Russia’s Finance Ministry and the central bank have announced plans to launch a crypto exchange exclusively for highly qualified investors. This exchange aims to regulate digital asset activity and facilitate its use in cross-border trade under a pilot legal framework. The initiative was confirmed on April 23, following earlier rumors. The exchange will operate within an experimental legal regime established in September 2024, allowing foreign trade participants to settle transactions via crypto. However, this regime does not legalize crypto payments within Russia’s domestic economy.
Finance Minister Anton Siluanov outlined the initiative during a recent ministry board meeting, highlighting the government’s intention to create a compliant channel for large-scale crypto transactions. Eligibility for the new platform will be restricted to investors classified as “highly qualified,” including individuals with significant holdings in securities or deposits exceeding 100 million rubles. The precise qualification criteria are still being finalized, with ongoing discussions expected to involve legislators’ input. Officials aim to define clear standards while preserving financial security and systemic integrity.
The central bank has proposed allowing the elite investor class to conduct crypto transactions within the legal experiment, but it continues to oppose the use of crypto for domestic payments outside of this regime. The regulator has recommended a ban on resident-to-resident settlements using digital assets, along with penalties for noncompliance. Deputy Finance Minister Ivan Chebeskov has suggested that Russia’s current exchange infrastructure could support the upcoming crypto trading activity. Authorities are also considering licensing new trading venues, provided they meet strict regulatory conditions. The pilot exchange is not expected to become operational for at least six months.
Currently, Russian citizens are permitted to own, mine, and trade crypto, but legal restrictions prevent them from using it for payments inside the country. Most crypto activity in Russia relies on foreign platforms, which carry additional legal and geopolitical risks. The planned exchange represents a significant shift in Russia’s approach to digital assets, aiming to balance innovation in global trade with tight domestic restrictions on crypto use. This initiative signals Russia’s efforts to bring crypto activity out of informal markets and place it under regulatory oversight.
In conclusion, the launch of a crypto exchange exclusively for highly qualified investors in Russia marks a significant development in the country’s approach to digital assets. The initiative aims to regulate digital asset activity and facilitate its use in cross-border trade under a pilot legal framework. Eligibility for the platform will be restricted to investors classified as “highly qualified,” with precise qualification criteria still being finalized. The central bank has proposed allowing this elite investor class to conduct crypto transactions within the legal experiment, emphasizing a ban on resident-to-resident settlements using digital assets. Russia’s current exchange infrastructure is expected to support the upcoming crypto trading activity, with authorities considering licensing new trading venues. Overall, the planned exchange signifies Russia’s efforts to balance innovation in global trade with strict domestic restrictions on crypto use.
