The Deputy Minister of Finance, Ivan Chebeskov, stated that Russia's current exchange infrastructure can support the upcoming Crypto asset trading activities.
Source: cryptoslate
Translation: Blockchain Knight
Local media reported on April 23 that the Russian Ministry of Finance and the central bank plan to launch a Crypto asset exchange exclusively for high-qualified investors, confirming rumors from earlier this year.
The exchange aims to regulate digital asset activities under a pilot legal framework and promote its application in cross-border trade. It will operate within an experimental legal system established to allow foreign trade participants to settle transactions using Crypto assets.
This system, effective from September 2024, provides a strictly controlled environment for digital asset experiments but does not legalize Crypto asset payments within the Russian domestic economy.
Finance Minister Anton Siluanov outlined this plan at a recent Ministry of Finance committee meeting, indicating the government's intention to create a compliant channel for large-scale Crypto asset trading.
This move aims to pull Crypto asset activities out of the informal market and place them under regulation.
Access Limited to Russian Financial Elite
Access to the new platform will be restricted to investors classified as "high-qualified," which includes individuals holding a significant amount of securities or deposits exceeding 100 million rubles, or individuals with an annual income exceeding 50 million rubles.
Reportedly, officials are still finalizing the exact eligibility criteria, and ongoing discussions are expected to incorporate input from lawmakers.
Senior Ministry of Finance official Osman Kabaloev noted that the investor access rules are still under review, and lawmakers have expressed interest in participating in the development of this framework. Authorities aim to establish clear standards while maintaining financial security and system integrity.
Previously, the Russian central bank submitted a proposal allowing this elite investor class to trade Crypto assets within the legal experiment's scope. However, the central bank still opposes the use of Crypto assets for domestic payments outside this system.
The regulatory body also suggested prohibiting settlements using digital assets between residents and imposing penalties for violations.
Pilot Utilizing Existing Infrastructure
Deputy Minister of Finance Ivan Chebeskov stated that Russia's current exchange infrastructure can support the upcoming Crypto asset trading activities.
Authorities are also considering issuing licenses for new trading venues that meet strict regulatory conditions. The pilot exchange is not expected to be operational for at least six months.
Currently, Russian citizens are allowed to hold, mine, and trade Crypto assets, but legal restrictions prohibit them from using Crypto assets for payments domestically. Due to the lack of a centralized national exchange, most Crypto asset activities rely on foreign platforms, which brings additional legal and geopolitical risks.
The planned exchange marks a significant shift in Russia's attitude towards digital assets, indicating its efforts to balance innovation in global trade with strict domestic restrictions on the use of Crypto assets.
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