Russia’s Ministry of Finance and the Bank of Russia are preparing to jointly launch a cryptocurrency exchange tailored specifically for highly qualified investors. This initiative, reported by RBC, is part of a larger push to integrate crypto activities into a regulated legal framework.
Finance Minister Anton Siluanov stated during a recent ministry meeting that, in collaboration with the Central Bank, a crypto exchange will be launched specifically for super-qualified investors. He explained that crypto assets will be legalized, and operations will be brought out of the shadows—not within Russia directly, but under the framework of the experimental legal regime, according to RBC.
This initiative follows the Central Bank’s proposal to establish a three-year experimental legal regime (ELR), which would allow a limited group of investors to legally trade cryptocurrencies. The plan introduces a new investor class—super-qualified investors—characterized by stringent income and asset requirements.
The Central Bank had earlier proposed that super-qualified investor status be given to individuals holding at least ₽100 million in securities or deposits, or earning over ₽50 million annually. However, the Finance Ministry has clarified that these criteria are not set in stone.
“These figures might remain as they are or be adjusted one way or another—it’s certainly possible. I expect there will be extensive discussions on the matter,” said Osman Kabaloev, Deputy Director of the Ministry’s Financial Policy Department.
The initiative is already drawing interest from major financial institutions. In March, Vladimir Krekoten, Managing Director of Sales and Business Development at the Moscow Exchange, stated that the platform is fully prepared to launch cryptocurrency-linked derivatives trading and could go live as early as 2025.
The Saint Petersburg Stock Exchange (SPB Exchange) has also shown support for the move. “SPB Exchange backs efforts to broaden investment options and diversify investor strategies. We intend to begin trading products tied to cryptocurrency values,” a spokesperson told RBC Investments.
While some companies view this development as a game-changer, others remain doubtful. Igor Danilenko, head of asset management at Renaissance Capital, criticized cryptocurrency as a legitimate asset class, stating, “There are plenty of ways to hedge against inflation without turning to tokens that lack real backing, rely heavily on new buyer interest, and essentially resemble a pyramid scheme.”
