Bank of Russia said financial institutions can offer crypto-connected instruments to qualified investors as the nation continues to explore crypto offers.
“Financial institutions can offer qualified investors financial derivatives, securities and digital financial assets whose yields are linked to cryptocurrency prices,” Bank of Russia said in a post on Wednesday.
Russia has softened its attitude towards crypto late as the asset has continued to see new heights. Although the central bank has warned institutions and their clients against investing directly in crypto, it has proposed to allow a limited group of qualified investors to trade crypto in an experimental regime that would last three years – something it says the government is still considering.
The country’s Finance Ministry is set to reveal a crypto exchange for highly qualified investors in accordance with reports, but no deadline has yet been stated as discussions are still underway.
In the Wednesday post, however, the central bank also called for credit institutions to be careful when considering the risk of these instruments, which ensures that they are fully covered with capital and individual boundaries are set on them.
“During the year, Bank of Russia plans to formalize the conservative approach to regulating credit institutions’ risks associated with fluctuations in cryptocurrency prices,” the post said.
