The Moscow Exchange (MOEX), Russia's largest financial market platform, is preparing to expand its presence in the cryptocurrency market. The exchange plans to offer ruble-denominated cash-settled futures contracts for Solana (SOL), XRP, and Tron (TRX). These new products will be added to the exchange's existing portfolio of futures contracts for Bitcoin (BTC) and Ethereum (ETH). According to MOEX's plan, in the first phase, dedicated indices will be created for these three altcoins. These indices will serve as the underlying assets for future futures contracts. No physical delivery of cryptocurrencies will take place; all transactions will be completed in rubles using a cash settlement method. However, due to Russian regulations, such products will only be accessible to qualified investors. Maria Silkina, Senior Director of the Derivatives Markets Group at the Moscow Stock Exchange, stated in an interview with RBC Radio, a well-known Russian economic publication, “The new indices will provide investors with access to the performance of crypto assets in rubles. This is part of our goal to build a bridge between the traditional financial system and the digital asset world.”
Perpetual Futures Contracts on the Agenda
MOEX is not only considering altcoin indices. The exchange is also evaluating offering perpetual futures contracts for Bitcoin and Ethereum. Such contracts give investors the flexibility to maintain or change their positions without expiration. These instruments, which are quite popular in crypto exchanges worldwide, are frequently used by professional investors in hedging strategies.
Crypto Regulatory Efforts in Russia
Russia has focused on regulating crypto markets in recent months. Under new legislation planned to come into effect by 2027, individual investors' annual crypto purchase limits are expected to be capped at $4,000. In addition, the Russian Central Bank announced that it would create a new framework for crypto investors by 2026.
Nevertheless, the country remains under pressure from ongoing geopolitical tensions and sanctions on the crypto sector. BitRiver, Russia's largest mining company, which was sanctioned by the US in 2022, is facing bankruptcy due to financial difficulties in recent months. The arrest of the company's founder on tax evasion charges further increased uncertainty in the sector.
The Russian government also declared WhiteBIT, a popular crypto exchange, an "undesirable entity" for allegedly supporting the Ukrainian military. This severely restricts Russian investors' access to international platforms.
Russia's influence on the crypto market
MOEX's new products are seen as a significant sign that Russia is repositioning itself in the global crypto market. The Russian financial sector, overshadowed by Western sanctions, is seeking to create a new liquidity channel through digital assets. Ruble-based futures aim to both add depth to the country's capital market and offer a local solution against external financial pressures.
