Russia’s Ministry of Finance and the Central Bank have announced plans to launch a crypto exchange exclusively for “super-qualified investors” under an experimental legal framework.
This initiative aims to legalize and regulate crypto operations, moving them out of the shadows. Still, it will not operate domestically; instead, it will function within the boundaries of the new experimental regime.
During a recent ministry meeting, Finance Minister Anton Siluanov revealed that the new exchange will operate under a three-year experimental regime to allow a limited group of wealthy Russian investors to trade cryptocurrencies. The platform will not be open to the general public but targeted at those meeting stringent financial criteria.
The Central Bank’s March proposal defines “super-qualified investors” as individuals possessing assets exceeding 100 million rubles (approximately $1.2 million) or an annual income of at least 50 million rubles (around $602,000). However, Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, emphasized that these thresholds are still under discussion and may be adjusted as the regulatory framework develops.
This development marks a cautious step forward in Russia’s complex relationship with cryptocurrencies. Since January 2021, Russia has reportedly banned using cryptocurrencies like Bitcoin for payments under its “On Digital Financial Assets” law. Despite this, authorities have explored integrating crypto into the financial system without compromising regulatory control.
Recent discussions include proposals for a Russian government crypto fund comprising assets confiscated through criminal proceedings, as Evgeny Masharov of the Russian Civic Chamber suggested. Additionally, officials are working on legislation to recognize crypto as property in criminal law contexts.
Russia’s planned crypto exchange for super-qualified investors represents a cautious but notable attempt to regulate and legitimize cryptocurrency trading within a tightly controlled framework. This experimental approach reflects broader efforts by Russian authorities to balance innovation with regulatory oversight amid evolving global crypto trends and geopolitical challenges.
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