Russia is preparing to launch a government-regulated cryptocurrency exchange aimed exclusively at highly qualified investors. Spearheaded by the Ministry of Finance (Minfin) and the Central Bank of Russia (CBR), the move is part of a controlled effort to bring crypto transactions under legal oversight, especially for cross-border settlements amidst sanctions.

Minfin and CBR Join Forces for Controlled Crypto Adoption

Finance Minister Anton Siluanov revealed that the crypto platform will operate within Russia’s “experimental legal regime” (ELR). The initiative is designed to legalise crypto trading, but only within a tightly regulated framework.

Only “super-qualified” investors will have access—individuals with over 100 million rubles ($1.2 million) in investments or deposits, and annual income exceeding 50 million rubles ($600,000). Select corporations and financial institutions that meet CBR’s criteria can also participate.

Experimental Legal Regime: A 3-Year Trial

The ELR, proposed under President Vladimir Putin’s directive, will last for three years and serve as a testing ground for digital asset transactions. It allows Russia to cautiously explore crypto’s potential while keeping mainstream usage of decentralised cryptocurrencies like Bitcoin outside the country’s legal boundaries.

The Central Bank remains firmly against broad crypto adoption, maintaining that the Russian ruble is the only legal tender, and that free circulation of cryptocurrencies could endanger financial stability.

Bypassing Sanctions With Digital Assets

Amid growing economic isolation due to Ukraine-related sanctions, Russian officials hope the regulated crypto exchange can offer an alternative for cross-border transactions. Businesses struggling with restricted access to global banking may find relief in crypto settlements, with some companies reportedly already exploring such methods.

CBR governor Elvira Nabiullina confirmed this trend, noting rising corporate interest in using digital assets for international trade.

Moscow Exchange May Host Trading

To streamline the rollout, the Ministry of Finance is considering existing financial infrastructure, such as the Moscow Exchange, to pilot crypto trading activities.

In a related development, the ministry is exploring the creation of a Russian stablecoin, pegged to a major currency like the US dollar—akin to Tether (USDT). This proposal follows the recent freezing of 2.5 billion rubles worth of USDT on wallets tied to the sanctioned Russian exchange Garantex, underlining the country’s need for independent digital financial tools.