Russia’s central bank and finance ministry are collaborating to launch a government-supported cryptocurrency exchange targeted exclusively at elite investors. The initiative will operate under a three-year experimental legal regime, as announced by Finance Minister Anton Siluanov on April 23.
This move represents a significant policy shift for Russia, which has historically imposed strict limits on crypto use. The proposed exchange will cater to “super-qualified investors,” a new investor class defined by significant wealth or high annual income.
Who Qualifies as a ‘Super-Qualified Investor’?
Under the current proposal, super-qualified investors are individuals with either more than 100 million rubles (approximately $1.2 million) in assets or an annual income exceeding 50 million rubles ($602,000). However, these criteria are still under review.
Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, noted that these thresholds are still subject to change. Discussions are ongoing and may lead to adjustments in eligibility requirements before the pilot program is finalized.
Legal Framework and Policy Shifts
While Russia banned crypto as a payment method under its 2021 legislation, the country has gradually explored new use cases. This upcoming exchange will not operate domestically in the traditional sense but will be integrated into the limited operations permitted by the new experimental regime.
Siluanov emphasized that this platform is intended to bring crypto transactions “out of the shadows” and provide a regulated pathway for Russia’s wealthiest to legally trade digital assets like Bitcoin.
The exchange proposal aligns with Russia’s broader interest in developing its own digital financial infrastructure. Following the U.S. government’s freeze of wallets associated with the sanctioned Russian crypto exchange Garantex, officials have suggested that the Kremlin develop a national stablecoin to reduce reliance on Western-controlled crypto services.
