tl;dr
Russia’s Ministry of Finance and Central Bank plan to launch a centralized crypto exchange aimed initially at "super-qualified" investors with high income or asset thresholds. This initiative is part of Russia’s strategy to promote cryptocurrency use, particularly to evade international sanctions, f...
Russia’s Ministry of Finance and Central Bank are collaborating to launch a government-backed centralized crypto exchange targeted initially at “super-qualified” investors, defined by high income or asset thresholds. This move aims to legalize crypto assets and operations within a controlled framework, particularly to circumvent international sanctions that have forced private crypto exchanges out of the country.
The planned exchange will restrict retail investors to derivatives trading, while allowing these super-qualified investors to trade cryptoassets directly. The eligibility criteria include holding at least 100 million rubles ($1.2 million) in securities and deposits or earning an annual income over 50 million rubles ($600,000), though these requirements may be revised after launch.
This initiative forms part of Russia’s broader strategy to integrate cryptocurrency into its financial ecosystem to evade sanctions imposed by the US, EU, and other international actors. Following the exit of private exchanges like Garantex and Deribit due to sanctions, the government is pressing forward with this centralized platform. For example, Garantex lost $28 million in frozen assets linked to Tether after US sanctions took effect.
Additionally, Russia is considering the introduction of a ruble-backed stablecoin and has actively promoted crypto’s role in sanctions evasion at the recent BRICS Summit. This government exchange is expected to launch within the current year, although regulatory frameworks, especially regarding derivatives, remain under development and face pushback from segments of the financial community.
Anton Siluanov, Russia’s Minister of Finance, emphasized that the exchange will bring crypto operations out of the shadows and into a legalized environment, moving them beyond the current experimental legal regime. This controlled approach is a key element in Russia’s attempt to maintain financial sovereignty in the face of global restrictions, potentially enabling a new chapter in state-backed cryptocurrency markets.