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Bank of Russia Ban mutual funds from investing in Bitcoin

3 min reading

Russian central bank continues to impose strict policies regarding cryptocurrencies, effectively banning Mutual funds investing in cryptocurrencies like Bitcoin (BTC). 

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In Russia, mutual funds must refrain from providing crypto exposure to qualified or unqualified investors. It has now been announced that the Russian central bank continues to impose strict policies regarding cryptocurrencies, effectively banning Mutual funds investing in cryptocurrencies like Bitcoin (BTC).

An official statement regarding the regulation of mutual funds was published by the Bank of Russia on Monday.

Mutual funds have access to a wider range of assets with the document, but fund managers have no right to purchase cryptocurrencies, as well as “financial instruments whose value depends on the prices of digital assets.”

In the statement issued by Bank of Russia clearly defines mutual funds are prohibited from providing crypto exposure to unqualified or qualified investors, respectively.

According to local news agency RBC, Russian mutual funds have not held crypto exposure despite there having been no formal ban in place since the Bank of Russia recommended asset managers exclude cryptocurrencies from exposure in mutual funds in July 2021. Head of the analytics department Artem Deev at brokerage firm AMarkets has stated that Russia currently only has one exchange-traded fund (ETF) related to the industry. He explained that the fund is managed by the joint-stock company BrokerCreditService and that it invests in companies specializing in decentralized data storage and blockchain technology, including firms like Jack Dorsey’s Block, PayPal, and Broadcom.

Russian bank Sber is also planning to launch a blockchain-focused exchange-traded fund, Vasily Illarionov Sber’s asset management head explained in an interview. The fund, called Blockchain Economy, is expected to invest in stocks related to blockchain adoption. Further, he said, the fund is not subject to restrictions imposed by the Bank of Russia, and can be offered to retail investors.

Several big banks have been prohibited from offering crypto investments as a result of a recent policy shift by the Bank of Russia. The regulatory body asserted that “such services do not match the interests of investors and bear great risk”.

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