Russia will begin regulating crypto derivatives and stablecoins.

The Russian government intends to take control of the circulation of stablecoins and cryptocurrency derivatives, which are popular among market participants.

Deputy Finance Minister Ivan Chebeskov shared the ministry’s plans to develop a legislative framework for digital assets with a stable exchange rate. Clearly, this refers to Tether (USDT), USD Coin (USDC), Tether Gold (XAUt) and other coins backed by fiat currency or precious metals. A set of rules for the use of stablecoins is planned to be developed in collaboration with the Bank of Russia’s monetary policy officials.

Ivan Chebeskov

Officials’ intention to regulate the circulation of cryptocurrency derivatives was revealed in the Central Bank’s explanatory note. According to this document, the central bank has already drafted a bill «On Securities and Derivative Financial Instruments Intended for Qualified Investors,» which will regulate securities based on virtual currencies and derivative financial instruments based on tokens and coins. Derivatives include, for example, ETF, and the second ones are futures and options.

It is known that access to cryptocurrency derivatives will be limited to qualified investors, most likely those with an income of over 50 million rubles over the past year and a balance of over 100 million rubles in securities and fiat currency. In other words, ordinary Russians will not be able to trade them legally.

Whether similar restrictions will be introduced for individuals wishing to conduct transactions with stablecoins remains a mystery. The effective date for these regulations has not yet been announced, but, judging by statements from Bank of Russia representatives, the regulatory measures will begin to act in 2026 year.

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