Bank of Russia has announced plans to ban mutual funds from giving its qualified or unqualified investors exposure to bitcoin.
The bank has released an official announcement on the regulations around the investment opportunities that can be accessed by mutual funds, which excludes the asset class.
The statement has also barred asset managers from investing in financial instruments with any connection to digital assets.
The financial institution had recommended that asset managers should not add crypto in their exposure in July 2021. Since then, all mutual funds have shied away.
Head of analytics department at AMarkets, Artem Deev, revealed that Russia has one industry-related ETF that is managed by a joint-stock management company called BrokerCreditService.
The announcement comes as the Russian biggest bank, Sber, plans to open a blockchain-focussed ETF targeting stocks in the blockchain technology space.
Source: Bank of Russia