Crypto-linked instruments to be made available to qualified investors
Financial institutions may offer qualified investors financial derivatives, securities, and digital financial assets whose yields are linked to cryptocurrency prices. The key condition is that such instruments must be non-deliverable.
Credit institutions are advised to apply a conservative approach to assessing the risks associated with these instruments: provide for their full coverage with capital, and set individual limits on them. During the year, the Bank of Russia plans to formalise the conservative approach to the regulation of credit institutions’ risks associated with fluctuations in cryptocurrency prices.
The Bank of Russia keeps on warning financial institutions and their clients against investing directly in cryptocurrencies. The Russian Government is presently considering Bank of Russia proposals for the launch of a test regime where transactions with cryptocurrencies can only be conducted by certain categories of investors.