Russia’s Finance Ministry and Central Bank are reportedly preparing to launch a crypto exchange exclusively for “super-qualified investors” under a controlled experimental legal regime. Finance Minister Anton Siluanov confirmed the plans during an April 23 meeting, according to reports from RBC and Interfax.
“Together with the central bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalised, and crypto operations will be brought out of the shadows,” Siluanov stated. He emphasised that the platform would not operate openly within the domestic economy but would fall under the newly established experimental framework.
High Entry Bar for Russian Crypto Investors
The new platform will only be accessible to investors who meet strict wealth and income thresholds. According to a March 12 proposal by the Russian Central Bank, a “super-qualified investor” must have at least 100 million rubles (around $1.2 million) in assets or an annual income of at least 50 million rubles ($602,000).
However, the final criteria could still change. Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, said discussions are ongoing.
“Perhaps it will be in this format, or these indicators will be somehow adjusted in one direction or another,” Kabaloev noted, suggesting the standards are not yet set in stone.
Russia Eyes Broader Crypto Developments Despite Payment Ban
Russia banned the use of cryptocurrencies like Bitcoin for payments in January 2021, but the country continues to explore new ways to integrate crypto into its financial system. On April 16, Kabaloev suggested the Kremlin should develop its own stablecoin, following the freezing of wallets tied to sanctioned Russian exchange Garantex by U.S. authorities and stablecoin issuer Tether.
Separately, on March 20, Evgeny Masharov, a member of Russia’s Civic Chamber, proposed the creation of a government crypto fund composed of confiscated assets from criminal proceedings. Meanwhile, lawmakers are working on legislation to formally recognise cryptocurrencies as property within Russia’s criminal procedure framework.
