Introduction
Russia’s Moscow Exchange (MOEX) is significantly expanding its digital asset footprint, with plans to introduce new indices and futures contracts tied to XRP, Solana, and Tron later this year. This strategic move, detailed by derivatives head Maria Silkina, will allow traders to gain exposure to these major cryptocurrencies without directly owning the underlying tokens, operating within the Bank of Russia’s regulatory framework. The expansion signals a structured, cautious opening of Russia’s regulated financial markets to a broader crypto ecosystem, building on existing Bitcoin and Ethereum products and potentially attracting new institutional flows.
Key Points
- MOEX will introduce cash-settled futures and indices for XRP, Solana, and Tron, expanding its existing Bitcoin and Ethereum offerings.
- The exchange is exploring perpetual futures and options for Bitcoin and Ethereum, which would allow traders to hold positions indefinitely without expiry dates.
- All new products will comply with Bank of Russia regulations and are initially targeted at qualified investors, reflecting a cautious but progressive regulatory approach.
A Structured Expansion of Crypto Benchmarks
The Moscow Exchange’s planned rollout represents a deliberate broadening of its crypto-linked financial instruments. According to Maria Silkina, who leads the derivative products group at MOEX, the exchange is preparing indices that mirror XRP, Solana, and Tron—three of the larger, actively traded tokens beyond Bitcoin and Ethereum. These new benchmarks will be accompanied by cash-settled futures contracts based on those indices, providing a regulated avenue for price speculation and hedging. This development follows MOEX’s existing listings for Bitcoin and Ethereum, indicating a methodical, step-by-step approach to incorporating digital assets.
The operational design of these new contracts is crucial. They will be cash-settled, meaning traders never take physical delivery of XRP, Solana, or Tron tokens, thereby eliminating custody concerns and operational hassles. Settlements will occur monthly under the current regime, adhering strictly to the rules set by the Bank of Russia. This regulatory compliance ensures the products remain within a tightly controlled environment, featuring specific clearing and reporting requirements. The initial access is expected to be limited to qualified investors, maintaining a gatekeeper role as the market slowly widens.
Exploring Perpetuals and Future Product Roadmap
Beyond the imminent launch of indices and monthly futures for XRP, Solana, and Tron, MOEX is contemplating more sophisticated derivative instruments. Reports indicate the exchange is reviewing the potential for perpetual futures and options for Bitcoin and Ethereum. Perpetual contracts, unlike the monthly-settled futures MOEX currently uses, do not have an expiry date. They employ a funding rate mechanism to keep their price aligned with the spot market, allowing traders to hold positions indefinitely.
The consideration of these advanced products, including options, is part of a longer-term strategy to cater to more sophisticated trading strategies while keeping all activity within the regulated frame. Maria Silkina noted that some of these new ideas remain under study and will be launched gradually. This phased rollout reflects a balance between innovation and regulatory prudence, aiming to enhance market liquidity and provide participants with more tools for risk management without compromising oversight.
The Russian Context: Gradual Market Opening and Implications
MOEX’s expansion is part of a broader, cautious trend within Russia’s financial sector toward embracing crypto-linked products. In 2025, the exchange added a suite of crypto-linked futures and listed indices connected to Bitcoin and Ether, alongside structured products tied to overseas ETFs. This trend has been mirrored by major domestic financial institutions; notably, Sberbank has already rolled out an investment product linked to Bitcoin’s price.
For traders and the market, this shift presents a mix of opportunity and constraint. The introduction of cash-settled futures for XRP, Solana, and Tron provides a new, regulated channel for exposure, potentially improving price discovery for these assets within Russia and attracting institutional capital that has been hesitant. More instruments typically bring greater liquidity and more nuanced ways to manage risk. However, the overarching influence of the Bank of Russia’s standards means these products will be ‘boxed in’ by specific rules, prioritizing control and stability over unfettered access. This structured approach defines Russia’s current path toward broader crypto market access.
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