Driven by high demand, the volume of crypto futures traded on the Moscow exchange reached a record high in November.
The news comes as Russia prepares to expand investor access to derivatives based on digital assets, allowing issuers to link derivatives directly to cryptocurrencies.
MOEX-registered virtual currency futures trading volume reaches record high
Russia’s largest stock market, the Moscow Exchange (MOEX), reported virtual currency futures trading volume of nearly 49 billion rubles last month, local media cited.
The high volatility of the cryptocurrency market has contributed to the increased interest among qualified investors in Russia, the trading platform’s press service explained, elaborating:
“As a result, the trading volume of these futures in November reached 48.7 billion rubles ($636 million), the highest since the contract began.”
MOEX also announced that the total trading volume of the entire derivatives market reached 11.7 trillion rubles at the end of the month, an increase of 15.8% compared to November 2024, TASS reported.
The volume of open positions in the company’s listed derivatives market amounted to more than 2.7 trillion rubles, an increase of 22.7% compared to the same period last year.
More than 135,000 customers traded futures and options on the exchange, with individuals accounting for nearly 55% of total exchange-traded derivatives trading volume.
Commodity futures accounted for the largest share of trading (about 44%), followed by index and equity derivatives at just over 31% and currency derivatives at about 25%.
Russia’s crypto investment market prepares for growth
The report from MOEX comes as Russian authorities prepare to fully legalize and regulate crypto investments in the coming months.
The next year brought significant changes in the attitude of Moscow’s financial regulators towards the nascent market.
First, in March, the Central Bank of Russia (CBR) proposed a three-year “experimental legal regime” (ELR) for cryptocurrency transactions, including investments.
The deal will allow Russian companies involved in cross-border trade to use cryptocurrencies for international payments. It also makes digital assets accessible to professional investors.
And in May, financial authorities allowed financial companies to offer crypto derivatives to “qualified” investors in the same category.
These products are currently primarily based on foreign crypto indices and exchange-traded funds (ETFs), but the bank’s latest plan is to allow products directly linked to digital coins.
The Moscow Exchange was the first to announce a Bitcoin futures contract in June based on BlackRock’s iShares Bitcoin Trust ETF (IBIT), a fund that tracks the price of Bitcoin (BTC). Last month, MOEX also began trading in crypto index futures, including Ethereum (ETH).
The CBR also indicated its intention to allow commercial banks to operate in virtual currencies and mutual funds to invest in crypto assets.
In October, regulators urged lawmakers to adopt legislation to regulate crypto investments outside of the restrictive ELR.
The company confirmed last week that it was in talks with the Treasury to ease investor requirements to further increase participation in the market.
In late November, the Bank of Russia estimated that household investment in cryptocurrency derivatives in Russia reached 3.7 billion rubles (approximately $47.3 million) in the second and third quarters of 2025. It concluded that this level does not pose a risk to the country’s financial stability.
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