Bank of Russia Approves Non-Deliverable Crypto Products for Accredited Investors
In a significant policy shift, the Bank of Russia has authorized licensed financial institutions to offer cryptocurrency-linked financial products to accredited investors. These offerings include derivatives, securities, and digital financial assets whose yields are tied to cryptocurrency prices. However, a key stipulation is that these instruments must be non-deliverable, meaning investors cannot take actual possession of the underlying cryptocurrencies. This move marks a cautious step towards integrating digital assets into Russia’s financial system while maintaining regulatory oversight.
T-Bank Launches Bitcoin-Linked Investment Product for Qualified Clients
Following the central bank’s announcement, T-Bank, formerly known as Tinkoff Bank, introduced a new investment product that tracks Bitcoin’s price. The product, termed a “smart asset,” allows accredited investors to invest in cryptocurrency using rubles through the bank’s application. This initiative is facilitated via Atomyze, a state-backed tokenization platform, ensuring compliance with Russian regulations. Despite this development, the Bank of Russia continues to advise against direct cryptocurrency investments, emphasizing the need for caution and regulatory compliance.
Market Response and Future Outlook
The Bank of Russia’s decision comes amid a surge in cryptocurrency activity within the country. In the first quarter of 2025, Russian crypto inflows increased by 51%, reaching 7.3 trillion rubles (approximately $81.5 billion). This uptick reflects growing interest in digital assets among Russian residents. While the central bank’s cautious approach aims to mitigate potential financial risks, the introduction of crypto-linked investment products signals a gradual acceptance of digital assets in the Russian financial landscape.
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