Bank of Russia allows crypto derivatives for qualified investors only.
Products are non-deliverable, tied to crypto price movements.
Investors need over 100 million rubles in assets to qualify.
Moscow Exchange to launch Bitcoin futures in June 2025.
Russia holds over 50,000 Bitcoins despite restrictive policies.
#RussiaCentralBank #CryptoDerivatives #QualifiedInvestors #DigitalFinance #BitcoinFutures
The Bank of Russia has authorized financial institutions to provide crypto derivatives and related financial instruments to qualified investors. This decision, announced on May 29, 2025, signals a cautious shift in the country’s approach to digital finance.
Qualified investors can now access derivatives, securities, and digital financial assets tied to cryptocurrency prices. These products are non-deliverable, meaning investors will not receive actual cryptocurrencies like Bitcoin or Ethereum. Instead, returns are based on price movements of the underlying assets.
The policy restricts access to investors with significant financial experience. To qualify, individuals must hold over 100 million rubles ($1.1 million) in assets or earn more than 50 million rubles ($550,000) annually. This ensures only high-net-worth individuals can participate.
The central bank emphasized risk management in its announcement. It requires financial institutions to maintain full capital coverage for these offerings. Individual exposure limits must also be set to mitigate potential losses.
Direct investment in cryptocurrencies remains prohibited. The Bank of Russia stated that it does not recommend financial firms or clients invest directly in digital assets. This reflects the country’s ongoing concerns about the volatility of cryptocurrencies.
Russia’s move comes amid international sanctions limiting its access to global financial systems. The central bank noted that these sanctions have pushed the country to explore regulated digital finance options. Despite the restrictions, Russia reportedly holds over 50,000 Bitcoins, acquired through seizures and purchases.
The Moscow Exchange plans to launch a cash-settled Bitcoin futures contract in June 2025. The SPB Exchange is also preparing to introduce cryptocurrency-linked futures trading, further expanding options for qualified investors.
A Broader Shift in Russia’s Crypto Policy
The Bank of Russia’s decision follows a proposal made in March 2025. It suggested a three-year experimental regime allowing a select group of “highly qualified” investors to trade cryptocurrencies directly. The government is still reviewing this plan.
The central bank and the Ministry of Finance are developing a cryptocurrency exchange for a limited investor base. Finance Minister Anton Siluanov previously stated that this platform would target “super-qualified” investors. The exchange aims to bring crypto operations under stricter oversight.
In April 2025, the Finance Ministry confirmed plans to legalize crypto assets through this platform. “We aim to regulate crypto activities and ensure transparency,” Siluanov said, highlighting the government’s intent to control digital asset usage.
Russia’s crypto transaction volumes have surged recently. By March 2025, Russian users held over 827 billion rubles ($10.5 billion) on crypto platforms. Bitcoin accounted for 62.1% of this value, followed by Ethereum at 22%, and stablecoins like USDT at 15.9%.
The central bank attributed this increase to growing global confidence in digital assets. However, it also warned of short-term volatility, noting Bitcoin’s 18.6% drop between January and April 2025. This data underscores the risks tied to crypto-linked products.
The Bank of Russia plans to formalize its conservative approach to regulating these risks over the next year. It urged financial institutions to exercise caution when offering crypto-linked instruments. This includes ensuring proper capital buffers and setting strict limits on exposure.