The Bank of Russia has announced a significant development for the Russian financial landscape: qualified investors will soon have access to crypto-related financial products. The key change involves offering non-deliverable instruments such as derivatives, securities, and digital financial assets linked to cryptocurrency prices. However, these offerings come with strict conditions: credit institutions must adopt a cautious approach, ensuring adequate capital coverage and individual risk limits. The Bank of Russia plans to formalize this approach in 2025 through regulation for credit institution’s risks associated with crypto volatility. While the news is positive for qualified investors, it also underscores the ongoing caution by the regulatory body about crypto investments. Further evidence of this is seen in the potential for a test regime for cryptocurrency transactions, as proposed by the Bank of Russia. This initiative could involve specific investor categories and further regulation around digital asset trading.