The Bank of Russia stated that financial institutions have the potential to offer crypto-linked financial instruments to qualified investors as the country continues to examine the possibilities of cryptocurrency offerings.

“Financial institutions may offer qualified investors financial derivatives, securities, and digital financial assets whose yields are linked to cryptocurrency prices,” the Bank of Russia mentioned in a release on Wednesday.

Lately, Russia has softened its approach to cryptocurrencies, allowing a limited group of qualified investors to trade crypto under an experimental regime set to last three years, while the central bank has also cautioned these institutions against direct cryptocurrency investments.

The Russian finance ministry is reportedly working on establishing a crypto exchange for highly qualified investors, but no timeline has been provided as debates continue. Additionally, the central bank emphasized the importance of credit institutions being mindful of the risks associated with these instruments, advising them to maintain sufficient capital reserves and set individual limits.

“Throughout the year, the Bank of Russia plans to formalize a cautious strategy for regulating the risks that credit institutions face regarding fluctuations in cryptocurrency prices,” the announcement concluded.