Russia Limits New Crypto Exchange to Millionaire Investors Only

Russia’s Central Bank and Finance Ministry plan to launch a regulated cryptocurrency exchange limited to “highly qualified investors,” according to a report from state-run news agency Interfax.

The platform will operate under the country’s experimental legal regime (ELR), which allows certain financial innovations to be tested within controlled environments. The move is intended to bring crypto activity into a more transparent and regulated framework.

“This will legalize crypto assets and bring operations out of the shadows,” Russian Finance Minister Anton Siluanov said. He added that the platform will not operate within Russia’s domestic financial system, but rather under the scope of the ELR.

The Central Bank’s proposal defines “qualified investors” as individuals holding over 100 million rubles ($1.2 million) in securities and deposits, or earning more than 50 million rubles ($600,000) annually.

The initiative comes as Russian authorities continue to explore crypto’s role in bypassing international sanctions. Despite a 2022 law banning crypto payments inside Russia, officials have increasingly acknowledged the role of digital assets in cross-border trade. Reports indicate that Russian oil firms have used Bitcoin and Ether to settle transactions with buyers in China and India via intermediaries.

The Central Bank framed the new exchange as part of a broader effort to establish clearer standards for crypto services, improve market oversight, and create investment opportunities for individuals willing to take on higher risk. The regulator expects the move to increase market transparency and set standards for crypto service providers. It also acknowledged the risks of volatility, adding that investors should be aware of potential losses.

Meanwhile, outside the trial framework, qualified investors would still be allowed to trade crypto-related derivatives and securities tied to digital assets, the central bank added.

Authorities also cracked down on illegal crypto mining operations, shutting down 130 cases of unauthorized connections and electricity theft. More than 40 cases are now under criminal investigation, with those involved facing prison sentences.