Russian central bank to allow crypto-based derivatives for qualified investors

The central bank in Moscow is going to give Russian investors access to derivative instruments based directly on cryptocurrencies.

Similar products on the Russian market today only track foreign funds or crypto indices. The monetary authority is now working to adjust Russian regulations.

CBR to permit Russian investors to buy true crypto-based derivatives

The Central Bank of Russia (CBR) is preparing to grant investors access to derivative financial instruments (DFIs) tied to cryptocurrencies like Bitcoin (BTC).

The move will allow private investors in Russia to acquire futures and options directly linked to cryptocurrencies, the Russian business news portal RBC revealed on Tuesday, quoting two sources from the financial sector.

According to their information, brokers, management firms, and exchanges will be authorized to offer their clients DFIs and bonds, the value of which depends on the exchange rate of the underlying cryptocurrency on global trading platforms.

The monetary authority confirmed the news through a representative, adding it’s now drafting the necessary changes as the regulatory framework needs to be amended:

“We are working to fine-tune regulations to remove existing barriers to the issuance of DFIs and structured bonds directly linked to cryptocurrencies.”

Bank of Russia permitted financial firms to offer crypto derivatives on the Russian market with a circular issued in May of this year.

However, the instruments that were made available are indirectly linked to cryptocurrencies as they either track the performance of foreign exchange-traded funds (ETFs) or cryptocurrency indices, not the prices of the digital assets per se.

For example, Russia’s two main exchanges, the Moscow-based MOEX and Saint Petersburg’s SPB, have both launched products tracking the shares of BlackRock’s iShares Bitcoin Trust ETF (IBIT).

But now the regulator wants to allow domestic companies to issue Russian financial instruments directly linked to cryptocurrencies as early as this year or in the first quarter of 2026 at the latest.

According to one of the sources for the report, professional market participants are already developing such products for individual investors.

Bank of Russia is now serious about crypto investments

Russia’s central bank has been reluctant to legalize the free circulation of cryptocurrencies in the country’s economy, but is gradually opening to crypto investments.

Since authorizing the offering of crypto derivatives this spring, the financial authority indicated it plans to permit investment funds to acquire these types of products.

Last week, one of its top executives confirmed the CBR will allow capital management firms to invest in crypto-linked instruments in 2026.

They are currently banned from buying them, but according to Olga Shishlyannikova, director of the bank’s Investment Finance Intermediation Department, the restrictions will be lifted early next year.

In all these cases, crypto remains accessible only to “highly qualified” investors. Besides corporations, private individuals may also fall in the special category, as long as they meet certain minimum requirements regarding annual income and other investments, such as securities.

By all indications, this will be the case with the new financial instruments that are linked to the prices of major cryptocurrencies, too. Providing direct exposure to crypto assets remains out of the question at this point.

Furthermore, crypto derivatives are exclusively offered within the framework of an “experimental legal regime” (ELR), which also facilitates crypto payments in cross-border settlements under sanctions for Russian companies and banks.

However, the Bank of Russia made it clear recently that it wants crypto investments regulated beyond the ELR as well, urging lawmakers in Moscow to adopt the respective legislation also in 2026. It also announced it’s going to allow Russian commercial banks to work with cryptocurrencies.

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