Source: Blockchain Knight

Local media reported on April 23 thatRussia's Ministry of Finance and Central Bank plan to launch a Crypto asset exchange for high-qualified investors only, confirming rumors earlier this year.

The exchange aims to regulate digital asset activities under a pilot legal framework and promote its application in cross-border trade. It will operate within an experimental legal system that was established to allow foreign trade participants to settle transactions through Crypto assets.

This system, which came into effect in September 2024, provides a strictly controlled environment for digital asset experiments, but does not legalize Crypto asset payments in Russia's domestic economy.

Finance Minister Anton Siluanov outlined the plan at a recent Treasury committee meeting, indicating that the government intends to create a compliance channel for large-scale Crypto asset transactions.

The move aims to pull Crypto asset activity out of the informal market and put it under regulation.

Only for Russian financial elite access

The access qualification for the new platform will be limited to investors classified as "high-qualification", this category includes individuals holding a large amount of securities or depositing more than 100 million rubles, or individuals with annual income of more than 50 million rubles.

Officials are still finalizing exact eligibility criteria, and ongoing discussions are expected to be incorporated into the opinion of lawmakers.

Osman Kabaloev, a senior finance official, noted that the investor access rules are still under review and lawmakers have expressed interest in participating in the development of the framework. The authorities aim to develop clear standards while maintaining financial security and system integrity.

Previously, the Russian Central Bank had submitted a proposal to allow this elite investor class to conduct Crypto asset transactions within the scope of legal experiments. However, the central bank still opposes the use of Crypto assets for domestic payments outside of the system.

The regulator also recommends prohibiting settlement between residents using digital assets and penalizing violations.

Pilot utilizing existing infrastructure

Ivan Chebeskov, Deputy Minister of Finance, saidRussia's current exchange infrastructure can support upcoming Crypto asset trading activities。

Authorities are also considering issuing licenses for new trading venues that meet strict regulatory conditions. The pilot exchange is not expected to be operational for at least six months.

Currently, Russian citizens are allowed to hold, mine and trade Crypto assets, but legal restrictions prohibit them from using Crypto assets for payments at home. Due to the lack of centralized national exchanges, most Crypto asset activity relies on foreign platforms, which brings additional legal and geopolitical risks.

The planned exchange marks a major shift in Russia’s attitude toward digital assets, suggesting it is working to balance innovation in global trade with strict domestic restrictions on the use of Crypto assets.