Russia Eases Rules: Crypto Investment Now Permitted via Mutual Funds
The Central Bank of Russia (CBR) has lifted restrictions on crypto investment through mutual funds by revising relevant regulations. This move is part of a broader initiative to grant qualified investors broader access to crypto assets and their derivatives.

The new rules allow mutual funds to invest in crypto-linked financial instruments—though capped at 10% of total portfolio exposure. The list of eligible non-exchange-traded securities has also been expanded.

The regulatory update, released Tuesday, opens public consultation until December 9, soliciting feedback from market participants. It revises existing rules on the composition and structure of assets in open-ended funds and mutual funds.

Per Kommersant, this marks a significant shift in the CBR’s stance—from staunch opposition to cautious institutional accommodation. The evolution has been gradual: from full prohibition, to limited access for qualified investors (March–May 2025), to now enabling exposure via mutual funds.

Broader plans are underway: the CBR intends to permit commercial banks to engage with crypto and push for comprehensive legislation by 2026. Locally issued BTC/ETH-based derivatives are also forthcoming—no longer reliant on foreign ETFs.

Market participants welcomed the move. Artem Mayorov (Ingosstrakh) noted crypto-based instruments appeal to investors seeking global exposure without infrastructure risk. Dmitry Tselishchev (Rikom Trust) added that this could redirect liquidity back to domestic markets.

Still, Alexander Lavrov (Vostok-Zapad) cautioned: such assets carry high risk, making the 10% cap entirely reasonable. Significant demand isn’t expected soon, given crypto’s recent downturn.

VECS Commentary
Russia’s regulatory easing signals a tactical pivot from rejection to controlled integration—not full liberalization, but a phased strategy to harness economic potential without compromising stability. Notably, crypto is treated as a derivative, not a direct asset—allowing the state to capture demand while avoiding de facto recognition of BTC as currency, and retaining capital-flow oversight. This is a nuanced middle path: leveraging market appetite without exposing the system to volatility or capital flight. Yet success hinges on transparency and education—not just for institutions, but retail investors. Regulation without literacy breeds speculation disguised as investment.

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**This news was obtained and summarized from various sources on the internet.