Russia is developing a regulated cryptocurrency trading market, limiting access to “super-qualified” investors. Learn how this new legal framework could reshape crypto trading in the country.
Russia Moves Toward a Regulated Cryptocurrency Market
Russia is advancing plans to establish a regulated cryptocurrency trading market, restricting participation to “super-qualified” investors under a strict legal framework. The initiative, led by the Finance Ministry and the central bank, aims to ensure financial stability and security while controlling crypto-related risks.
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On March 5, Interfax reported that Russian officials are discussing the creation of a crypto trading platform within an experimental legal regime. Alexei Yakovlev, director of the Finance Ministry’s financial policy department, confirmed progress at the Asset Management Market Leaders Forum, stating, “This is not just an idea, it’s a set task.”
The super-qualified investor category is being defined and may include financial professionals and individuals meeting high financial and expertise standards. Yakovlev indicated that the financial threshold for qualified investors, currently 12 million rubles, could increase to 24 million rubles by next year.
Regulated Trading Under Strict Oversight
The proposed market is part of ongoing efforts to regulate cryptocurrency activities within Russia’s financial system. While Russian citizens can buy and hold cryptocurrency, its use for payments remains banned, and most trading happens on foreign platforms due to the lack of a centralized Russian crypto exchange.
Since September 1, 2024, the central bank has been running an experiment allowing select foreign trade participants to conduct cryptocurrency transactions under strict legal conditions. The new trading platform would build on these measures, ensuring compliance with financial security and monetary policy objectives.
Next Steps and Future Challenges
Discussions between the Finance Ministry, the central bank, and market participants are ongoing. Yakovlev emphasized that further evaluations are needed to justify the platform, assess risk mitigation strategies, and ensure investor protection.
“This is still in its early stages. We need to address key questions first, is it feasible? Second, can we mitigate risks?” he stated.
As Russia moves closer to crypto regulation, industry stakeholders and investors should stay informed about new legal requirements. Future updates will provide clarity on eligibility criteria and regulatory enforcement.
