Russia plans to launch a cryptocurrency exchange for high-net-worth investors, under an experimental legal framework - IcoHolder.

Russia is preparing to launch a cryptocurrency exchange aimed at highly qualified investors, signaling a new step in the country’s evolving digital asset regulation efforts. The announcement was made by Finance Minister Anton Siluanov during an April 23 board meeting at the Ministry of Finance, as reported by local media outlet RBC.

The proposed platform will operate under an experimental legal regime, designed to bring cryptocurrency operations “out of the shadows” while adhering to existing legal frameworks. However, the exchange will not be integrated into Russia’s domestic financial system and will only facilitate crypto transactions allowed under the country’s regulatory framework known as the ELR.

Currently, Russian law permits individuals to buy and hold cryptocurrencies, but their use for domestic payments remains prohibited. Additionally, there is no centralized cryptocurrency exchange based in Russia, forcing citizens to rely on offshore platforms for trading digital assets.

To participate in the new exchange, investors will be required to meet stringent criteria. The Central Bank has proposed that only individuals with over ₽100 million (around $1.1 million) in investments or an annual income exceeding ₽50 million ($550,000) qualify as "super-qualified" investors. These thresholds are still under discussion, but the Finance Ministry has suggested that individuals who don’t meet these requirements could still gain exposure to crypto via derivatives—products linked to the price of cryptocurrencies but without direct ownership.

While the launch date for the new exchange remains uncertain, Deputy Finance Minister Ivan Chebeskov has indicated that the rollout is unlikely to occur for at least another six months. Despite ongoing opposition from the Central Bank regarding cryptocurrency as legal tender, this initiative highlights Russia's cautious approach to integrating digital assets into the financial system under strict oversight.