The Russian Ministry of Finance and the Russian Bank will jointly launch an exchange of cryptocurrency designed exclusively for super qualified investors, as part of a broader effort to bring cryptographic operations to a formal regulatory framework, according to a Blood cell report.
“Together with the Central Bank, we will launch an exchange of cryptographic for super qualified investors. Cryptography assets will be legalized, and crypto operations Blood cell.
The measure follows a proposal from the Central Bank to introduce an experimental legal regime (ELR) for three years, allowing a select group of investors to legally operate cryptocurrencies. The concept focuses on a new category of investors, qualified inverters of blockbusters, defined by strict thresholds of wealth and income.
Previously, the Central Bank suggested that this State be granted to people with at least ₽1 billion in values or deposits, or annual income higher than the ₽50 million. However, the Ministry of Finance has indicated that these requirements are not final.
“Perhaps it is in this format or these indicators will be adjusted in some way in one direction or another, this is possible. I think there will be a wide range of discussions,” said Osman Kabaloev, deputy director of the Ministry’s financial policy department.
The initiative is already winning traction between financial institutions. In March, Vladimir Krekoten, Managing Director of Sales and Business Development in the exchange of Moscow, confirmed the preparation to launch the derivatives linked to cryptocurrencies, saying that the platform is at the “maximum level of preparation” and could begin operations in 2025.
The St. Petersburg Stock Exchange (Exchange SPB) has expressed similar ambitions. “SPB Exchange supports initiatives aimed at expanding investor investment opportunities and diversifying their strategies. We plan to start trade products linked to the value of cryptocurrencies,” said a representative to RBC investments.
While some companies see this as a transformative change, others remain skeptical. Igor Danilenko, head of Renaissance Capital Asset Management, dismissed cryptography as a viable asset class: “There are many ways to protect themselves from inflation without resorting to tokens without any real guarantee, which depends on the influx of new buyers and are very similar to a pyramid scheme in essence.”
