Russia Launches Crypto Exchange for High Net-Worth Investors

Russia is set to launch a national crypto exchange that will be exclusively available to high net-worth investors. This initiative, confirmed by local media on April 23, aims to regulate digital asset activities and facilitate their use in cross-border trade under a pilot legal framework. The exchange will operate within an experimental legal regime established in September 2024, which allows foreign trade participants to settle transactions via crypto without legalizing crypto payments within Russia’s domestic economy.

Finance Minister Anton Siluanov recently outlined this initiative during a ministry board meeting, emphasizing the government's intention to create a compliant channel for large-scale crypto transactions. The goal is to move crypto activity from informal markets into a regulated environment, thereby enhancing oversight and control.

Eligibility for the new platform will be restricted to investors classified as “highly qualified.” This category includes individuals with significant holdings in securities or deposits exceeding 100 million rubles, or those with annual incomes above 50 million rubles. Officials are still finalizing the precise qualification criteria, and ongoing discussions are expected to involve input from legislators. Osman Kabaloev, a senior official at the Finance Ministry, noted that the investor eligibility rules remain under review and that members of parliament have shown interest in contributing to the framework. Authorities aim to define clear standards while preserving financial security and systemic integrity.

The central bank has previously submitted a proposal to allow this elite investor class to conduct crypto transactions within the legal experiment. However, it continues to oppose the use of crypto for domestic payments outside of this regime. The regulator has also recommended a ban on resident-to-resident settlements using digital assets, alongside penalties for noncompliance.

Deputy Finance Minister Ivan Chebeskov has suggested that Russia’s current exchange infrastructure could support the upcoming crypto trading activity. Authorities are also considering licensing new trading venues, provided they meet strict regulatory conditions. The pilot exchange is not expected to become operational for at least six months. Currently, Russian citizens are permitted to own, mine, and trade crypto, but legal restrictions prevent them from using it for payments inside the country. In the absence of a centralized national exchange, most crypto activity relies on foreign platforms, which carry additional legal and geopolitical risks.

The planned exchange marks a significant shift in Russia’s approach to digital assets, signaling an effort to balance innovation in global trade with tight domestic restrictions on crypto use. This move is part of a broader strategy to integrate digital assets into the financial system while maintaining control over their use within the country. The initiative underscores Russia’s commitment to leveraging digital assets for cross-border trade while ensuring that domestic financial stability is not compromised.