On June 4, 2025, the Moscow Exchange launched trading of BlackRock’s Bitcoin Futures ETF, adding the digital asset product to Russia’s traditional financial markets.
The new product, the IBIT-9.25 (IBU5) futures contract, is available exclusively to qualified investors. BlackRock’s entry into the Moscow market shows continued interest from institutional players in Bitcoin, including in regions where crypto regulations are still developing.
Futures Trading Begins for Qualified Investors
The Moscow Exchange stated that trading in the IBIT-9.25 contract began today, but only for those meeting qualified investor status.
Full enforcement of investor qualification will come into effect on June 23, 2025, with the release of Spectra 8.3, the exchange’s latest infrastructure update. Until then, brokers are responsible for verifying their clients’ eligibility to trade this product.
Specifications and contract parameters are published on the official Moscow Exchange website, providing transparency around the new financial instrument.
The launch of this ETF futures contract comes as Russia continues to develop a cautious but active stance on cryptocurrency markets. Despite the lack of a fully regulated crypto exchange environment, financial institutions are gradually offering more exposure to digital assets under strict oversight.
Warning for Russians: Crypto Exchanges Are Working With Police
However, even as Russian investors gain more access to products like the Bitcoin ETF futures, concerns around privacy and surveillance are growing.
Olga Tisen, head of the legal department at the Federal Service for Financial Monitoring (Rosfinmonitoring), issued a stark warning during the St. Petersburg International Legal Forum.
She noted that crypto exchanges and brokers operating in Russia have been providing transaction data to law enforcement agencies.
Tisen declared, “The anonymity of crypto transfers is a myth,” emphasizing that despite a lack of formal crypto regulation, wallet owner data is routinely disclosed to authorities upon request. Her comments suggest that Russian crypto users should be wary of assuming any level of transactional privacy.
A Divided Crypto Market in Russia
This dual narrative—one of increased institutional access and another of regulatory scrutiny—paints a complex picture of Russia’s crypto stance.
While the Moscow Exchange’s decision to list a Bitcoin ETF futures contract marks a step forward for crypto finance, the simultaneous warnings from Rosfinmonitoring suggest that investor freedom in this space remains limited.
As more products like BlackRock’s ETF come online, the tension between innovation and state control is likely to intensify. Russian investors must balance the benefits of regulated crypto access with the risks of state surveillance in an evolving market environment
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