The Russian Central Bank and the Finance Ministry have reportedly joined forces to establish a local cryptocurrency exchange aimed exclusively at the country’s “super-qualified investors.” According to local news outlet RBC, the exchange will operate under an experimental legal framework, which has not had a similar precedent in Russia until now.

Finance Minister Anton Siluanov talked about the plan during a meeting. He said that with help from the central bank, they will set up a crypto exchange for very skilled investors.

Russia’s Crypto Regulation Aims To Create Controlled Market For Qualified Investors

Siluanov said that allowing crypto could help bring it into the open. But this would only happen under a special test system, not everywhere in the country.

Osman Kabaloev, who helps lead the Financial Policy Department, said these skilled investors might be people who own a lot of money or earn a big income. But the exact rules are still being talked about and could change.

The central bank also has a plan. It wants to let a small group of people in Russia try crypto trading as a test.

People in general would not be allowed to trade crypto with each other unless they are part of this test. But some trusted investors could still work with things linked to crypto, like certain finance tools, without touching the crypto itself.

Russia’s Crypto Plans Aim To Foster Regulatory Control And Mitigate Geopolitical Risks

Even though using crypto to pay for things is not allowed in Russia, Siluanov said that some companies still use crypto to do trade with other countries. This helps them get around rules from outside.

President Putin also spoke about Bitcoin. He said no country can really stop it. A Russian lawmaker even said Bitcoin should be added to Russia’s savings to help deal with world risks.

There is no official date yet for the new crypto exchange. But in March, Deputy Finance Minister Ivan Chebeskov said it will likely take about six more months to start.

The Central Bank has always said no to using crypto like money. But now, this plan shows they might be starting to accept it a little. They seem open to trying crypto with very strict rules.

Evgeny Masharov, who works with the Russian Civic Chamber, said the government should start a crypto fund. This fund would use crypto taken from people who broke the law.

Other leaders are also working on new rules. They want crypto to be treated like things people own, so it can be part of court decisions.