The Bank of Russia (CBR) showed in its “Financial Stability Assessment Report” published on June 1 that the total amount of financial instruments held by Russian residents that are linked to cryptocurrencies is about 3.8 billion rubles, almost unchanged compared with six months earlier. This reflects that retail demand for crypto-related investment products has remained stagnant during this period. A crypto regulation bill currently being considered by the State Duma of Russia passed its first reading on April 21 and is now preparing for the second reading.
Crypto-related investment data in the CBR report: Breakdown of 3.8 billion rubles
According to the “Financial Stability Assessment Report,” the 3.8 billion rubles of crypto-related investments are distributed by type as follows: the commercial bond market size linked to crypto-asset exchange rates is 4.1 billion rubles, of which retail investors account for 42% (about 1.7 billion rubles). These are mainly issued by Sberbank (Russia’s Savings Bank) and VTB (VTB Bank) in the form of structured bonds linked to the Bitcoin exchange rate.
In the crypto futures market, open positions held by 5,600 private investors total 1.7 billion rubles. Separately, 3,800 investors invested 354 million rubles in other digital financial assets linked to Bitcoin and Ethereum; and 271 investors allocated 85.6 million rubles in crypto-related assets through an automated copy-trading feature.
Moscow Exchange crypto futures product schedule: first batch in November 2025, expanded again in May 2026
The Moscow Exchange launched its first batch of crypto futures in November 2025, including MOEX Bitcoin Index (BTC) futures, MOEX Ethereum Index (ETH) futures, and futures products tracking BlackRock iShares Bitcoin Trust (IBIT) and Ethereum Trust (ETHA).
On May 14, 2026, the Moscow Exchange further expanded by launching three new digital-currency index-settled futures: Solana (MOEXSOL), Ripple (MOEXXRP), and Tron (MOEXTRX). All of the above products are issued within the framework authorized by the Bank of Russia, do not involve actual delivery of cryptocurrencies, and are only available to qualified (professional) investors.
Russia’s crypto regulatory legislative process: first reading passed; July 1 provisions pending confirmation in second reading
The State Duma of Russia is considering a government-submitted crypto regulation bill, which passed its first reading on April 21, 2026, and is currently preparing for the second reading. Under the provisions of the bill as currently written, if the bill is ultimately approved, starting July 1, 2026, Russian citizens will be allowed to legally invest in cryptocurrencies only through officially approved licensed brokers and trust managers. As of the time of reporting, the specific date for the second reading has not been announced, and whether the bill is ultimately passed still depends on the Duma’s vote.
Frequently asked questions
What specific basis does the Bank of Russia report cite for “almost zero growth” in crypto-related investments?
The figures recorded in the report are 3.7 billion rubles in October 2025 and 3.8 billion rubles in the June 2026 report; within six months, it increased by only about 100 million rubles (about 2.7%). The report’s title explicitly notes that Russian residents have “a lack of interest in growth,” which the central bank uses as one of its primary conclusions.
Who can trade the Moscow Exchange’s crypto futures products?
Under the authorization framework of the Bank of Russia, crypto-related products (including futures) are only for qualified (professional) investors; retail investors are not allowed to participate directly. These products also do not involve actual delivery of cryptocurrencies, and only provide cash-settled payout products linked to returns.
What is the current status of the July 1 provisions in the crypto regulatory bill?
The bill has passed its first reading (April 21, 2026). The July 1 effective provisions are the rules contained in the bill’s current text, but the bill itself has not yet completed the second reading and final voting. As of the time of reporting, the specific date for the second reading has not been announced.
