Russia Is Launching a New Cryptocurrency Exchange, But Only for "Super-Qualified Investors"

The platform will be limited to an exclusive class of “super-qualified investors” as part of a three-year experimental legal regime.

Russia's finance ministry and central bank are teaming up to launch a new crypto exchange, but it won't be available to everyone. The platform will be limited to an exclusive class of "super-qualified investors" as part of a three-year experimental legal regime.

Announcing the plan at a recent government meeting, Finance Minister Anton Siluanov said the goal is to bring crypto trading out of the shadows and into a controlled, legal environment.

“Together with the Central Bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and operations will be brought out of the shadows,” he said.

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However, he also clarified that this will happen only under the framework of the experimental regime and not as part of the broader domestic financial system.

This move follows the central bank's proposal in March, which introduced the idea of creating a separate class of high-net-worth investors allowed to legally trade cryptocurrencies like Bitcoin.

These "super-qualified" investors would need to meet strict financial criteria—such as holding at least ₽100 million (about $1.2 million) in assets or earning over ₽50 million (around $600,000) annually.

But these thresholds aren't final yet. Osman Kabaloev, a senior official at the finance ministry, said the criteria are still being discussed and may change.

"There's room for adjustment. I think we'll see a broad discussion around this," Kabaloev told local media in an interview.

Meanwhile, some of Russia's major financial players are already preparing for what's next. The Moscow Exchange has confirmed that it's ready to roll out crypto-linked derivatives once regulations are in place. According to the exchange's development head, the platform is "fully prepared" and could go live as soon as 2025.

The Saint Petersburg Stock Exchange has also expressed interest, saying it backs efforts to broaden investment opportunities and is working on launching products linked to the value of cryptocurrencies.

In 2021, the country outlawed the use of digital currencies for payments. But in the years since, amid growing sanctions and pressure from the West, Russian officials have started looking for legal pathways to bring crypto into the financial system.

For example, last week Kabaloev suggested that Russia should develop its own national stablecoin, especially after the U.S. froze wallets linked to the Russian exchange Garantex. Other officials are also proposing new laws to recognize crypto as property in criminal cases or even to create a state-run crypto fund using assets seized during investigations.

Still, not everyone is convinced. Some traditional financial experts remain skeptical about the long-term value of cryptocurrencies.

Igor Danilenko from Renaissance Capital called crypto "a pyramid scheme" that relies too heavily on new buyers and lacks real backing.

Despite the criticism, Russia seems ready to test the waters—at least with its wealthiest investors at the helm.