Key Takeaways
- • Moscow Exchange (MOEX) plans to introduce cash-settled futures tied to Solana (SOL), XRP, and Tron (TRX), expanding its existing bitcoin and ether crypto derivatives lineup, according to CoinDesk.
- • The contracts will be based on published indices for each token, settled in rubles, with no physical delivery of crypto, and accessible only to qualified investors.
- • MOEX is also considering perpetual futures for bitcoin and ether, amid Russia's evolving crypto regulation and ongoing sanctions-related pressures on the sector.
- • Under current Russian rules, derivatives must reference an underlying asset, which is why MOEX will first launch indices for the three altcoins before listing futures.
Summary
The Moscow Exchange (MOEX) plans to roll out cash-settled futures contracts linked to solana (SOL), XRP, and tron (TRX), according to CoinDesk. The products will extend the exchange's existing crypto derivatives offering, which already includes monthly cash-settled futures on bitcoin and ether tied to MOEX-calculated indices.
Maria Silkina, senior manager of the Derivatives Market Group at MOEX, said on Russia's RBC radio that the exchange will first introduce indices for the three altcoins, which will serve as the foundation for later futures contracts settled in rubles. Because current Russian regulations require derivatives to be tied to an underlying asset, the published index for each token will serve as that asset. The new products will mirror the existing model: no physical delivery of crypto, ruble settlement, and access restricted to qualified investors.
MOEX is also evaluating perpetual futures on bitcoin and ether, which would allow positions without an expiry date. CoinDesk notes that such contracts are already popular in crypto markets and are offered by most major global exchanges.
The announcement comes as Russia advances its crypto regulatory framework. According to the report, lawmakers recently proposed capping retail crypto purchases at $4,000, and the central bank earlier outlined a new framework for crypto investors. The sector remains affected by the country's conflict with Ukraine and related sanctions. BitRiver, Russia's largest crypto miner, was sanctioned by the United States in 2022 over the invasion and faces potential bankruptcy, and Russia has labeled crypto exchange WhiteBIT "undesirable" over its support for Ukraine.
Maria Silkina, senior manager of the Derivatives Market Group at MOEX, said on Russia's RBC radio that the exchange will first introduce indices for the three altcoins, which will serve as the foundation for later futures contracts settled in rubles. Because current Russian regulations require derivatives to be tied to an underlying asset, the published index for each token will serve as that asset. The new products will mirror the existing model: no physical delivery of crypto, ruble settlement, and access restricted to qualified investors.
MOEX is also evaluating perpetual futures on bitcoin and ether, which would allow positions without an expiry date. CoinDesk notes that such contracts are already popular in crypto markets and are offered by most major global exchanges.
The announcement comes as Russia advances its crypto regulatory framework. According to the report, lawmakers recently proposed capping retail crypto purchases at $4,000, and the central bank earlier outlined a new framework for crypto investors. The sector remains affected by the country's conflict with Ukraine and related sanctions. BitRiver, Russia's largest crypto miner, was sanctioned by the United States in 2022 over the invasion and faces potential bankruptcy, and Russia has labeled crypto exchange WhiteBIT "undesirable" over its support for Ukraine.
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