Key Takeaways
- Sberbank has over 100 million customers and $550 billion AuM.
- Russian banks and financial institutions can now offer indirect exposure to crypto.
- An experimental crypto trading regime for “super-qualified” investors is under review.
Russia’s largest bank has officially launched new over-the-counter (OTC) structured bonds linked to Bitcoin (BTC) for qualified investors.
It’s the first product of its kind to be launched, and is a significant milestone for crypto adoption in Russia as the bank targets more crypto exchange-traded product (ETP) listings on the Moscow stock exchange.
Bitcoin Bonds
Russia’s largest bank, Sberbank, has officially introduced the first OTC structured bond that is linked to Bitcoin and tracks price movement and the dollar/ruble exchange rate.
Sberbank notes that it plans to list this and other products on the Moscow Stock Exchange.
The bank, with over 100 million customers and over $550 billion in assets under management, also aims to launch more crypto exchange-traded products (ETPs) on its investment platform, beginning with a Bitcoin futures product on June 4, 2025.
It’s a significant move that follows the government’s decision to allow financial institutions to develop and issue crypto products for clients.
Russia’s Indirect Exposure to Crypto
As per the central bank, financial institutions will now be able to offer “qualified” investors indirect exposure to cryptocurrency derivatives.
Now, banks will be able to offer cash-settled futures and structured bonds tied to crypto prices.
According to local media, Alexander Zozulya, head of global markets at state-controlled lender Sberbank, explained that these new products will act similarly to U.S. BTC ETFs.
Urging caution, Russia’s central bank advises credit institutions to assess the risks of each instrument and provide them with capital coverage.
In addition, the bank stated that it “does not recommend” that institutions or their clients invest directly in cryptocurrencies.
Furthermore, it reminds banks that their proposal to launch an experimental crypto regime for a new class of investor is still under review.
Super-Qualified
Local media reports citing the country’s Finance Ministry and central bank state that Russia’s upcoming state-backed crypto exchange will be limited to an elite group of “super-qualified” investors.
The new platform will operate under a special experimental legal framework designed to bring crypto trading into a regulated environment, albeit one that exists largely outside domestic markets.
“This will legalize crypto assets and bring crypto operations out of the shadows,” said Finance Minister Anton Siluanov. “Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime.”
The program is still being finalized, but draft proposals suggest participants may need to hold at least 100 million rubles in assets or earn 50 million rubles annually to qualify.
Osman Kaboloev, Deputy Director of the Finance Ministry’s Financial Policy Department, noted that the “exact parameters” are still under discussion.
The move comes as Russian regulators weigh new restrictions on cash-to-crypto transactions in an effort to curb fraud and illicit activity in domestic markets.
It also reflects a broader recalibration of the country’s digital asset strategy. Moscow has shelved plans for a digital ruble rollout and is now exploring a potential state-backed stablecoin instead.
Wealthy Investors
According to previous local media reports, the Bank of Russia (BoR) and its Ministry of Finance were considering launching a crypto trading platform for “super-qualified” investors, i.e., wealthy individuals. However, this new category hadn’t yet been defined.
Aleksey Yakovlev, head of financial policy at the Ministry of Finance, explained at the time (translated) that the category “does not exist yet” and that evaluations on its risk to the “financial system, monetary policy, and security” are still to be made.
In Western markets, the “super-qualified” investor could be anything from a rich individual to an entire financial institution. However, Yakovlev clarifies it’s “more about” skilled traders and professional individuals.
Russia’s recent bid to catch up with the global race for digital assets and blockchain technology has been a complicated journey at best.
This is best evidenced by the now-postponed rollout of its central bank digital currency (CBDC), the digital ruble, which was put on pause following feedback from banks and concerned domestic entities.
While owning crypto is legal, using crypto for goods and services has been prohibited since July 2020.
Crypto in Russia
Sanctions against Russia following its invasion of Ukraine have squeezed the economy to breaking point, forcing the government to rethink its fiscal strategy.
This is why, in the past year, the government has been working on building frameworks that make certain aspects of crypto legal.
In Aug. 2024, the Russian government officially regulated Bitcoin mining with sweeping tax and energy legislation. It then began scaling back the project with six-year regional mining bans due to energy shortages.
Now, Russia’s head of the State Council Commission on Energy has said it is considering building crypto mining power stations to avert an energy crisis.
The Russian government greenlit Bitcoin’s use for small businesses doing international trade in December 2024. However, it still lacks a centralized crypto exchange or proper regulations, which has allowed crypto crime to surge in Russia.
Speculation that Russia is accumulating BTC or other cryptos as part of a national strategic reserve effort similar to the U.S. has been laid to rest.
The Ministry of Finance recently declared crypto “too volatile” to be considered for the nation’s sovereign wealth fund.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
