Crypto Story in Russia: Government Plans to Create Exclusive Market for Super-Qualified Investors

Russia’s Finance Ministry and Central Bank are actively discussing creating a regulated marketplace for cryptocurrency trades, particularly for very experienced traders. Interfax reported the news on March 5 as an important step toward the nation’s digital currency market development.

Aleksey Yakovlev, the director of the Department of Financial Policy at the finance ministry, highlighted the significance of this project at the Asset Management Market Leaders Forum. He emphasized that it is not just an idea but a tangible task that has been assigned. Yakovlev expressed optimism about the initiative, and it could be implemented soon under an experimental legal regime. 

Defining ‘Super-Qualified’ Investors

A key aspect of the proposal is to introduce a new category of investors, referred to as “super-qualified” investors. However, this classification has yet to be clearly defined. Yakovlev mentioned that authorities are in the process of determining what criteria these investors must meet.

The minimum level of finance required for qualified investors is 12 million rubles, but it is expected to grow to 24 million rubles by next year. The government is weighing the decision to introduce this category and studying its implications for the financial sector, monetary policy, and national security. These investors will likely include professional market participants and individuals with high financial and expertise standards.

The Role of the Experimental Legal Regime

The proposed cryptocurrency trading platform will operate under an experimental legal framework. Authorities are formulating specific criteria to ensure that financial stability and security remain a top priority. Yakovlev stressed that risk mitigation measures must align with the regulatory structure before any formal proposal is presented to the government.

“For now, discussions are ongoing within the finance ministry in collaboration with the central bank and market participants,” Yakovlev stated. He further noted that substantial groundwork remains before wider adoption can be considered.

Challenges and the Path Forward

Despite the possibility of this action, there are considerable challenges to overcome. Russian citizens currently have the right to buy and hold cryptocurrency; however, transactions are illegal, and the majority of crypto trade is done abroad, mainly because there is no native centralized exchange.

Since September 1, 2024, the central bank has run an experiment allowing a limited group of foreign participants in foreign trade to make cryptocurrency transactions in a special legal regime. Yakovlev conceded that more research has to be done before cryptocurrency is integrated into the country’s financial system.

“This is still in its early stages. We need to justify it and address key questions: First, is it feasible? Second, can we mitigate risks? These include both security concerns and client protection issues,” he explained.

The finance ministry and central bank continue to evaluate the proposal while ensuring that economic stability and investor protection remain the top priorities. With ongoing discussions and careful planning, Russia is taking steps toward creating a regulated cryptocurrency market that aligns with national financial policies.