Russia Launches Crypto Exchange for Qualified Investors

Russia’s central bank and finance ministry have announced plans to launch a government-backed cryptocurrency exchange, exclusively for highly qualified investors. This initiative marks a significant step towards legalizing and regulating cryptocurrency trading within the country. The exchange will operate under an experimental legal regime, allowing foreign trade participants to settle transactions using digital assets. This regime, which has been in effect since September 2024, provides a controlled environment for digital asset experimentation without legalizing crypto payments within Russia’s domestic economy.

The new platform will be accessible only to investors classified as “highly qualified,” a category that includes individuals with significant holdings in securities or deposits exceeding 100 million rubles, or those with annual incomes above 50 million rubles. The precise qualification criteria are still under review, with ongoing discussions involving legislators to ensure clear standards while preserving financial security and systemic integrity.

The central bank has previously proposed allowing 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 by the Russian government to establish a crypto exchange for qualified investors under an experimental legal regime is a strategic effort to integrate digital assets into the global financial system while maintaining strict control over domestic crypto activities. By limiting access to highly qualified investors and operating under a controlled legal framework, Russia aims to mitigate the risks associated with cryptocurrencies while exploring their potential benefits. This initiative reflects a broader trend of governments around the world seeking to regulate and harness the power of digital assets in a controlled manner.