Russia Plans State-Backed Crypto Exchange for High-Net-Worth Investors

Russian authorities are pivoting toward cryptocurrency adoption with plans to launch a state-backed exchange exclusively for high-net-worth investors. Finance Minister Anton Siluanov confirmed the initiative during a ministry board meeting, framing it as a move to "legalize crypto assets and bring crypto operations out of the shadows." The platform will operate under an experimental legal framework developed jointly by the Finance Ministry and the Central Bank of Russia.

This marks a stark reversal for the Central Bank, which had historically opposed digital assets. The institution proposed restrictive crypto regulations as recently as March 11, making its current collaboration with financial authorities particularly noteworthy. The exchange will initially cater only to "highly qualified investors," suggesting a cautious, institutional-first approach to market entry.