Russia Crypto Exchange to Operate for Super-Qualified Investors
A new move by the government of Russia could allow some wealthy people in the country to legally buy and sell cryptocurrencies like Bitcoin. The country’s central bank and finance ministry are now working together to launch a special crypto exchange under an experimental program.
Only for “Super-Qualified” Investors
The finance minister of Russia, Anton Siluanov, shared details about the plan during a recent meeting. He said the upcoming exchange will only be available to a small group of people called “super-qualified investors.” These are investors who have a high amount of assets or earn a lot of money each year.
According to early reports, a person may need to have more than 100 million rubles (about $1.2 million) in assets or make over 50 million rubles ($600,000) a year to qualify. However, these rules are not final yet. Osman Kabaloev, a deputy director at the Finance Ministry, said the government is still discussing the exact requirements.
Crypto Use Still Limited in Russia
Russia banned the use of cryptocurrencies like Bitcoin as payment back in January 2021. This ban came with the introduction of the country’s first crypto law called On Digital Financial Assets. Even though people can own digital currency, they can’t legally use it to buy things inside Russia.
Despite the ban, the Russian government is slowly making changes. This new exchange is part of a bigger plan to bring the digital asset activity into the open and away from illegal or unregulated areas. Siluanov said the idea is to “legalize” digital and allow some controlled use under a three-year trial program.
He also added that this exchange won’t be operating in the normal Russian financial system. Instead, it will be managed under what’s called an “experimental legal regime,” which allows the government to try new ideas without changing the country’s main laws.
A Response to Global Crypto Challenges
This move comes after several international events that have affected Russia’s cryptocurrency scene. In April, U.S. officials froze wallets linked to the Russia crypto exchange Garantex, which had already faced sanctions. Tether, a popular stablecoin issuer, also froze assets connected to these wallets.
Responding to this situation, some of the Russian officials have suggested bringing a national stablecoin. A stablecoin is a digital currency that is collateralized by real-world assets or money. Kabaloev advised Russia to begin working on its own stablecoin in order to prevent future problems of this kind.
New Ideas and Laws in Progress
There are other proposals as well. One government representative mentioned establishing a state-sponsored crypto fund with digital assets seized from criminals. Meanwhile, politicians are legislating new guidelines to establish that digital currency is property for the purpose of legal cases.
All these indicate Russia is attempting to find an entry point through which some form of crypto can be permitted, without relaxing much regarding who has the right to utilize it and in what ways.