Russia to Launch State-Backed Crypto Exchange for Elite Investors

The Russian Ministry of Finance, in collaboration with the Central Bank, is currently developing a state-supported cryptocurrency exchange tailored specifically for highly qualified investors.

According to a report by local outlet RBC on Wednesday (April 23, 2025), Finance Minister Anton Siluanov explained that the initiative aims to legitimize crypto asset ownership and bring digital asset operations into a clearly defined legal framework. The exchange will operate under Russia’s experimental legal regime, which is designed to foster financial innovation.

Exclusive Access for Wealthy Investors

This platform won’t be open to the general public. Instead, it will be restricted to a specific group of investors who meet strict eligibility criteria.

These include ownership of over RUB 100 million in securities and deposits, or an annual income exceeding RUB 50 million.

The Central Bank emphasized that the core purpose of this initiative is to enhance market transparency, establish service standards, and open up investment opportunities to those with strong financial knowledge and high risk tolerance.

Although President Vladimir Putin signed a law banning the use of crypto as a payment method in 2022, this move signals a more flexible stance toward digital assets by the government.

Even under international sanctions, Russian officials have reiterated that citizens can still engage in crypto markets. A prior Reuters report revealed that Russian oil companies have used Bitcoin and Ether via intermediaries to facilitate oil trade with China and India.

Still, geopolitical tensions continue to impact Russia’s crypto space. In February, the EU imposed sanctions on Garantex, a Russia-based exchange that had already been sanctioned by the U.S. since April 2022.