3 days ago
Sberbank Unveils Bitcoin-Linked Bonds Amid Regulatory Shift
Sberbank, Russia's largest lender, has introduced structured bonds tied to Bitcoin's performance, offering investors exposure to cryptocurrency price movements without direct ownership. These bonds, denominated in rubles and compliant with Russian law, are currently available to qualified investors through over-the-counter markets, with plans for future listings on the Moscow Exchange.
The initiative follows the Bank of Russia's recent decision to permit financial institutions to offer crypto-linked financial instruments to accredited investors. Under the new guidelines, banks can provide derivatives, securities, and digital financial assets whose returns are linked to cryptocurrency prices, provided there is no actual delivery of the underlying crypto assets. This move aims to offer regulated exposure to digital assets while mitigating associated risks.
Sberbank's Deputy Chairman of the Executive Board, Anatoly Popov, stated that the bank's new product provides a convenient and secure way for investors to gain exposure to cryptocurrency assets without direct ownership, ensuring full compliance with regulatory requirements on Russian infrastructure. The structured bonds are designed to cater to investors seeking returns linked to cryptocurrency dynamics within a regulated framework.
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In addition to Sberbank's offerings, the Moscow Exchange has announced plans to launch a cash-settled Bitcoin futures contract on its derivatives market in June. The SPB Exchange has also outlined intentions to introduce cryptocurrency-linked futures trading, signaling a broader acceptance of crypto-related financial products within Russia's regulated financial markets.
The Bank of Russia's decision to allow crypto-linked financial instruments comes amid increasing interest in digital assets among Russian investors. The central bank reported a 51% increase in crypto asset inflows by Russian residents in the first quarter of 2025, totaling 7.3 trillion rubles . To manage potential risks, the central bank has mandated that banks and credit institutions fully back these products with capital, apply conservative risk assessments, and set individual exposure limits.
Sberbank's move to offer structured bonds tied to cryptocurrency price movements represents a significant step in bridging traditional finance with digital assets in Russia. By providing regulated investment products linked to cryptocurrencies, the bank aims to meet growing investor demand while adhering to the country's cautious regulatory stance on digital assets.
