Source: Cointelegraph
Original: “Russia's Central Bank and Ministry of Finance to Launch Cryptocurrency Exchange”
According to reports from Russian media group RBC and news agency Interfax on April 23, the Russian Ministry of Finance and the Central Bank are planning to launch a cryptocurrency trading platform for qualified investors under an experimental legal framework.
Finance Minister Anton Siluanov stated at a Ministry of Finance meeting that the platform will be aimed at "super-qualified investors."
In a statement translated from Russian, he said: "We will work with the Central Bank to launch a cryptocurrency exchange for super-qualified investors. Crypto assets will be legalized, and crypto trading will be liberated from the gray area."
"Of course, this will not be fully open within Russia, but will operate under the framework allowed by the experimental legal system."
On March 12, the Central Bank announced a proposal to allow a small number of qualified Russian investors to buy and sell cryptocurrencies, such as Bitcoin (BTC), under a three-year experimental mechanism.
According to the proposal, the Central Bank has established a new category of investors—“super-qualified investors”—whose criteria include having assets exceeding 100 million rubles (approximately $1.2 million) or an annual income of at least 50 million rubles (approximately $602,000).
The definition of "super-qualified investors" has not yet been finalized.
Osman Kabaloev, Deputy Director of the Financial Policy Department of the Ministry of Finance, stated that the definition is still in the preliminary discussion stage, and specific criteria may still be adjusted. According to RBC, he said in a statement translated from Russian:
"Perhaps the final criteria will be implemented as currently proposed, or adjusted to some extent—this is possible, and I believe there will be extensive discussions."
Since the implementation of its first cryptocurrency law in January 2021, Russia has prohibited the use of cryptocurrencies like Bitcoin for payments.
However, the country has since been actively seeking development paths in the cryptocurrency sector. On April 16, Kabaloev stated that after the U.S. government and stablecoin issuer Tether froze wallets related to the sanctioned Russian exchange Garantex, the Kremlin should promote the development of a domestic stablecoin.
Meanwhile, Evgeny Masharov, a member of the Russian Federation Public Chamber, proposed on March 20 to establish a Russian government cryptocurrency fund to manage confiscated crypto assets in criminal cases.
Additionally, other officials are pushing for new legislation to formally recognize cryptocurrencies as "property" in criminal law for use in criminal proceedings.
Related: Riot Platforms Secures $100 Million Loan from Coinbase Using "Bitcoin (BTC) Collateral"
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