Key Takeaways
- Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, indicated that these qualifications may include a minimum of 100 million rubles in personal assets or an annual income of at least 50 million rubles
- A specific launch timeline has not yet been disclosed.
Russia is preparing to introduce a cryptocurrency exchange aimed exclusively at individuals classified as “super-qualified” investors, as part of a regulated pilot framework intended to bring greater oversight to the country’s digital asset activity.
The plan was confirmed on April 23 by Finance Minister Anton Siluanov during a Finance Ministry meeting, according to reports from state-aligned media outlets including RBC and Interfax.
This forthcoming platform will not operate within Russia’s domestic financial system but will function under what officials describe as an “experimental legal regime.” The initiative is being coordinated jointly by the Finance Ministry and the Central Bank of Russia.
Authorities say the exchange is designed to address regulatory gaps by creating a space where crypto operations can be conducted transparently and within state-approved parameters.
“Crypto assets will be legalised, and crypto operations will be brought out of the shadows,” Siluanov said at the meeting. He clarified that these activities would take place within the boundaries of the experimental zone, rather than being integrated into the broader domestic economy.
At present, there is no state-licensed crypto exchange available to Russian residents, leading many to turn to foreign platforms for trading and investment.
As per local media reports, to access the new exchange, investors must meet specific eligibility criteria that distinguish them from standard retail participants.
Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, indicated that these qualifications may include a minimum of 100 million rubles (approximately $1.2 million) in personal assets or an annual income of at least 50 million rubles (roughly $602,000). However, Kabaloev noted these thresholds are still under discussion and subject to change following public and institutional consultation.
“There may be adjustments in one direction or another,” Kabaloev said. “I believe there will be a wide range of discussions.”
The initiative follows a proposal made by the Central Bank earlier this year to establish a controlled digital asset market for a limited set of users. Under the proposed rules, crypto trading would be allowed for selected investors within a tightly regulated pilot scheme. Concurrently, the bank has pushed for a ban on crypto transactions between residents outside the designated framework.
While direct crypto trading would be restricted to those meeting “super-qualified” criteria, other investors may still gain exposure through derivative instruments or financial assets tied to digital currencies, provided those products do not involve the direct transfer of cryptocurrencies.
Russia’s approach to crypto has evolved significantly in recent years. Although it officially banned the use of cryptocurrencies for domestic payments in 2021 through its Digital Financial Assets law, state officials have acknowledged the role of crypto in navigating international sanctions.
Finance Minister Siluanov has previously stated that Russian companies are settling some foreign transactions using cryptocurrencies. President Vladimir Putin has also publicly remarked on the resilience of decentralized currencies, stating that they cannot be banned outright by governments.
The exchange is expected to begin operations once the legal and technical framework under the experimental regime is finalized, though a specific launch timeline has not yet been disclosed.
