July 25, 2021

Bank of Russia asked stock exchanges not to list cryptocurrency-related products

Bank of Russia asked stock exchanges not to list cryptocurrency-related products

The Bank of Russia appealed to all participants in the securities market with a request not to trade derivatives, the value of which is directly or indirectly influenced by cryptocurrency rates.

In the official information letter, the centralthe bank has advised stock exchanges to reject applications from national or foreign issuers of products that depend on digital currency rates, tokens, associated indices, rights, contracts or debentures. The Central Bank also asks not to place shares of companies working with cryptocurrency and its derivatives or crypto funds.

Companies are advised to exclude all such products from mutual funds and not offer them to their clients.

The new regulations of the regulator do not apply to digital currencies of central banks and digital assets allowed in the country.

The Bank of Russia believes that preventing the massive use of cryptocurrency-based instruments will help protect the interests of market participants and maintain confidence in the Russian financial market.

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