Russia Launches a Crypto Exchange for “Super-Qualified” Investors

Russia is preparing to launch a crypto exchange for “super-qualified” investors. Finance Minister Anton Siluanov made this announcement during a recent meeting. The creation of the platform will be a joint effort between the Central Bank of Russia and the Ministry of Finance.

The Ministry of Finance is preparing the launch of a crypto exchange for “super-qualified” investors, according to recent statements by the Minister of Finance, Anton Siluanov, during a meeting with the State Duma deputies.

The initiative, a joint venture between the Central Bank and the Ministry of Finance, aims to establish clear rules for crypto operations and integrate them into the legal framework. The new platform will be accessible only to high-level qualified investors who meet all financial standards set by the system.

Those applying for access to the platform will need to demonstrate minimum qualifications, such as having secured deposits exceeding ₽100 million or yearly income reaching 50 million. The requirements are subject to continuous assessment and may change over time.

This platform, either a newly built exchange or an extension to an existing one, is part of an Experimental Legal Regime (ELR) proposed by the Central Bank to introduce cryptocurrencies in a controlled manner. The experimental legal framework established by the Central Bank will function through a three-year period.

For the initial three-year period, buyers and sellers of cryptocurrencies will be restricted to a limited group of investors, while the broader market will have indirect access through a unique system of derivatives. Participants will be able to engage in investments linked to the crypto value but will not hold any digital assets. The financial instruments will be operating on the crypto market, transferring the market performance to the investors. The exchange will grant derivatives trading permission to all Russia-based qualified investors.

The upcoming changes in legislation have led various Russian trading platforms to prepare for changes in their activity. For instance, the Moscow Exchange announced it will begin offering crypto-related derivatives trading in 2025, a system that is now close to launch, as stated by Vladimir Krekoten, the managing director for sales and business development. Moreover, SPB Exchange has shown interest in creating crypto-related investment products for its customers.

With these modifications, digital assets are gradually becoming a greater part of Russia’s financial fabric.

At the same time, the Russian brokerage industry is adapting to the emerging possibilities. While it is delaying its entry into crypto operations due to the need for legal guidelines, several brokerage houses are preparing for the integration of crypto assets into their offerings.

Finam’s brokerage division CEO, Dmitry Lesnov, predicts that fully regulated crypto will evolve into a substantial market challenge for traditional capital markets. However, some experts remain skeptical about this direction. For instance, expert analyst Igor Danilenko from Renaissance Capital expressed hesitations regarding the nature of cryptocurrencies.

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