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As global cryptocurrency companies increasingly consider going public, the Russian central bank has officially recommended local exchanges to avoid crypto-related listings.

The Bank of Russia issued an information letter on July 19, asking Russian stock exchanges to stay away from listings of foreign and local companies involved in a broad range of crypto services.

The central bank elaborated that local exchanges should not list stocks issued by companies whose business relies on crypto market prices, including digital financial assets issued outside Russia, crypto-tracking indexes, as well as crypto derivatives and crypto funds. The Bank of Russia also recommended asset managers to exclude these instruments in mutual funds.

The bank emphasized that stock exchanges should particularly avoid providing exposure to these investment services to non-accredited investors.

“The Bank of Russia’s recommendations aim at a preventive measure — they are designed to prevent a mass investor adoption of such instruments,” the bank stated in an official notice on Thursday. The recommendations do not apply to central bank digital currencies and authorized digital assets issued in Russia, the statement reads.

Related: Russia’s central bank to study crypto investment risks

The central bank went on to say that cryptocurrencies and digital assets are associated with high volatility, opaque price discovery, low liquidity, as well as technology and regulation-related risks. “Purchases of financial instruments linked to such assets entail increased risks of losses for people who do not have sufficient experience and knowledge,” the bank added.

The Bank of Russia’s latest move further showcases the institution’s reluctance to embrace the cryptocurrency industry, echoing similar restrictions in countries like China. As previously reported, the Russian central bank has been withholding major local banks like Tinkoff from offering cryptocurrency trading.

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