The Russian Treasury Ministry and the Bank of Russia will jointly launch a cryptocurrency exchange designed for ultra-qualified investors as part of a broader effort to guide crypto operations into a formal regulatory framework. RBC Report.
“Together with the central bank, we will be launching crypto exchanges for overqualified investors. Cryptocurrencies are legalized, crypto operations are drawn from the shadows. Naturally, businesses are being carried out not within our country but within the framework of an experimental legal system. RBC.
The move follows the proposal that central banks will introduce a three-year experimental legal regime (ELR), allowing select group investors to legally trade cryptocurrencies. This concept centers around a new investor category (qualified investors) defined by strict wealth and income thresholds.
Previously, central banks suggested that this status would be granted to at least 100 million securities or deposits, or to individuals with annual income of over 50 million. However, the Treasury has shown that these requirements are not final.
“Perhaps it is in this format, or these indicators will be adjusted in some way in some way. This is possible. I think there will be a wide range of debates,” said Osman Kabaloyev, deputy director of the department’s monetary policy department.
The initiative has already gained traction among financial institutions. In March, Vladimir Krekoten, managing director of sales and business development at the Moscow Exchange, confirmed that it is ready to commence cryptocurrency-linked derivative trading, saying the platform will “prepare at its maximum level” and can begin operations in 2025.
The St. Petersburg Stock Exchange (SPB Exchange) has expressed similar ambitions. “SPB Exchange supports initiatives aimed at expanding investment opportunities and diversifying strategies for investors. We plan to commence trading in products related to the value of cryptocurrency,” the representative said. RBC Investment.
Some companies view this as a transformative change, while others are skeptical. Igor Danilenko, head of assets management at Renaissance Capital, dismissed Crypto as a viable asset class.
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