The Moscow Exchange will begin trading futures tied to the value of cryptocurrency-related assets on Wednesday, June 4, 2025, marking a new step in Russia’s cautious approach toward digital financial instruments.
According to an announcement from the exchange, the new futures contracts will be based on the performance of a Bitcoin Trust exchange-traded fund (ETF). Access will be limited to investors classified as “qualified” under Russian financial regulations.”Trading in this new product will begin on June 4, 2025, and will be exclusively available to qualified investors,” the exchange said earlier.
The contracts, traded under the ticker symbol IBIT, will be quoted in U.S. dollars per lot, though settlements will be carried out in Russian rubles. Trading will initially include quarterly futures expiring in September 2025.
Regulatory Conditions and Investor Access
The launch follows recent guidance from the Bank of Russia, which in May authorized the offering of certain financial products whose returns are linked to the performance of cryptocurrencies. These products include derivatives, securities, and digital financial assets — but only for qualified investors.
Despite this approval, the central bank continues to caution financial institutions and the public against direct investment in cryptocurrencies themselves. The Bank of Russia has maintained a strict stance on digital currencies, citing concerns about volatility and financial stability.
The new offering on the Moscow Exchange reflects a regulatory compromise, allowing limited exposure to digital assets without permitting outright cryptocurrency trading.
Other Developments in Russian Crypto Derivatives
The move comes amid broader testing and development of cryptocurrency-related financial instruments in Russia. The SPB Exchange, a separate trading venue, confirmed to state-run media that it is testing cash-settled futures tied to cryptocurrency benchmarks.
Meanwhile, Sber, Russia’s largest state-owned bank, is also preparing a product that will allow investors to gain exposure to digital currencies indirectly without owning the underlying assets. Specific launch details for Sber’s product have not yet been disclosed.
Industry analysts suggest these initiatives are part of a broader shift toward regulated digital asset instruments that meet the Bank of Russia’s criteria for investor protection. While direct trading of cryptocurrencies remains restricted, institutions are increasingly exploring ways to offer access to crypto-based returns through regulated financial products.
