Russia Considers Creating New Cryptocurrency Market for Super-Qualified Investors

Russia is looking to create a regulated cryptocurrency trading market that targets highly-qualified investors and applies a strict regulatory framework to ensure economic and financial stability.

Russia’s New Cryptocurrency Market: Aiming for Super-Qualified Investors

Russia is continuing discussions about creating a highly regulated cryptocurrency market that will be open only to investors deemed “super-qualified,” Interfax reported on March 5. During the Asset Management Leaders Forum, Alexei Yakovlev, director of financial policy at the Russian Ministry of Finance, emphasized the importance of the initiative and considered it part of the country’s strategy for developing financial markets.

New Trading Platform with a Legal Pilot

According to Yakovlev, the plan to develop this trading market will be carried out under a legal pilot regime, with regulations designed to reduce risks and protect the financial system. "When we talk about trading cryptocurrencies, this is not just an idea, but an important task that has been set. We expect it to be implemented soon, and most likely in the form of a legal pilot regime," Yakovlev said.

He also explained that although discussions are still ongoing, cooperation between the Ministry of Finance and the Central Bank of Russia has made significant progress. The platform will be aimed at "super-qualified" investors, a new category of investors that is being defined.

Who are super-qualified investors?

This category of investors will include market participants with extensive knowledge and experience, as well as individuals who meet strict financial standards. According to Yakovlev, the financial threshold for qualified investors is currently 12 million rubles, but may be raised to 24 million rubles next year.

“Super-qualified investors must have a high level of financial and professional qualifications. We are discussing specific criteria to ensure that the introduction of this category of investors does not pose risks to the national financial system,” he added.

The domestic crypto trading market remains challenging

Currently, Russians can buy and hold cryptocurrencies, but their use in payments remains prohibited. The majority of crypto trading takes place on foreign platforms, as Russia does not have a centralized exchange. Since September, the Central Bank of Russia has allowed a small number of foreign trade participants to conduct cryptocurrency transactions under a regulatory trial.

However, Mr. Yakovlev admitted that there are still many questions to be resolved before the use of cryptocurrencies can be expanded more widely. "The main issue is how to introduce cryptocurrencies into domestic circulation while ensuring security and investor protection. We are currently focusing on studying and evaluating measures that can help reduce risks," he stressed.

The Future of the Russian Crypto Market

The Ministry of Finance and the Central Bank of Russia continue to hold discussions to finalize plans for the development of the cryptocurrency market. Despite many challenges, the government's determination to ensure financial stability and create a safe environment for super-qualified investors is paving the way for a positive future for the cryptocurrency industry in Russia.