Russia’s usually cautious financial regulator is getting ready to make one of its most meaningful shifts in years.
The Bank of Russia is now laying the groundwork to allow investment funds to access cryptocurrency derivatives — a major step toward opening the country’s heavily restricted crypto landscape.
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For years, only brokers have been allowed to offer crypto-linked derivatives, leaving management companies and mutual funds completely locked out. But that barrier may finally come down soon.
Regulatory Rewrite Coming in 2026
Under current rules, investment fund managers are legally barred from offering or purchasing crypto-based derivatives.
According to Olga Shishlyannikova, head of the Bank of Russia’s Investment Finance Intermediation Department, this restriction will be removed next year.
Speaking at a financial forum in Yekaterinburg, she confirmed that the central bank plans to rewrite the relevant regulations in Q1 2026, eliminating the clause that enforces the outright ban.
In short: funds can join the game once the paperwork catches up.
“Amendments to the regulation are required. We plan to do this in the first quarter of next year. We will remove the provision that imposed the ban.”
Building a List of Approved Base Assets
The shift didn’t happen overnight. Earlier this year, Valery Krasinsky — Shishlyannikova’s deputy — said the regulator wants to “level the playing field” for different financial institutions.
Alongside lifting the ban, the Bank of Russia is preparing an approved list of base assets for crypto-linked derivatives, ensuring clarity and consistency across the market.
Russia’s stance toward cryptocurrency has long been a mix of skepticism and quiet pragmatism.
But in recent months, the central bank’s position has softened noticeably, partly due to the asset class’s increasing strategic utility and strong performance.
High-Net-Worth Investors Get First Access
This is not Russia’s first experiment with crypto derivatives. Back in May 2025, the central bank launched an “experimental legal regime” allowing financial institutions to offer derivatives tied to top cryptocurrencies like Bitcoin and Ethereum.
Major domestic players — including Sberbank, the Moscow Exchange, and broker Finam — quickly rolled out Bitcoin futures.
Still, strict limitations apply:
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No physical delivery of Bitcoin
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Only “highly qualified investors” who meet rigorous income and asset criteria may participate
This controlled environment gave the regulator room to observe market behavior without exposing retail investors to high risk.
A Slow but Significant Shift
The steps may be cautious, but the direction is unmistakable.
Allowing investment funds to enter the crypto derivatives space would mark one of the most substantial regulatory shifts in Russia’s financial sector in years.
If all goes according to plan, investment funds could legally enter the crypto derivatives market as early as 2026, signaling a new phase in how Russia integrates digital assets into its broader financial system.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: November 14, 2025 • 🕓 Last updated: November 14, 2025
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