Russia has announced the launch of a new crypto exchange specifically for high-net-worth investors. Finance Minister Anton Siluanov stated that the initiative aims to legalize crypto operations.
Goals of the New Crypto Exchange
The Ministry of Finance of Russia, in cooperation with the Central Bank, is launching a new crypto exchange for 'super-qualified' investors. This initiative, led by Finance Minister Anton Siluanov, aims to legalize crypto operations within the country.
Access Conditions for Investors
The crypto exchange will be restricted to individuals with assets exceeding 100 million rubles or an annual income above 50 million rubles. Although privately funded initiatives aren't involved, the state-backed exchange marks an important regulatory milestone.
Market Reaction
Russian developers and members of the crypto community view the initiative skeptically, citing limited accessibility and potential government oversight. However, existing foreign exchange usage indicates continued crypto activity outside domestic restrictions.
> 'Together with the Central Bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and crypto operations will be brought out of the shadows.' — Anton Siluanov, Finance Minister of Russia
The launch of the new crypto exchange has not significantly altered market conditions, yet it exemplifies Russia's intention to control domestic crypto trading. Ongoing regulatory developments could impact technological and market dynamics.
