Russia’s Ministry of Finance and its central bank are reportedly working together to launch a regulated crypto exchange aimed at “super-qualified investors,” according to Russian Finance Minister Anton Siluanov. The plan was revealed during a ministry meeting, with reports from RBC and Interfax confirming the initiative on April 23.
Siluanov stated that the platform, developed as part of an experimental legal regime, will allow the legalization of crypto assets and bring digital currency operations out of the shadows. “Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime,” he explained.
The move follows a proposal from the central bank on March 12 to allow certain high-net-worth individuals to engage in crypto trading, including assets like Bitcoin, under a three-year pilot project. To qualify as a “super-qualified investor,” individuals must reportedly have assets exceeding 100 million rubles (around $1.2 million) or a yearly income of at least 50 million rubles ($602,000).
However, Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, noted that the final criteria for these investors are still under discussion. “These indicators may be adjusted. I think there will be a wide range of discussions,” Kabaloev told RBC.
Russia has had a complex relationship with cryptocurrency. A 2021 law banned the use of cryptocurrencies like Bitcoin for payment. Despite this, the country continues to explore broader crypto initiatives.
Just last week, Kabaloev suggested the Kremlin should develop its own stablecoin following sanctions that led to the freezing of wallets associated with Garantex, a Russian-linked crypto exchange, by U.S. regulators and Tether.
Additionally, on March 20, Russian Civic Chamber member Evgeny Masharov proposed a state-managed crypto fund using assets seized in criminal cases. Meanwhile, lawmakers are advancing legislation to recognize crypto as property for legal proceedings.
