Russia plans $1.2M million crypto exchange for qualified investors

Russia’s finance ministry and central bank plan to launch a cryptocurrency exchange for “super-qualified investors” under a new experimental legal framework.

Finance Minister Anton Siluanov said the platform is designed to legalise crypto assets and shift crypto activity out of unregulated channels.

The proposed exchange will not operate within the domestic financial market but will function under conditions defined by the pilot regime.

In March, the central bank proposed allowing a limited group of Russian investors to buy and sell cryptocurrencies such as Bitcoin through a three-year trial program.

The newly introduced “super-qualified investor” classification includes individuals with assets exceeding 100 million rubles (around $1.2 million) or an annual income of at least 50 million rubles (approximately $602,000).

Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, said these thresholds may be subject to change and are currently under review.

“Perhaps it will be in this format, or these indicators will be somehow adjusted in one direction or another — this is possible, I think there will be a wide range of discussions,” Kabaloev stated.

Russia banned the use of cryptocurrencies for payments in January 2021 under its initial crypto legislation.

Nevertheless, the government continues to pursue broader digital asset initiatives.

On April 16, Kabaloev suggested developing a Kremlin-backed stablecoin following the freezing of wallets linked to the sanctioned crypto exchange Garantex.

Separately, Evgeny Masharov from the Russian Civic Chamber proposed forming a state-run crypto fund based on assets seized in criminal investigations.

Lawmakers are also progressing on legislation to formally recognise cryptocurrency as property for use in criminal procedures.