Michaela
Russia’s Finance Ministry and Central Bank have announced plans to launch a crypto exchange aimed at qualified investors, operating under an experimental legal framework.
According to local reports, Finance Minister Anton Siluanov said during an expanded ministry board meeting that the launch of the crypto exchange will “legalize crypto assets and bring crypto operations out of the shadows.”
“Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime,” Siluanov added.
In March, the Central Bank announced that it had put forward a proposal to the government to permit cryptocurrency transactions under the country’s experimental legal regime (ELR). The plan targets a new classification of participants—highly qualified investors—defined as individuals with over 100 million rubles in securities and deposits, or an annual income exceeding 50 million rubles in the previous year.
“The exact parameters of what defines these highly qualified investors are not something I can specify today,” Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, stated at the Blockchain Forum.
Kabaloev noted that the details are still under discussion and anticipated a lively debate in parliament, as several lawmakers have already expressed interest in participating in the process.
Russia’s Central Bank has proposed allowing qualified investors to access settlement-based derivatives, securities, and digital financial assets linked to cryptocurrency values—provided the assets are not physically delivered to the investor.
Additionally, the Central Bank continues to reject cryptocurrency as a legal form of payment and has suggested enforcing a ban on crypto-based transactions between residents outside the experimental legal regime. It also advocates for penalties to be implemented for those who breach the restriction.
Deputy Finance Minister Ivan Chebeskov has indicated that existing exchange platforms could be utilized for cryptocurrency trading within the experimental legal regime. In March, he also mentioned that new entrants and trading platforms may be permitted, provided they meet specific licensing requirements. The initiative, however, is not expected to launch for at least another six months.
At present, Russian citizens are allowed to buy and hold cryptocurrencies, but the use of digital currencies for transactions within the country remains prohibited. The lack of a centralized domestic cryptocurrency exchange means that Russian investors must rely on foreign platforms to purchase digital assets.
As the Russian authorities continue to deliberate on the future of cryptocurrency regulation, the outcome of these discussions could significantly impact both local investors and the broader global crypto landscape.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
