Russia’s Finance Ministry and the central bank have announced plans to launch a crypto exchange exclusively for highly qualified investors, as reported by local media on April 23. This development confirms earlier rumors that had been circulating earlier in the year.
The purpose of this exchange is to regulate digital asset activity and facilitate its use in cross-border trade under a pilot legal framework. This exchange will operate within an experimental legal regime that has been in effect since September 2024. The regime allows foreign trade participants to settle transactions using cryptocurrency, providing a controlled environment for digital asset experimentation without legalizing crypto payments within Russia’s domestic economy.
During a recent ministry board meeting, Finance Minister Anton Siluanov outlined the initiative, emphasizing the government’s intention to create a compliant channel for large-scale crypto transactions. The goal is to bring crypto activity out of informal markets and place it under regulatory oversight.
Access to this new platform will be restricted to investors classified as “highly qualified,” which includes individuals with significant holdings in securities or deposits exceeding 100 million rubles, or those with annual incomes above 50 million rubles. The precise qualification criteria are still being finalized, with ongoing discussions expected to involve input from legislators.
Osman Kabaloev, a senior official at the Finance Ministry, mentioned that investor eligibility rules are under review, and members of parliament are interested in contributing to the framework. Authorities aim to define clear standards while ensuring financial security and systemic integrity.
While the central bank has recommended allowing this elite investor class to conduct crypto transactions within the legal experiment, it continues to oppose the use of crypto for domestic payments outside of this regime. The regulator has also suggested a ban on resident-to-resident settlements using digital assets, with penalties for noncompliance.
Deputy Finance Minister Ivan Chebeskov has indicated that Russia’s current exchange infrastructure could support the upcoming crypto trading activity. Authorities are also considering licensing new trading venues, subject to strict regulatory conditions. The pilot exchange is expected to become operational in at least six months.
Currently, Russian citizens are allowed to own, mine, and trade crypto, but legal restrictions prevent them from using it for payments within the country. Most crypto activity in Russia relies on foreign platforms, which come with additional legal and geopolitical risks.
The planned crypto exchange signifies a significant shift in Russia’s approach to digital assets, reflecting an effort to balance innovation in global trade with stringent domestic restrictions on crypto use.