Russia’s Ministry of Finance May Allow Qualified Investors to Trade Cryptocurrencies

Odaily reports that the Russian Ministry of Finance and the Central Bank of Russia are discussing the launch of cryptocurrency trading within the experimental legal framework (EPR) in Russia. Alexey Yakovlev, the head of the Financial Policy Department of the Ministry of Finance, revealed this information to reporters. The participants in the transactions will belong to the category of "super-qualified" investors, the criteria for which are still being developed. "We are studying how to launch a domestic cryptocurrency trading market within the experimental legal framework. But this involves 'super-qualified' investors, which is a category that has not yet been defined, and we are determining its standards," Yakovlev said at the Forum of Leaders in Asset Management. Yakovlev added that the Ministry of Finance hopes to implement this plan in the near future. "There are three key factors: the experimental legal framework, super-qualified investors, and the control of all risks. If these three factors are realized, then we may propose a plan and submit it for government consideration. Currently, this is still at the discussion stage between the Ministry of Finance, the Central Bank, and market participants." In early August 2024, Russian President Vladimir Putin signed a law that allows for cross-border payments and cryptocurrency transactions within the experimental legal framework starting from September 1, 2024. The Central Bank has been designated as the authorized regulatory authority in this area. (TASS-RU)