The Central Bank of Russia, along with the Ministry of Finance, plans to launch a regulated cryptocurrency exchange accessible only to highly qualified investors under the experimental legal regime (ELR).
Goals of the Crypto Exchange Launch
The new platform will operate under the ELR, which allows financial innovations to be tested in controlled environments. Russian Finance Minister Anton Siluanov noted that this will legalize crypto assets and bring operations into a more transparent and regulated framework. He emphasized that the exchange will not operate within Russia’s domestic financial system.
Who are Qualified Investors?
The Central Bank defines 'qualified investors' as individuals holding over 100 million rubles (approximately $1.2 million) in securities and deposits or earning more than 50 million rubles ($600,000) annually.
Background and Context of the Initiative
The initiative comes as Russian authorities continue to explore the role of cryptocurrencies in bypassing international sanctions. Despite a 2022 law banning crypto payments within Russia, officials have increasingly acknowledged the importance of digital assets in cross-border transactions. Reports suggest that Russian oil companies have used Bitcoin and Ether to settle transactions with buyers in China and India via intermediaries.
The new regulated cryptocurrency exchange in Russia aims to establish a clearer regulatory framework for crypto services, improve market oversight, and create investment opportunities for qualified investors.
