Moscow Exchange (MOEX) plans to launch cash-settled futures contracts related to Solana Ripple and adding to its existing BTC and ETH offerings.
The exchange will first launch indices for three altcoins, followed by ruble-settled futures contracts. Maria Silkina, senior manager of the MOEX Derivatives Market Group, said on Russia’s RBC radio that the exchange will first launch indices for three altcoins, which will serve as the basis for launching futures contracts.
According to current Russian regulations, derivatives must be linked to an underlying asset, which in this case will be a published index of each token.
MOEX already calculates indices for Bitcoin and Ethereum and offers monthly cash-settled futures pegged to these benchmarks. The new product will follow the same model, characterized by no physical delivery of cryptocurrencies, settlement in rubles and open only to qualified investors.
The exchange is also eyeing perpetual futures for Bitcoin and Ethereum, allowing investors to enter futures positions with no expiry dates. These perpetual futures contracts are already popular in the cryptocurrency space and are offered by most major exchanges around the world.
Russia has been working on cryptocurrency regulations over the past few months. Last month, the country’s lawmakers unveiled plans to cap retail cryptocurrency purchases at $4,000, and earlier the central bank laid out a new framework for cryptocurrency investors.
Still, the country’s ongoing conflict with Ukraine has been weighing on the industry given the sanctions imposed on the country. BitRiver, Russia’s largest cryptocurrency miner, was sanctioned by the United States in 2022 due to the hack and is currently facing the possibility of bankruptcy. Russia has also labeled cryptocurrency exchange WhiteBIT as “undesirable” for supporting Ukraine.