Moscow Exchange Launches Bitcoin Index MOEXBTC: A New Step in Crypto Integration into the Russian Market

On June 10, 2025, the Moscow Exchange (MOEX) announced the launch of the calculation and publication of the Bitcoin index with the code MOEXBTC. This new indicator will become an important tool for analyzing price dynamics of the first cryptocurrency and could lay the foundation for the creation of new financial products in the Russian market. The calculation of the index will start on June 10, 2025, and will be conducted daily at 12:30 Moscow time.

How the MOEXBTC Index Will Be Calculated

The Moscow Exchange will use price data from perpetual futures and swaps on the BTC/USDT trading pair from four leading cryptocurrency exchanges: Binance, Bybit, OKX, and Bitget. The index represents a weighted average of prices, taking into account the weight coefficients of each platform. These coefficients are determined based on trading volumes and will be reviewed quarterly to reflect the current market situation. This approach ensures the reliability and representativeness of the indicator, considering the significance of the chosen exchanges in the global crypto ecosystem.

Regulatory Foundation and Restrictions

The launch of the index was made possible by the decision of the Bank of Russia on May 28, 2025, which allowed financial organizations to offer qualified investors instruments tied to the value of cryptocurrencies, provided there is no actual delivery of digital assets. This decision opens the path for legal use of cryptocurrency derivatives in Russia, but restricts access exclusively to qualified investors — individuals with assets of 6 million rubles or more or with an annual income of a similar amount.

The Central Bank maintains a conservative stance towards cryptocurrencies, emphasizing the high volatility and risks associated with such assets. The regulator does not recognize Bitcoin and other cryptocurrencies as a payment method and recommends that retail investors refrain from direct investments in digital assets. Within the experimental legal regime (a.k.a. Sandbox), the Central Bank plans to test the possibilities of working with cryptocurrencies for 'specially qualified' investors over three years, which may lead to further regulatory relaxation.

Background: Bitcoin ETF Futures

The launch of the MOEXBTC index follows the Moscow Exchange's initiatives for integrating cryptocurrencies into the regulated financial market. On June 4, 2025, the exchange started trading futures on iShares Bitcoin Trust ETF shares by BlackRock, which tracks the price of Bitcoin. This instrument is also available only to qualified investors and does not provide the delivery of the underlying asset. Trading started at $65 per contract, which at the time of launch exceeded the fund's share price on NASDAQ ($60.40).

Outlook and Market Significance

The MOEXBTC index could serve as the foundation for creating new financial instruments such as derivatives oriented towards qualified investors. Experts note that the launch of the index is a step towards greater transparency and legitimacy of the crypto market in Russia. However, limited access to such instruments reduces their liquidity and mass appeal. As Technobit CEO Alexander Peresichan noted, the success of the index will depend on creating a sufficient number of secondary instruments, otherwise, it risks remaining merely a formal indicator.

Amid the global growth in interest in cryptocurrencies (Bitcoin's price on June 9, 2025, exceeded $107,000 with a market capitalization reaching $2.12 trillion), the launch of MOEXBTC reflects Russia's attempt to integrate digital assets into the existing financial infrastructure. This may attract institutional investors seeking regulated ways to participate in the crypto market, but access to such instruments remains limited for retail investors.

Difference between Digital Assets

To understand the context, it's important to distinguish terms:

• Digital national currency is the digital ruble, issued by the Bank of Russia, tied to fiat currency.
• Cryptocurrency refers to decentralized assets like Bitcoin, based on blockchain and not controlled by the state.
• Digital financial assets (DFAs) are tokens issued in Russia on regulated platforms, often tied to real assets.

The MOEXBTC index and IBIT futures are related to cryptocurrency-linked instruments but do not imply ownership, in line with current legislation.

Conclusion: The launch of the MOEXBTC index is a significant step in integrating cryptocurrencies into the regulated financial market in Russia. It provides qualified investors with a tool for tracking Bitcoin dynamics and could be the basis for new derivatives. However, restrictions for retail investors and the cautious stance of the Central Bank highlight the experimental nature of the initiative. The future success of the index will depend on infrastructure development and the easing of regulatory barriers.