Russia to launch national crypto exchange limited to high net-worth investors

Russia’s Finance Ministry and the central bank plan to launch a crypto exchange exclusively for highly qualified investors, local media reported on April 23, confirming rumors from earlier in the year.

The exchange aims to regulate digital asset activity and facilitate its use in cross-border trade under a pilot legal framework. It will operate within an experimental legal regime established to allow foreign trade participants to settle transactions via crypto.

The regime, in effect since September 2024, provides a tightly controlled environment for digital asset experimentation without legalizing crypto payments within Russia’s domestic economy.

Finance Minister Anton Siluanov outlined the initiative during a recent ministry board meeting, indicating that the government intends to create a compliant channel for large-scale crypto transactions.

The effort seeks to pull crypto activity out of informal markets and place it under regulatory oversight.

Access limited to Russia’s financial elite

Eligibility for the new platform will be restricted to investors classified as “highly qualified,” a category that includes individuals with significant holdings in securities or deposits exceeding 100 million rubles, or those with annual incomes above 50 million rubles.

According to reports, officials are still finalizing the precise qualification criteria, and ongoing discussions are expected to involve legislators’ input.

Osman Kabaloev, a senior official at the Finance Ministry, noted that the investor eligibility rules remain under review and that members of parliament have shown interest in contributing to the framework. Authorities aim to define clear standards while preserving financial security and systemic integrity.

The central bank previously submitted a proposal to allow this elite investor class to conduct crypto transactions within the legal experiment. However, it continues to oppose the use of crypto for domestic payments outside of this regime.

The regulator has also recommended a ban on resident-to-resident settlements using digital assets, alongside penalties for noncompliance.

Pilot to use existing infrastructure

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. In the absence of a centralized national exchange, most crypto activity relies on foreign platforms, which carry additional legal and geopolitical risks.

The planned exchange marks a significant shift in Russia’s approach to digital assets, signaling an effort to balance innovation in global trade with tight domestic restrictions on crypto use.

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