The instruments must be non-deliverable, meaning investors cannot receive the actual cryptocurrencies—only payouts tied to their price performance.
Under the new framework, Russian financial firms can issue financial derivatives, digital financial assets (DFAs), and other securities pegged to the value of cryptocurrencies. However, access will be strictly limited to qualified investors who meet specific criteria under Russian law, excluding the general public.
The central bank emphasized a conservative risk approach, instructing credit institutions to fully cover these positions with capital and to implement individual exposure limits. These measures are designed to mitigate the volatility and systemic risks associated with crypto price fluctuations. Regulators plan to formalize these conservative risk provisions within the year.
Despite this move, the Bank of Russia continues to discourage direct investment in cryptocurrencies and maintains its broader anti-crypto stance. Officials reiterated concerns over investor protection and systemic risk, warning both institutions and individuals about the dangers of unregulated digital assets.
Meanwhile, the Russian government is reviewing a pilot program proposed by the central bank. Under the suggested regime, only approved categories of investors would be allowed to conduct transactions involving actual cryptocurrencies—hinting at a potential sandbox-like structure for digital asset experimentation.
The update reflects a delicate balancing act: the Bank of Russia is allowing limited crypto exposure for sophisticated investors while reinforcing strict barriers to prevent widespread retail speculation.
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