Russia Restricts Crypto Derivatives to Qualified Investors

Russia's central bank has authorized financial institutions to offer crypto-linked financial instruments, such as derivatives and digital assets, but only to qualified or accredited investors and exclusively as non-deliverable products. Institutions must provide full capital backing and impose individual exposure limits, with formal risk regulations expected within a year. This policy follows a surge in Russian crypto transaction volumes, which exceeded $90 billion in early 2025, and occurs as the government considers launching a state-run crypto exchange and a limited pilot regime for high-net-worth investors. While some major banks have already begun offering these products, retail investors remain excluded due to ongoing central bank caution. The move aims to balance digital finance innovation with the need for regulatory control amid international sanctions. Meanwhile, Kazakhstan is planning a 'CryptoCity' pilot zone to expand its role as a regional blockchain hub.