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Russian Central Bank proposes to ban digital assets investing for mutual funds

The Central Bank published an amendment aimed at changing the list of assets available to mutual funds for investment. The document supposes to introduce a ban on investments in digital assets for mutual funds.


The Russian Central Bank considers investing in digital assets too risky to admit mutual investment funds to them, even those that are available exclusively for qualified investors.

“A ban is being imposed on the investment of mutual investment funds, including those available exclusively for qualified investors, in digital currencies and financial instruments, the cost of which depends on the rates of digital currencies,” the RUssian Central Bank said in a statement.

Previously, the regulator only recommended not investing in cryptocurrencies. Now the recommendation runs the risk of becoming an outright ban.

The draft directive of the Central Bank simultaneously proposes to increase the list of indices from 42 to 79, following which the limit on investment by mutual funds in the assets of one person is increased from 13 to 20%. The list of assets available for investment is also expanding. The property of open mutual funds can be invested in settlement derivative financial instruments, the value of which depends on the change in the value of exchange commodities.

The document also reduces the amount of entry into closed mutual funds for unqualified investors from 300,000 to 100,000 rubles.

Proposals and comments on the draft amendment are accepted until December 27, 2021.

Earlier, the Central Bank expressed concern that Russian citizens are among the most active participants in the crypto market. Investments of Russians in cryptocurrency products are estimated by the regulator at $5 billion, or 350 billion rubles.

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