Russian Banks Allowed to Offer Crypto Products to Investors

The Bank of Russia now allows accredited investors to access crypto-based products through licensed banks. However, direct delivery of cryptocurrencies is still restricted.

Central Bank opens doors to crypto-linked financial tools

On May 28, 2025, the Bank of Russia officially allowed banks to offer crypto-related instruments. This change applies only to accredited or qualified investors, not the general public.

The central bank specified that these products must exclude direct delivery of cryptocurrencies. Instead, they should be based on derivatives, tokenized assets, or securities tied to crypto prices.

T-Bank leads with regulated Bitcoin investment product

Following the announcement, T-Bank (formerly Tinkoff) launched a regulated crypto offering. The product is issued through Atomyze, a government-backed tokenization platform, and pegged to Bitcoin’s value.

Investors can access it in rubles via a familiar interface, without opening wallets or using crypto exchanges. The solution is legally compliant and tailored for risk-conscious investors in Russia.

Direct crypto purchases still not encouraged

Despite the easing, the Bank of Russia discourages direct crypto investments. However, it mentioned discussions around a pilot program for limited direct trading of assets like Bitcoin.

In its latest financial review, the central bank estimated Russians hold $9.2 billion on centralized exchanges. Bitcoin makes up 62% of that, with Ether at 22% and stablecoins like USDT and USDC at 15.9%.

Yet, some crypto figures believe actual holdings are much higher due to off-chain wallets and DEX use. Industry expert Sergey Mendeleev claimed that individuals like Pavel Durov alone may exceed the reported totals.