Market participants launched investment products with binding to cryptocurrencies.

Participants in the financial market began to produce investment products with reference to the cost of cryptocurrencies. This was made possible due to the fact that the Bank of Russia described the key rules for placing such tools. In particular, trading organizers receive the right to allow such securities to appeal, trusting managers – to include such assets in the Treatment Contracts, and information system operators – organize the issues of the Tsf. Currently, the entire trade in cryptocurrencies, their accounting and storage are legally located outside the Russian Federation, experts recall.

As Kommersant told the Alfa-Capital UK, the company launched a new strategy for individual trust management (Idu) “Alfa Cryptongoresons”, focused on derivatives of financial instruments, the profitability of which is tied to the cost of cryptocurrencies. “Customer surveys have long shown a high interest in crypto actes, but until recently, the regulator conservatively looked at the possibility of investors to admit such tools,” said Danil Panin, director of the management company’s development and services department.

Customer funds will be invested in structural bonds (CO), the income of which is tied to the cost of the ISHHARES BITCOIN TRUST (IBIT), which reflects the change in Bitcoin. The issuer of the Siberian Federal District « Rumberg Structural Products » acts. IBIT is one of the largest exchange BTC funds in the world with assets of about $ 72 billion

Placing CO on Bitcoin was possible after the Bank of Russia on May 28 Published Explanations about the rules for the release of derivatives of financial instruments, the profitability of which is tied to the cost of cryptocurrencies. In particular, the regulator noted the possibility for trading organizers to allow such securities to trade, for trusting managers, to include such assets in trust agreements, and for information system operators to organize the issues of the TsFA. But information and sale is possible only in the interests of qualified investors.

“The key condition is that such tools should not provide for the actual supply of cryptocurrencies,” the regulator said in a statement.

According to the founder of the BitKogan project, Yevgeny Kogan, the change in the position of the Central Bank is most likely connected not so much with the cryptocurrency itself as with the control of risks.

Earlier, the Bank of Russia was canceled two issues of structural bonds tied to the value of ISHHARES BITCOIN: SFF Vega (implemented FG Finams) and the Rumberg Structural Products SFF (Rumberg FGs (See “Kommersant” from March 13). “There were no regulatory obstacles to the transaction – the question was rather a methodological character. Therefore, now we have the opportunity to quickly return to this deal, ”said Ilya Rynenkov, co -founder of Rumberg Capital.

A survey of financial market participants indicates their readiness to launch such tools. According to Dmitry Lesnov, Deputy General Director for Broke Business FG, after adjusting the product that the regulator had not previously allowed to launch, it will be offered to customers within a few days. The director of the Sberbank Global Markets Department, Alexander Zozulya, said that the bank plans to release the product to the TOP-10 cryptocurrency index. The Rumberg Capital announced that they were working on two more new issues of structural bonds with the same basic asset. “First of all, we can talk about the launch of futures contracts tied to the dynamics of cryptocurrencies or the largest bitcoin -etf,” said Sergey Selyutin, head of the VTB of My Investment VTB.

However, not all management companies show a high interest in products for crypto assets. “Large institutional investors, perhaps, would like to get a certain diversification of their portfolios, but will postpone such purchases until the final clarification of the rules of the game from the regulator and the growth of the liquidity of such instruments,” said Andrei Matyukhin, the head of the development of investment products of the Criminal Code of the PSB Criminal Code.

For large capital, not only legal status is important, but also a reliable infrastructure of such investments, said Roman Semenikhin, CEO of Ingosstrakh-Investment.

At the same time, as the general director of the First Criminal Code Andrei Bershadsky indicates, all the sites on which cryptocurrencies are traded and where their accounting and storage is carried out are in foreign jurisdictions. Therefore, the demand for them will be limited. “Such a product will be niche, since in general there is an interest in crypto actes, but allocations in the portfolios of large private investors rarely exceed several percent,” says Dmitry Timofeev, CEO of TKB Investment Partners.

Vitaly Gaidaev