Finance Ministry, Central Bank discussing launch of cryptocurrency trading in Russia for highly qualified investors as part of experiment
MOSCOW. March 5 (Interfax) - The Finance Ministry and the Central Bank of Russia are discussing the launch of organized digital currency trading within Russia under an experimental legal regime (ELR).
Only participants classified as "super-qualified" investors will be able to take part in trading, with criteria for this category currently being developed, Director of the Finance Ministry's Financial Policy Department Alexei Yakovlev said.
Finance Minister Anton Siluanov said last August that there were different views on the legalization of crypto exchanges in Russia, which currently operate in a gray zone. One approach suggested legalizing them without an ELR, while another proposed either banning them entirely or allowing them only within an experimental legal framework.
"When we talk about digital currency trading, it's not just an idea - it's a task that has been set. We hope it will be implemented soon, most likely in the format of an experimental legal regime. We are discussing this issue, but I can't yet provide specific details. The most important thing is that progress is being made," Yakovlev said at the Asset Management Market Leaders Forum organized by Expert RA.
"This will be aimed at 'super-qualified' investors - a category that does not yet exist. We are currently defining it and assessing whether it can be introduced under current conditions without risks to the financial system, monetary policy and security," Yakovlev told journalists on the forum's sidelines.
The "super-qualified" category will not necessarily include banks, he said. It will primarily consist of professional market participants and individuals, but they will be required to meet very high standards based on existing qualification criteria. Currently, the financial threshold for qualified investors is 12 million rubles, which will increase to 24 million rubles starting January 1 next year.
"If the experimental legal regime, the super-qualified investor category, and risk mitigation measures all align, then we may propose a specific initiative and present it to the government. For now, discussions are ongoing within the Finance Ministry in collaboration with the Central Bank and market participants," he said.
"This is still in its early stages. We need to justify it and address key questions. First, is it feasible? Second, can we mitigate risks? These include both security concerns and client protection issues. Allowing digital currency into domestic circulation is a completely different matter that requires thorough and meticulous work, which we are currently conducting," he said.
Individuals are allowed to buy and hold cryptocurrency in Russia, but its use for payments within the country is prohibited. Due to the lack of a centralized Russian crypto exchange, digital currency can only be purchased through foreign trading platforms.
Since September 1, the Central Bank has been conducting an experiment allowing foreign trade participants to conduct transactions in cryptocurrency. A special law was passed to enable this initiative. As part of this experiment, the CBR will have the authority to set rules for digital currency trading and create an operator for cryptocurrency transactions based on the National Payment System.
