The Moscow Exchange (MOEX) plans to expand its crypto derivatives offering with new cash-settled futures contracts linked to Solana (SOL), XRP, and TRX.

The products will be based on newly created indices for each token and settled in rubles, with trading restricted to qualified investors. Maria Silkina, senior manager in MOEX’s Derivatives Market Group, said on RBC radio that the exchange will first launch the indices, which will then serve as the underlying assets for the futures contracts.

Russian regulations require derivatives to reference an underlying asset, and in this case the published indices will fulfill that requirement.

MOEX already calculates indices for bitcoin and ether and offers monthly cash-settled futures tied to those benchmarks. The upcoming SOL, XRP, and TRX contracts will follow the same model, featuring no physical delivery of cryptocurrency and settlement in rubles.

The exchange is also considering the introduction of perpetual futures for bitcoin and ether, which would allow investors to hold futures positions without a fixed expiration date. Perpetual contracts are widely used on global crypto trading platforms.

The expansion comes as Russia continues to refine its crypto regulatory framework. Lawmakers recently proposed limiting retail cryptocurrency purchases to $4,000, while the central bank has outlined a revised framework for crypto market participation.

At the same time, the sector remains under pressure from international sanctions tied to Russia’s war in Ukraine. In 2022, the United States sanctioned BitRiver, Russia’s largest crypto mining company, which has since warned of potential bankruptcy. Russian authorities have also designated crypto exchange WhiteBIT as “undesirable” over its support for Ukraine.