TLDR
- Russia plans a state-run crypto exchange.
- Only wealthy investors can use it.
- Others get access via crypto derivatives.
- Aim: regulate and legalize crypto use.
- Rules may change; opinions are mixed.
Russia’s Ministry of Finance and the Central Bank have announced plans to jointly launch a government-backed cryptocurrency exchange designed exclusively for super-qualified investors. The initiative will operate within the framework of an Experimental Legal Regime (ELR), which allows selected financial innovations to be tested under specific regulatory conditions. The exchange is not intended to function within Russia’s domestic financial infrastructure but will enable the legal circulation of crypto assets for certain operations currently conducted under the ELR.
Russian Finance Minister Anton Siluanov announced that the Ministry of Finance and the central bank will jointly establish a cryptocurrency exchange exclusively for “super-qualified investors,” aiming to legalize and regulate certain crypto transactions. The platform may be newly…
— Wu Blockchain (@WuBlockchain) April 23, 2025
Finance Minister Anton Siluanov confirmed the development during a recent ministry meeting. According to him, the platform will help move cryptocurrency operations out of the unregulated space. “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 said. He emphasized that only operations falling under the legal experimental regime would be supported, indicating that the platform’s reach will remain limited to highly controlled conditions.
Eligibility Criteria and Potential Adjustments
The Central Bank has outlined stringent criteria for investors eligible to participate in the new exchange. To qualify as a super-qualified investor, individuals must hold a minimum of 100 million rubles (approximately $1.2 million) in securities and deposits, or have an annual income of at least 50 million rubles (around $600,000). These thresholds reflect a targeted approach to limit access to high-net-worth individuals capable of managing the inherent risks of cryptocurrency trading.
However, officials indicated that these requirements are subject to further review. Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, stated that the current criteria are provisional and may be revised. “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 noted. The final eligibility rules are expected to emerge through ongoing consultations between financial regulators and market participants.
Derivatives Access for Broader Investor Base
While the direct trading of cryptocurrencies will be restricted to super-qualified investors, the broader category of qualified investors will still have access to crypto through derivatives. These financial instruments will not involve actual crypto delivery but will be linked to the value of digital assets. Such derivatives are planned to be made available on platforms like the Moscow Exchange and SPB Exchange once appropriate regulations are in place.
Moscow Exchange Managing Director Vladimir Krekoten recently confirmed that the platform is prepared to launch crypto-linked derivative products in 2025, pending regulatory approval. SPB Exchange has also voiced support for regulatory efforts that would enable the trading of crypto-based instruments, emphasizing their potential for portfolio diversification.
In addition, various brokerage firms have expressed interest in offering crypto instruments to clients as soon as the legal framework permits. However, divergent views persist within the financial community. While some see the crypto market as a viable competitor to traditional capital markets citing volatility and the lack of fundamental backing for digital assets.
This move to establish a centralized, regulated exchange aligns with Russia’s broader strategy to develop legal mechanisms for crypto usage. Authorities continue to explore the role of digital assets in cross-border transactions and economic resilience.
