ISTANBUL

The Moscow Exchange (MOEX) -- Russia’s largest stock market -- said it will launch futures trading linked to the second-largest cryptocurrency, Ethereum, starting on Aug. 5.

The exchange said only qualified investors will have access to these transactions, which will be based on the iShares Ethereum Trust exchange-traded fund (ETF) by the US-based investment giant BlackRock.

On June 10, MOEX began to calculate and publish a Bitcoin index, as well as start trading on the BlackRock-owned iShares Bitcoin Trust ETF.

In August 2024, Russian President Vladimir Putin signed a law to legalize the experimental use of cryptocurrencies in international payments and foreign exchange (Forex) transactions.

Cryptocurrencies are growing in popularity in Russia due to Western sanctions on the country, especially recently, while Russian firms occasionally use crypto for international payments.