Russia okay banks to offer crypto products to accredited investors

Russia’s central bank has given financial institutions the green light to provide qualified investors with access to financial instruments such as derivatives, securities, and digital assets that tie to cryptocurrency prices.

This announcement signals progress in the country’s broader strategy to make cryptocurrency regulations more flexible for its citizens.

Still, the move remains limited. In its Wednesday statement, the Bank of Russia clarified that it only permits “non-deliverable” instruments—these allow investors to track cryptocurrency prices without owning the digital assets themselves.

“Credit institutions are advised to apply a conservative approach to assessing the risks associated with these instruments: provide for their full coverage with capital, and set individual limits on them,” the central bank said, adding that it will provide further guidance on such risks this year.

Following the central bank’s decision, Sberbank announced that it intends to introduce structured bonds with performance tied to crypto values, as Interfax reported. Sberbank is a major bank and financial player in Russia.

The Moscow Exchange plans to debut a cash-settled Bitcoin futures product on its derivatives market in June.

According to Interfax, the SPB Exchange disclosed its strategy to begin offering cryptocurrency-based futures trading.

The Bank of Russia submitted a proposal in March to establish a pilot program that authorizes cryptocurrency transactions for a select group of experienced investors.

The Finance Ministry, along with the bank, is working on creating a cryptocurrency exchange designed solely for a select group of investors.

The Bank of Russia’s latest report on financial stability places the value of Russians’ crypto holdings on centralized platforms at 827 billion rubles, equivalent to $9.2 billion.

The authority stated that Russians lead cryptocurrency holdings on centralized exchanges with Bitcoin at 62%, followed by Ether at 22%, and stablecoins like USDT and USDC making up 15.9%.

Local observers in the crypto community argue that Russians hold overall cryptocurrency amounts that surpass the figures the Bank of Russia reported for centralized exchanges.