Russian brokerage Finam is set to launch structured notes tied to BlackRock’s iShares Bitcoin Trust ETF (IBIT), giving qualified investors in Russia their first opportunity to invest in a spot Bitcoin ETF. This move comes despite the country’s unclear crypto regulations.
According to Anton Dorodnev, Finam’s head of innovative products, the brokerage will begin offering these structured notes on February 17. The notes, available only to qualified investors, will have a six-month maturity period.
Finam had previously allowed Russian clients to invest in BlackRock’s IBIT ETF through its platform, marking a step toward expanding crypto-linked investment options in the country.Investment Terms and Expected Returns
The IBIT-backed notes will be issued in Russian rubles, but returns will be calculated in dollars based on the Bank of Russia’s exchange rate. Investors can earn up to 20% in dollar returns if the Bitcoin ETF price increases by at least one basis point by the time the notes mature.
The minimum investment required is 200,000 rubles ($2,200), with a 1% brokerage commission. Finam is also planning to introduce similar products linked to spot Ether ETFs, according to Dorodnev.
Despite the growing interest, experts say Finam’s IBIT-linked notes face legal uncertainty. Some believe these products are legally sound, while others warn of risks since Russian regulations do not clearly address structured notes tied to crypto ETFs.
Russia’s crypto law, “On Digital Financial Assets,” enacted in 2021, does not classify crypto as securities, but structured bonds are considered securities. Lawyer Alina Laktionova noted that while the law does not explicitly ban crypto ETFs for structured bonds, it also does not provide clear legal backing for them.
Although regulatory uncertainty remains, Russia has been shifting toward a more open approach to Bitcoin. In December 2024, the Finance Minister confirmed that local laws now allow BTC and other digital assets to be used in foreign trade.
This shows the increasing demand for crypto exposure, even in markets where regulations are still catching up.
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