- Russia’s Central Bank and Finance Ministry to launch a crypto exchange under Experimental Legal Regime (ELR).
- Only individuals with high income or large securities holdings will be accredited.
- The proposed Crypto exchange aims to legalize crypto use without lifting domestic payment bans.
Russia is launching a government-backed crypto exchange for high-networth investors, marking a major step towards legalizing cryptocurrencies trading.
Russia’s Finance Ministry and Central Bank to pilot state crypto exchange under ELR
Russia’s Ministry of Finance and Central Bank will jointly establish a cryptocurrency exchange under the nation’s Experimental Legal Regime (ELR), Finance Minister Anton Siluanov confirmed Wednesday.
According to official reports, the proposed cryptocurrencies trading platform will be limited to “highly qualified investors” with an aim to test-run a formal legal framework without completely lifting the domestic ban on crypto payments.
“This will legalize crypto assets and bring crypto operations out of the shadows,” Siluanov said.
While the exchange will not operate for retail investors, it represents a key step toward crypto regulation in Russia, long constrained by geopolitical sanctions and legal uncertainty. The pilot will proceed under the ELR, which allows designated participants to test digital financial tools in a tightly controlled regulatory environment.
High eligibility criteria limits access to whale investors
The Russian Central Bank has proposed eligibility rules requiring investors to hold over 100 million rubles ($1.2 million) in assets or earn at least 50 million rubles ($600,000) annually. The move is intended to ensure only sophisticated investors with high risk tolerance gain access to crypto trading under the new regime.
Deputy Finance Minister Ivan Chebeskov suggested the new exchange could run through existing infrastructure or licensed newcomers, but its launch is still several months away. Meanwhile, the Central Bank continues to ban crypto as a legal means of payment, proposing penalties for domestic transactions conducted outside the sandbox. However, it also endorsed the idea of linking investment returns to crypto value through non-deliverable derivatives and other financial instruments.
Officials say ongoing debates with lawmakers and regulators will shape the ELR’s final contours, including possible updates to the investor qualification criteria.
What’s next?
The crypto exchange pilot is not expected to begin for at least six months. Regulators are finalizing eligibility rules and licensing requirements. Russia’s move may signal broader crypto adoption in sanctioned economies, but strict access controls suggest cautious, state-managed exposure to digital assets.
