Russia is moving forward with plans to launch a state-backed cryptocurrency exchange, but it will only be open to the nation’s wealthiest individuals. Announced by Finance Minister Anton Siluanov, the exchange will operate under an “experimental legal regime” (ELR), aimed at regulating crypto within a highly controlled environment.
To qualify, investors must hold assets of at least 100 million rubles (around $1.2 million) or earn over 50 million rubles annually (roughly $602,000), although these thresholds may change.
Unlike traditional exchanges, the platform will function outside Russia’s domestic financial system, offering a legal pathway for elite investors to trade crypto under strict supervision. This initiative comes as local crypto use remains limited—citizens can own and trade digital assets, but using them for payments has been banned since 2021.
Despite previous resistance, Russia’s central bank is warming up to crypto in limited, controlled settings. The proposed exchange, supported by a three-year trial plan, is unlikely to launch before late 2025.
Amid increased scrutiny from the West, Russian officials are also exploring other digital asset projects, including a national stablecoin and a government-managed crypto fund sourced from confiscated assets, underscoring the country’s strategic push into the crypto space.
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