Russia's Central Bank Considers Crypto Mutual Funds Under Regulatory Shift

The Central Bank of Russia (CBR) has signaled its openness to enabling the creation of mutual funds that could provide Russian investors with indirect exposure to cryptocurrencies, marking a potential shift in its traditionally cautious regulatory stance [1]. This proposal, discussed during the “Collective Investment Market 2025” conference, follows growing demands from market participants for structured avenues to engage with digital assets. Olga Shishlyannikova, head of the CBR’s Department of Investment Financial Intermediaries, emphasized that the idea aligns with feedback from brokerage firms, which have already been granted limited permissions to offer crypto derivatives to qualified investors [1].

While the CBR has not yet approved the initiative, officials acknowledge the need to amend existing regulations to facilitate the establishment of such funds. Shishlyannikova noted that regulatory changes would require formal legislative updates, a process expected to be prioritized in the bank’s revised annual plan for 2026 [1]. This timeline reflects the CBR’s methodical approach to balancing innovation with risk management, as it seeks to avoid repeating past issues with direct crypto investments. Despite Russians reportedly holding over $25 billion in crypto assets, the CBR remains firmly opposed to allowing even qualified investors direct access to underlying digital assets, citing systemic risks [1].

The proposed mutual funds would operate under the existing “experimental legal regime” (ELR) framework, which was introduced in March to allow regulated trading of crypto derivatives. This framework has already enabled financial firms to offer crypto-linked products to high-net-worth individuals, albeit with strict safeguards. Shishlyannikova highlighted that while demand for crypto products has been “minimal” so far, institutions remain more enthusiastic than retail investors, suggesting a gradual adoption curve [1]. The CBR’s focus on indirect access—via funds rather than direct ownership—underscores its intent to maintain control over capital flows while acknowledging the sector’s growing relevance.

The regulatory shift is part of a broader strategy to modernize Russia’s financial infrastructure. In parallel with the mutual fund discussions, the CBR plans to launch its digital ruble in September 2026 and enforce penalties for using crypto in domestic transactions outside the ELR framework. These measures aim to stabilize the financial system amid Western sanctions and foster a controlled environment for digital asset adoption [1]. Analysts suggest that the CBR’s cautious timeline and incremental approach reflect its dual priorities of encouraging innovation and mitigating risks associated with unregulated crypto activity.

The move has sparked debate among industry stakeholders. While some view the mutual funds as a necessary step to attract institutional capital and align Russia with global trends in crypto investment, others caution that the delayed implementation may reduce the country’s competitive edge. The CBR’s emphasis on qualified investors also raises questions about accessibility, as retail investors remain excluded from direct exposure. However, the central bank’s insistence on regulatory rigor indicates a long-term vision to integrate crypto into the financial ecosystem without compromising stability.

Source: [1] [Russia greenlights mutual funds to offer crypto investments] [https://coinmarketcap.com/community/articles/68828885747ff0612d594b09/]