Russia plans crypto exchange with 100M ruble limit for elite investors

Russia’s Ministry of Finance and Central Bank announced plans to launch a cryptocurrency exchange exclusively for super-qualified investors.

Finance Minister Anton Siluanov said the initiative aims to bring crypto activities out of legal ambiguity and into compliance under the country’s experimental legal regime (ELR).

“Together with the central bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalised, and crypto operations will be brought out of the shadows,” Siluanov stated.

The initial eligibility criteria set by the Bank of Russia require investors to hold over 100 million rubles (approximately $1.2 million) in investments and deposits or have an annual income exceeding 50 million rubles.

However, Osman Kabaloev, Deputy Director of the Financial Policy Department at the Finance Ministry, noted that these thresholds may be adjusted after further discussion.

Under the ELR, super-qualified investors will be allowed to directly trade cryptocurrencies, while standard qualified investors will only access crypto through non-deliverable derivatives linked to crypto prices.

The Moscow Exchange is preparing to begin trading cryptocurrency-linked derivatives in 2025, pending regulatory approval, according to Vladimir Krekoten.

SPB Exchange also expressed readiness to expand offerings with crypto-based financial instruments.

Despite these developments, some scepticism remains in the financial sector.

Igor Danilenko, head of asset management at Renaissance Capital, criticised cryptocurrencies, arguing that they lack real collateral and depend on a continuous influx of new buyers.

“Such tokens rely on a constant influx of new buyers and, in essence, resemble pyramid schemes,” he said.

The new exchange marks a significant step in Russia’s efforts to regulate and integrate cryptocurrency within its financial system.