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Russia<\/a>\u2019s Ministry of Finance and the Bank of Russia are set to jointly launch a cryptocurrency exchange<\/a> designed exclusively for super-qualified investors, as part of a broader effort to bring crypto operations into a formal regulatory framework, according to a RBC <\/em>report<\/a>.<\/p>\n \u201cTogether 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. Naturally, not within our country, but those operations that have been carried out today within the framework of the experimental legal regime,\u201d said Finance Minister Anton Siluanov during a recent ministry meeting, as reported by RBC<\/em>.<\/p>\n The move follows a proposal by the Central Bank to introduce an experimental legal regime (ELR) for three years, allowing a select group of investors to legally trade cryptocurrencies. The concept centers around a new investor category\u2014super-qualified investors\u2014defined by strict wealth and income thresholds.<\/p>\n Previously, the Central Bank suggested that this status be granted to individuals with at least \u20bd100 million in securities or deposits, or annual income exceeding \u20bd50 million. However, the Finance Ministry has indicated that these requirements are not final.<\/p>\n \u201cPerhaps it will be in this format or these indicators will be somehow adjusted in one direction or another \u2013 this is possible. I think there will be a wide range of discussions,\u201d said Osman Kabaloev, Deputy Director of the Ministry\u2019s Financial Policy Department.<\/p>\n The initiative is already gaining traction among financial institutions. In March, Vladimir Krekoten, Managing Director for Sales and Business Development at the Moscow Exchange, confirmed readiness to launch derivatives trading linked to cryptocurrencies, saying the platform is at \u201cmaximum level of readiness\u201d and could begin operations in 2025.<\/p>\n The Saint Petersburg Stock Exchange (SPB Exchange) has expressed similar ambitions. \u201cSPB Exchange supports initiatives aimed at expanding the investment opportunities of investors and diversifying their strategies. We plan to start trading products tied to the value of cryptocurrencies,\u201d a representative told RBC Investments<\/em>.<\/p>\n While some firms see this as a transformative shift, others remain skeptical. Igor Danilenko, head of asset management at Renaissance Capital, dismissed crypto as a viable asset class: \u201cThere are many ways to protect yourself from inflation without resorting to tokens without any real collateral, which depend on the influx of new buyers and are very similar to a pyramid scheme in essence.\u201d<\/p>\n<\/p><\/div>\n