The Central Bank of Russia announced that financial institutions may offer qualified investors financial derivatives, securities and digital financial assets whose yields are linked to cryptocurrency prices, provided the instruments are non-deliverable. It simultaneously reiterated its warning against investing directly in cryptocurrencies. Credit institutions were advised to take a conservative approach to the associated risks by fully covering these exposures with capital and setting individual limits. The Central Bank of Russia plans during the year to formalise this conservative approach in the regulation of banks’ risks from cryptocurrency price fluctuations, while the Russian Government is considering the central bank’s proposals for a test regime restricting cryptocurrency transactions to certain categories of investors.
Central Bank of Russia 2025-05-28
Central Bank of Russia allows qualified investors to access non-deliverable crypto-linked instruments and signals conservative capital treatment
The Central Bank of Russia allows financial institutions to offer qualified investors non-deliverable derivatives, securities, and digital assets linked to cryptocurrency prices, while advising against direct cryptocurrency investments. Credit institutions should adopt a conservative risk approach by covering exposures with capital and setting limits. The central bank plans to formalize this in regulations, and the Russian Government is considering a test regime for restricted cryptocurrency transactions.