Russia to allow crypto derivatives but not custody as local trading volume hits $93B

US president Donald Trump administration's crypto initiatives have been linked to the rise in Russian digital asset market activity.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Russia’s central bank has announced plans to allow financial institutions to offer crypto-linked investment products to qualified investors, according to a May 28 statement.

The Bank of Russia explained that it will allow instruments such as derivatives, tokenized securities, and other digital financial products that reflect crypto price movements.

However, these offerings must be non-deliverable, meaning that investors can only speculate on the prices but not receive or hold actual digital assets.

The CBR stressed that credit institutions must adopt a conservative risk assessment framework before offering these instruments. The regulator noted the importance of safeguarding financial stability while exploring controlled exposure to crypto-linked products.

This development comes amid Russia’s broader efforts to build a regulatory framework for digital assets.

While the country has formalized rules for mining activities, regulations around exchanges and the wider use of cryptocurrencies remain in the works.

US pro-crypto shift boosts Russia’s ecosystem

The policy shift follows a significant increase in domestic crypto activity.

According to the central bank’s latest Financial Stability Review, crypto transaction volumes in Russia jumped by more than 51% in late 2024 and early 2025 compared to previous quarters.

During that period, Russian users traded 7.3 trillion rubles worth of crypto (around $92.9 billion) across major exchanges.

By the end of March 2025, Russian crypto users held over 827 billion rubles ($10.5 billion) on crypto platforms. Bitcoin accounted for 62.1% of this value, followed by Ethereum at 22%, and stablecoins like USDT and USDC at 15.9%.

The central bank attributed the surge to growing global confidence in digital assets. In particular, it cited the United States’ recent push for crypto regulation as a key driver of renewed market interest.

Under President Donald Trump, US authorities have embraced a slew of pro-crypto initiatives that would lead to the creation of a national Bitcoin reserve and the broader growth of the emerging industry.

However, Russia’s central bank warned that increased regulation, especially around stablecoins, could raise compliance risks. The Apex bank noted that Russian firms may face added pressure if US-based issuers begin blocking tokens linked to sanctioned entities.

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