itself or its National Settlement Depository (NSD). Russia's digital currency regulatory framework is expected to take effect partially on Sept. 1, though clear mechanisms for crypto custody and registration have yet to emerge. Industry discussions have centered on two possible models: one that creates multiple crypto liquidity centers, letting brokers plug into either MOEX's custody platform or their own systems, and another in which trading platforms handle order matching while banks or brokerages run custody and registration. Sberbank, VTB Bank, T-Bank and Alfa-Bank have already said they plan to launch digital custody services. MOEX's move is expected to intensify competition among traditional financial institutions and push crypto asset services closer to maturity.
Project still in development
Moscow Exchange (MOEX) is preparing to launch a digital custody platform (a digital depository) for cryptocurrency trading, RBC reported. The project is still at the development stage and could go live as early as late 2026 or early 2027, sources said.
The digital custody platform will not be based on MOEX itself or on its National Settlement Depository (NSD). Instead, it is planned to operate as a new independent structure.
Regulatory window and two possible models
Russia's digital currency regulatory framework is expected to take effect partially from Sept. 1, yet the market still lacks clear mechanisms for crypto custody and registration. Several technical models are being discussed inside the industry.
- One option involves creating multiple crypto asset liquidity centers, allowing brokers to connect either to the MOEX digital custody platform or to their own digital custody systems.
- Another scenario would have trading platforms handle order matching, while banks or brokerages' digital custody arms take care of crypto asset storage and registration.
Large banks line up
Several large Russian banks, including Sberbank, VTB Bank, T-Bank and Alfa-Bank, have already said they plan to offer digital custody services. With MOEX entering the same track, competition among traditional financial institutions is expected to intensify, and crypto asset services could become more complete.
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