The Russian Central Bank and Ministry of Finance are opening up to Bitcoin and cryptocurrencies with a regulated exchange.
Russia has announced the launch of a cryptocurrencies exchange dedicated exclusively to highly qualified investors. According to the Interfax news agency, the Russian Central Bank and the Ministry of Finance are collaborating to create a digital asset exchange that will operate “as part of the activities permitted under the experimental legal regime.”
Finance Minister Anton Siluanov stated that the initiative will “legalize crypto and bring crypto operations out of the shadows.”
The proposal, first introduced last March by the Central Bank, stipulates that access to the platform will be restricted to qualified investors. To obtain this status, individuals must demonstrate holdings in securities and deposits exceeding 100 million rubles (around $1.2 million) or have earned over 50 million rubles (around $600,000) in the previous year. It’s a platform reserved for institutional or high-net-worth investors.
According to the Russian Central Bank, “the introduction of the experimental legal regime is aimed at improving transparency of the cryptocurrency market, setting standards for providing services in this market, and expanding investment opportunities for sophisticated investors with higher risk appetites.”
As reported by Reuters last month, Russian oil companies are already using Bitcoin, Ether, and USDT through intermediaries to facilitate oil trade with China and India.
