Russia’s main exchange, the Moscow Exchange, has started offering Bitcoin futures contracts, marking a significant step in the country's gradual acceptance of cryptocurrencies.
These new contracts are designed to track the price of the BlackRock Bitcoin ETF, which has accumulated over $72 billion in assets. The trades will be priced in US dollars per lot, while settlements will occur in Russian rubles, allowing local traders to benefit from Bitcoin’s price fluctuations without engaging with foreign crypto platforms.
The Bitcoin futures will be released quarterly, with the first contracts set to expire in September 2025. Reports indicate that only qualified investors, such as major banks, funds, and other approved financial entities, will be permitted to trade on the Moscow Exchange, excluding ordinary investors from participating.
The Bank of Russia approved these products in May 2025 but continues to caution firms against direct crypto transactions. The intention appears to be to allow larger players to manage the risk in a controlled environment.
While the Moscow Exchange has priced contracts in US dollars, all settlements will be conducted in rubles, which helps protect Russia from abrupt changes in foreign markets. This arrangement allows traders to secure deals based on Bitcoin’s dollar value while receiving payments in their local currency, thus keeping funds within Russia while still connecting to a global crypto product.
Some analysts view this as a prudent approach, enabling Russia to participate in the international cryptocurrency market without reliance on overseas platforms.
Behind the scenes, the Bank of Russia maintains a cautious approach. Although it has authorized crypto-linked derivatives for qualified investors, it has not made them available to the general public. Most banks and investment firms are advised against facilitating direct Bitcoin trades for their clients, instead offering tools like these futures if they meet qualifications.
This strategy reflects a careful attitude towards digital assets, aiming to balance the potential for significant profits against the risks of substantial losses by limiting access to these new financial products.
In related news, Sberbank, the largest bank in Russia, is developing its own crypto-based offerings. Soon, select clients will have the opportunity to purchase structured bonds linked to Bitcoin’s price, which will also trade in rubles and will not require a crypto wallet, allowing investors to speculate on Bitcoin without the need for accounts on foreign exchanges.
