TLDR

• Russia’s finance ministry and central bank planning to launch a crypto exchange for “super-qualified investors”
• Exchange is part of a three-year experimental legal regime to legalize crypto assets
• Initial criteria for “super-qualified investors” includes wealth of 100 million rubles ($1.2 million) or yearly income of 50 million rubles ($602,000)
• Requirements for investor qualification may still be adjusted through discussions
• Several Russian exchanges including Moscow Exchange and SPB Exchange have expressed readiness to support crypto-related trading

Russia is moving toward limited cryptocurrency adoption with a new initiative between the finance ministry and central bank. The two institutions are planning to launch a cryptocurrency exchange specifically designed for wealthy investors under a specialized legal framework.

Finance Minister Anton Siluanov announced the plan during a ministry meeting.

“Together with the central bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and crypto operations will be brought out of the shadows,” Siluanov stated.

The exchange would operate under what officials call an “experimental legal regime.” This temporary framework would last for three years as a test period for regulated cryptocurrency trading in Russia.

Who Qualifies as a “Super-Qualified Investor”?

The central bank’s initial proposal in March created a new investor category called “super-qualified investors.” These elite traders would need to meet strict financial requirements to participate in the exchange.

Current guidelines suggest individuals would need assets worth over 100 million rubles (approximately $1.2 million). Alternatively, they could qualify with a yearly income of at least 50 million rubles ($602,000).

However, these requirements may change. Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, indicated the criteria are not final.

“Perhaps it will be in this format, or these indicators will be somehow adjusted in one direction or another,” Kabaloev explained.

The proposal represents a shift in Russia’s approach to digital assets. The country banned cryptocurrency payments in January 2021 under its first crypto law.

Russian Exchanges Preparing for Crypto Integration

Major Russian financial exchanges have expressed interest in the new framework. Vladimir Krekoten, Managing Director at the Moscow Exchange, confirmed they are ready to launch derivatives trading linked to cryptocurrencies.

The Moscow Exchange is at “maximum level of readiness” according to Krekoten. He suggested operations could begin as soon as 2025.

Similarly, the Saint Petersburg Stock Exchange (SPB Exchange) has shown enthusiasm for the initiative. A representative stated, “SPB Exchange supports initiatives aimed at expanding investment opportunities of investors. We plan to start trading products tied to the value of cryptocurrencies.”

These statements indicate Russia’s traditional financial infrastructure is preparing to integrate with the new crypto exchange framework. This suggests the government’s plan has gained traction among established financial players.

Mixed Reactions from Financial Experts

Not all financial professionals support the move toward crypto acceptance. Igor Danilenko, head of asset management at Renaissance Capital, expressed skepticism about cryptocurrencies as investments.

Danilenko dismissed crypto as a viable asset class. He stated there are “many ways to protect yourself from inflation without resorting to tokens without any real collateral.”

The crypto exchange plan comes amid other crypto-related initiatives in Russia. On April 16, Kabaloev suggested Russia should create its own stablecoin. This followed U.S. authorities freezing wallets linked to the sanctioned Russian exchange Garantex.

In March, Evgeny Masharov, a member of the Russian Civic Chamber, proposed creating a government crypto fund. This fund would include assets confiscated during criminal proceedings.

At the same time, Russian officials have been working on legislation to recognize crypto as property for criminal procedure purposes. This would clarify how digital assets are handled in legal cases.

The experimental crypto exchange represents Russia’s cautious approach to digital assets. By limiting access to wealthy investors, authorities aim to test cryptocurrency trading while minimizing risks to retail investors.

If implemented, the exchange would bring certain crypto operations under regulatory oversight for the first time in Russia. This marks a contrast with the previous approach of outright banning cryptocurrency payments.

While developing this controlled environment for crypto trading, Russia maintains restrictions on using cryptocurrencies for everyday payments. This balanced approach allows for some innovation while maintaining control over the financial system.

The timeline for launching the exchange remains unclear, though Moscow Exchange’s readiness suggests implementation could happen soon. The three-year experimental period would allow Russian authorities to evaluate the impact before making permanent regulatory decisions.

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