Russia’s Central Bank and Finance Ministry are set to establish a crypto exchange aimed at “highly qualified investors,” as reported by Interfax.
This initiative is part of a broader effort to legalize crypto assets and move crypto operations into a regulated environment. Russian Finance Minister Anton Siluanov emphasized that while the exchange will not operate domestically, it will function under an experimental legal regime (ELR) designed for qualified investors.
The Central Bank proposed this initiative in March, suggesting that cryptocurrency transactions would be permitted for individuals classified as qualified investors. To qualify, individuals must invest in securities and deposits exceeding 100 million rubles (approximately $1.2 million) or an annual income surpassing 50 million rubles (around $600,000).
This move is seen as a way to enhance the transparency of the cryptocurrency market, establish service standards, and broaden investment opportunities for sophisticated investors willing to take on higher risks.
Despite previous restrictions, including a law signed by President Vladimir Putin in 2022 that banned crypto asset payments, this new initiative indicates a shift in Russia’s stance towards cryptocurrencies.
Officials have suggested that sanctions imposed by the West will not hinder Russians from accessing the cryptocurrency market or using it as a means to circumvent these sanctions.
