Russia’s Ministry of Finance and Central Bank Developing Controlled Crypto Trading Framework for High-Net-Worth Investors
Reports have surfaced indicating that Russia’s Ministry of Finance and the Central Bank are collaborating on a controlled crypto trading framework specifically designed for select high-net-worth investors.
Targeting “Super-Qualified” Investors
Head of the Ministry of Finance’s financial policy department, Aleksey Yakovlev, has revealed that the initiative is aimed at “super-qualified” investors. These investors are defined as corporations and individuals with assets exceeding 24 million rubles ($250,000).
Secure Crypto Trading Environment
While the project is still in the development stage, the authorities are focused on introducing regulations that will ensure secure crypto trading within the country. Yakovlev suggested that the project may be rolled out through an experimental legal regime, as Russia currently lacks comprehensive legislation for crypto trading.
“We hope that it will be implemented in the near future, most likely in the format of an experimental legal regime. We are discussing this issue, I cannot say specific modalities yet, but the most important thing is that the issue is being addressed, the issue is moving forward.”
Focus on Risk Mitigation and Investor Protection
Yakovlev emphasized the importance of mitigating risks and safeguarding investors before expanding digital asset adoption. He highlighted the need for extensive regulatory oversight when integrating cryptocurrencies into the broader financial system, a process that Russian authorities are actively working on.
Broader Regulatory Efforts
This initiative aligns with Russia’s broader efforts to regulate the crypto industry. In 2024, the government approved a proposal allowing traditional stock exchanges to facilitate digital asset trading for selected investors. Additionally, Russia has strengthened its crypto regulatory framework, introducing a taxation system for digital assets like Bitcoin last year, with tax rates ranging from 13% to 15% based on the entities’ income.
