Russia to Launch State-Backed Crypto Exchange for Elite Investors

Russia is preparing to launch a state-backed cryptocurrency exchange designed exclusively for “super-qualified” investors. The initiative, announced by Finance Minister Anton Siluanov on April 23, 2025, is part of a broader strategy to regulate digital asset operations through an Experimental Legal Regime (ELR).

Developed in coordination with the Central Bank of Russia, the exchange will only be accessible to individuals who meet strict financial thresholds. Preliminary criteria define super-qualified investors as those possessing more than 100 million rubles (approximately $1.2 million) in assets or earning over 50 million rubles (around $600,000) annually. Authorities note that these thresholds are still under consideration and may be adjusted before the platform launches.

The Russian government sees this move as a way to gain better oversight of the digital currency space, particularly in light of the growing use of cryptocurrencies in international markets. By offering a secure, regulated platform for high-net-worth individuals, authorities hope to curb capital flight and reduce reliance on offshore exchanges that often operate outside of Russia’s jurisdiction.

Framework Built Around Innovation and Control

The new exchange will function under the ELR framework, a regulatory sandbox designed to trial financial innovations in a controlled setting. The ELR permits legal trading of cryptocurrencies by approved investors while upholding the domestic ban on crypto payments for the general public. This dual approach allows regulators to experiment with digital finance innovations without jeopardizing the broader financial system or relaxing strict anti-crypto laws applied to the wider population.

Officials say the main goal is to legalize and formalize digital asset operations, bringing them out of the shadows. By doing so, Russia seeks to reduce dependency on unregulated offshore platforms and enhance market transparency. The pilot project also aligns with ongoing efforts to use digital assets for cross-border trade amid international sanctions, without changing domestic payment laws.

This pilot program represents a critical step in Russia’s evolving digital asset policy. In recent years, Russia has taken a cautious yet increasingly open approach to blockchain-based technologies. While retail crypto trading and payments remain largely prohibited, the state has begun exploring the use of digital assets for institutional and strategic purposes.

The creation of a regulated crypto exchange for elite investors marks a notable evolution in Russia’s stance. By inviting wealthy individuals into a controlled digital trading environment, regulators hope to strike a balance between innovation and oversight. Analysts suggest that if the program succeeds, it could pave the way for broader crypto policy reforms in the country.

As geopolitical tensions continue to isolate Russia from Western financial systems, officials view blockchain infrastructure as a potential workaround for facilitating trade and investments. The state-backed crypto exchange, though limited in scope, may become a proving ground for Russia’s long-term ambitions in the digital economy.