Bitcoin futures trading takes off on Russia’s Moscow Stock Exchange

Russia’s biggest stock exchange has kicked off Bitcoin futures trading for the first time, with the Moscow Exchange confirming that qualified investors can now access crypto-linked derivatives starting Wednesday, according to TASS.

This opens a tightly regulated path for large investors to bet on Bitcoin’s price without directly owning the coin itself.

The exchange said the product, based on the Bitcoin Trust ETF, will trade under the IBIT ticker in US dollars per lot, with settlements handled in Russian rubles. Contracts will follow a quarterly schedule, with the first batch set to expire in September 2025.

“Trading in this new product will begin on June 4, 2025, and will be exclusively available to qualified investors,” the exchange said.

Russia’s central bank pushes pilot plans, limits direct crypto access

Other major players in Russia are already moving. The SPB Exchange told TASS it’s been testing cash-settled futures linked to cryptocurrency prices. These are trades based on the price of Bitcoin, but there’s no delivery of the actual asset.

Sber, the country’s largest lender, is also preparing to roll out similar products. Like the others, its offering targets institutional investors only, with no need for them to hold real crypto.

This followed a May 2025 decision by the Bank of Russia to allow the sale of financial instruments and securities tied to crypto values — but only to those deemed “qualified investors.” At the same time, the central bank stressed that it does not support direct investments in crypto, warning about price instability and calling Bitcoin “extremely volatile” and a “high-risk” asset.

That didn’t stop Russians from jumping in. By the end of 2024, analysts estimated that individual investors had poured 2 trillion rubles into crypto. Corporate players also held large amounts, especially for cross-border payments.

Still, the Bank of Russia hasn’t changed its stance. In February, it urged financial institutions to reduce their involvement with digital currency transactions. But just one month later, in March, the bank proposed an experimental program for trading crypto under strict rules.

This three-year pilot will allow a small group of wealthy individuals to buy and sell crypto under a special legal regime. To qualify, they must hold at least 100 million rubles in securities or deposits, or have earned 50 million rubles in the previous year. These people will be labeled as “highly qualified” investors and granted access to the restricted crypto market under this framework.

After that proposal, the Ministry of Finance stepped in. Officials said they were reviewing two Russian exchanges to participate in the pilot. Qualified investors will be allowed to buy derivatives and securities linked to crypto prices. But the main condition remains: no physical delivery of digital assets is allowed under any circumstance.

That means investors can speculate on price movements, but no one’s walking away with actual Bitcoin. Everything stays within the lines of Russia’s controlled approach — betting on crypto without owning it.

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