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Russia’s central bank and finance ministry are reportedly collaborating to launch a state-run cryptocurrency exchange for high-net-worth individuals, according to reports by Russian media outlets RBC and Interfax, on Wednesday. Finance Minister Anton Siluanov confirmed the project is now being implemented, with the goal of legalizing crypto operations and bringing them “out of the shadows.”
“Together with the central bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and crypto operations will be brought out of the shadows,” he said in a statement translated from Russian.
“Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime.”
Regulation already in place
The exchange will operate under Russia’s Experimental Legal Regime (ELR) for digital assets, created to encourage regulated innovation in financial technologies last year. The framework, which was created in 2023, permits a limited number of participants to test blockchain-based products and services while under close surveillance by authorities.
The exchange would initially cater to super-qualified investors, which, according to Russian financial regulations, often consists of high-net-worth individuals; however, no precise requirements have been revealed.
Also read: Crypto exchange Gate launches spot trading arm, entering the U.S. market
Russia’s broader push for financial sovereignty
The nation banned the use of digital currencies for payments in 2021. However, in response to growing Western pressure and sanctions, Russian officials have been searching for legal ways to integrate cryptocurrency into the financial system. The Deputy Director of Russia’s Financial Policy Department, Osman Kabaloev earlier stated that the Kremlin should be developing its own stablecoin. After US authorities and stablecoin issuer Tether recently froze wallets connected to the sanctioned Russian exchange Garantex.
Russian legislation permits people to purchase and store cryptocurrencies but, Russia lacks a centralized cryptocurrency exchange with citizens relying on offshore platforms to trade digital assets. The launch date for the new exchange has not been confirmed, however Deputy Finance Minister Ivan Chebeskov stated in March that the deployment is unlikely to begin for another six months. The initiative shows that the russian regulators are interested in the possibility of providing clients with access to crypto instruments once the new legal framework that allows it is in place.