Quick Summary:
- Russia is going to initiate a crypto exchange only towards super qualified investors.
- They have to have an annual income of 100 million ₽1000,000 ($600,000).
- The project is within an experimental legal framework and not currently available in the whole financial system of Russia, and it is three-year-long.
- Bigger trading venues such as Moscow Exchange are looking to introduce crypto-based products.
- The government forces want the national stablecoin and criminal case recognition of crypto.
Crypto Club of the Rich
Russia Finance Ministry, together with the Central Bank, are in an audacious attempt to control digital currency — launches of a new crypto exchange, though, with a twist. It is simply available to so-called super-qualified investors.
Confirmed, the Finance Minister Anton Siluanov clarified the purpose of the platform:
“We will introduce a crypto exchange with the Central Bank together with the super-qualified investors. The crypto assets will be legalized, and the operations will leave the shadows.”
The investors will be allowed to enter when they have 100 million RUR ($1.2 million) or their income exceeds 50 million RUR (about 600,000 dollars) per year.
Trial Zone Continuing Still
It is not an out and out launch. It comes under an experimental three-year legal regime, so it acts as a petri dish of the future regulation. This is an idea that the Central Bank floated as early as in March with the intention of legally defining and empowering the high-end crypto traders.
Nevertheless, these investor thresholds are yet to be reviewed. Osman Kabaloev (who is a senior official at the Finance Ministry) stated:
“There is an allowance of adjustment. I believe that we are going to see a wide debate on this.”
Financial Big-Hitters Expand
Large Russian stock exchanges have already started lining up to take-off:
- Moscow Exchange boasts of being fully ready to start running crypto-linked derivatives when rules are implemented — and that may be as early as 2025.
- Another entity that has come on board is the Saint Petersburg Stock Exchange, which is actively coming up with products based on crypto values.
A Change in Position?
As much as Russia prohibited crypto payments way back in 2021, the trend of global sanctions has contributed to reconsideration. Crypto can be used in additional legal practices, which the authorities are currently examining:
- Suggestions of a national stablecoin.
- Legal frameworks that acknowledge the existence of crypto assets as property during the investigation of crime.
- Even a possible state-created crypto fund created using confiscated assets.
Still Divided
Not every scholar believes so. Renaissance Capital Igor Danilenko is not sure:
“Crypto is a pyramid scheme that is over dependent on new buyers and is not supported in real sense.”
Nevertheless, it seems that Russia is willing to dip its toes in crypto waters, but it will jump at the deep end, and only those with money can take a swim.