Russia’s finance ministry and central bank are forming a new crypto exchange, accessible only to a select group of high-net-worth investors. This exclusive platform will launch under a three-year experimental legal framework designed to bring crypto trading out of the shadows and into a regulated environment. Finance Minister Anton Siluanov unveiled the plan during a recent government meeting. He emphasized that this will occur within a controlled legal system rather than being integrated with the broader financial system. The move follows the central bank’s proposal in March, which aimed to create a separate class of high-net-worth investors authorized to trade cryptocurrencies like Bitcoin legally. These investors would need to meet stringent financial criteria, including holding at least ₽100 million ($1.2 million) in assets or earning over ₽50 million ($600,000) annually. The specific requirements are subject to change as discussions are ongoing. Moscow Exchange and Saint Petersburg Stock Exchange have expressed their readiness to introduce crypto-related derivatives once regulations take effect, with the former aiming for a launch before 2025. This initiative comes after Russia outlawed digital currencies for payments in 2021, yet has since actively explored legal pathways for crypto integration, seeking ways to bring it into its financial system despite sanctions and international pressure. To this end, officials have discussed the potential of developing their own national stablecoin or using assets seized during investigations to create a state-run crypto fund. This new venture comes amidst skepticism from traditional financial experts who view crypto as unsustainable and reliant on new buyer influx. While some remain unconvinced by the long-term value of cryptocurrencies, Russia appears poised to test the waters with its wealthiest investors leading the charge.