Russian Central Bank Opens Door to Crypto Derivatives for Qualified Investors

In a significant policy update, the Bank of Russia has announced new measures allowing financial institutions to offer crypto-linked derivatives and securities to qualified investors. This development reflects the central bank’s cautious yet progressive approach to integrating cryptocurrencies into the financial system while maintaining robust risk management measures.

Crypto-Linked Instruments for Qualified Investors

On May 28, 2025, the Bank of Russia officially confirmed that financial institutions can now issue non-deliverable financial derivatives, securities, and digital financial assets tied to cryptocurrency prices. These instruments are exclusively available to qualified investors, ensuring that only experienced and financially capable individuals or entities can access them.

The central bank has emphasized a conservative risk management framework for these instruments. Financial institutions are required to:

• Fully cover their positions with capital.

• Set individual exposure limits to mitigate systemic risks.

The Bank of Russia plans to formalize these risk management measures within the year. While this marks a step forward in cryptocurrency integration, the central bank continues to warn against direct investments in cryptocurrencies due to their inherent volatility and potential systemic impacts.

Introduction of a Test Regime for Crypto Transactions

The Russian Government is currently reviewing the Bank of Russia’s proposal to introduce a test regime for cryptocurrency transactions. This initiative would allow only specific categories of investors to participate, creating a controlled environment to explore the feasibility and risks of cryptocurrency integration.

This test regime, often referred to as a "sandbox," aims to:

• Develop new laws and infrastructure for cryptocurrency transactions.

• Limit participation to pre-approved, financially qualified investors.

The central bank views this as a critical step toward understanding the broader implications of cryptocurrencies while safeguarding against retail market speculation.

Institutional Moves Signal Market Readiness

Following the Bank of Russia's announcement, major Russian financial institutions are swiftly responding with new crypto-linked offerings. According to Interfax, Sberbank—Russia’s largest state-owned bank—has announced plans to launch structured bonds with yields tied to cryptocurrency prices.

The Moscow Exchange is also preparing to introduce a new cash-settled Bitcoin futures contract on its derivatives market this June. In addition, the SPB Exchange has revealed its roadmap to offer cryptocurrency-linked futures trading.

Bitcoin’s Rise and Broader Implications for Russia’s Financial Ecosystem

While the Bank of Russia maintains a cautious stance on direct cryptocurrency investments, recent market performance highlights the growing relevance of digital assets. Bitcoin emerged as Russia’s top-performing asset in April 2025, delivering an 11.2% monthly gain and outperforming traditional investments such as gold, stocks, and bonds. This performance underscores the increasing role of cryptocurrencies in Russia’s economic landscape, particularly as tools for international trade amid ongoing Western sanctions.

At the same time, the Bank of Russia’s updated policies reflect a strategic effort to responsibly integrate cryptocurrencies into the financial system. The approval of non-deliverable crypto-linked instruments for qualified investors and the proposal for a controlled test regime demonstrate a balanced approach — embracing innovation while safeguarding financial stability.

These policy shifts come amid a surge in domestic crypto activity. Over the past six months, crypto flows involving Russian residents have risen by more than 51%, totaling approximately 7.3 trillion rubles ($91 billion). As Russia deepens its exploration of digital assets, the central bank’s measured strategy seeks to harness the potential of cryptocurrencies without exposing the system to excessive risk.