The Moscow Exchange (MOEX), Russia's largest stock market, is set to add perpetual futures on Bitcoin (BTC) and Ethereum (ETH) to its crypto derivatives lineup, with the launch scheduled for September. The move comes ahead of the enforcement of the country's "digital currency" law next month, which thoroughly regulates investment in coins and related products.

MOEX to offer new futures contracts on BTC and ETH

MOEX is expanding its crypto derivative offerings with new contracts based on the cryptocurrencies with the largest market capitalization. The trading venue plans to launch perpetual futures on Bitcoin and Ethereum in September, one of its top executives announced, as quoted by local media.

Since last summer, the platform has provided professional investors with access to monthly and quarterly crypto futures, including contracts based on Solana, Ripple, and Tron. The product class is well established elsewhere: perpetual futures, a contract type introduced by the crypto exchange BitMEX in 2016, have become the most heavily traded kind of crypto derivative on global platforms, while regulated Western venues such as CME Group in the United States have listed Bitcoin and Ether futures for years.

"We plan to expand this line and eventually increase the number of coins to 10," Maria Patrikeeva, managing director of the exchange's derivatives unit, told reporters. She added that the exchange's operator intends to subsequently offer perpetual futures on these underlying assets as well, telling the Interfax news agency:

"In September, we will launch the first two perpetual futures on the Bitcoin and Ethereum indices."

Patrikeeva also revealed that the Moscow Exchange plans to start trading perpetual futures on approximately 20 foreign stocks in the near future. These will be based on some of the most popular shares, such as those of Amazon, AMD, Tesla, and Netflix, among others, she detailed.

The derivatives department has presented 34 new instruments since the beginning of the year and aims to offer almost as many more by the end of 2026, she highlighted.

Russia prepares to build a fully regulated crypto market

MOEX started trading cryptocurrency derivatives shortly after the Central Bank of Russia (CBR) authorized financial firms to offer such products in May 2025. The exchange was among the first participants in the country's traditional financial market to do so, alongside other established players such as Sber, Russia's largest bank.

Both institutions have been subject to Western sanctions over the invasion of Ukraine, which severely limit their access to the global financial infrastructure. State-controlled as well as private Russian entities are believed to have been using cryptocurrency to circumvent restrictions in the fiat realm in order to continue trading internationally.

Initially, the monetary authority in Moscow permitted only "highly qualified" investors to acquire and sell digital assets and their derivatives, but that is about to change. The long-awaited law "On Digital Currency and Digital Rights," which comprehensively regulates crypto-related activities such as investment and trading, widens investor access to them.

The framework marks a notable turnaround for the regulator: as recently as 2022, the Bank of Russia advocated a near-total ban on crypto issuance, trading, and mining, before the state moved to regulate the sector instead — a path that included a separate law legalizing crypto mining, which took effect in November 2024.

Most provisions of the new legislation — adopted by both houses of the Russian parliament and signed by President Vladimir Putin this summer — will enter into force on September 1. It will allow even non-qualified investors to put money into crypto, although under restrictions such as an annual limit of 300,000 rubles per intermediary, or around $3,500 at the current exchange rate.

The digital assets available to ordinary Russians will also be limited to the most liquid, capitalized, and globally traded cryptocurrencies on the market today. Earlier in August, the Bank of Russia approved for public trading only Bitcoin, Ethereum, and Tether's dollar-pegged stablecoin USDT, which currently meet its strict criteria, as reported by Cryptopolitan.

Perpetual futures are overnight contracts without a fixed expiration date that are automatically rolled over to the next trading day, giving market participants a degree of flexibility in managing their positions.

Moscow Exchange to start trading cryptocurrencies

MOEX has not yet announced when precisely it will begin trading cryptocurrencies themselves, the Bits.media website noted in its report on the exchange's announcement on Monday. Quoting knowledgeable industry sources, the Russian crypto news outlet also reported that the exchange is preparing to set up a special depository for digital settlement purposes.

Under Russia's new law, starting next July, all crypto transactions must be conducted through licensed intermediaries such as financial brokers and capital management firms. At the same time, existing stock market depositories and the newly established digital depositories will be responsible for the safekeeping and accounting of coin holdings. Open questions going forward include when the exchange will begin spot crypto trading and which additional tokens the Bank of Russia will approve for public trading as MOEX works toward its stated goal of ten coins.