Russia’s Moscow Exchange (MOEX) is making a big move into the world of cryptocurrency by offering Bitcoin futures contracts. This is a significant step in Russia’s gradual embrace of digital assets.
How it Works
These new contracts track the price of BlackRock’s Bitcoin ETF, a fund currently holding over $72 billion. The contracts themselves are priced in US dollars, but the settlement happens in Russian rubles. This clever setup lets Russian investors profit from Bitcoin’s price changes without needing to use foreign crypto exchanges.
Who Can Trade?
Only sophisticated investors – think big banks and investment funds – are allowed to trade these futures. Regular investors are out of luck for now. The first set of these three-month contracts will expire in September 2025.
A Calculated Risk
The Russian central bank approved these crypto-linked derivatives back in May 2025, but it’s still keeping a close eye on things. While allowing qualified investors to trade futures, it’s advising most companies to avoid direct Bitcoin dealings. This controlled approach aims to limit the risks associated with crypto investments.
Keeping it Local
The dollar-denominated contracts are settled in rubles, shielding Russia from potential volatility in international markets. This keeps the money within the Russian financial system while still allowing participation in the global crypto market. Many analysts see this as a smart strategy, allowing Russia to participate in the crypto world without the risks of relying on foreign platforms.
Other Developments
Sberbank, Russia’s largest bank, is also getting in on the action. They’re developing Bitcoin-linked bonds for select clients. These bonds will also be traded in rubles and won’t require a crypto wallet, making Bitcoin exposure more accessible to a wider (though still limited) audience. This continues the trend of making crypto accessible to Russian investors without direct exposure to international exchanges.
