Russian Deputy Finance Minister Alexei Yakovlev announced possible experiments in domestic cryptocurrency trading. The experiment is currently under discussion between the Ministry of Finance and the Bank of Russia.
Trading for Super-qualified Investors
The possibility of allowing trading for super-qualified investors is being considered, though the exact definition of super-qualification is still undefined. According to Yakovlev, participation in trading would be open not only to banks but to other professional market participants. Currently, a qualified investor in Russia must have property valued at 12 million rubles, which will be raised to 24 million rubles next year.
Home Trading: Old Ideas in a New Way
The Russian government has long considered enabling cryptocurrency trading. Using cryptocurrencies for international settlements is already permitted on an experimental basis under legislation introduced in July, which also foresaw experimental licensing of cryptocurrency exchanges. Ivan Chebeskov, Yakovlev's predecessor, previously expressed preference for an integrated approach without experimental regimes. On the other hand, Yakovlev has stressed that allowing digital currency into domestic circulation requires more meticulous work.
International Trading and Restrictions
International crypto settlements have limited potential for sanctions evasion due to the transparency of blockchain technologies. Nevertheless, major banks such as Sberbank, VTB, and Alfa-Bank have shown interest in participating in the experiment, with Sberbank offering to partake in domestic trading. The Russian Central Bank digital currency also presents a possible avenue for bypassing sanctions, although its launch is delayed.
The experiment with domestic cryptocurrency trading remains in the discussion phase, requiring careful consideration of numerous factors for successful implementation. Russian financial institutions have shown interest in being part of this initiative.
