Mutual funds in Russia will not be able to invest in cryptocurrencies

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The Central Bank of the Russian Federation has published a draft instruction on changing the rules for mutual investment funds (UIF), which provides for a ban on investments in cryptocurrencies, as well as related assets.

In the first part of the publication, the regulator proposes to increase the list of indices, following which the limit on investment of mutual funds in the assets of one person increases from 13 to 20%. This is expected to lead to increased investment opportunities and new product launches.

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At the same time, the document provides for a number of restrictions:

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“A ban is established on the investment of funds of mutual funds, including those intended exclusively for qualified investors, in digital currencies and financial instruments, the cost of which depends on the rates of digital currencies.”

The document also clarifies that funds cannot invest not only in cryptocurrencies and their derivatives, but also in “securities, the value of which depends on changes in digital currency rates.”

It is expected that the Central Bank’s initiative will increase the level of investor protection. The next step will be a “regulatory impact assessment” of the proposed changes.

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