The Russian primal banking company continues its strict policies regarding the cryptocurrency manufacture, at present officially banning common funds from investing in cryptocurrencies like Bitcoin (BTC).

On Monday, the Bank of Russian federation published an official argument on regulating investment opportunities by mutual investment funds.

Despite expanding the number of avails available for investment past mutual funds, the document prohibits fund managers from buying cryptocurrencies besides every bit "financial instruments whose value depends on prices of digital avails."

The statement emphasizes that mutual funds are not allowed to provide crypto exposure both to either qualified or unqualified investors.

The Bank of Russia previously recommended that asset managers exclude cryptocurrencies from exposure in mutual funds in July 2022. According to a report past local news agency RBC, there take been no Russian mutual funds with crypto exposure despite there having been no formal ban until now.

Artem Deev, head of the analytics department at the brokerage business firm AMarkets, reportedly said that Russia has only 1 manufacture-related substitution-traded fund (ETF) so far. According to Deev, the fund is managed by the articulation-stock management company "BrokerCreditService" and invests in companies focused on decentralized data storage and blockchain, including firms like Jack Dorsey's Cake, PayPal and Broadcom.

Russia's largest banking concern, Sber, is reportedly as well planning to launch a blockchain-focused ETF, Sber's nugget management caput Vasily Illarionov said. The ETF will exist chosen "Blockchain Economy" and will invest in stocks related to blockchain adoption. Illarionov noted that the fund does not fall nether the restrictions of the Depository financial institution of Russia and tin be offered to retail investors.

Related: Russia'south largest depository financial institution struggles to register its digital asset platform

As previously reported, the Banking company of Russia has taken a hard opinion on cryptocurrencies and has barred some big banks from offering crypto investment services. The regulator argued that such services practise not "run across the interests of investors and behave neat risks."