According to a 28 May 2025 filing by the Bank of Russia, financial institutions can offer “qualified investors” financial derivatives, securities, and digital financial assets whose yields are linked to cryptocurrency prices. Notably, this is a three-year-long experiment.
In a press release, the Bank of Russia said that the key condition is that such instruments must be non-deliverable.
The legality of cryptocurrency in Russia remains complex. Widespread adoption of crypto in Russia is still largely discouraged. “Qualified investors” or high income individuals with significant financial assets are allowed to own crypto.
Meanwhile, the country’s largest bank, Sberbank, is gearing up to become an official market maker for the country’s regulated crypto platforms. According to local media reports published on 27 May 2025, Sberbank will be a liquidity provider and a market maker on Russian-regulated platforms. Hence, super-qualified investors can trade directly with cryptocurrencies.
JUST IN:
Russia’s Central Bank lets financial firms offer crypto derivatives to qualified investors. pic.twitter.com/Q9459t1RFY
— Whale Insider (@WhaleInsider) May 29, 2025
Russia’s Central Bank lets financial firms offer crypto derivatives to qualified investors. EXPLORE: 10 Best AI Crypto Coins to Invest in 2025
“Qualified investors will have access to products without direct ownership of crypto, similar to ETFs”
Alexander Zozulya, Director of Sberbank’s Global Markets Department weighed in. She said, “The Bank of Russia has taken an important step by announcing the development of an experimental legal regime (ELR) for cryptocurrency transactions.”
“We expect the emergence of a legal “sandbox” – an analogue of a regulated crypto platform,” she said, “where super-qualified investors will be allowed to operate directly with cryptocurrencies.”
According to Zozulya’ statement, qualified investors will have access to products without direct ownership of cryptocurrencies, “similar to Western exchange-traded funds (ETFs).”
Russia banned the use of crypto for payments in 2021 under its “On Digital Financial Assets” law. But the government has been exploring ways to integrate crypto into its financial system.
Explore: Russia Plans To Launch Crypto Exchange Under Experimental Legal Framework
Russia Eyes National Stablecoin
Recently, a senior Russian finance official called for the development of a national stablecoin following the US government’s freeze of wallets linked to the sanctioned crypto exchange Garantex.
Osman Kabaloev, deputy director of the Financial Policy Department at Russia’s Finance Ministry, said recent events highlight the need for internal alternatives to popular stablecoins like USDT. “We do not impose restrictions on the use of stablecoins within the experimental legal regime,” Kabaloev said.
He added that Russia should consider developing a stablecoin pegged to a different currency—possibly the ruble. This would reduce exposure to foreign pressure.
The push for a Russian stablecoin comes amid a surge in global stablecoin usage. According to a joint study by Artemis and Dune, active stablecoin wallets saw over 50% year-over-year rise. Total market capitalization has surpassed $200 billion in early 2025.
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Key Takeaways
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The Bank of Russia is legalizing crypto investments for “qualified investors” through financial derivatives, securities, and digital financial assets whose yields are linked to cryptocurrency prices.
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The country’s largest bank, Sberbank, is gearing up to become an official market maker for the country’s regulated crypto platforms.
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