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Bank of Russia Considers Placing Ban On Crypto Investment By Mutual Funds

The Central Bank of Russia is now moving to ban mutual investment funds from pouring in money into cryptocurrencies.

Furthermore, The ban is for derivatives, the value of which depends on the changes in their rates or the prices of securities.
Also, the Central Bank of Russia, The monetary authority declares the move is to protect investors’ funds and rights. More so, The measure revolves around not only non-qualified but also accredited investors.

Meanwhile, The Bank of Russia is putting out some new provisions.

So, the Bank of Russia already has some changes for discussion regarding the policy. Currently, the program is getting feedback as well as proposals on the draft document, which will be open until Dec. 27.

Also, the Central Bank of Russia is dishing out new provisions after issuing warnings to asset managers. Of course, urging them to not include crypto assets in their mutual funds earlier this year.

Recall, In July, the central bank also calls on Russia stock exchanges to stop listing instruments on cryptocurrencies. Then, it goes to ask brokers and trustees to refrain from offering
“pseudo-derivatives with such underlying assets to unqualified investors.”

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.