Russia’s Finance Ministry And Central Bank To Launch Crypto Exchange For “Super-qualified Investors”

Russia Launching Exclusive Cryptocurrency Exchange for Super-Qualified Investors

Russia’s Ministry of Finance and the Bank of Russia are collaborating on the launch of a cryptocurrency exchange specifically designed for super-qualified investors. This initiative is part of a broader effort to formalize crypto operations within a regulatory framework, as reported by RBC here.

Finance Minister Anton Siluanov announced this development during a recent ministry meeting, stating, “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, not within our country but within the framework of the experimental legal regime.”

The Central Bank proposed an experimental legal regime (ELR) lasting three years to allow a select group of investors to legally trade cryptocurrencies. This initiative focuses on a new investor category known as super-qualified investors, who must meet strict wealth and income criteria.

Initially, the Central Bank suggested that individuals with at least ₽100 million in securities or deposits, or annual income exceeding ₽50 million, could qualify as super-qualified investors. However, the Finance Ministry has hinted that these requirements are subject to change.

Osman Kabaloev, Deputy Director of the Ministry’s Financial Policy Department, mentioned, “Perhaps these criteria will be adjusted in one way or another. There will likely be extensive discussions on this matter.”

Financial institutions are showing interest in the initiative. Vladimir Krekoten, Managing Director for Sales and Business Development at the Moscow Exchange, confirmed the readiness to offer derivatives trading linked to cryptocurrencies, with plans to commence operations in 2025.

The Saint Petersburg Stock Exchange (SPB Exchange) is also keen on expanding investment opportunities. A representative from SPB Exchange stated, “We support initiatives that enhance investor investment options and diversify their strategies. We aim to introduce trading products tied to cryptocurrency values.”

While some view this as a positive transformation, others like Igor Danilenko, head of asset management at Renaissance Capital, remain skeptical about cryptocurrencies as a viable asset class. Danilenko expressed concerns, stating, “There are alternative ways to hedge against inflation without relying on tokens lacking real collateral, dependent on new buyers, and resembling a pyramid scheme.”