The Moscow Exchange (MOEX) has experienced an unprecedented surge in cryptocurrency futures trading volume, reaching an all-time high in November. This development coincides with Russia's ongoing efforts to broaden investor access to digital asset derivatives and enable direct links between these instruments and cryptocurrencies.
MOEX Registers Record High Crypto Futures Volume
Last month, the trading volume for cryptocurrency futures on MOEX, Russia's primary stock market, neared 49 billion rubles. This significant increase was attributed by the exchange's press service to high volatility within cryptocurrency markets, which has consequently boosted interest among Russian qualified investors.
As a result, the trading volume of such futures in November reached an all-time high since the contracts were launched, amounting to 48.7 billion rubles ($636 million).
The TASS news agency reported that MOEX's total derivatives market volume concluded November at 11.7 trillion rubles, marking a 15.8% increase compared to November of the previous year. Furthermore, the open positions in its exchange-traded derivatives market exceeded 2.7 trillion rubles, a rise of 22.7% over the same period.
Over 135,000 clients participated in futures and options trading on the exchange, with private individuals constituting nearly 55% of the overall trading volume in exchange-traded derivatives. Commodity futures represented the largest segment of trades at almost 44%, followed by index and stock derivatives at just over 31%, and currency derivatives at approximately 25%.
Russia’s Crypto Investment Market Prepares for Growth
The record volume reported by MOEX occurs as Russian authorities are finalizing plans to fully legalize and regulate crypto investments in the coming months. The current year has witnessed a notable evolution in the stance of Moscow's financial regulators towards the emerging digital asset market.
Initially, in March, the Central Bank of Russia (CBR) proposed a three-year "experimental legal regime" (ELR) to govern crypto transactions, including investments. This framework permits Russian companies engaged in cross-border trade to utilize cryptocurrencies for international settlements and provides professional investors with access to digital assets.
Subsequently, in May, the monetary authority authorized financial firms to offer crypto derivatives to the same category of "highly qualified" investors. While these instruments are currently primarily based on foreign crypto indices and exchange-traded funds (ETFs), the bank's most recent strategy involves allowing products that are directly linked to digital coins.
The Moscow Exchange was among the initial entities to announce a Bitcoin futures contract, referencing BlackRock’s iShares Bitcoin Trust ETF (IBIT), back in June. In the following month, MOEX introduced crypto index futures, including those for Ethereum (ETH).
The CBR has also signaled its intention to permit commercial banks to operate with cryptocurrencies and to allow mutual funds to invest in crypto assets. In October, the regulator encouraged lawmakers to enact legislation specifically designed to regulate crypto investments outside the existing ELR framework.
Last week, the CBR confirmed ongoing discussions with the Ministry of Finance regarding the relaxation of investor requirements, a move expected to incorporate more participants into the market. In late November, the Bank of Russia estimated that household investments in Russian crypto derivatives amounted to 3.7 billion rubles (nearly $47.3 million) during the second and third quarters of 2025. The bank concluded that this level of investment does not pose a risk to the country's financial stability.