Russia’s finance ministry, in collaboration with the central bank, is preparing to roll out a new cryptocurrency exchange tailored specifically for top-tier investors, according to reports from Russian media on April 23.
Finance Minister Anton Siluanov revealed the initiative during a recent government meeting, stating that the exchange will operate under a special experimental legal framework. “Together with the central bank, we will open a crypto trading platform targeted at ultra-qualified investors,” he said, noting that the move is part of broader efforts to formalize crypto activity in the country. “Crypto assets will be legalized, and transactions will come out of the shadows.”
The platform will not be accessible to the general public and will function outside the traditional domestic market, as part of Russia’s regulated sandbox initiative.
The central bank first floated the idea back in March, proposing a controlled three-year trial allowing only a select group of investors to buy and sell cryptocurrencies like Bitcoin. These “super-qualified” investors would need to meet steep financial requirements—owning over 100 million rubles (approx. $1.2 million) in assets or earning at least 50 million rubles (approx. $602,000) annually.
However, the criteria are still under discussion. Osman Kabaloev, deputy director of the financial policy department at the Ministry of Finance, noted that the definition of a super-qualified investor is not finalized and could be revised. “It’s still early days, and the specific requirements may evolve,” he said.
While Russia banned crypto as a method of payment back in January 2021, recent developments signal a shift toward integrating digital assets into its financial system in other ways. On April 16, Kabaloev also suggested the government should explore issuing its own stablecoin, particularly in light of recent sanctions that affected Russian-linked crypto wallets.
Additionally, proposals are circulating to establish a state-managed crypto fund using assets seized in criminal investigations. Parallel efforts are also underway to formally recognize cryptocurrencies as property in the legal system for criminal cases.
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