(Bank of Russia) The Bank of Russia has banned mutual funds from crypto allocations and investments to qualified and unqualified investors.
The Bank of Russia also prohibits fund managers from investing in financial instruments pegged on digital asset prices.
The central bank says crypto investments and related services do not address the interests of investors besides carrying high risks.
There were reportedly no mutual funds in Russia that had exposure to digital assets previously, although the country had not banned exposures to the asset class.
AMarkets Head of Analytics Artem Deev says Russia has a single industry-related ETF to date. Russia’s largest lender Sberbank is also reported to consider a blockchain-related ETF.
BTCUSD is down -5.96%, ETHUSD is down -8.46%.
