Russia’s Central Bank and Finance Ministry will launch a cryptocurrency exchange for “highly qualified investors,” according to report from local news agency Interfax on Wednesday.
“This will legalize crypto assets and bring crypto operations out of the shadows,” Russian Finance Minister Anton Siluanov said, according to the report. “Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime.”
Russia’s Central Bank submitted a proposal in March to “allow cryptocurrency transactions within the experimental legal regime (ELR) for” qualified investors, the report also said. “This status is expected to be granted to individuals whose investments in securities and deposits exceed 100 million rubles ($1.2 million), or whose income in the previous year surpassed 50 million rubles ($600,000),” it added.
Last month, a Russian official said sanctions would not prevent Russians from accessing the cryptocurrency market or using it to bypass sanctions. In February, the European Union imposed sanctions on the Russia-based Garantex exchange, which has been subject to U.S. sanctions since April 2022.
“The introduction of the experimental legal regime is aimed at improving transparency of the cryptocurrency market, setting standards for providing services in this market, and expanding investment opportunities for sophisticated investors with higher risk appetites,” Russia’s Central Bank said last month.
The new initiative signaled the country is moving towards embracing cryptocurrencies, despite President Vladimir Putin signing a law banning crypto asset payments in 2022.
Reuters reported last month that Russian oil companies are using bitcoin and ether via intermediaries to facilitate oil trade with China and India.
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