In a significant development, the Bank of Russia has officially authorized domestic financial institutions to offer cryptocurrency-linked derivatives, securities, and digital financial assets—but only to qualified investors.
“Instruments must be non-deliverable, giving investors exposure to crypto price movements without owning the actual digital assets,” the Bank of Russia clarified in a May 29 announcement.
This cautious but strategic move reflects the country’s gradual shift toward embracing crypto-linked investment products, while still maintaining strict oversight over the sector.
Sberbank Launches Crypto-Linked Bonds
Shortly after the central bank’s announcement, Sberbank — Russia’s largest state-owned bank — confirmed plans to launch structured bonds with yields tied to cryptocurrency prices. These innovative bonds allow investors to benefit from crypto market volatility without directly holding any digital currencies.
“Sberbank’s crypto-yield bonds mark the first major institutional product of its kind in Russia,” reported Interfax.
This product is designed for professional and institutional investors who meet the central bank’s strict qualifications.
Crypto Derivatives Coming to Russian Exchanges
In another step toward broader institutional participation, the Moscow Exchange will introduce a new Bitcoin futures contract in June, which will be cash-settled to comply with Russia’s “non-deliverable” requirement.
Meanwhile, SPB Exchange is also preparing a roadmap for futures trading linked to crypto prices, reinforcing the growing interest in crypto-based financial products among Russian market players.
Experimental Crypto Framework Under Development
Russia’s central bank is also working alongside the Finance Ministry on an experimental regime that allows crypto transactions for “highly qualified” investors. This pilot project may eventually lead to the launch of a regulated national crypto exchange for limited investor access.
“The central bank has submitted a proposal to allow crypto operations in a controlled environment,” the March report noted.
While retail investors remain excluded for now, these initiatives reflect Russia’s cautious but clear move toward integrating crypto within its financial ecosystem.
A Strategic Opening for Crypto Finance in Russia
Russia’s decision to authorize non-deliverable crypto derivatives for professional investors could pave the way for broader adoption of blockchain-based financial instruments, without lifting the ban on actual cryptocurrency trading.
This marks a milestone in Russia’s evolving stance on crypto regulation — focused on control, yet open to innovation.