Russia’s Ministry of Finance together with the Bank of Russia are preparing to jointly inaugurate a cryptocurrency exchange tailored specifically for ultra-qualified investors, as part of an extensive initiative to integrate crypto activities into an official regulatory framework, based on a RBC report.
“In collaboration with the Central Bank, we will initiate a crypto exchange for ultra-qualified investors. Crypto assets will be legalized, and crypto activities will be moved out of the shadows. Of course, not within our borders, but those activities that have been executed today under the experimental legal regime,” declared Finance Minister Anton Siluanov at a recent ministry meeting, as cited by RBC.
This action is a response to a proposal from the Central Bank to establish an experimental legal regime (ELR) for a period of three years, permitting a select group of investors to trade cryptocurrencies legally. The concept is centered around a new category of investors—ultra-qualified investors—characterized by rigorous wealth and income criteria.
Previously, the Central Bank proposed that this classification be given to individuals possessing no less than ₽100 million in securities or deposits, or an annual income surpassing ₽50 million. Nevertheless, the Finance Ministry has suggested that these stipulations are subject to change.
“It may remain in this format or these criteria could be modified in one way or another – this is a possibility. I anticipate that there will be extensive discussions,” expressed Osman Kabaloev, Deputy Director of the Ministry’s Financial Policy Department.
The initiative is already gathering momentum among financial institutions. In March, Vladimir Krekoten, Managing Director for Sales and Business Development at the Moscow Exchange, affirmed the readiness to commence derivatives trading associated with cryptocurrencies, stating that the platform is at its “maximum level of readiness” and could launch operations in 2025.
The Saint Petersburg Stock Exchange (SPB Exchange) has also shown comparable aspirations. “SPB Exchange endorses initiatives aimed at broadening the investment options for investors and diversifying their strategies. We intend to begin trading products linked to the value of cryptocurrencies,” a spokesperson conveyed to RBC Investments.
While some companies perceive this as a groundbreaking change, others remain doubtful. Igor Danilenko, head of asset management at Renaissance Capital, dismissed cryptocurrencies as a feasible asset class: “There are numerous methods to shield yourself from inflation without turning to tokens that lack real collateral, which rely on the influx of new purchasers and resemble a pyramid scheme at their core.”
