Bank of Russia Approves Non-Deliverable Crypto Derivatives for Qualified Investors With Strict Ownership Limits

The Bank of Russia has approved a policy allowing financial institutions to offer crypto-linked derivatives, securities, and digital financial assets to qualified investors. These products must be non-deliverable, meaning investors will not directly own cryptocurrencies such as Bitcoin or Ethereum, and yields can track crypto prices.

Qualified investors are defined as those with over $1.1 million (100 million rubles) in assets or annual incomes exceeding $550,000 (50 million rubles). The central bank requires full capital coverage and individual exposure limits for these offerings, and direct investment in cryptocurrencies remains prohibited. The structure is similar to restrictions faced by US-based crypto ETFs, which also prohibit in-kind redemptions.

This policy follows recent regulatory changes in Russia's crypto sector, including the legalization of registered crypto mining and proposals for a state-backed crypto exchange. Access to these new financial instruments will be limited to investors who meet the qualification criteria.

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