Investment funds should soon no longer be allowed to invest in cryptocurrencies in Russia. The Russian central bank intends to fix this.
In Russia, too, the central bank’s fight against decentralized cryptocurrencies continues. So far, it has been said that stock exchanges should avoid trading in securities that are tied to cryptocurrencies.
This is to prevent investments in Bitcoin, Ether & Co. The restrictions should therefore also apply to derivatives, the value of which depends on the fluctuations in their prices or the prices of securities that are linked to digital assets.
According to the Russian central bank, this is justified by the need to protect the funds and the rights of investors. The measure will be introduced from 2016 through amendments to the CBR guideline “On the Composition and Structure of the Assets of Share-Based Investment Funds and the Assets of Mutual Funds”.
The top regulator tabled the new regulations after warning asset managers earlier this year not to use crypto assets such as those of Bitcoin Prime should include in their mutual funds.
It was only in July that the central bank advised Russian stock exchanges to avoid listing instruments based on cryptocurrencies. She recommended that brokers and trustees should refrain from “offering pseudo-derivatives with such underlyings to unqualified investors”.
The Russian monetary authority later stated that it would not make it easier for such investors to access cryptocurrencies and refused to provide relevant financial services.
However, survey results released this December show that alternative assets like cryptocurrencies make up more than half of the portfolios of unqualified investors in the country.
At the time, 46 percent of 1,000 respondents admitted that they were considering digital currencies as an investment for the future. The central bank is thus opposing a large group of people who want to invest in this market.
A few months ago, members of the Duma proposed a law that would prohibit investments of more than 600,000 rubles (around 7,200 euros) per year in cryptocurrencies.
At the time, the limit was expected to be included in the Digital Financial Assets Act, which came into effect in January, but it did not.
Sources: PublicDomain on December 22nd, 2021