The Ministry of Finance of Russia and the Bank of Russia are intended to jointly launch an exchange of cryptocurrency designed exclusively for super qualified investors, as part of a wider effort to bring encryption operations to a formal regular framework, according to a RBC relationship.
“Together with the Central Bank, we will launch an exchange of cryptocurrencies for super qualified investors. The encryption activities will be legalized and the cryptic operations will be brought out of the shadows. Of course, not within our country, but those operations that have been conducted today within the framework of the experimental law regime,” said Finance Minister Anton Silav during a recent meeting of the Ministry, as reported as reported by RBC.
The move follows a proposal from the Central Bank to introduce an experimental law regime (ELR) for three years, allowing a selected group of investors to legally exchange cryptocurrencies. The concept focuses on a new category of qualified investors-investors with super-challenged definites by thresholds of wealth and rigorous income.
Previously, the central bank suggested that this status was granted to people with at least ₽00 million in securities or deposits or annual income greater than ₽50 million. However, the Ministry of Finance has indicated that these requirements are not definitive.
“Perhaps it will be in this format or these indicators will somehow be adequate in one direction or the other – this is possible. I think there will be a wide range of discussions,” said Osman Kabaloev, deputy director of the Ministry’s financial policy department.
The initiative is already gaining traction between the financial institutions. In March, Vladimir Krekoten, CEO for sales and business development at the exchange of Moscow, confirmed the promptness to launch the trading of derivatives related to cryptocurrencies, stating that the platform is at the “maximum prompt level” and could start operations in 2025.
The Saint Petersburg bag (Exchange SPB) expressed similar ambitions. “SPB Exchange supports initiatives aimed at expanding investors’ investment opportunities and diversifying their strategies. We plan to start negotiating products related to the value of cryptocurrencies,” said a representative RBC investments.
While some companies see this as a transformative turn, others remain skeptical. Igor Danilenko, head of the property management of Renaissance Capital, has rejected Crypto as a practicable class of activity: “There are many ways to protect you from inflation without resorting to the tokens without any real guarantee, which depend on the outflow of new buyers and are very similar to a pyramic scheme in essence”.