Russia’s Ministry of Finance and the Bank of Russia are set to jointly launch a cryptocurrency exchange designed exclusively for super-qualified investors, as part of a broader effort to bring crypto operations into a formal regulatory framework, according to a RBC report.
“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. Naturally, not within our country, but those operations that have been carried out today within the framework of the experimental legal regime,” said Finance Minister Anton Siluanov during a recent ministry meeting, as reported by RBC.
The move follows a proposal by the Central Bank to introduce an experimental legal regime (ELR) for three years, allowing a select group of investors to legally trade cryptocurrencies. The concept centers around a new investor category—super-qualified investors—defined by strict wealth and income thresholds.
Previously, the Central Bank suggested that this status be granted to individuals with at least ₽100 million in securities or deposits, or annual income exceeding ₽50 million. However, the Finance Ministry has indicated that these requirements are not final.
“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,” said Osman Kabaloev, Deputy Director of the Ministry’s Financial Policy Department.
The initiative is already gaining traction among financial institutions. In March, Vladimir Krekoten, Managing Director for Sales and Business Development at the Moscow Exchange, confirmed readiness to launch derivatives trading linked to cryptocurrencies, saying the platform is at “maximum level of readiness” and could begin operations in 2025.
The Saint Petersburg Stock Exchange (SPB Exchange) has expressed similar ambitions. “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.
While some firms see this as a transformative shift, others remain skeptical. Igor Danilenko, head of asset management at Renaissance Capital, dismissed crypto as a viable asset class: “There are many ways to protect yourself from inflation without resorting to tokens without any real collateral, which depend on the influx of new buyers and are very similar to a pyramid scheme in essence.”
