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Russia’s Finance Ministry and the central bank plan to launch a crypto exchange exclusively for highly qualified investors, local media reported on April 23, confirming rumors from earlier in the year. The exchange aims to regulate digital asset activity and facilitate its use in cross-border trade under a pilot legal framework. It will operate within an experimental legal regime established to allow foreign trade participants to settle transactions via crypto. The regime, in effect since September 2024, provides a tightly controlled environment for digital asset experimentation without legalizing crypto payments within Russia’s domestic economy. Finance Minister Anton Siluanov outlined the initiative during a recent ministry board meeting, indicating that the government intends to create a compliant channel for large-scale crypto transactions. The effort seeks to pull crypto activity out of informal markets and place it under regulatory oversight. Access limited to Russia’s financial elite Eligibility for the new platform will be restricted to investors classified as “highly qualified,” a category that includes individuals with significant holdings in securities or deposits exceeding 100 million rubles, or those with annual incomes above 50 million rubles. According to reports, officials are still finalizing the precise qualification criteria, and ongoing discussions are expected to involve legislators’ input. Osman Kabaloev, a senior official at the Finance Ministry, noted that the investor eligibility rules remain under review and that members of parliament have shown interest in contributing to the framework. Authorities aim to define clear standards while preserving financial security and systemic integrity. The central bank previously submitted a proposal to allow this elite investor class to conduct crypto transactions within the legal experiment. However, it continues to oppose the use of crypto for domestic payments outside of this regime. The regulator has also recommended a ban on resident-to-resident settlements using digital assets, alongside penalties for…

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Filed under: News - @ April 23, 2025 11:29 pm