The Moscow Exchange Expands Cryptocurrency Derivatives
The Moscow Exchange is set to significantly broaden its offerings in the cryptocurrency derivatives sector as it prepares for an ambitious rollout in 2026. This shift reflects a growing trend among Russian investors towards gaining exposure to digital assets. Key elements of this expansion include the introduction of new indices designed to track the performance of cryptocurrencies such as Solana, Ripple, and Tron.
Development of New Indices
As disclosed on RBC Radio in early February 2026, the Exchange will first focus on developing these new indices, which will follow a similar methodology to the existing Bitcoin and Ethereum indices it manages. These indices will serve as essential underlying benchmarks for futures contracts, thus integrating more cryptocurrency-related products into Russia’s regulated financial environment.
Current Market Activity
Currently, the Moscow Exchange is already active in this market, calculating indices for Bitcoin and Ethereum, and offering monthly futures contracts based on these cryptocurrencies. The planned futures for Solana, Ripple, and Tron will adopt a comparable cash-settlement model to comply with regulations established by the Bank of Russia, which disallows the physical delivery of cryptocurrencies.
Access and Regulatory Compliance
Access to these new derivatives will still be subject to restrictions, permitting only qualified investors to participate in this market, in alignment with current legislation. This cautious strategy aims to accommodate the increasing institutional interest while adhering to domestic regulatory frameworks.
Future Innovations
Moreover, the Moscow Exchange is contemplating the introduction of perpetual futures contracts for both Bitcoin and Ethereum in 2026. These innovative financial products, which automatically renew daily, will closely align with the performance of the respective indices. Furthermore, the Exchange has indicated that it may explore the addition of options related to crypto indices as its lineup of futures products develops.
Previous Milestones and Regulatory Influence
This development builds upon previous milestones achieved in 2025 when the exchange unveiled four distinct crypto-related futures contracts. These contracts linked to major institutions including the iShares Bitcoin Trust ETF and the iShares Ethereum Trust ETF, as well as those based on its internal Bitcoin and Ethereum indices, display a blend of global reference products with locally tailored benchmarks.
Regulatory frameworks have greatly influenced this market expansion. In May 2025, the Bank of Russia lifted restrictions, allowing financial entities to trade crypto-linked derivatives, securities, and digital assets. However, the ruling stipulates that all such derivatives must be cash-settled, further reinforcing the lack of physical cryptocurrency delivery on the Exchange. A draft proposal released by the central bank in December 2025 outlines a vision for broader cryptocurrency regulation, which may open doors for limited access to non-qualified investors by July 1, 2026, provided stringent tests and limitations are met.
