Russia's Ministry of Finance and Central Bank plan to launch national crypto exchange
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Russia's Ministry of Finance and Central Bank plan to launch national crypto exchange
Deputy Finance Minister Ivan Chebeskov said Russia's current exchange infrastructure can support upcoming crypto asset trading activities.
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Local media reported on April 23 that Russia's Ministry of Finance and the Central Bank plan to launch a crypto asset exchange exclusively for qualified investors, confirming rumors earlier this year.
The exchange aims to regulate digital asset activities within a pilot legal framework and promote their use in cross-border trade. It will operate under an experimental legal regime established to allow foreign trade participants to settle transactions using crypto assets.
This regime, effective from September 2024, provides a tightly controlled environment for digital asset experimentation but does not legalize payments with crypto assets within Russia’s domestic economy.
Finance Minister Anton Siluanov outlined the plan during a recent Ministry of Finance committee meeting, indicating the government's intention to create a compliant channel for large-scale crypto asset trading.
The move is intended to bring crypto asset activity out of informal markets and place it under regulatory oversight.
Access Limited to Russia's Financial Elite
Eligibility for the new platform will be restricted to individuals classified as "highly qualified" investors—those holding substantial securities or deposits exceeding 100 million rubles, or with annual income surpassing 50 million rubles.
Officials are still finalizing exact qualification criteria, and ongoing discussions are expected to incorporate input from lawmakers.
Senior Finance Ministry official Osman Kabaloev noted that investor eligibility rules remain under review, with parliamentarians expressing interest in shaping the framework. Authorities aim to establish clear standards while safeguarding financial security and systemic integrity.
Previously, the Central Bank submitted a proposal allowing this elite group of investors to trade crypto assets within the legal experiment. However, the bank remains opposed to using crypto assets for domestic payments outside this regime.
The regulator has also recommended banning settlements in digital assets between residents and imposing penalties for violations.
Pilot Leverages Existing Infrastructure
Deputy Finance Minister Ivan Chebeskov stated that Russia's current exchange infrastructure can support upcoming crypto asset trading activities.
Authorities are also considering issuing licenses to new trading venues meeting strict regulatory requirements. The pilot exchange is not expected to become operational for at least six months.
Currently, Russian citizens are permitted to hold, mine, and trade crypto assets, but legal restrictions prohibit their use for payments domestically. Due to the absence of a centralized national exchange, most crypto activity relies on foreign platforms, posing additional legal and geopolitical risks.
The planned exchange marks a significant shift in Russia’s approach to digital assets, reflecting efforts to balance innovation in global trade with stringent domestic restrictions on crypto asset usage.
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