Russia Permits Qualified Investers to Trade Cryptocurrencies Following Regulatory Adjustments
Bank of Russia Allows Licensed Institutions to Offer Cryptocurrency-Linked Products to Accredited Investors
The Bank of Russia has made a significant policy shift, giving permission for licensed financial institutions to offer investors cryptocurrency-linked financial products. These products include derivatives, securities, and digital financial assets linked to cryptocurrency prices, but these instruments are non-deliverable, meaning investors cannot take physical possession of the underlying cryptocurrencies.
This move represents a careful step towards incorporating digital assets into Russia's financial system while maintaining regulatory oversight. Notably, only qualified or accredited investors—those with extensive financial knowledge, experience, and resources—are eligible to access these cryptocurrency-linked products.
One of the first financial institutions to take advantage of this new policy is T-Bank, formerly known as Tinkoff Bank, which has introduced a Bitcoin-linked investment product. This new offering, called a "smart asset," enables accredited investors to invest in cryptocurrency using rubles through the bank's application. The product is facilitated via Atomyze, a regulated tokenization platform, ensuring compliance with Russian regulations.
While the Bank of Russia has taken a step toward embracing digital assets, the central bank continues to advise against direct cryptocurrency investments. It emphasizes the importance of caution and adherence to regulatory guidelines.
This decision comes during a period of increasing cryptocurrency activity in Russia. In the first quarter of 2025, Russian crypto inflows surged by 51%, reaching approximately $81.5 billion. The growing interest in digital assets among Russian residents signals a potential shift in attitude towards cryptocurrency within the country.
As the market adapts to these regulatory adjustments, major institutions like Sberbank and the Moscow Exchange are also planning to offer cryptocurrency-linked products. The Moscow Exchange is set to launch cash-settled Bitcoin futures on its derivatives market, while Sberbank plans to issue structured bonds linked to crypto prices.
The Bank of Russia is contemplating an experimental regime that would allow a select group of "highly qualified" investors to trade crypto assets directly. Details about this plan are still under discussion. Additionally, ongoing efforts by the Bank of Russia and the Finance Ministry aim to create a dedicated crypto exchange for a limited investor base.
In summary, Russia is now providing regulated paths for accredited investors to gain exposure to the crypto market through traditional financial products. However, the central bank maintains strict limitations on direct ownership and advocates for robust risk management measures. The future may see further liberalization for select investors, but the overall regulatory approach remains cautious.
The Bank of Russia's new policy allows licensed financial institutions like T-Bank to offer Bitcoin-linked products to accredited investors, such as smart assets that enable investing in cryptocurrency using rubles. While these products are non-deliverable and accredited investors cannot take physical possession of the underlying Bitcoins, they still provide a means to tap into the crypto market. The Bank of Russia continues to advise against direct cryptocurrency investments, emphasizing the importance of caution and adherence to regulatory guidelines, while simultaneously working towards creating a dedicated crypto exchange for a limited investor base. This cautious approach to regulation highlights the Bank's ambition to incorporate digital assets into Russia's financial system while maintaining regulatory oversight.
