Russia to Launch State-Run Crypto Exchange for Elite Investors

• Russia is planning a state-supported cryptocurrency exchange for wealthy investors.
• The platform currently operates under a 3-year experimental legal regime for testing. 
• This initiative aims to regulate and legalize crypto trading under regulatory supervision. 

Marking a pivotal move in the country’s evolving financial strategy, Russia proposed to launch a state-backed cryptocurrency exchange for its elite investors. The initiative is being developed by the country’s Ministry of Finance and the Central Bank

The exchange will help to regulate digital assets under the Experimental Legal Regime (ELR), wherein the framework allows financial innovation to be tested in a controlled environment for three years. Further, it allows individuals of high worth to access legal crypto trading in regulated conditions. Addressing the development at a ministry meeting, Finance Minister Anton Siluanov said, 

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.

According to a report, only Russia’s financially qualified investors will be eligible. This spectrum includes investors with at least ₽100 million (approx. $1.2 million) in assets or an annual income above ₽50 million (approx. $600,000). However, these criteria may shift as the Financial Ministry might fine-tune the legal requirements. Notably, the platform won’t support domestic payments or transactions conducted outside of the ELR. 

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The initiative has been gaining traction among crypto enthusiasts and institutions. In this regard, Vladimir Krekoten, Managing Director for Sales and Business Development at Moscow Exchange, stated in March that the trading platform is ready to launch derivatives trading linked to cryptocurrency after the relevant regulations are in place. He pointed out that the platform is at a “maximum level of readiness” and would be launched at the earliest.  

While the direct trading of cryptocurrency is restricted, the elite investors can gain access via the ELR. Despite President Vladimir Putin signing a law banning crypto asset payments in 2022, this move signals a positive shift in Russia’s financial structure, embracing innovation under regulatory supervision. 

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