Russia is gearing up to launch a state-backed cryptocurrency exchange exclusively for highly qualified investors, marking a cautious but notable step towards legalising crypto activity under strict oversight. Announced by Finance Minister Anton Siluanov, the move signals a strategic shift amid growing global interest in digital assets—and tightening sanctions.
State-Run Exchange for ‘Super-Qualified’ Investors
The new crypto exchange will operate under Russia’s Experimental Legal Regime (ELR) and will cater solely to what Siluanov terms “super-qualified investors.” These include individuals and institutions with significant financial backing, such as private investors with over 100 million rubles in assets or an annual income exceeding 50 million rubles.
The initiative is being jointly developed by the Ministry of Finance (Minfin) and the Central Bank of Russia (CBR), with both entities stressing that the platform will not allow unrestricted crypto trading. Instead, it will serve as a regulated environment for select participants to engage in crypto transactions legally.
Not a Green Light for Bitcoin in Russia
Despite the move, Russian authorities remain wary of fully embracing decentralised cryptocurrencies. The CBR has consistently opposed legalising public crypto circulation, citing concerns about financial stability and the ruble’s exclusive legal tender status.
Siluanov clarified that this new exchange will not open the door to unregulated crypto use but will bring certain digital asset activities “out of the shadows,” operating strictly within the ELR’s controlled framework for a trial period of three years.
A Sanction Workaround for Russian Firms?
One potential driver behind this initiative is the need for alternative financial routes amid Western sanctions related to the Ukraine conflict. Russian officials hope that crypto-based cross-border settlements could help bypass international financial restrictions.
CBR Governor Elvira Nabiullina recently acknowledged that some Russian businesses are already experimenting with crypto for international trade. This regulated platform could legitimise and expand those efforts—at least for companies that meet strict participation criteria.
Next Steps: Stablecoin and Infrastructure Plans
Looking ahead, the Ministry of Finance is also exploring the creation of a Russian stablecoin, potentially pegged to the US dollar like Tether (USDT). This follows the freezing of billions of rubles worth of USDT in wallets on the sanctioned Garantex exchange, highlighting the vulnerabilities of relying on foreign platforms.
Deputy Finance Minister Ivan Chebeskov has indicated that the new exchange might use existing infrastructure such as the Moscow Exchange for early testing, leveraging domestic systems to ensure tighter control and regulatory alignment.
