news 
Russia’s Finam to Launch Structured Notes Tied to BlackRock Bitcoin ETF
Russian brokerage Finam is set to launch 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 February 17.
The structured notes will have a six-month maturity period and will only be offered to qualified investors in Russia. This move is seen as another step towards expanding crypto-related financial products in the country.
The investment structure will involve returns calculated using the Bank of Russia exchange rate. If the ETF price at maturity is at least one basis point higher than its initial issue price, investors can earn up to 20% in dollar-equivalent yields. A minimum investment requirement of 200,000 rubles ($2,200) has been set, and 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.
This move 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.
Despite regulatory uncertainty, Russia has recently signaled a more flexible approach towards Bitcoin investment. In December 2024, Finance Minister Anton Siluanov announced that Russian law permits the use of Bitcoin and other digital assets for foreign trade transactions. This change in stance reflects an increasing demand for crypto-linked financial instruments among Russian investors. However, the lack of clear regulations continues to create challenges for firms looking to expand their crypto investment offerings.
The launch of structured notes by Finam in Russia tied to BlackRock’s Bitcoin ETF reflects this growing demand and highlights the importance of a regulatory framework that supports innovation and growth in the digital asset space.
Source: coinchapter.com
