On May 28, 2025, the Bank of Russia announced that licensed financial institutions are now allowed to offer certain crypto-related investment instruments to accredited investors. These include products like crypto derivatives, tokenized securities, and other digital assets indexed to cryptocurrency prices.

However, the central bank emphasized that these instruments must not involve the actual transfer or custody of cryptocurrencies. This stipulation reflects the Bank of Russia’s cautious stance on direct cryptocurrency ownership.

According to a concurrent report, crypto asset inflows from Russian citizens surged by 51% in Q1 2025, reaching 7.3 trillion rubles (approximately $81.5 billion).

T-Bank Leads the Launch of Bitcoin-Linked Products

One of Russia’s leading commercial banks, T-Bank (formerly Tinkoff Bank), announced on May 29 the launch of a new digital financial asset (DFA) tied to Bitcoin (BTC), available to accredited investors only.

T-Bank Bitcoin Investment Announcement
An excerpt from T-Bank’s announcement (translated by Google). Source: T-Bank

This offering enables investors to allocate funds into a Bitcoin-indexed asset without using a crypto exchange, and directly through a familiar banking application. The product is issued via Atomyze, a state-backed Russian tokenization platform.

Direct Cryptocurrency Investments Still Not Recommended

Despite the new wave of crypto investment products, the Bank of Russia maintains a restrictive view on direct cryptocurrency purchases.

In a public statement, it reiterated: “We do not recommend financial institutions or clients to invest directly in cryptocurrencies.”

Nonetheless, the Russian government is reportedly exploring a pilot program to allow limited direct crypto trading for specific investor groups.

Official Crypto Holdings on Centralized Exchanges Estimated at $9.2B

The Bank of Russia’s financial review estimates that Russian users hold 827 billion rubles (~$9.2 billion) worth of crypto on centralized exchanges (CEXs).

Bitcoin leads with a 62% share, followed by Ethereum at 22%, while stablecoins like USDT and USDC make up the remaining 15.9%.

However, according to crypto experts, these figures may be significantly underestimated. Sergey Mendeleev, founder of the Exved settlement platform, claimed in a Telegram post that individuals like Pavel Durov and Alexey Bilyuchenko likely possess wallets holding more than this amount alone.