Russia: new fund rules provide for cash-settled cryptocurrency-linked instruments

On 23 September 2026, the Bank of Russia announced new investment rules for unit investment funds. One change allows qualified investors’ funds to be invested in cash-settled instruments linked to cryptocurrency prices.

The ordinance has been registered by the Ministry of Justice; effective dates differ for individual provisions. Other changes concern unlisted instruments and concentration calculations. The cryptocurrency-related provision concerns settlement products and a defined investor category. It should be distinguished from direct ownership of digital currency: an instrument’s value being linked to cryptocurrency does not itself mean that the underlying coins are delivered at settlement.

Source: Bank of Russia, 23 September 2026.

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