YEREVAN (CoinChapter.com) — Russian brokerage Finam is launching structured notes tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT ETF), allowing Russian investors to gain exposure to Bitcoin investment. According to Anton Dorodnev, head of innovative products at Finam, the structured notes will be available starting Feb. 17.
These structured notes will have a six-month maturity period and will be offered only to qualified investors in Russia. Finam had previously enabled Russian investors to invest in the IBIT ETF. This marked another step toward expanding crypto-related financial products in the country.
Investment Structure and Returns
The structured notes will be denominated in Russian rubles. Returns will be calculated using the Bank of Russia exchange rate, according to Vedomosti. Investors can earn up to 20% in dollar-equivalent yields if the ETF price at maturity is at least one basis point higher than its price at the time of issuance.
The minimum investment required for the structured notes is 200,000 rubles ($2,200). Finam will charge a 1% commission, payable in rubles.
In addition to IBIT ETF-linked structured notes, Finam is planning to introduce structured investment products tied to spot Ethereum ETFs, according to Dorondev.
Crypto Regulations in Russia and Legal Uncertainty
The introduction of structured notes based on Bitcoin ETFs in Russia raises regulatory concerns. While some legal experts believe that these products comply with Russian law, others highlight potential legal risks.
Russia’s crypto law “On Digital Financial Assets”, effective since 2021, does not recognize Bitcoin ETFs as securities. It classifies structured bonds as securities, creating legal uncertainty.
Legal expert Alina Laktionova stated that while the law does not explicitly ban using crypto ETFs as the basis for structured bonds, it also does not provide clear legal backing for such financial products.
Russia’s Stance on Bitcoin and Crypto Investment
Despite regulatory uncertainty, Russia has recently signaled a more flexible approach toward Bitcoin investment. In December 2024, the Finance Minister stated that Russian law permits the use of Bitcoin and other digital assets for foreign trade transactions.
Finam’s launch of structured notes in Russia tied to BlackRock Bitcoin ETF reflects the increasing demand for crypto-linked financial instruments among Russian investors. However, the lack of clear crypto regulations in Russia continues to create challenges for firms looking to expand their crypto investment offerings.
