Russia’s Finance Ministry and Bank of Russia are set to jointly launch a cryptocurrency exchange, designed exclusively for super-qualified investors, as part of a broader effort to bring crypto operations into a formal regulatory framework, according to one RBC report.
”Sammen med centralbanken vil vi lancere en kryptoudveksling for superkvalificerede investorer. Krypto-aktiver vil blive legaliseret, og kryptooperationer vil blive bragt ud af skyggerne. Naturligvis ikke inden for vores land, men disse operationer, der er blevet gennemført i dag inden for rammerne af den eksperimentelle lovlige regime,” sagde finansminister Anton Siluanov under et nyligt ministerium, som rapporteret af rammer RBC.
The move follows a proposal from the central bank to introduce an experimentally legal regime (ELR) for three years, giving a selected group of investors the opportunity to trade with cryptocurrencies. The concept centers around a new investor category-built investors defined by strict wealth and income limits.
Previously, the central bank suggested that this status be awarded to persons with at least ₽100 million in securities or deposits or an annual income that exceeds ₽50 million. However, the Ministry of Finance has indicated that these requirements are not final.
“Maybe it will be in this format, or these indicators will somehow be adjusted in some direction – this is possible. I think there will be a host of discussions,” said Osman Kabaloev, deputy director of the ministry’s financial department.
The initiative already wins traction among financial institutions. In March, Vladimir confirmed the Krekoten, CEO of Sales and Business Development at the Moscow exchange, readiness to launch derivatives that are traded, linked to cryptocurrencies and said the platform is at “maximum level of readiness” and could begin operations in 2025.
Saint Petersburg Stock Exchange (SPB Exchange) has expressed similar ambitions. “SPB Exchange supports initiatives aimed at expanding investors’ investment opportunities and diversifying their strategies. We plan to start trading with products linked to the value of cryptocurrencies,” a representative said told RBC Investments.
While some companies see this as a transformative shift, others remain skeptical. Igor Danilenko, head of asset management in Renaissance Capital, dismissed crypto as a viable asset class: “There are many ways to protect yourself from inflation without resorting to tokens without any real security that depends on the influx of new buyers and looks very similar to a pyramid scheme in Essence.”