The Central Bank of Russia is planning to expand the form of cryptoasset investment through mutual funds for qualified investors.
This move aims to meet market demands and marks a change in Russia's cryptoasset management policy towards greater transparency and stricter control.
- CBR plans to allow the establishment of cryptoasset mutual funds for professional investors.
- The bank maintains a cautious stance, not yet permitting direct investment in cryptoassets.
- Regulation changes are planned for 2026, coinciding with the introduction of the digital ruble.
What are the Central Bank of Russia's Intentions for the Cryptoasset Market?
CBR is considering allowing management companies to establish cryptoasset mutual funds, focusing on serving qualified investors, according to an official report from the Russian financial organization.
Olga Shishlyannikova, Director of the Investment Financial Intermediary Department at CBR, shared at the NAUFOR conference that this idea stems from the real needs of the brokerage community and will be proposed for further discussion with stakeholders.
We have received positive feedback from the brokerage community; they have an opportunity to access this form of investment.
Olga Shishlyannikova, Director of Investment Financial Intermediary Department, CBR, 2024
In 2024, CBR has made several perspective adjustments, including proposing an experimental law model allowing coin trading and providing cryptoasset derivatives for professional financial investors, while still warning about risks of direct investment.
Why is CBR Still Hesitant to Permit Direct Cryptoasset Investment?
Despite estimates that Russians hold over $25 billion in cryptoassets, CBR has not agreed to direct access to the original assets, only accepting derivative products for professional investors.
Shishlyannikova emphasized that allowing management companies to create cryptoasset mutual funds would require extensive legal modifications, not just a simple circular.
According to her, the market still lacks a comprehensive collective investment strategy, and progress will be carefully considered to ensure safety and transparency.
When Will Cryptoasset Mutual Funds be Implemented in Russia?
The regulatory modifications to allow the establishment of cryptoasset mutual funds are expected to be included in the Central Bank of Russia's 2026 management plan.
Speaking at the "Collective Investment Market 2025" conference, CBR representatives stated that the current plan has been approved and cannot be expanded in 2024, so discussions with the market will begin next year.
Currently, we do not have an opportunity to expand this plan this year, so we will return to the issue with the market next year.
Olga Shishlyannikova, Director of Investment Financial Intermediary Department, CBR, 2024
Additionally, in 2026, Russia will launch the digital ruble with a new QR payment code and impose penalties for using Bitcoin and other cryptoassets outside the current experimental legal framework.
How is the Central Bank of Russia Managing and Regulating the Cryptoasset Market?
CBR maintains a cautious stance when assessing cryptoasset risks while gradually loosening regulations through experimental steps, allowing cryptoasset trading and derivatives under strict control.
Penalties are applied to payment activities using cryptoassets outside the experimental law to limit risks and increase market transparency.
This change reflects efforts to balance financial innovation and investor protection, with reports showing cryptoasset investment volumes are increasing but still modest in Russia.
Frequently Asked Questions
Does the Central Bank of Russia Allow Direct Cryptoasset Investment?
Currently not; CBR only permits cryptoasset derivatives for professional investors.
When Will Cryptoasset Mutual Funds be Implemented in Russia?
Expected to be implemented in 2026 after modifying management regulations.
Will the Cryptoasset Policy Changes Affect Individual Investors?
The new policy primarily targets qualified investors and fund management companies, focusing on protection and risk control.
When Will the Official Digital Ruble be Launched?
Expected from September 2026, alongside new payment tools.
Does CBR Apply Penalties for Illegal Cryptoasset Transactions?
Yes, penalties for cryptoasset payments outside the experimental law framework will be applied from 2024.
