Siluanov said,
“Together with the central bank, we will launch a crypto exchange for super-qualified investors. Crypto assets will be legalized, and crypto operations will be brought out of the shadows.”
He clarified the exchange would not operate inside Russia’s standard market. Instead, it will function under an experimental legal regime.
The central bank proposal, first published on March 12, outlines a three-year test period for crypto trading by a limited group of investors.
Super-Qualified Investors Must Meet High Wealth and Income Levels
Only “super-qualified investors” can use the new Russia crypto exchange. To qualify, a person must hold at least 100 million rubles (about $1.2 million) in assets or earn more than 50 million rubles per year (around $602,000). This definition comes from the central bank’s March 12 proposal.
Osman Kabaloev, Deputy Director of the Finance Ministry’s financial policy department, said the exact criteria may change.
“Perhaps it will be in this format, or these indicators will be somehow adjusted in one direction or another—this is possible, I think there will be a wide range of discussions,”
he said.
The exchange will not serve the general public. It is only for Russian investors who meet income and wealth requirements. The purpose is to create a controlled legal setting for crypto asset trading.
Russia Plans Stablecoin Amid Sanctions and Wallet Freezes
Russia’s efforts to build its crypto systems gained urgency after U.S. authorities froze wallets linked to Garantex, a Russian exchange under sanctions. This action included frozen assets connected to Tether (USDT).
In response, Osman Kabaloev said the Kremlin should consider launching a Russian stablecoin. He made the comment on April 16, following the asset freeze. The goal would be to reduce dependence on international stablecoins and avoid disruption from foreign sanctions.
Russian officials have not given a launch date or full plan for the stablecoin yet. However, the discussion shows that the state is actively looking for digital asset alternatives not controlled by U.S.-linked firms.
Lawmakers are working on legislation that would define crypto as property under criminal law. This step would let law enforcement seize digital assets during criminal investigations. Right now, the lack of clear rules limits how courts can treat crypto holdings.
The proposal is still in development. If approved, the law will help Russian agencies handle cases involving digital assets more easily. Courts will be able to manage crypto like any other seized property.
At the same time, Evgeny Masharov, a member of the Russian Civic Chamber, suggested on March 20 creating a government crypto fund. This fund would store assets taken in criminal cases and repurpose them under state control.
