Bank of Russia urges exchanges not to allow trading of crypto-linked instruments

The Bank of Russia recommended exchanges not to allow trading of securities issued by Russian and foreign issuers, payments on which depend on cryptocurrency rates, prices of foreign digital financial assets, changes in crypto-asset indices, and the value of crypto-derivatives and securities of crypto funds.

The central bank also advised asset management companies not to include these assets in the portfolios of mutual funds.

Brokers and discretionary managers were advised to refrain from offering “pseudo-derivative financial instruments with such underlying assets” to retail investors.

The regulator again reiterated its view of cryptocurrencies as high-risk assets. The Bank of Russia intends to analyse the risks associated with digital currencies.

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