Russia Moves Ahead with State-Backed Crypto Exchange

Russia’s Ministry of Finance and Central Bank are collaborating on the launch of a centralised, state-backed crypto exchange—part of a broader strategy to assert control over digital assets and sideline foreign platforms.

Finance Minister Anton Siluanov unveiled the plan during a recent ministry board meeting, framing it as a regulated pathway for large-scale crypto transactions among high-net-worth individuals and institutions.

Siluanov said:

"This will legalize crypto assets and bring crypto operations out of the shadows."

This move signals more than regulatory consolidation.

It underscores Russia’s accelerating push to leverage cryptocurrency as a strategic tool to soften the blow of international sanctions.

With growing support from both government and business circles, the country is also weighing the creation of a ruble-pegged stablecoin, reinforcing its ambitions to re-engineer financial sovereignty through blockchain.

Siluanov elaborated on the plan:

“Together with the Central Bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and crypto operations will be brought out of the shadows. Naturally, not within our country, but those operations that have been carried out today within the framework of the experimental legal regime.”

No Room for Small Traders on Russia’s Elite Crypto Exchange

Russia's government is charting an ambitious course for its centralised crypto exchange, with initial access limited to “super-qualified” investors.

These investors must meet specific financial thresholds: possessing 100 million rubles ($1.2 million) in securities and deposits, or earning at least 50 million rubles ($600,000) annually.

However, these criteria are still subject to change, as discussions continue on refining the framework.

In March, Russia’s Central Bank proposed allowing cryptocurrency transactions under an experimental legal regime (ELR) for qualified investors, signalling its intent to create a more regulated environment for digital assets.

As the criteria for eligibility are still being finalised, ongoing consultations with legislators are expected to shape the final framework.

Osman Kabaloev, a senior Finance Ministry official, emphasized that the goal is to strike a balance between clear qualification standards and maintaining financial security and systemic stability.

Pilot Programme to Leverage Existing Infrastructure

Deputy Finance Minister Ivan Chebeskov has indicated that Russia's existing exchange infrastructure may be adequate to support the upcoming crypto trading platform.

Additionally, authorities are exploring the possibility of licensing new trading venues, contingent upon their adherence to stringent regulatory standards.

The pilot exchange, however, is not expected to become operational for at least six months.

While Russian citizens can currently own, mine, and trade cryptocurrencies, domestic restrictions prevent their use for payments within the country.

Without a centralised national exchange, most crypto activity is conducted through foreign platforms, which introduce both legal and geopolitical risks.

The proposed exchange represents a significant shift in Russia's stance on digital assets, aiming to foster innovation in global trade while maintaining tight control over domestic crypto use.

Russia Launches Exchange to Push Back Against Global Crypto Controls

Russia’s upcoming crypto exchange is a direct response to the international crackdown on cryptocurrency, particularly as private firms are increasingly being forced out of the country.

In recent months, Russian exchange Garantex lost $28 million in assets after Tether froze them under US sanctions, and Deribit left the country following EU sanctions.

Last December, Siluanov announced that the Russian government would turn to cryptocurrency as a strategy to circumvent international sanctions, a tactic that private companies have already adopted.

At the most recent BRICS Summit, Russia promoted this approach on the global stage, while also exploring the possibility of a ruble-backed stablecoin.

The new exchange aims to give “super-qualified” investors direct access to crypto trading, while retail traders will be limited to derivatives.

This development aligns with Russia’s three-year plan to test regulated crypto markets and further solidify its stance on crypto-based activities.

While the exchange is set to launch later this year, key details, including the regulatory framework for crypto derivatives, are still under discussion.

The project has also faced some resistance from Russia’s financial sector, suggesting that balancing innovation with regulatory concerns may prove challenging.