Russia Plans to Launch Crypto Exchange for Qualified Investors

According to ShibDaily, Russia's Finance Ministry and Central Bank have announced plans to establish a cryptocurrency exchange aimed at qualified investors, operating under an experimental legal framework. Finance Minister Anton Siluanov revealed during an expanded ministry board meeting that the initiative seeks to legalize crypto assets and bring crypto operations out of the shadows. Siluanov emphasized that this development will occur as part of operations permitted under the experimental legal regime, rather than domestically. In March, the Central Bank proposed to the government the allowance of cryptocurrency transactions under the country's experimental legal regime (ELR). The plan targets a new classification of participants—highly qualified investors—defined as individuals with over 100 million rubles in securities and deposits, or an annual income exceeding 50 million rubles in the previous year. Osman Kabaloev, Deputy Director of the Finance Ministry's Financial Policy Department, stated at the Blockchain Forum that the exact parameters defining these investors are still under discussion, with a lively debate anticipated in parliament. Russia's Central Bank has suggested allowing qualified investors to access settlement-based derivatives, securities, and digital financial assets linked to cryptocurrency values, provided the assets are not physically delivered to the investor. Despite these developments, the Central Bank continues to reject cryptocurrency as a legal form of payment and proposes a ban on crypto-based transactions between residents outside the experimental legal regime, advocating for penalties for those who breach this restriction. Deputy Finance Minister Ivan Chebeskov indicated that existing exchange platforms could be utilized for cryptocurrency trading within the experimental legal regime. He also mentioned that new entrants and trading platforms may be permitted, provided they meet specific licensing requirements. The initiative is not expected to launch for at least another six months. Currently, Russian citizens are allowed to buy and hold cryptocurrencies, but the use of digital currencies for transactions within the country remains prohibited. The absence of a centralized domestic cryptocurrency exchange means Russian investors must rely on foreign platforms to purchase digital assets. As Russian authorities continue to deliberate on the future of cryptocurrency regulation, the outcome of these discussions could significantly impact both local investors and the broader global crypto landscape. This article is provided for informational purposes only and should not be construed as financial advice. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.