The Ministry of Finance in Russia and the central bank are preparing to launch a state-backed crypto exchange exclusively for “super-qualified” investors.
Finance Minister Anton Siluanov revealed the initiative at a recent ministry meeting, local outlet RBC reported Wednesday, stating that the goal is to legitimize crypto assets and shift digital transactions into a regulated space.
The exchange will operate under the country’s experimental legal regime for financial innovation. While it won’t support broad-based crypto trading within Russia, it will allow a select class of investors to conduct regulated transactions in crypto assets under controlled conditions.
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The initiative reflects Moscow’s growing urgency to build a domestic crypto infrastructure. Last month, stablecoin wallets linked to Russian users were frozen, disrupting digital payments and highlighting the risks of depending on foreign-issued tokens.
In response, senior finance officials have also proposed the development of a national stablecoin to ensure greater financial autonomy.
Access to the new platform will be tightly controlled. The Central Bank has proposed granting “super-qualified” status to investors with at least 100m rubles in securities and deposits. That amounts to roughly $1.1m. Alternatively, investors could qualify with an annual income above 50m rubles, or about $550,000. However, these thresholds are not final.
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Osman Kabaloev, deputy director of the Finance Ministry’s financial policy department, noted they could still be adjusted during stakeholder discussions.
Investors who do not meet these criteria may still access digital assets. However, they can only do so through crypto-linked derivatives that do not involve direct ownership. These products let regular qualified investors benefit from crypto price movements without actually holding the tokens.
Trading venues are getting ready for this shift. In March, the Moscow Exchange said it is prepared to launch crypto-related derivatives once regulators give the green light. The exchange aims to roll out the offering in 2025. SPB Exchange shared similar plans. It intends to introduce products linked to crypto values to reach a wider group of investors once the rules are in place.
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