TLDR
- Russia’s finance ministry and central bank are planning to launch a crypto exchange for “super-qualified investors”
- The exchange is part of a three-year experimental legal regime to legalize certain crypto operations
- Initially proposed requirements include assets of 100 million rubles ($1.2M) or yearly income of 50 million rubles ($602K)
- Officials indicated these wealth requirements may be adjusted during discussions
- Moscow Exchange and SPB Exchange have expressed readiness to launch crypto-related trading
Russia is taking steps to bring cryptocurrency trading out of the shadows, but only for its wealthiest citizens. Finance Minister Anton Siluanov announced that the country’s finance ministry and central bank are jointly developing a cryptocurrency exchange aimed at “super-qualified investors” as part of an experimental legal framework.
“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 during a ministry meeting on April 23, according to reports from Russian media group RBC and news agency Interfax.
The initiative follows a March 12 proposal by the Russian central bank to create a three-year experimental regime allowing a limited number of Russian investors to legally buy and sell cryptocurrencies like Bitcoin.
JUST IN: Russia to launch crypto exchange for "super-qualified investors", RBC News reports 🇷🇺 pic.twitter.com/pa0WdaTh00
— Bitcoin Magazine (@BitcoinMagazine) April 23, 2025
Who Qualifies as “Super-qualified”?
The central bank’s proposal introduced a new investor category called “super-qualified investors.” Initial requirements suggested that individuals would need assets worth over 100 million rubles (approximately $1.2 million) or an annual income of at least 50 million rubles (about $602,000) to qualify.
However, these criteria aren’t final. Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, indicated that the wealth thresholds might change.
“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, according to RBC.
The ministry emphasized that these operations would take place “not domestically, but as part of the operations permitted under the experimental legal regime.”
Stock Exchanges Ready to Participate
The initiative has already gained support from major Russian financial institutions. Vladimir Krekoten, Managing Director for Sales and Business Development at the Moscow Exchange, confirmed in March that the exchange is at “maximum level of readiness” to launch derivatives trading linked to cryptocurrencies.
The Moscow Exchange could begin these operations as early as 2025, according to Krekoten’s statement.
Similarly, the Saint Petersburg Stock Exchange (SPB Exchange) has expressed interest in the program. “SPB Exchange supports initiatives aimed at expanding the investment opportunities of investors and diversifying their strategies. We plan to start trading products tied to the value of cryptocurrencies,” a representative told RBC Investments.
Not everyone in Russia’s financial sector shares this enthusiasm. Igor Danilenko, head of asset management at Renaissance Capital, dismissed cryptocurrency as a viable asset class, comparing it to a pyramid scheme.
Russia’s Evolving Crypto Stance
Russia has had a complex relationship with cryptocurrency. The country implemented a ban on using cryptocurrencies like Bitcoin for payments under its first crypto law, which came into force in January 2021.
Despite this restriction, Russia has been exploring other avenues for cryptocurrency adoption. On April 16, Kabaloev suggested that the Kremlin should create its own stablecoin. This proposal came after US authorities and stablecoin issuer Tether froze wallets linked to the sanctioned Russian exchange Garantex.
In a separate development, Evgeny Masharov, a member of the Russian Civic Chamber, proposed on March 20 to create a Russian government crypto fund that would include assets confiscated from criminal proceedings.
At the same time, other Russian officials have been working on new legislation to recognize cryptocurrency as property for criminal procedure purposes.
The experimental crypto exchange represents Russia’s latest attempt to find a balance between controlling cryptocurrency use while allowing some participation in the growing digital asset market.
