TL;DR
- The Moscow Exchange (MOEX) reported that cryptocurrency futures trading reached 48.7 billion rubles ($636 million) in November, setting a new record for the platform.
- High volatility in crypto markets drove strong demand from qualified Russian investors.
- Russian authorities are preparing to expand access to crypto derivatives and allow products directly linked to digital assets starting in 2026.
Trading activity for cryptocurrency futures on the Moscow Exchange (MOEX) surged to 48.7 billion rubles ($636 million) in November, reaching an all-time high. The increase reflects strong interest from Russian qualified investors amid persistent market volatility. Analysts say MOEX’s expanding crypto derivatives market could play a significant role as regulatory clarity improves in the coming years, while more investors are exploring various digital assets.
MOEX Registers Record Crypto Futures Volume
MOEX reported that crypto futures trading reached 48.7 billion rubles last month. High volatility in cryptocurrency markets contributed to the rise in investor activity, with private individuals accounting for nearly 55% of total derivatives trading, showing growing participation from retail clients.
The overall derivatives market also grew, with total trading volume reaching 11.7 trillion rubles, a 15.8% increase from November 2024. Open positions in exchange-traded derivatives stood at over 2.7 trillion rubles, up 22.7% year-over-year. Commodity futures made up the largest share of trades at nearly 44%, followed by index and stock derivatives at slightly over 31%, and currency derivatives around 25%, demonstrating a balanced diversification of investor strategies.
Russia Expands Crypto Investment Options
The surge in trading comes as Russian authorities prepare to provide broader legal clarity and expand access to crypto derivatives. The Central Bank of Russia introduced an experimental legal regime (ELR) for crypto transactions in 2025, allowing professional investors and companies involved in cross-border trade to use digital assets effectively.
MOEX has launched futures based on Bitcoin and Ethereum, as well as funds tracking foreign crypto indices. The Central Bank has signaled plans to allow commercial banks and mutual funds to operate with cryptocurrencies, potentially opening participation beyond highly qualified investors and encouraging more market innovation.
Outlook for Crypto Trading in Russia
Analysts expect MOEX’s crypto derivatives segment to keep expanding as regulatory reforms take effect. Household investments in crypto derivatives reached 3.7 billion rubles ($47.3 million) in the first three quarters of 2025, a level considered safe for financial stability.
