Russia is pushing forward with a regulated cryptocurrency market, limiting access to “super-qualified” investors under a strict legal framework to ensure financial stability and security.
**Russia’s Crypto Overhaul: Strict New Market May Change Everything**
The Russian Finance Ministry and central bank are discussing the creation of a regulated cryptocurrency trading market for highly experienced investors, Interfax reported on March 5. Alexei Yakovlev, director of the finance ministry’s financial policy department, emphasized the significance of this initiative at the Asset Management Market Leaders Forum.
“When we talk about digital currency trading, it’s not just an idea – it’s a task that has been set,” he explained, adding:
We hope it will be implemented soon, most likely in the format of an experimental legal regime.
“We are discussing this issue, but I can’t yet provide specific details. The most important thing is that progress is being made,” he noted. The trading platform will be developed under an experimental legal regime, with specific criteria being formulated to ensure financial stability and security.
The proposal targets a new category of “super-qualified” investors, which has yet to be defined. “This will be aimed at ‘super-qualified’ investors – a category that does not yet exist. We are currently defining it and assessing whether it can be introduced under current conditions without risks to the financial system, monetary policy and security,” Yakovlev told journalists. He noted that this category would likely include professional market participants and individuals who meet high financial and expertise standards. The financial threshold for qualified investors, currently set at 12 million rubles, is expected to double to 24 million rubles next year.
He detailed:
If the experimental legal regime, the super-qualified investor category, and risk mitigation measures all align, then we may propose a specific initiative and present it to the government.
“For now, discussions are ongoing within the finance ministry in collaboration with the central bank and market participants,” he noted.
Although Russian citizens can buy and hold cryptocurrency, its use for payments remains banned, and trading largely occurs on foreign platforms due to the absence of a centralized Russian crypto exchange. Since Sept. 1, the central bank has been conducting an experiment allowing select foreign trade participants to conduct cryptocurrency transactions under a special legal framework. Yakovlev acknowledged that significant work remains before broader adoption can be considered.
“This is still in its early stages. We need to justify it and address key questions. First, is it feasible? Second, can we mitigate risks? These include both security concerns and client protection issues. Allowing digital currency into domestic circulation is a completely different matter that requires thorough and meticulous work, which we are currently conducting,” he stated. The finance ministry and central bank continue evaluating the proposal while prioritizing economic stability and investor protection.