The Central Bank of Russia (CBR) is exploring the possibility of granting institutional investors broader access to cryptocurrencies through the creation of mutual funds focused on digital assets. However, any such changes are not expected to be implemented until next year at the earliest.
Olga Shishlyannikova, a senior official at the CBR, recently confirmed at a local investment forum that the regulator is open to discussions with market participants on this topic. This comes in response to growing interest from the industry, with some brokerage firms already having limited access to crypto-linked financial instruments.
Despite a recent softening of its position, which includes the authorization of crypto derivatives for qualified investors and the launch of a digital ruble pilot, the CBR maintains a cautious approach. It remains steadfastly against allowing direct retail investor exposure to highly volatile assets like Bitcoin. Shishlyannikova noted that any regulatory amendments required to permit asset managers and mutual funds to enter the crypto space would be part of the 2026 legislative cycle.
While Russia’s crypto futures market saw inflows of $16 million in June, the central bank is not yet convinced that institutional interest is translating into significant demand from end-users.
The evolving policy landscape in Russia also includes other major developments. The digital ruble is scheduled to launch in September, accompanied by a national QR code payment system. Concurrently, new fines will be introduced for individuals using cryptocurrencies for domestic payments outside of officially sanctioned cross-border trade pilots.
July 2025, Cryptoniteuae
