Russia has announced plans to launch a state-controlled cryptocurrency exchange for wealthy investors as part of an initiative developed by the Ministry of Finance and the Central Bank. The aim of this project is to legalize and regulate cryptocurrency trading.
State Support for Crypto Exchange
Russia has proposed to establish a state-backed cryptocurrency exchange for wealthy investors. This initiative is part of the country's evolving financial strategy. Finance Minister Anton Siluanov noted that crypto assets would be legalized, and crypto operations would come out of the shadows.
Experimental Legal Regime
The exchange will operate under an Experimental Legal Regime (ELR), which allows for the testing of financial innovations in a controlled environment for three years. This will enable wealthy individuals to legally engage in crypto trading.
Criteria for Investor Participation
Only financially qualified investors will be eligible to participate, with a minimum asset requirement of ₽100 million (approximately $1.2 million) or an annual income above ₽50 million (around $600,000). These criteria may be refined by the Ministry of Finance, and notably, the platform will not support domestic payments or transactions conducted outside the ELR.
The planned launch of the state-backed cryptocurrency exchange in Russia demonstrates the country's ambition to develop regulation within the crypto industry, potentially influencing the financial intelligence and investment strategies of affluent citizens.
