Russia Plans Gov. Crypto Exchange for Wealthy investor to Trade

• New exchange targets investors with at least 100 million rubles in assets or high annual income.
• Part of a pilot program to regulate cross-border crypto use while banning domestic payments.
• It operates under joint oversight by Russia’s central bank and finance ministry.

Russia is preparing to establish a government-backed crypto exchange exclusively for wealthy investors. 

The project, confirmed on April 23, will operate under an experimental legal framework (ELR), it aims to regulate cross-border digital transactions while maintaining the domestic crypto payment ban.

Who Gets Access? Strict Criteria Define “Qualified Investors”

Access will be limited to legally defined “highly qualified investors” under Russian law. This includes individuals with over 100 million rubles, approximately $1.2 million in investments or deposits, or an annual income above 50 million rubles (around $600,000).

Related: Sanctioned Russia turns to BTC, ETH & USDT for global oil trade with China, India

The exact criteria are still under discussion. Officials from the finance ministry and the central bank confirmed that definitions will be finalized with lawmakers’ involvement to ensure legal compliance and transparency.

The move is part of Russia’s experimental digital innovation legal regime (ELR), first enacted in September 2024. The regime allows selected entities to pilot technologies under limited oversight to test new approaches without changing national legislation.

Cross-Border Use, Domestic Ban

The exchange is designed to support using digital currencies in foreign trade. It targets businesses and individuals looking for alternatives to SWIFT-based transactions amid ongoing sanctions.

Finance Minister Anton Siluanov stated during a recent ministry meeting that the goal is to bring unregulated crypto activities into a controlled environment. “This is about transparency and legality. Transactions must be accounted for and monitored,” Siluanov said.

However, domestic use of cryptocurrency remains off-limits. The Russian central bank maintains a firm stance against using digital assets for internal payments, citing financial stability and fraud concerns. The bank also supports enforcing penalties for unauthorized crypto activities.

Infrastructure, Timeline, and Market Context

Deputy Finance Minister Ivan Chebeskov revealed that the platform may utilize existing Russian financial infrastructure. If new entities meet rigorous regulatory standards, they may also be licensed to operate.

The pilot exchange is not expected to go live immediately. Officials estimate it will take at least six months to develop and test the platform before launch. Compliance requirements, investor protections, and transaction monitoring systems are still under review.

While Russia opens the door to regulated crypto use for this group, officials stress caution, not broad endorsement or retail use. The aim is facilitating cross-border payments, reducing foreign system reliance, possibly circumventing sanctions.

How Big is Russia’s Crypto Market? 

Russia’s cryptocurrency market is rapidly expanding, with the country’s total value of digital assets surpassing 500 billion rubles in 2024. According to projections, the market could grow to 10 trillion rubles (about $101 billion) by 2026. 

Mining activity has also spiked. Russia now ranks second globally in Bitcoin mining, accounting for 16% of the global hash rate as of late 2024. The number of mining farms grew by 7% to 136,600, following new regulations that introduced a national registry for commercial miners. 

Related: Russia Supreme Court Moves to Classify Crypto as ‘Property’ in Crime Crackdown

Despite domestic restrictions on crypto payments, the country’s user base continues to expand. Analysts project that Russia’s number of crypto users could hit 38.5 million by 2027, making it the second-largest market worldwide after the United States.