The Moscow Exchange is preparing a significant expansion of its cryptocurrency-linked derivatives market, signaling a broader shift in how Russian investors may access digital assets. In plans outlined for 2026, the exchange intends to introduce new indices tracking Solana, Ripple, and Tron. Consequently, it also aims to launch futures contracts based on these benchmarks, further embedding crypto-linked products into Russia’s regulated financial system. New Crypto Indices to Anchor Futures Expansion According to disclosures made on RBC Radio in early February 2026, the Moscow Exchange will first develop and publish indices for Solana, Ripple, and Tron. These indices will mirror the approach already used for its Bitcoin and Ethereum benchmarks. Hence, they will act as the mandatory underlying assets required for futures trading in Russia. The exchange already calculates indices for Bitcoin and Ethereum and offers monthly futures tied to them. Additionally, it plans to follow the same structure for the new crypto-linked contracts. Each futures product will settle in cash, without any delivery of the underlying cryptocurrency. This structure aligns with regulatory requirements set by the Bank of Russia. Significantly, access to these derivatives will remain limited to qualified investors under existing legislation. The exchange views this gradual expansion as a controlled way to meet institutional demand while remaining compliant with domestic rules. Perpetual Futures and Broader Product Ambitions Beyond index-based futures, the Moscow Exchange is also considering perpetual futures for Bitcoin and Ethereum in 2026. These instruments roll over daily and closely track index performance. Moreover, the exchange has signaled long-term interest in adding options tied to crypto indices once the futures lineup matures. This strategy builds on developments from 2025, when the exchange launched four crypto-related futures. These included contracts linked to the iShares Bitcoin Trust ETF and the iShares Ethereum Trust ETF, alongside its in-house Bitcoin and Ethereum indices. Hence, the platform continues to blend international reference products with locally calculated benchmarks. Regulation Shapes Investor Access Regulatory changes have played a central role in this expansion. In May 2025, the Bank of Russia permitted financial institutions to offer crypto-linked derivatives, securities, and digital assets. However, regulators prohibited physical cryptocurrency delivery. Consequently, all exchange-traded crypto derivatives in Russia remain cash-settled. Additionally, in December 2025, the central bank unveiled a draft framework for broader crypto market regulation. This proposal envisions future access for non-qualified investors under strict limits and testing requirements. Lawmakers expect to finalize the legislative framework by July 1, 2026.
