Russia's financial authorities are making a significant move towards embracing cryptocurrencies by planning to launch a crypto exchange specifically for qualified investors under an experimental legal framework. The country's Finance Ministry and central bank are spearheading this initiative to bring crypto assets into a legitimate space and out of the shadows.

Finance Minister Anton Siluanov revealed the plans during a ministry meeting, stating that the exchange will cater to "super-qualified investors." These investors are required to meet specific income and wealth thresholds to participate in crypto trading activities. The central bank's proposal, announced on March 12, aims to allow a limited number of Russian investors with substantial assets to buy and sell cryptocurrencies like Bitcoin over a three-year experimental period.

The criteria for being classified as a super-qualified investor, with wealth and income thresholds exceeding 100 million rubles ($1.2 million) and 50 million rubles ($602,000) respectively, are not yet finalized. Osman Kabaloev, the deputy director of the Finance Ministry's financial policy department, indicated that these criteria may undergo adjustments as discussions progress.

While Russia had previously implemented a ban on using cryptocurrencies for payments under its Digital Financial Assets law, enacted in January 2021, the country is now exploring avenues to integrate cryptocurrencies within its financial system. In light of recent developments, including the freezing of wallets linked to the sanctioned Russian exchange Garantex by US authorities and stablecoin issuer Tether, the Russian government is considering the creation of its own stablecoin.

Additionally, there have been proposals to establish a Russian government crypto fund, potentially funded by assets seized in criminal proceedings, as a means to further engage with cryptocurrencies. Moreover, legislative efforts are underway to recognize cryptocurrencies as property for criminal procedure legislation purposes.

These moves signal a shift in Russia's stance towards cryptocurrencies, reflecting a growing acceptance of digital assets within its financial ecosystem. The proposed crypto exchange for qualified investors and other initiatives showcase the country's evolving approach to regulating and incorporating cryptocurrencies into its financial landscape.

Source: https://cointelegraph.com/news/russian-ministry-finance-central-bank-launch-crypto-exchange?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound