Russia to launch cryptocurrency exchange for "super-qualified investors"

Russia's Ministry of Finance and the Bank of Russia are set to jointly launch a cryptocurrency exchange designed exclusively for super-qualified investors

As part of broader efforts to bring cryptocurrency operations into a formal regulatory framework, Russia’s Ministry of Finance and the Bank of Russia are set to jointly launch a cryptocurrency exchange designed exclusively for super-qualified investors, according to a report by RBC.

“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. Naturally, not within our country, but those operations that have been carried out today within the framework of the experimental legal regime,” said Finance Minister Anton Siluanov during a recent ministry meeting.

The move follows a proposal by the Central Bank to introduce an experimental legal regime (ELR) for three years, which will see a select group of investors gain the status of ‘super-qualified investors’ and be permitted to trade cryptocurrencies. The concept is defined by strict wealth and income thresholds.

According to the Central Bank, this status could be granted to individuals with at least ₽100 million in securities or deposits, or annual income exceeding ₽50 million. However, the Finance Ministry has indicated that these requirements are not yet final.

“Perhaps it will be in this format or these indicators will be somehow adjusted in one direction or another – this is possible. I think there will be a wide range of discussions,” said Osman Kabaloev, Deputy Director of the Ministry’s Financial Policy Department.

The initiative has already sparked interest among financial institutions. In March, Managing Director for Sales and Business Development at the Moscow Exchange Vladimir Krekoten confirmed plans to launch derivatives trading linked to cryptocurrencies, adding that the platform is at “maximum level of readiness” and could begin operations in 2025.

SPB Exchange has also expressed interest in introducing crypto derivatives to broaden investment options.

“SPB Exchange supports initiatives aimed at expanding the investment opportunities of investors and diversifying their strategies. We plan to start trading products tied to the value of cryptocurrencies,” a representative told RBC Investments.

However, despite the potential implications, Renaissance Capital’s head of asset management Igor Danilenko remains skeptical of cryptocurrencies as an asset class.

“There are many ways to protect yourself from inflation without resorting to tokens without any real collateral, which depend on the influx of new buyers and are very similar to a pyramid scheme in essence,” he concluded.