The Central Bank of Russia may permit mutual funds to invest in cryptocurrency., 2026/03/05 10:15:15

Investment funds (PIFs) may have the opportunity to acquire cryptocurrencies in the future. This was stated by Olga Shishlyannikova, head of the department for investment financial intermediaries at the Bank of Russia, during the “Forum of Market Leaders in Asset Management.”

According to her, this pertains specifically to the direct purchase of cryptocurrencies rather than derivative financial instruments based on them. However, at this stage, the regulator is unable to provide a definitive assessment of the associated risks.

“In order to permit something, especially for retail funds, it is essential to understand how it will be regulated. Without this understanding, it is not feasible to evaluate the risks that this instrument may pose for investors. Naturally, we will monitor these instruments to incorporate them into portfolios if necessary,” Shishlyannikova noted.

Andrey Rusetzky, director of investments at the management company “First,” compared the potential emergence of cryptocurrency funds to the development of gold funds. He believes that once the necessary infrastructure and regulations are in place, management companies could actively launch such products.

“Everyone will launch exchange-traded funds (ETFs) on cryptocurrencies: some will focus on Bitcoin, others on Ethereum. Some will create actively managed funds that will sell one asset and buy another. This segment could become quite substantial,” he stated.

At the same time, Rusetzky emphasized that the launch of crypto funds is associated with several risks, including the high volatility of digital assets and challenges related to the secure storage of cryptocurrencies.

Andrey Vereshchagin, director of sales support and client experience at “BCS World of Investments,” believes that cryptocurrency funds are unlikely to become a mainstream product, but they may attract a segment of investors amid the growing interest in digital assets.

He also pointed out that the implementation of such instruments may require addressing technical challenges related to the accounting and processing of crypto assets; however, the modernization of infrastructure for management companies is a standard aspect of business development.

Irina Krivosheeva, general director of “Alpha-Capital,” added that the market is anticipating legislative changes that will enable management companies to offer investors products related to cryptocurrencies. According to her, there is typically a significant time gap between the adoption of amendments to federal laws and the emergence of subordinate acts.

Previously, Ekaterina Lozgacheva, director of the strategic development department of the financial market at the Bank of Russia, stated that trading cryptocurrencies on state-controlled platforms could commence within a year.