James Richardson
The Moscow Exchange (MOEX) has officially rolled out cash-settled Bitcoin futures contracts, giving accredited investors in Russia exposure to Bitcoin’s price through a derivative based on BlackRock’s IBIT ETF, according to a report by state-run news agency TASS.
The newly launched futures are quoted in U.S. dollars but settled in Russian rubles, with the first contracts set to mature in September 2025. While the product mirrors the price movements of BlackRock’s IBIT ETF, it does not involve direct ETF share trading.
By structuring these as derivatives, MOEX remains compliant with Russian regulations, which prohibit direct investment in foreign-listed ETFs but allow indirect exposure for qualified investors.
Regulatory Green Light Spurs Institutional Growth
This product launch follows a recent policy shift by the Bank of Russia, which now permits licensed financial firms to offer crypto-based derivatives to professional market participants. Despite the ongoing ban on retail crypto investments, authorities are cautiously opening up the crypto space to institutions.
Russia Eyes a Broader Institutional Crypto Framework
In parallel, Russian financial regulators — including the Ministry of Finance — are developing a state-supported digital asset trading platform aimed at institutional investors. Meanwhile, Sberbank, the country’s largest state-owned bank, is reportedly working on structured bonds pegged to crypto price movements, further underlining a growing appetite for blockchain-based financial instruments.
A Strategic Shift Toward Regulated Crypto Products
Though still wary of full-scale adoption, Russia appears to be gradually integrating regulated crypto investment tools into its financial ecosystem — positioning institutions for future participation in the evolving digital asset market.
